Nft^2

opensea-review

OpenSea has become one of the top marketplaces for NFTs. It’s also the first to introduce a platform of this kind throughout the years. It has experienced rapid growth as blockchain and NFT are becoming more sought-after investments.

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

If you’re looking to invest through NFTs, then starting from a good marketplace can give you the leverage you need. That’s why we made this review. OpenSea is always the leading NFT marketplace. But is it right for you?

Before you begin our review, we’d like warn you. This review is a long read. If you prefer to take a look at a video instead, you can check out the channel’s review. They’ll walk the user through OpenSea and its features so that you understand everything before you jump in with NFT trading.

For those who prefer to read, let’s look over the basics before we examine its costs and the benefits it offers.

opensea-logo

Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. Afterward, you will want to read the rest of our article for a more comprehensive review.

What is OpenSea? Nft^2

OpenSea is a marketplace that deals in non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can purchase, sell, and trade NFTs with other users.

The available NFTs are not restricted to art, music games, or game products, as well as domain names.

It was created in the year 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectibles. It was also one of the first NFT marketplaces and a concept as new as cryptocurrencies.

Nowadays, it Is one of the largest NFT marketplaces. They offer a wide selection of NFTs that only keeps expanding. The best part about them is that they allow users to sell NFTs bought or created elsewhere.

How does OpenSea work?

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

For OpenSea The majority of the assets that are listed on this platform belong to users, not the platform. Because they’re a decentralized marketplace, they are equipped with intelligent contracts so that users can communicate with potential buyers without having to risk losing their NFT ownership.

This means that unless the transaction is complete the digital assets won’t leave your account. Moreover, you aren’t required to create your account. All you need is to possess a wallet that is compatible with web3.

For those who are buyers you can use their search engine to find NFTs you’d prefer to purchase. There are filters that can aid in your search.

Nft^2

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

What kinds of NFTs can you purchase from OpenSea?

There are more than 200 varieties of NFTs available to buy from OpenSea. There are eight categories to which they are typically placed. Let’s have a look at each.

Music

Music is among the most well-known NFTs all time. It’s not limited to just songs; you can also purchase mixtapes remixes, beats, vocals or anything else an artist is offering. Some even buy background noises like rain, indistinct chatters, or other types of sound effects.

Collectibles

Before NFTs became popular, some individuals were interested in collecting items like baseball cards, movie props, or even older technology.

In the case of NFTs, you can collect avatars and digital pet, or other characters that can be sold or acquired. The more rare they are, the more value they will possess. Some also have variants like Nyan Cat and CryptoPunks.

Art

Art has always been among the most well-known NFT since before NFT came to be. Today it is possible to create digital artworks. It’s not just limited to illustrations and digital paintings. You can also collect gifs, images, or even videos of short length.

Trading Cards

It is also possible to collect digital trading cards such as those of Sorare and BCCG.

Sports

Sports-related digital items can also be collected, such as animated logos of teams.

Virtual Worlds

VR environments and components can now also be bought. You can purchase these metaverses, or other items such as game items, the VR environment, virtual objects, characters, or even virtual worlds. One popular instance is Axie Infinity.

Utility

As far-fetched as it sounds there are also NFTs that are specifically designed to perform certain features. Examples include Emblem Finance and Urbit ID.

Domain Names

Websites are now classified as NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down from any person. 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 simple. All you need to do is post your products on the marketplace. It’s all you have to do is ensure that your wallet is connected. Once you’ve added your price and auction type and you’re ready to go.

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

Currently, you can choose from five options for selling. The choices are:

Fixed Price

The seller will be the one to pay the cost of the NFT. Just as the name suggests, it never changes.

Dutch Auction

For an auction like the Dutch Auction, the seller sets a price that will fall in the course of. Sellers generally set high prices. As time passes, the price will lower until it becomes equivalent to the bid of the buyer. Furthermore, the buyer may present an offer. The NFT can be sold when they reach an agreement on the price.

English Auction

The seller is required to put up an NFT for sale and lists an amount that is a minimum. This is in contrast to the Dutch Auction, where the price drops as time passes. The English Auction, buyers will bid until the seller sells the auction for the most expensive bidder.

