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opensea-review

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

It’s even more popular since celebrities and other famous people have expressed their enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.

If you’re planning to invest using NFTs, then starting from a good marketplace can give you the leverage you need. This is why we wrote this review. OpenSea has been for a long time the leading NFT marketplace. But is it suitable for you?

Before you start, we’d like to warn you. This review is an extensive 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 you’re aware of everything before you begin NFT trading.

If you prefer reading, we’ll look through what it is prior to we look into its fees and the benefits it offers.

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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 overview. After, you will want to read the rest of the article for a more comprehensive review.

What is OpenSea? Old Button With Nft

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

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

It was established in the year 2018 in 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 among the very first NFT marketplaces, a concept that is similar to cryptocurrency.

Today, it is one of the largest NFT marketplaces. They have an extensive collection of NFTs that only keeps growing. One of the best things about these is that they permit users to list NFTs purchased or made elsewhere.

How does OpenSea function?

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

For OpenSea All of the assets that are listed on the platform are owned by users, not by the platform. Since they are an open marketplace, they have intelligent contracts to ensure that buyers can interact with potential buyers without having to risk the security of their NFT ownership.

This means that unless the transaction is completed the digital assets will never leave your wallet. In addition, you don’t have to open an account. All you need 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. They also offer filters to simplify your search.

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

What kinds of NFTs can you purchase from OpenSea?

There are more than 200 varieties of NFTs you can purchase from OpenSea. Here are 8 categories where they usually belong. Let’s look at each.

Music

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

Collectibles

Even before NFTs became popular, some people were investing in collectibles like baseball cards, film props, or old technology.

As for NFTs, it is possible to collect avatars, digital pets, or any other characters that could be sold or collected. The more rare they are, the more value they be. Some also have variants like Nyan Cat and CryptoPunks.

Art

Art has always been among the most sought-after NFT, even before NFT came to be. Today it is possible to do the same with digital artworks. It’s not limited to digital artworks and illustrations. It is also possible to collect gifs or images, as well as short video clips.

Trading Cards

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

Sports

Sports-related digital items are also available, for example, animated team logos.

Virtual Worlds

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

Utility

As bizarre as it may sound, you can also buy NFTs that have specific functions. Examples include 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 on OpenSea is easy. All you need to do is post them on the marketplace. It’s all you have to do is ensure that your wallet is connected. Once you’ve added your price and type of auction then you’re all set.

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

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

Fixed Price

The seller will be the one who will be charged the cost for the NFT. Like the name suggests the price never changes.

Dutch Auction

In an auction like the Dutch Auction, the seller sets a price that will fall in time. Sellers typically set up very expensive prices. As time passes, the price will lower until it becomes equivalent to the bid of the buyer. Additionally, the buyer can also make an offer to the seller. The NFT can be sold when they have agreed on a price.

English Auction

The seller will put up an NFT to sell and list the minimum price. It’s opposite to that of the Dutch Auction, where the price will decrease as time passes. In the English Auction, buyers will bid until the seller sells it to the highest bidder.

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

NFT Creation

You can also create your own NFTs through the platform. Then you can sell them through the marketplace.

Bundles

If you are looking to sell several NFTs in one transaction, it is possible to utilize the bundle features of OpenSea. 30 items are available in the bundle.

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

Are there any additional fees?

It’s normal for crypto or NFT exchanges to charge fees to access the platform. The fee is charged can vary per platform, it’s usually a percentage of the sale cost that the buyer pays. 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 purchasing an NFT. The marketplace does not charge listing fees or other kinds of charges. Other marketplaces charge you a 5percent commission per sale, making OpenSea’s 2.5 per cent fee reasonable.

However, you have to be aware that certain NFTs charge higher transaction costs compared to others. The fees can differ for each seller. Certain artists also get an additional sales commission apart from the imposed 2.5 percent.

Additionally, transacting to Etheruem can be costly. Your NFT collection will only be minted as a valid non-fungible token following the time your NFT bid has been accepted. The costs for the process will vary based on the market, but you can anticipate it to be around $100 per NFT.

It is also important to be aware that certain NFTs earn extra commissions. For instance, game developers receive 15 percent or more commissions for the items they’ve sold.

What are the payment options?

OpenSea is not able to accept conventional currency like US Dollar or Euros. You will need to create your crypto wallet. This is where you’ll convert the cryptocurrencies to cash. This means that you can’t use PayPal, credit, and debit card to make payments for or transfer funds. Old Button With Nft

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

Pros

OpenSea can be decentralized making transactions secure and almost impossible to get scammed. Additionally, it is possible to invest in NFTs even if there is no experience or knowledge about blockchain or coding. Old Button With Nft

They also offer several types of digital assets, making their platform one of the largest NFT marketplaces. The platform’s low 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 selections, it still has limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat and no support for payments with currencies like USD or Euros.

Additionally, you will need to establish a crypto wallet to either sell or buy from the platform.

Bottom Line

Like cryptocurrencies, NFTs have been increasing over time. It’s extremely creative and unusual, but that’s the reason it is so appealing to people. OpenSea provides an NFT marketplace that caters to a broad range of NFTs. There are more categories that can be included as the market becomes more integrated with decentralized finance.

The OpenSea ecosystem allows customers to conduct transactions without having to worry about security and privacy. In addition, it doesn’t cost you high fees. A 2.5 percentage charge on your sales seems acceptable, given that some online stores could charge as high as 5 %.

All in all, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.

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

FAQ Old Button With Nft

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

OpenSea has a mobile and desktop browser you can utilize. If you’re using it with your mobile phone, the browsers must be compatible with Etherium. Additionally, you should have either a wallet, or an extension. In addition, it must be fully charged to start.

Does OpenSea have a support staff?

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

Are you able to make money at OpenSea?

You can make a mint using OpenSea. All you have to do is create an NFT and add the item to your collection. If you’re ready for selling them, put them up for sale. It’s easy and gas-free, but you can also look over their instructional videos.

What are the gas prices?

Gas fees are transaction charges that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. Prices are determined by the market, therefore they change every now and then.

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

OpenSea is a mobile as well as desktop browser you can use. When you’re using the browser with your mobile phone, your browsers must be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. In addition, it must be filled with money to begin.

Does OpenSea have a support team?

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

Can you mint at OpenSea?

You can mint at OpenSea. All you have to do is create an NFT and add an item in your inventory. When you’re ready to sell the items, post them for sale. It’s simple and free of gas to do, however you should look over their instructional videos.

What are gas fees?

The gas fees refer to transaction costs from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium is a one-time fee and recurring fees. The prices are driven in accordance with the current market conditions, so they fluctuate at regular intervals.

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

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