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

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

If you’re looking to invest using NFTs, then starting from an appropriate marketplace can help you get the leverage you need. This is the reason we created this review – OpenSea is always the leading NFT marketplace. But is it right for you?

Before you go on our review, we’d like warn you. This review is quite lengthy. If you’d prefer to take a look at videos instead, check out this channel’s review. They’ll walk you through OpenSea and its functions so you’re fully aware before you dive into NFT trading.

For those who prefer to read, let’s look 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. After, you will want to read the rest of our article for a more comprehensive review.

What is OpenSea? Nifty Today

OpenSea offers a market that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, you can purchase, sell NFTs, trade them, and exchange them with other users.

The NFTs that are available aren’t limited to music, art games, or game products, as well as domain names.

It was established in the year 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectible items. It was also one of the first NFT marketplaces, a concept that is as new as cryptocurrencies.

Nowadays, it Is one of the biggest NFT marketplaces. They offer a wide selection of NFTs which is constantly growing. The best part about them is that they allow users to list NFTs purchased or made elsewhere.

How does OpenSea work?

If you’ve ever been selling or buying with cryptocurrency and NFT, you’ll notice NFT trading very similar to that.

For OpenSea, all of the assets listed in this platform belong to users, not the platform. Because they’re an open marketplace, they have smart contracts that allow users are able to interact with buyers without putting at risk losing their NFT ownership.

This means that unless the transaction is successful, your digital assets will never leave your account. Moreover, you aren’t required to make your account. All you require is to possess a wallet that is compatible with web3.

In the event that you’re buying, you can utilize their website to look for NFTs you’d like to purchase. There are filters that can simplify your search.

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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 buy from OpenSea. There are eight categories to which they are typically placed. Let’s take a closer examine each.

Music

Music could be among the most well-known NFTs of all time. It’s not limited to just songs; you can also purchase mixtapes remixes, beatsand vocals or whatever the artist offers. You can also purchase background noises like rain, indistinct chatters or various other sound effects.

Collectibles

Even before NFTs became popular, there were people invested in collectibles like baseball cards, movie props, or even the older technologies.

In the case of NFTs, it is possible to collect avatars, virtual pets, and other characters that can be traded or collected. The rarer they are the greater value they possess. There are also variants such as Nyan Cat and CryptoPunks.

Art

Art has always been one of the most popular NFT since before NFT came to be. In the present you can do the same with digital art. It’s not limited to illustrations and digital paintings. Gifs can be collected as well or images, as well as small video clip clips.

Trading Cards

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

Sports

The digital objects associated with sports are also available, such as animated logos of teams.

Virtual Worlds

VR spaces and elements can now also be bought. You can purchase these metaverses, or other items like game elements, the VR environment, virtual objects, characters, and even virtual land. One popular instance can be Axie Infinity.

Utility

As far-fetched as it sounds there are also NFTs that have specific capabilities. Examples are from Emblem Finance and Urbit ID.

Domain Names

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

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> > 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 on the marketplace. You only have to make sure your wallet is connected. Once you’ve added the price and type of auction and you’re ready to go.

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

At present, you can select from 5 selling options. These are:

Fixed Price

The seller will be the one to pay the cost that is the NFT. As the name implies, it never changes.

Dutch Auction

In the Dutch Auction, the seller decides on a price which will decrease in time. Sellers generally set expensive prices. With time, the value will decrease until it is comparable to the price the buyer is willing to pay. Additionally, the buyer can submit an offer. The NFT is sold after 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 the Dutch Auction, where the price decreases with time. The English Auction, buyers will make bids until the seller is able to sell the auction at the price of highest bidding.

OpenSea will automatically accept the bid if the auction ends above 1 Etherium.

NFT Creation

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

Bundles

If you are looking to sell multiple NFTs under one transaction, you could utilize the bundle features of OpenSea. 30 items can be listed in 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 marketplaces to charge charges to use the platform. The fee is charged can vary according to the platform, it’s generally proportional to the cost that the buyer pays. This is similar to how traditional galleries earn money 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 fees or other types of surcharges involved. Other marketplaces charge you a 5percent commission per sale, making OpenSea’s 2.5 per cent cost affordable.

But, it is important to know that certain NFTs charge higher transaction costs in comparison to other. The fees can differ for each seller. Certain artists also get an additional sales commission apart from the imposed 2.5 percent.

In addition, trading on Etheruem is costly. Your NFT collection will only be issued 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, but you can anticipate that it will be in the range of $100 for each NFT.

It is also important to be aware that some NFTs charge additional commissions. For example, game developers receive as much as 15% as commissions for the items they’ve sold.

What are the payment methods?

OpenSea does not accept traditional currency like US Dollar or Euros. It is necessary to set up your crypto wallet. This is where you’ll be able to convert the cryptocurrency into cash. That also means you cannot make use of PayPal, credit, or debit cards for payment for or deposit. Nifty Today

The NFTs are only able to be bought or sold only if the cryptocurrency you’re using 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 look at the benefits and disadvantages that come with using OpenSea.

Pros

OpenSea is decentralized, which makes transactions safe and nearly impossible to be scammed. Moreover, you can easily invest with NFTs even if you do not have experience or knowledge about coding or blockchain. Nifty Today

They also provide a variety of digital asset, making it one of the biggest NFT marketplaces. The platform’s low charges are also a good method to earn more income.

Cons

Although it is decentralized and offers 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 transactions using currencies such as USD or Euros.

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

Bottom Line

Similar to cryptocurrency, NFTs have been expanding over the past few years. It’s extremely creative and odd, but that’s why it’s so attractive 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 the decentralized finance.

OpenSea’s ecosystem allows its users to make transactions without having to worry about privacy or security. Additionally, it doesn’t charge you high fees. A 2.5 percentage fee on sales is reasonableconsidering that some marketplaces could charge as high as five percent.

All in all, OpenSea is an excellent marketplace for NFT trading beginners or professionals.

crypto-coins

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

FAQ Nifty Today

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

OpenSea offers a mobile and desktop browser users can utilize. When you’re using the browser on your mobile phone, your browsers should be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Additionally, it should be topped up for you to begin.

Does OpenSea have a support staff?

Yes they have a customer support team that you can contact through its contact forms. Just go to the official site and look for “Submit a request.”

Are you able to mint at OpenSea?

You can mint at OpenSea. All you need make is to create an NFT and add it to the collection. When you’re ready to sell the items, post them for auction. It’s easy and gas-free to do, however you should look over their instructional videos.

What are the costs for gas?

The gas fees refer to transaction charges that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as periodic fees. The prices are driven in accordance with the current market conditions, which means they change at regular intervals.

What do I need so I can use OpenSea?

OpenSea has a mobile and desktop browser users can use. In the event that you’re using it through your phone on the go, your 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 do have a support team that you can reach through their contact form. Visit the official site and search at “Submit a request.”

Can you earn money at OpenSea?

You can mint at OpenSea. All you have make is to create an NFT and add it to the collection. Once you’re ready to sell the items, post them for sale. It’s easy and gas-free, but you can also go through their tutorials.

What are gas fees?

These are transactions charges that are charged by 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 by the market, so they fluctuate at regular intervals.

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

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