OpenSea is able to automatically approve the payment in the event that the auction is over 1 Etherium.

NFT Creation

You can also create your own NFTs via the platform. You can then sell them in the marketplace.

Bundles

If you want to sell multiple NFTs in one transaction, it is possible to use OpenSea’s bundle features. 30 items can be listed in the bundle.

crypto-trading

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

Are there any additional fees?

It’s normal for crypto or NFT marketplaces to charge charges for using the platform. The fee is charged can vary according to the platform, it’s generally proportional to the cost paid by the buyer. This is similar to how traditional galleries make money by getting a share of the artworks sold.

With OpenSea You will only need to pay 2.5% when you purchase an NFT. No listing fees or other surcharges that are associated with. Other marketplaces charge percentage of 5% for each sale, which makes OpenSea’s 2.5 percent fee affordable.

But, it is important to be aware that certain NFTs have higher transaction charges in comparison to other. It is possible for this to differ between seller. Certain artists may also receive an additional sales commission apart of the required 2.5 percentage.

In addition, trading on Etheruem is costly. The NFT collection will be issued as a valid non-fungible token after your NFT bid has been accepted. The price for this process will be based on the market, but you can anticipate it to be about $100 per NFT.

You also need to know that some NFTs charge additional commissions. For example, game developers receive as much as 15% as commissions for items they’ve sold.

What are the payment options?

OpenSea is not able to accept conventional currencies such as US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. Also, you are not able to use PayPal credit or debit cards to pay for or transfer funds. Nft^2

The NFTs are only able to be purchased or traded when your cryptocurrency is accepted by OpenSea. Here’s a list with wallets and blockchains they can 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 of using OpenSea.

Pros

OpenSea is decentralized, which makes transactions safe and nearly impossible to be swindled. Furthermore, it is easy to invest with NFTs even if there is no any experience or expertise in blockchain or coding. Nft^2

They also offer a range of digital assets, which makes them one of the biggest NFT marketplaces. The platform’s low charges are also a good opportunity to make more money.

Cons

Although it’s open source and has one of the largest NFT selections, it has its limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies, it cannot support transactions using currencies such as USD or Euros.

You will also need to create your crypto wallet to either sell or buy from the platform.

Bottom Line

Like cryptocurrencies NFTs have also been growing over the years. It’s very creative and sounds strange, which is the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that can cater to a wide range of NFTs. There are more categories that can be included as the industry becomes integrated with decentralized finance.

The OpenSea ecosystem allows users to make transactions without worrying about privacy or security. In addition, it doesn’t cost you high fees. A 2.5% charge on your sales seems acceptable, given that some online stores can charge as high as five percent.

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

crypto-coins

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

FAQ Nft^2

What do I need so I can utilize OpenSea?

OpenSea has a mobile and desktop browser that you can utilize. When you’re using the browser through your phone on the go, your browsers must work with Etherium. Also, you’ll need a wallet or a wallet extension. Additionally, it should be filled up to start.

Does OpenSea has a support team?

Yes, they have a support team that you can reach via the contact page. Just go to their official website and look at “Submit a request.”

Can you earn money at OpenSea?

You can make a mint using OpenSea. All you need to do is create an NFT and add it to the collection. Once you’re ready to sell them, put them up for sale. This is a simple and low-cost method, but you can also look over their instructional videos.

What are the gas prices?

Gas fees are transaction charges from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium is a one-time fee and regular fees. The prices are driven through the marketplace, so they fluctuate every now and then.

What do I need so I can use OpenSea?

OpenSea offers a mobile and desktop browser that you can utilize. In the event that you’re using it through your phone on the go, your browsers must be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Additionally, it should be filled with money to get started.

Does OpenSea has a support team?

Yes they have a customer support team you can reach via their contact form. Visit their official website and search at “Submit a request.”

Can you make money at OpenSea?

You can make a mint using OpenSea. All you have make is to create an NFT and then add it to the collection. When you’re ready to sell them, put them up for sale. It’s simple and free of gas, but you can also look over their instructional videos.

What are the gas prices?

