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opensea-review

OpenSea is now one of the top marketplaces for NFTs. It was the first to introduce a platform of this kind over the years. It has experienced rapid growth, as blockchain and NFT have become increasingly sought-after investments.

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

If you’re looking to invest using NFTs and want to start from an appropriate marketplace can 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 go on, we’d like to warn you. This review is an extensive read. If you prefer to take a look at a video instead, check out this channel’s review. They will guide the user through OpenSea and its features so you’re aware of everything before you jump in with NFT trading.

If you prefer the written word, look over the basics before we go over the costs and what it has to offer.

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

What is OpenSea? Nike – Nft Long Body Tee (White)

OpenSea provides a platform for non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can buy, sell NFTs, trade them, and exchange them with other users.

The NFTs available are not restricted to art, music, game items, and domain names.

It was founded in the year 2018 by Devin Finzer and Alex Atallah two programmers who began with the introduction of the first generation of digital collectible items. It was also one of the very first NFT marketplaces and a concept similar to cryptocurrency.

Today, it is one of the biggest NFT marketplaces. They have an extensive collection of NFTs that are constantly growing. One of the best things about them is that they allow users to post NFTs that were purchased or developed elsewhere.

What is the process behind OpenSea work?

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

For OpenSea The majority of the assets on the marketplace are held by users, not the platform. Since they’re an uncentralized marketplace, they use smart contracts that allow users can interact with potential buyers without putting at risk the security of their NFT ownership.

This means that unless the transaction is successful the digital assets will never be removed from your account. Moreover, you aren’t required to make your account. All you require is to have a web3-enabled wallet.

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

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> > 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. There are eight categories to which 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 restricted to songs only; you can also purchase mixtapes, remixes, beats, vocals, or whatever an artist offers. You can also purchase background noises such as rain, chatter that isn’t clear and other sound effects.

Collectibles

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

In the case of NFTs, you can gather avatars, virtual pets, or other characters that can be traded or collected. The more rare they are, the greater value they possess. There are also variants such as Nyan Cat and CryptoPunks.

Art

Art is always one of the most well-known NFT since before NFT became a reality. As of today, you can also do the same with digital art. It’s not just limited to digital illustrations or paintings. Gifs can be collected as well or images, as well as small video clip clips.

Trading Cards

You can also collect digital trading cards like the ones from Sorare and BCCG.

Sports

The digital objects associated with sports can also be collected like animated team logos.

Virtual Worlds

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

Utility

As far-fetched as it sounds it is possible to purchase NFTs with specific functions. Examples come from Emblem Finance and Urbit ID.

Domain Names

Websites are now considered to be NFT. It is possible to purchase blockchain-based domains that aren’t subject to being shut down by 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 simple. All you need to do is post them on the marketplace. It’s all you have to do is make sure your account is linked. Once you’ve added the price and the type of auction and you’re ready to go.

For the first time sellers, you will be subjected to a one-time fee for gas.

You can currently select from 5 selling options. These are:

Fixed Price

The seller will be the one to charge the cost of the NFT. As the name implies, it never changes.

Dutch Auction

In Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will fluctuate in the course of. Sellers generally set expensive prices. As time passes, the price decreases until it’s equivalent to the bid of the buyer. Additionally, the buyer can submit an offer. The NFT is sold after they reach an agreement on the price.

English Auction

The seller puts up an NFT for sale and lists a minimum price. This is in contrast to that of the Dutch Auction, where the price will decrease with time. In the English Auction, buyers will bidding until the seller sells it at the price of highest bidding.

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

NFT Creation

You can also mint your own NFTs via the platform. They can be sold on the marketplace.

Bundles

If you want to sell several NFTs within one transaction, you could use OpenSea’s bundle features. 30 items can be listed within the package.

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

Are there any fees?

It is common for crypto or NFT marketplaces to impose charges to use the platform. Although the charged fee varies depending on the platform, it’s typically proportional to the price paid by the buyer. This is similar to how traditional galleries earn money by getting a share of the paintings sold.

With OpenSea You will only have to pay 2.5% when you purchase an NFT. The marketplace does not charge listing fees and other types of surcharges involved. Other marketplaces charge 5% per sale, which makes the OpenSea’s 2.5 percent fee competitive.

However, you have to be aware that certain 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 of the required 2.5%.

In addition, trading on Etheruem can be costly. Your NFT collection will be issued as a valid, non-fungible token following the time your NFT bid is accepted. The costs for the process will vary based on the market conditions, however you can expect it to be about $100 per NFT.

It is also important to be aware that some NFTs have extra commissions. For instance, game designers get as much as 15% commissions on the products they’ve sold.

What are the payment options?

OpenSea does not accept traditional currencies such as US Dollar or Euros. You’ll need to set up your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. That also means you cannot make use of PayPal credit, debit, and debit card to make payments for or make a deposit. Nike – Nft Long Body Tee (White)

The NFTs can only be bought or sold when your cryptocurrency is supported by OpenSea. Here’s a list with cryptocurrency wallets and blockchains 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 examine the advantages and disadvantages when using OpenSea.

Pros

OpenSea can be decentralized making transactions safe and nearly impossible to get scammed. Moreover, you can easily invest in NFTs even if there is no any experience or expertise in coding or blockchain. Nike – Nft Long Body Tee (White)

They also offer a range of digital asset, making it one of the most popular NFT marketplaces. Low platform fees are also an excellent opportunity to earn more income.

Cons

Although it is decentralized and offers one of the most diverse NFT collection, the service has some limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support and no support for 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 have also been increasing over time. It’s extremely creative and strange, which is what makes it captivating for people. OpenSea can be described as an NFT marketplace that caters to a broad range of NFTs. More categories can be involved as the industry becomes integrated with decentralized finance.

The OpenSea ecosystem allows customers to conduct transactions without worrying about privacy or security. Furthermore, it doesn’t charge customers high charges. A 2.5% cost on your sales appears reasonableconsidering that some marketplaces can charge as high as 5 percent.

In the end, OpenSea is an excellent marketplace for NFT trading beginners or professionals.

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

FAQ Nike – Nft Long Body Tee (White)

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

OpenSea has a mobile and desktop browser you can use. If you’re using it on your phone on the go, your browsers should be compatible with Etherium. You also need to have a wallet or a wallet extension. Also, it needs to be filled up to get started.

Does OpenSea have a support staff?

Yes they have a customer support team can be reached via the contact page. Go to their website, and look at “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 add it to the collection. Once you’re ready to sell them, list them for auction. This is gas-free and easy to accomplish, but it is also possible to look over their instructional videos.

What are the costs for gas?

These are transactions costs from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. Prices are determined by the market, so they constantly change from time to time.

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

OpenSea has a mobile and desktop browser users can use. If you’re using it on your mobile phone, your browsers must be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Also, it needs to be filled with money to start.

Does OpenSea have a support staff?

Yes they have a customer support team you can reach via the contact page. Just go to their official website and search for “Submit a request.”

Do you have the ability to mint at OpenSea?

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

What are the costs for gas?

Gas fees are transaction costs that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium is a one-time fee and recurring fees. The price is determined in accordance with the current market conditions, so they constantly change at regular intervals.

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

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