OpenSea 3D

opensea-review

OpenSea has become one of the leading marketplaces for NFTs. It was the first to launch a platform like this in the past. It’s seen rapid growth, as blockchain and NFT are becoming more sought-after investments.

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

If you’re looking to invest with NFTs, then starting from a good marketplace can help you get the leverage you require. This is the reason we created this review – OpenSea has been for a long time the top NFT marketplace. But is it right for you?

Before you begin our review, we’d like warn you. This review is quite a long read. If you prefer to watch videos instead, check out the channel’s review. They will guide users through OpenSea and its functions so you’re fully aware before you jump in with NFT trading.

For those who prefer reading, we’ll look over the basics before we look into its fees and the benefits it offers.

opensea-logo

Before you continue, you may want to watch 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.

What is OpenSea? OpenSea 3D

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

The NFTs that are available aren’t restricted to art, music, game items, and domain names.

It was established in the year the year 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectibles. It was also among the very first NFT marketplaces, a concept that is not as old as cryptocurrency.

Today, it is one of the largest NFT marketplaces. They have a vast collection of NFTs that are constantly expanding. The best part about them is that they allow users to sell NFTs purchased or made elsewhere.

What is the process behind OpenSea work?

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

For OpenSea All of the assets on the marketplace are held by users, not by the platform. Because they’re an open marketplace, they are equipped with intelligent contracts to ensure that buyers can interact with potential buyers without putting at risk the security of their NFT ownership.

This means that unless the transaction is complete the digital assets won’t leave your wallet. In addition, you don’t have to open an account. All you have to do is have a web3-enabled wallet.

If you’re a buyer you can use their browser to look for NFTs you’d like to purchase. There are filters that can simplify your search.

OpenSea 3D

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

What types of NFTs are available from OpenSea?

There are more than 200 varieties of NFTs that you can purchase from OpenSea. There are eight categories to which they usually belong. Let’s have a look at each.

Music

Music is among the most well-known NFTs of all time. It’s not limited to just songs; you can also buy mixtapes, remixes of beats, remixes, or whatever an artist offers. 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 invested in collectibles like baseball cards, film props, or old technology.

As for NFTs, you can gather avatars, digital pets or any other characters that could be traded or collected. The more rare they are, the greater value they possess. They also have variations like Nyan Cat and CryptoPunks.

Art

Art has always been one of the most sought-after NFT prior to when NFT came to be. In the present you can create digital artworks. It’s not limited to illustrations and digital paintings. You can also collect gifs images, photos, or videos of short length.

Trading Cards

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

Sports

Digital items related to sports can also be collected, for example, animated logos of teams.

Virtual Worlds

VR spaces and elements can be purchased. You can buy these metaverses and other things such as game items and the VR environment virtual objects, characters and even virtual land. One popular example is Axie Infinity.

Utility

As absurd as it may sound it is possible to purchase NFTs that have specific capabilities. Examples come from Emblem Finance and Urbit ID.

Domain Names

Websites can now also be considered as NFT. You can buy blockchain-based names that aren’t subject to being shut down from any person. These types are also censorship-resistant.

bitcoin-coin

> > 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 to list them on the marketplace. You only have to make sure your wallet is connected. After you’ve entered your bid and type of auction then you’re all set.

For the first time sellers, you will be subjected to a single-use gas charge.

Currently, you can choose from 5 selling options. They 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 determines a price that will fluctuate over the course of. Sellers usually set very high prices. As time passes, it will decrease until it is equal to the buyer’s bidding. Furthermore, the buyer may present an offer. The NFT can be sold once they have agreed on a price.

English Auction

The seller is required to put up an NFT for sale and lists a minimum price. This is different from that of the Dutch Auction, where the price decreases as time passes. The English Auction, buyers will bid until the seller sells the auction for the most expensive bidder.

OpenSea can automatically take over the transaction when the auction closes above 1 Etherium.