These are transactions charges from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The prices are driven through the marketplace, therefore they change from time to time.

bitcoin-coins

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

Nft2

opensea-review

OpenSea is now one of the top platforms for NFTs. It’s also the first one to introduce a platform of this kind throughout the years. It has seen rapid growth, as blockchain and NFT become more popular investments.

It’s becoming more popular because celebrities and celebrities have expressed their enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.

If you’re set on investing using NFTs, then starting from an appropriate marketplace can provide the leverage you require. This is the reason we created this review – OpenSea has always been the most popular NFT marketplace. But is it suitable for you?

Before you go on, we’d like to warn you. This review is quite a long read. If you’d rather watch videos instead, take a look at the channel’s review. They’ll guide users through OpenSea and its features to ensure you’re aware of everything before you begin NFT trading.

If you prefer reading, we’ll go over what it is before we examine its costs and what it can offer.

opensea-logo

Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick review. Afterward, you will want to read the rest of the article for a more comprehensive review.

What is OpenSea? Nft2

OpenSea provides a platform that deals in non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can purchase, sell, and trade NFTs with other users.

The available NFTs are not only limited to art, music, game items, and 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 similar to cryptocurrency.

Today, it is one of the biggest NFT marketplaces. They have a vast collection of NFTs that are constantly expanding. The best part about these is that they permit users to sell NFTs bought or created elsewhere.

What is the process behind OpenSea work?

If you’ve been buying or selling with cryptocurrencies, you’ll find NFT trading very similar.

For OpenSea, all of the assets on this platform belong to the users, not the platform. Because they’re an uncentralized marketplace, they have smart contracts that allow users can interact with potential buyers without having to risk their NFT ownership.

That means unless the transaction is completed your digital assets won’t leave your wallet. Moreover, you aren’t required to make your account. All you require is to have a web3 supported wallet.

For those who are buyers, you can use their search engine to look for NFTs you’d like to purchase. They also have filters available to simplify your search.

Nft2

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

What kinds of NFTs can you purchase from OpenSea?

There are about 200 types of NFTs available to purchase from OpenSea. Here are 8 categories where they are typically placed. Let’s take a closer look at each.

Music

Music is among the most well-known NFTs all time. It’s not just limited to songs only; you can also purchase mixtapes, remixes, beatsand vocals or anything else an artist offers. Many people even purchase background sounds like rain, indistinct chatters and other sound effects.

Collectibles

Even before NFTs were popular, a few individuals were interested in collecting items such as baseball cards movie props, or even the older technologies.

As for NFTs, it is possible to collect avatars and digital pet or other characters that can be traded or taken home. The rarer they are the more value they have. They also have variations like Nyan Cat and CryptoPunks.

Art

Art has always been one of the most sought-after NFT prior to when NFT became a reality. In the present it is possible to make the same thing with digital art. It’s not just limited to digital artworks and illustrations. It is also possible to collect gifs images, photos, or short video clips.

Trading Cards

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

Sports

Sports-related digital items can also be collected such as animated logos of teams.

Virtual Worlds

VR space and other elements are now available for purchase. It is possible to purchase these metaverses or other things such as game items, the VR environment, virtual objects, characters, or even virtual worlds. A popular instance could be Axie Infinity.

Utility

As bizarre as it may sound, you can also buy NFTs that are specifically designed to perform certain features. Examples include Emblem Finance and Urbit ID.

Domain Names

Websites can now also be considered to be NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down by anyone. These types are also censorship-resistant.

bitcoin-coin

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

What are the selling options?

Selling on OpenSea is simple. All you need to do is post them in the marketplace. It’s all you have to do is ensure your wallet is connected. Once you’ve added the price and type of auction then you’re all set.

For first-time sellers you will be subject to a one-time gas fee.

Currently, you can choose among five selling options. These are:

Fixed Price

The seller is the one who will be charged the price of the NFT. As the name implies the price never changes.

Dutch Auction

In an auction like the Dutch Auction, the seller sets a price that will fluctuate in time. Sellers usually set very high prices. As time passes, it will lower until it becomes equal to the buyer’s bidding. In addition, buyers can submit an offer. The NFT can be sold when they have agreed on a price.

