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opensea-review

OpenSea has become one of the leading platforms for NFTs. It’s also the first to introduce a platform of this kind over the years. It has seen rapid growth since blockchain and NFT have become increasingly sought-after investments.

It’s also more well-known since celebrities and other famous people have expressed curiosity. As art is increasingly digitalized, NFT becomes more lucrative.

If you’re planning to invest through NFTs and want to start from an established marketplace will provide the leverage you require. That’s why we made this review. OpenSea has always been the leading NFT marketplace. But is it the right choice for you?

Before you begin our review, we’d like warn you. This review is lengthy. If you’d rather watch a video instead, you can check out the channel’s review. They’ll walk users through OpenSea and its functions so you’re fully aware before you begin NFT trading.

For those who prefer reading, we’ll go through what it is prior to we go over the costs and what it has to offer.

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

What is OpenSea? Nft5-4

OpenSea offers a market for non-fungible currency, also known as NFTs. Through their decentralized marketplace, you can buy, 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 created in the year 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectible items. 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 a vast collection of NFTs that are constantly expanding. The most appealing aspect of them is that they allow users to list NFTs purchased or made elsewhere.

How does OpenSea operate?

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

For OpenSea, all of the assets on this platform belong to the users, not the platform. Since they are a decentralized marketplace, they have smart contracts that allow users can interact with potential buyers without risking their NFT ownership.

If the transaction is complete the digital assets will never be removed from your account. In addition, you don’t have to create your account. All you have to do is have a web3-enabled wallet.

In the event that you’re buying you can use their browser to find NFTs you’d like to buy. There are filters that can simplify your search.

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

What kinds of NFTs are available to purchase from OpenSea?

There are more than 200 varieties of NFTs that you can purchase through OpenSea. Here are 8 categories where they typically fall into. Let’s have a look at each.

Music

Music is among the most popular NFTs of all time. It’s not just limited to songs only; you can also purchase mixtapes, remixes, beatsand vocals, or whatever an artist has to offer. You can also purchase background noises like rain, indistinct chatters, or other types of sound effects.

Collectibles

Before NFTs became popular, there were people invested in collectibles such as baseball cards, film props, or old technology.

As for NFTs, you can gather avatars and digital pet, or other characters that can be sold or acquired. The rarer they are the more value they possess. There are also variants such as Nyan Cat and CryptoPunks.

Art

Art has always been among the most popular NFT since before NFT came to be. As of today, you can also do the same with digital art. This isn’t just limited to digital illustrations or paintings. It is also possible to collect gifs images, photos, or small video clip clips.

Trading Cards

You can also collect digital trading cards, such as those of Sorare and BCCG.

Sports

Digital items related to sports are also available, such as animated logos of teams.

Virtual Worlds

VR space and other elements can be purchased. You can buy these metaverses and other things like game objects, the VR environment, characters, virtual objects or even virtual lands. One popular illustration 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 are from Emblem Finance and Urbit ID.

Domain Names

Websites can now also be considered to be NFT. You can buy blockchain-based names which aren’t subjected to shutting down by any person. These types are also censorship-resistant.

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

What are the options for selling?

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

For first-time sellers who are first-time sellers, you will be subject to a single-use gas charge.

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

Fixed Price

The seller is the one to pay the cost for the NFT. Like the name suggests it is not subject to change.

Dutch Auction

In an auction like the Dutch Auction, the seller decides on a price which will fall in the course of. Sellers generally set high prices. As time passes, the price decreases until it’s equivalent to the bid of the buyer. Furthermore, the buyer may also make an offer to the seller. The NFT can be sold once they reach an agreement on the price.

English Auction

The seller is required to put up an NFT to sell and list an amount that is a minimum. It’s opposite to the Dutch Auction, where the price will decrease with time. The English Auction, buyers will bid until the seller sells it at the price of highest bidding.

OpenSea is able to automatically approve the payment if the auction ends above 1 Etherium.

