Nft Whales

opensea-review

OpenSea has grown to become one of the leading platforms for NFTs. It’s also the first to launch a platform like this throughout the years. It’s seen rapid growth, as blockchain and NFT have become increasingly sought-after investments.

It’s even more popular since celebrities and famous personalities have expressed curiosity. As art becomes more digitized, NFT becomes more lucrative.

If you’re set on investing using NFTs beginning with an appropriate marketplace can help you get the leverage you need. This is the reason we created this review – OpenSea has always been the most popular NFT marketplace. But is it right for you?

Before you start this journey, we’d like to caution you. This review is lengthy. If you’d prefer to watch a video instead, check out the review of this channel. They’ll guide you through OpenSea and its functions so that you understand everything before you begin NFT trading.

If you like the written word, go over the basics before we examine its costs and the benefits it offers.

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Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick review. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.

What is OpenSea? Nft Whales

OpenSea is a marketplace for non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can purchase, sell NFTs, and trade them with other users.

The NFTs that are available aren’t restricted to art, music game items, domain names.

It was established in the year the year 2018 with the help of Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectibles. It was also one of the very first NFT marketplaces which is as new as cryptocurrencies.

Nowadays, it Is one of the largest NFT marketplaces. They have an extensive collection of NFTs that are constantly growing. The most appealing aspect of these is that they permit users to list NFTs bought or created elsewhere.

What is the process behind OpenSea work?

If you’ve been selling or buying with cryptocurrency You’ll see NFT trading quite similar.

For OpenSea The majority of the assets that are listed on this platform belong to users, not by the platform. Since they’re an open marketplace, they have intelligent contracts so that users are able to interact with buyers without having to risk losing their NFT ownership.

This means that unless the transaction is completed, your digital assets won’t leave your account. In addition, you don’t have to open an account. All you require is to have a web3 supported wallet.

If you’re a buyer, you can use their browser to search for NFTs that you’d like to purchase. There are filters that can simplify your search.

Nft Whales

> > Click Here to Explore OpenSea’s Marketplace < <

What kinds of NFTs are available to purchase from OpenSea?

There are around 200 kinds of NFTs available to purchase through OpenSea. Here are 8 categories where they usually belong. Let’s take a closer examine each.

Music

Music is among the most well-known NFTs all time. It’s not limited to music only. You can also buy mixtapes, remixes, beats, vocals, or whatever an artist has to offer. You can also purchase background noises like rain, indistinct chatters or various other sound effects.

Collectibles

Before NFTs became popular, there were individuals were interested in collecting items like baseball cards, film props, and even old technology.

For NFTs, you can gather avatars and digital pet, or any other characters that could be traded or acquired. The rarer they are, the greater value they have. They also have variations like Nyan Cat and CryptoPunks.

Art

Art has always been among the most sought-after NFT since before NFT came to be. Today, you can also create digital art. This isn’t just limited to illustrations and digital paintings. Gifs can be collected as well or images, as well as videos of short length.

Trading Cards

There is also the possibility of collecting digital trading cards like those from Sorare as well as BCCG.

Sports

Sports-related digital items can also be collected for example, animated logos of teams.

Virtual Worlds

VR space and other elements can now also be bought. It is possible to purchase these metaverses and other things like game elements and the VR environment virtual objects, characters, or even virtual lands. One popular illustration could be Axie Infinity.

Utility

As bizarre as it may sound it is possible to purchase NFTs that have specific functions. Examples are from Emblem Finance and Urbit ID.

Domain Names

Websites are now considered as NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down from anyone. These types are also censorship-resistant.

bitcoin-coin

> > Click Here to Explore OpenSea’s Marketplace < <

What are the selling options?

Selling your products on OpenSea is easy. All you need to do is list them in the marketplace. You only have to ensure that your account is linked. Once you’ve added your price and the type of auction then you’re all set.

If you are a first-time seller, you will be subjected to a one-time fee for gas.

You can currently select among five selling options. The choices are:

Fixed Price

The seller will be the one to pay the cost of the NFT. Like the name suggests the price never changes.

Dutch Auction

For Dutch Auctions, also known as Dutch Auction, the seller determines a price that will decrease in the course of. Sellers usually set very expensive prices. As time passes, it decreases until it’s comparable to the price the buyer is willing to pay. Furthermore, the buyer may submit an offer. The NFT can be sold once they reach an agreement on the price.

English Auction

The seller puts up an NFT for sale and will list a minimum price. This is different from auctions like the Dutch Auction, where the price decreases over time. The English Auction, buyers will bid until the seller sells it for the most expensive bidder.

OpenSea is able to automatically approve the transaction when the auction closes above 1 Etherium.

NFT Creation

You can also create your own NFTs using the platform. Then you can sell them on the marketplace.

Bundles

If you’re looking to sell several NFTs under one transaction, you can use OpenSea’s bundle features. 30 items are available as part of the bundle.

