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opensea-review

OpenSea has grown to become one of the most popular marketplaces for NFTs. It was the first to release such a platform in the past. It has seen rapid growth as blockchain and NFT become more popular investments.

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

If you’re looking to invest with NFTs beginning with an appropriate marketplace can give you the leverage you require. That’s why we made this review. OpenSea has always been the top NFT marketplace. But is it the right choice for you?

Before you go on, we’d like to warn you. This review is quite a long read. If you’d prefer to take a look at a video instead, you can check out this channel’s review. They will guide users through OpenSea and its features so that you understand everything before you dive into NFT trading.

If you like the written word, go over the basics before we go over the costs and what it can offer.

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

What is OpenSea? Nifty Option Chain

OpenSea is a marketplace that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can sell, buy, and trade NFTs with other users.

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

It was established in the year the year 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectible items. It was also among the very first NFT marketplaces, a concept that is similar to cryptocurrency.

It is now one of the largest NFT marketplaces. They have an extensive collection of NFTs that only keeps growing. The most appealing aspect of these is that they permit users to list NFTs bought or created elsewhere.

How does OpenSea function?

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

For OpenSea, all of the assets listed in the marketplace are held by users, not by the platform. Because they’re an uncentralized marketplace, they have intelligent contracts to ensure that buyers are able to interact with buyers without risking their NFT ownership.

That means unless the transaction is completed your digital assets will never leave your wallet. Furthermore, you’re not required to open an account. All you need is to possess a wallet that is compatible with web3.

In the event that you’re buying, you can use their browser to find NFTs you’d prefer to purchase. There are filters that can make your search easier.

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

What types of NFTs can you purchase from OpenSea?

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

Music

Music may be one of the most popular NFTs of all time. It’s not just limited to music only. You can also purchase mixtapes remixes, beatsand vocals, or whatever an artist is offering. Many people even purchase background sounds such as rain, chatter that isn’t clear, or other types of sound effects.

Collectibles

Before NFTs became popular, there were people were investing in collectibles such as baseball cards movie props, or even older technology.

As for NFTs, you can collect avatars, virtual pets, or other characters that can be sold or taken home. The rarer they are, the more value they be. There are also variants such as Nyan Cat and CryptoPunks.

Art

Art has always been among the most sought-after NFT prior to when NFT was invented. Today, you can also do the same with digital artworks. It’s not just limited to illustrations and digital paintings. You can also collect gifs, images, or even small video clip clips.

Trading Cards

It is also possible to collect digital trading cards, such as the ones from Sorare as well as BCCG.

Sports

The digital objects associated with sports can also be collected, 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 elements and the VR environment virtual objects, characters, and even virtual land. One popular example is Axie Infinity.

Utility

As absurd as it may sound there are also NFTs that are specifically designed to perform certain functions. Examples come from Emblem Finance and Urbit ID.

Domain Names

Websites can now also be 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.

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

What are the options for selling?

Selling your products on OpenSea is simple. All you have to do is to list them in the marketplace. You only have to ensure your account is linked. Once you’ve added the price and auction type, you’re good to go.

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

You can currently select among five selling options. These are:

Fixed Price

The seller is the one to pay the price for the NFT. As the name implies, it never changes.

Dutch Auction

For an auction like the Dutch Auction, the seller decides on a price which will fall in time. Sellers usually set very expensive prices. As time passes, it will lower until it becomes comparable to the price the buyer is willing to pay. In addition, buyers can 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. It’s opposite to the Dutch Auction, where the price drops with time. The English Auction, buyers will make bids until the seller is able to sell the auction for the most expensive bidder.

OpenSea is able to automatically approve the bid in the event that the auction is over 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, it is possible to make use of the bundle feature offered by OpenSea. 30 items are available as part of the bundle.

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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 charges to use the platform. The fee is charged can vary depending on the platform, it’s typically a percentage of the sale cost paid by the buyer. Similar to how regular galleries earn 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 costs and 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 understand that some NFTs charge higher transaction costs as compared to other. The fees can differ for each seller. Certain artists also get an additional sales commission apart from the imposed 2.5 percentage.

Furthermore, transactions to Etheruem can be costly. The NFT collection will only be issued as a valid non-fungible token after 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.

It is also important to be aware that some NFTs charge additional commissions. For example, game developers get up to 15% as commissions on the products they’ve sold.

What are the methods of payment?

OpenSea cannot accept conventional currencies like 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 for payment or transfer funds. Nifty Option Chain

The NFTs are only able to be bought or sold when your cryptocurrency is supported by OpenSea. Here’s a list of the 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 look at the advantages and drawbacks that come with using OpenSea.

Pros

OpenSea has no centralization, making transactions secure and almost impossible to be scammed. Additionally, it is possible to invest in NFTs even if you do not have any experience or expertise in blockchain technology or programming. Nifty Option Chain

They also offer several types of digital assets, which makes their platform one of the largest NFT marketplaces. The low platform charges are also a good opportunity to make more money.

Cons

Although it’s open source and has one of the largest NFT collection, the service has limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies, it cannot support payments using currency like USD or Euros.

It is also necessary to establish a crypto wallet to either sell or purchase from the platform.

Bottom Line

Similar to cryptocurrency NFTs have also been increasing over time. It’s very creative and sounds unusual, but that’s why it’s so attractive to people. OpenSea is an NFT marketplace that caters to a wide range of NFTs. The number of categories available will increase when the market is integrated with financial decentralization.

The OpenSea ecosystem enables its customers to conduct transactions without having to worry about security and privacy. Additionally, it doesn’t charge you high fees. A 2.5 percentage fee on sales is reasonableconsidering that some marketplaces can charge as high as five percent.

All in all, OpenSea is an excellent marketplace both for NFT traders and professionals.

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

FAQ Nifty Option Chain

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

OpenSea offers a mobile and desktop browser you can utilize. In the event that you’re trying it through your mobile phone, your browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. In addition, it must be filled up to get started.

Does OpenSea have a support staff?

Yes they have a customer support team that can be reached via the contact page. Go to the official site and search on the page for “Submit a request.”

Are you able to make money at OpenSea?

You can mint at OpenSea. All you need make is to create an NFT and then add an item in your inventory. When you’re ready to sell them, put them up for auction. This is a simple and low-cost method to do, however you should look over their instructional videos.

What are the costs for gas?

Gas fees are transaction costs from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium is a one-time fee and periodic fees. Prices are determined through the marketplace, which means they change every now and then.

What do I need so I can use OpenSea?

OpenSea offers a mobile and desktop browser that you can utilize. If you’re using it with your phone on the go, your browsers must be compatible with Etherium. You also need to have an account with a wallet or extension. Additionally, it should be filled with money to start.

Does OpenSea have a support team?

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

Do you have the ability to mint at OpenSea?

You can mint at OpenSea. All you need be able to do is make an NFT and then add an item in your inventory. When you’re ready to sell the items, post them for sale. It’s easy and gas-free but you could also go through their tutorials.

What are gas fees?

The gas fees refer to transaction charges that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium is a one-time fee and periodic fees. The prices are driven by the market, therefore they constantly change from time to time.

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

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