NFT Creation

You can also mint your own NFTs using the platform. Then you can sell them in the marketplace.

Bundles

If you are looking to sell multiple NFTs under one transaction, you can use OpenSea’s bundle features. 30 items can be included within the package.

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

Are there any fees?

It’s common for cryptocurrency or NFT marketplaces to charge fees to access the platform. Although the charged fee varies per platform, it’s usually proportional to the price paid by the buyer. It’s similar to how regular galleries earn money by getting a share of the paintings that are sold.

With OpenSea, you will only have to pay 2.5 percent when you buy an NFT. No listing fees or other types of surcharges involved. Other marketplaces charge 5percent commission per sale, making OpenSea’s 2.5 per cent cost reasonable.

But, it is important to understand that some NFTs have higher transaction fees compared to others. The fees can differ for each seller. Some artists can also have an additional commission on sales, apart of the required 2.5%.

In addition, trading on Etheruem could be expensive. The NFT collection will only be minted as a valid non-fungible token after your NFT bid is accepted. The price for this process will vary based on the market conditions, however you can expect it to be around $100 per NFT.

It is also important to be aware that some NFTs charge extra commissions. For instance, game designers are paid as much as 15% as commissions for items they’ve sold.

What are the methods of payment?

OpenSea is not able to accept conventional currency like US Dollar or Euros. You will need to create your crypto wallet, where you’ll convert your cryptocurrencies into cash. That also means you cannot use PayPal credit, debit, or debit cards for payment or deposit. Nft5-4

The NFTs can be purchased or traded only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list with blockchains and wallets that 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 benefits and disadvantages when using OpenSea.

Pros

OpenSea can be decentralized making transactions secure and virtually impossible to get scammed. Moreover, you can easily invest in NFTs, even if you do not have any experience or expertise in blockchain technology or programming. Nft5-4

They also offer a range of digital asset, which makes it one of the biggest NFT marketplaces. The platform’s low fees are also an excellent way for you to earn more income.

Cons

Although it’s decentralized and has one of the largest NFT collections, it has some limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies the platform is unable to accept payments with currencies like USD or Euros.

Additionally, you will need to set up your own crypto wallet to either sell or purchase from the platform.

Bottom Line

Just like cryptocurrencies NFTs are also expanding over the past few years. It’s extremely creative and unusual, but that’s 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 when the market is integrated with financial decentralization.

OpenSea’s ecosystem allows its users to transact without concern about security and privacy. Additionally, it doesn’t charge customers high charges. A 2.5 percentage cost on your sales appears acceptable, given that some online stores can charge as high as 5 %.

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

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

FAQ Nft5-4

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

OpenSea has a mobile and desktop browser that you can use. If you’re using it through your mobile phone, the browsers must be compatible with Etherium. You also need to have either a wallet, or an extension. Additionally, it should be fully charged to begin.

Does OpenSea have a support staff?

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

Can you mint at OpenSea?

You can make a mint using OpenSea. All you need make is to create an NFT and then add an item in your inventory. Once you’re ready to sell them, put them up for auction. It’s easy and gas-free, but you can also check out their tutorials.

What are gas fees?

The gas fees refer to transaction costs from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium has one-time fees and regular fees. Prices are determined by the market, so they change every now and then.

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

OpenSea offers a mobile and desktop browser that you can use. If you’re using it on your mobile phone, your browsers should be compatible with Etherium. Also, you’ll need either a wallet, or an extension. In addition, it must be topped up for you to get started.

Does OpenSea has a support team?

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

Can you mint at OpenSea?

You can make a mint using OpenSea. All you need to do is create an NFT and then add it to the collection. Once you’re ready to sell them, list them for auction. It’s easy and gas-free but you could also look over their instructional videos.

What are the gas prices?

These are transactions fees that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium has one-time fees and recurring fees. The price is determined in accordance with the current market conditions, therefore they fluctuate at regular intervals.

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

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