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> > Click Here to Explore OpenSea’s Marketplace < <

Are there any additional fees?

It’s common for cryptocurrency or NFT exchanges to charge charges for using the platform. The fee is charged can vary depending on the platform, it’s typically a percentage of the sale price paid by the buyer. Similar to how regular galleries make money through a portion of the paintings that are sold.

With OpenSea you only be charged 2.5 percent when you buy an NFT. There are no listing fees or other types of surcharges involved. Other marketplaces charge 5percent commission per sale, which makes OpenSea’s 2.5% fee affordable.

However, you must be aware that certain NFTs charge higher transaction costs compared to others. It is possible for this to differ between seller. Some artists can also have an additional commission on sales, apart of the required 2.5%.

Additionally, transacting to Etheruem can be costly. Your NFT collection will only be created as a valid, non-fungible token following the time your NFT bid is accepted. The price for this process will be based on the market conditions, however you can expect it to be around $100 per NFT.

Also, you should know that some NFTs have additional commissions. For instance, game developers receive up to 15% as commissions for the items they’ve sold.

What are the methods of payment?

OpenSea is not able to accept conventional currencies such as US Dollar or Euros. It is necessary to set up your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. This means that you can’t use PayPal, credit, and debit card to make payments for or transfer funds. Nft Whales

The NFTs can only be purchased or sold when your cryptocurrency is supported by OpenSea. Here’s a list of wallets and blockchains they are able to support.

Blockchains Supported by OpenSea

Wallets Supported by OpenSea

  • Portis
  • Fortmatic/Magic
  • MetaMask
  • Arkane
  • Coinbase
  • WalletLink
  • TrustWallet
  • Dapper
  • Torus
  • Authereum
  • OperaTouch
  • Bitski
  • WalletConnect
  • Kaikas

What are the pros and cons?

Let’s take a look at the advantages and disadvantages that come with using OpenSea.

Pros

OpenSea has no centralization, making transactions secure and virtually impossible to be scammed. Additionally, it is possible to invest in NFTs even if you don’t have experience or knowledge about blockchain or coding. Nft Whales

They also offer several types of digital currency, which makes their platform one of the largest NFT marketplaces. The low platform fees are also an excellent opportunity to earn more income.

Cons

Although it is open source and has one of the most diverse NFT collection, the service still has its limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies and no support for transactions using currencies such as USD or Euros.

Additionally, you will need to establish a crypto wallet to sell or purchase from the platform.

Bottom Line

Just like cryptocurrencies NFTs are also expanding over the past few years. It’s very innovative and unusual, but that’s what makes it captivating for people. OpenSea provides an NFT marketplace that can be a service to a wide range of NFTs. More categories can be involved as the industry becomes integrated with the decentralized finance.

The OpenSea ecosystem enables its users to make transactions without worrying about privacy and security. Additionally, it doesn’t charge customers high charges. A 2.5 percent cost on your sales appears acceptable, given that some online stores can charge as high as five percent.

In the end, OpenSea is an excellent marketplace, both for NFT traders who are just beginning their trading or for professionals.

crypto-coins

> > Click Here to Explore OpenSea’s Marketplace < <

FAQ Nft Whales

What are the requirements I must meet before I can use OpenSea?

OpenSea offers a mobile and desktop browser that you can utilize. When you’re using the browser through your mobile phone, your browsers must be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Also, it needs to be topped up for you to get started.

Does OpenSea have a support team?

Yes they have a customer support team that you can reach via its contact forms. Go to their website, and search at “Submit a request.”

Are you able to earn money at OpenSea?

You can mint at OpenSea. All you have to do is create an NFT and then add it to the collection. Once you’re ready to sell them, put them up for auction. This is gas-free and easy, but you can also look over their instructional videos.

What are gas fees?

The gas fees refer to transaction charges from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium offers one-time fees as well as regular fees. The price is determined through the marketplace, which means they fluctuate at regular intervals.

What are the requirements I must meet before I can make use of OpenSea?

OpenSea has a mobile and desktop browser that you can utilize. In the event that you’re using it on your mobile phone, your browsers should work with Etherium. Additionally, you should have an account with a wallet or extension. In addition, it must be fully charged to start.

Does OpenSea have a support team?

Yes they do have a support team that you can reach via their contact form. Visit their website, and look for “Submit a request.”

Can you earn money at OpenSea?

You can also mint at OpenSea. All you need be able to do is make an NFT and add an item in your inventory. Once you’re ready to sell them, put them up for auction. This is gas-free and easy but you could also look over their instructional videos.

What are the costs for gas?

The gas fees refer to transaction costs that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium is a one-time fee and regular fees. The prices are driven by the market, which means they fluctuate every now and then.

bitcoin-coins

> > Click Here to Explore OpenSea’s Marketplace < <

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