English Auction

The seller is required to put up an NFT to sell and list an amount that is a minimum. This is different from that of the Dutch Auction, where the price decreases with time. In the English Auction, buyers will make bids until the seller is able to sell it to the highest bidder.

OpenSea can automatically take over the transaction in the event that the auction is over 1 Etherium.

NFT Creation

You can also mint your own NFTs through the platform. They can be sold in the marketplace.

Bundles

If you’re looking to sell several NFTs under one transaction, you can utilize the bundle features of OpenSea. 30 items can be listed within the package.

crypto-trading

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

Are there any charges?

It’s normal for crypto or NFT marketplaces to charge charges to use the platform. While the fee charged varies per platform, it’s usually proportional to the cost paid by the buyer. This is similar to how traditional art galleries generate income by gaining a percentage of the artworks sold.

With OpenSea, you will only be charged 2.5 percent when you buy an NFT. The marketplace does not charge listing costs and other types of surcharges involved. Other marketplaces charge you a 5% per sale, making OpenSea’s 2.5 percent cost competitive.

However, you have to understand that some NFTs charge higher transaction costs in comparison to other. It is possible for this to differ between seller. Certain artists may also receive an additional commission in addition to or of the required 2.5 percentage.

In addition, trading on Etheruem could be expensive. The NFT collection will be created as a valid token that is non-fungible following the time your NFT bid is accepted. The price for this process will vary based on the market conditions, however you can expect it to be in the range of $100 for each NFT.

Also, you should know that some NFTs charge extra commissions. For instance, game developers get up to 15% as commissions for items they’ve sold.

What are the payment options?

OpenSea is not able to accept conventional currency like US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. That also means you cannot use PayPal credit or debit cards for payment for or deposit. Nft2

The NFTs can only be purchased or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of the wallets and blockchains they 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 examine the advantages and drawbacks when using OpenSea.

Pros

OpenSea has no centralization, making transactions secure and virtually impossible to get scammed. Additionally, it is possible to invest in NFTs even if you don’t have experience or knowledge about coding or blockchain. Nft2

They also offer a range of digital asset, making them one of the biggest NFT marketplaces. The low platform costs are also a great way for you to earn more income.

Cons

While it is decentralized and has one of the most diverse NFT collection, the service has limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies and no support for payments using currency like USD or Euros.

It is also necessary to create your crypto wallet to sell or purchase from the platform.

Bottom Line

Similar to cryptocurrency NFTs are also growing over the years. It’s very innovative and unusual, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that can be a service to a broad range of NFTs. More categories can be involved as the market becomes more integrated with the decentralized finance.

The OpenSea ecosystem allows users to make transactions without worrying about security and privacy. Additionally, it doesn’t charge customers high charges. A 2.5% charge on your sales seems 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 Nft2

What do I need to know so I can make use of OpenSea?

OpenSea has a mobile and desktop browser that users can utilize. When you’re using the browser through your mobile phone, the browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be filled up to start.

Does OpenSea have a support staff?

Yes they do have a support staff that can be reached via their contact form. Go to their website, and search for “Submit a request.”

Do you have the ability to earn money at OpenSea?

You can also mint at OpenSea. All you need be able to do is make an NFT and add it to the collection. When you’re ready to sell them, list them for sale. It’s easy and gas-free to accomplish, but it is also possible to check out their tutorials.

What are the costs for gas?

The gas fees refer to transaction fees from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as recurring fees. The price is determined through the marketplace, therefore they fluctuate every now and then.

What do I need to know so I can use OpenSea?

OpenSea has a mobile and desktop browser you can utilize. In the event that you’re using it through your phone on the go, your browsers should be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Also, it needs to be topped up for you to start.

Does OpenSea have a support staff?

Yes, they have a support team that you can reach through the contact page. Visit the official site and look on the page for “Submit a request.”

Are you able to earn money at OpenSea?

You can make a mint using OpenSea. All you need to do is create an NFT and then add the item to your collection. When you’re ready to sell the items, post them for auction. This is gas-free and easy, but you can also check out their tutorials.

What are the gas prices?

These are transactions fees from Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium is a one-time fee and recurring fees. The price is determined through the marketplace, so they fluctuate every now and then.

bitcoin-coins

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

error: Content is protected !!