NFT Creation

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

Bundles

If you’re looking to sell several NFTs within one transaction, you can use OpenSea’s bundle features. 30 items are available within the package.

crypto-trading

> > 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. The fee is charged can vary per platform, it’s usually proportional to the price paid by the buyer. This is similar to how traditional galleries earn money by getting a share of the artworks sold.

With OpenSea You will only have to pay 2.5% when you purchase an NFT. No listing fees or other surcharges that are associated with. Other marketplaces charge 5% per sale, which makes the OpenSea’s 2.5% fee affordable.

However, you must know that certain NFTs charge higher transaction costs compared to others. The fees can differ for each seller. Some artists can also have an additional commission on sales, apart from the standard 2.5 percentage.

In addition, trading on Etheruem could be expensive. The NFT collection will only be minted as a valid, non-fungible token following the time your NFT bid has been accepted. The cost of the process will depend on the market conditions, however you can anticipate it to be around $100 per NFT.

It is also important to be aware that certain NFTs earn additional commissions. For instance, game designers get up to 15% as commissions on the products they’ve sold.

What are the payment methods?

OpenSea is not able to accept conventional currency like US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. Also, you are not able to make use of PayPal credit or debit cards to pay for or transfer funds. OpenSea 3D

The NFTs can only be purchased or sold when your cryptocurrency is accepted by OpenSea. Here’s a list with 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 take a look at the advantages and drawbacks of using OpenSea.

Pros

OpenSea has no centralization, making transactions secure and virtually impossible to be scammed. Moreover, you can easily invest in NFTs, even if you don’t have experience or knowledge about blockchain technology or programming. OpenSea 3D

They also provide a variety of digital currency, making their platform one of the largest NFT marketplaces. Low platform charges are also a good method to make more money.

Cons

While it is decentralized and offers one of the largest NFT collections, it has its limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies, it cannot support payments with currencies like USD or Euros.

It is also necessary to create your crypto wallet to sell or purchase on the platform.

Bottom Line

Similar to cryptocurrency, NFTs have been increasing over time. It’s very creative and sounds strange, which is the reason it is so appealing to people. OpenSea is an NFT marketplace that can cater to a variety of NFTs. More categories can be involved as the market becomes more integrated with financial decentralization.

The OpenSea ecosystem enables its customers to conduct transactions without worrying about security and privacy. Additionally, it doesn’t charge customers high charges. A 2.5% fee on sales is reasonableconsidering that some marketplaces can charge as high as 5 %.

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

crypto-coins

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

FAQ OpenSea 3D

What do I need so I can utilize OpenSea?

OpenSea is a mobile as well as desktop browser that you can use. In the event that you’re trying it on your phone on the go, your browsers should be compatible with Etherium. Also, you’ll need 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 contact through the contact page. Visit the official site and look 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. Once you’re ready to sell them, put them up for sale. This is a simple and low-cost method, but you can also go through their tutorials.

What are the costs for gas?

These are transactions costs from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium has one-time fees and regular fees. The price is determined in accordance with the current market conditions, therefore they fluctuate every now and then.

What do I need so I can utilize OpenSea?

OpenSea has a mobile and desktop browser users can use. In the event that you’re using it with your phone on the go, your browsers should work with Etherium. Additionally, you should have a wallet or a wallet extension. Additionally, it should be filled with money to start.

Does OpenSea has a support team?

Yes they have a customer support team you can contact through their contact form. Just go to the official site and look at “Submit a request.”

Do you have the ability to earn money at OpenSea?

You can also mint at OpenSea. All you have be able to do is make an NFT and then add the item to your collection. If you’re ready for selling them, list them for sale. This is gas-free and easy to do, however you should look over their instructional videos.

What are gas fees?

The gas fees refer to transaction charges that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The prices are driven in accordance with the current market conditions, therefore they change from time to time.

bitcoin-coins

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

error: Content is protected !!