OpenSea Blockchain

opensea-review

OpenSea is now one of the leading platforms for NFTs. It’s also the first to launch a platform like this in the past. It has seen rapid growth, as blockchain and NFT become more popular investments.

It’s also more well-known since celebrities and celebrities have expressed curiosity. As art is increasingly digitalized, NFT becomes more lucrative.

If you’re set on investing with NFTs beginning with an appropriate marketplace can give you the leverage you require. This is why we wrote this review. OpenSea has been for a long time the leading NFT marketplace. But is it right for you?

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

For those who prefer to read, let’s go over what it is before we look into its fees and the benefits it offers.

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

What is OpenSea? OpenSea Blockchain

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

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

It was founded in the year 2018 by Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectible items. It was also one of the very first NFT marketplaces, a concept that is not as old as cryptocurrency.

Nowadays, it Is one of the biggest NFT marketplaces. They have an extensive collection of NFTs which is constantly expanding. One of the best things about them is that they allow users to sell NFTs purchased or made elsewhere.

How does OpenSea function?

If you’ve ever been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading quite similar.

For OpenSea, all of the assets that are listed on the platform are owned 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 risking losing their NFT ownership.

That means unless the transaction is successful your digital assets won’t leave your account. Furthermore, you’re not required to make your account. All you have to do is have a web3 supported wallet.

For those who are buyers, you can use their search engine to find NFTs you’d like to purchase. There are filters that can simplify your search.

OpenSea Blockchain

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

What types of NFTs are available to 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 review of each.

Music

Music is among the most well-known NFTs of all time. It’s not restricted to just songs; you can also purchase mixtapes, remixes, beats, vocals or whatever the artist is offering. Some even buy background noises like rain, indistinct chatters or various other sound effects.

Collectibles

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

As for NFTs, you can collect avatars, digital pets or other characters that can be traded or collected. The rarer they are the greater value they possess. Some also have variants like Nyan Cat and CryptoPunks.

Art

Art has always been one of the most well-known NFT, even before NFT became a reality. As of today, you can also create digital art. It’s not limited to digital illustrations or paintings. It is also possible to collect gifs or images, as well as small video clip clips.

Trading Cards

There is also the possibility of collecting digital trading cards like the ones from Sorare or BCCG.

Sports

Digital items related to sports can also be collected such as animated logos of teams.

Virtual Worlds

VR environments and components can be purchased. You can purchase these metaverses, or other items such as game items, the VR environment, virtual objects, characters or even virtual lands. A well-known illustration is Axie Infinity.

Utility

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

Domain Names

Websites can be considered to be NFT. It is possible to purchase blockchain-based domains that aren’t subject to being shut down by any person. These types are also censorship-resistant.

bitcoin-coin

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

What are the selling options?

Selling on OpenSea is easy. All you have to do is list them in the marketplace. You only have to ensure your account is linked. After you’ve entered your bid and the type of auction, you’re good to go.

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

Currently, you can choose among five selling options. They are:

Fixed Price

The seller is the one who will be charged the price that is the NFT. As the name implies it is not subject to change.

Dutch Auction

In an auction like the Dutch Auction, the seller decides on a price which will decrease over time. Sellers typically set up very expensive prices. As time passes, it 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 is required to put up an NFT for sale and will list the minimum price. It’s opposite to the Dutch Auction, where the price drops with time. When it comes to the English Auction, buyers will bidding until the seller sells it to the highest bidder.

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

NFT Creation

You can also create your own NFTs through the platform. They can be sold in the marketplace.

Bundles

If you’re looking to sell multiple NFTs in one transaction, you could use OpenSea’s bundle features. 30 items can be listed as part of the bundle.

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

Are there any charges?

It is common for crypto or NFT exchanges to charge fees to access the platform. The fee is charged can vary according to the platform, it’s generally a percentage of the sale price paid by the buyer. Similar to how regular galleries earn money by gaining a percentage of the paintings that are sold.

With OpenSea You will only need to pay 2.5 percent when purchasing an NFT. No listing fees and other types of surcharges involved. Other marketplaces charge you a percentage of 5% for each sale, making OpenSea’s 2.5 per cent fee competitive.

However, you must know that certain NFTs charge higher transaction costs as compared to other. It is possible for this to differ between seller. Some artists can also have an additional commission in addition to or from the imposed 2.5 percentage.

In addition, trading on Etheruem could be expensive. The NFT collection will only be created as a valid, non-fungible token after your NFT bid is accepted. The price for this process will depend on the market, but you can anticipate it to be around $100 per NFT.

You also need to know that some NFTs charge additional commissions. For instance, game developers get as much as 15% as commissions for the items they’ve sold.

What are the payment options?

OpenSea cannot accept conventional currency like US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. That also means you cannot make use of PayPal credit, debit, or debit cards for payment for or transfer funds. OpenSea Blockchain

The NFTs can only be purchased or traded only if the cryptocurrency you’re using is accepted 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 has no centralization, making transactions secure and almost impossible to be swindled. Additionally, it is possible to invest in NFTs, even if you don’t have prior experience or know-how in blockchain technology or programming. OpenSea Blockchain

They also offer several types of digital currency, which makes it one of the largest NFT marketplaces. Low platform charges are also a good way for you to earn more income.

Cons

Although it is decentralized and offers one of the most diverse NFT collections, it has some limitations. OpenSea only accepts crypto as a form of payment. Having no fiat support and no support for payments using currency like USD or Euros.

You will also need to set up your own cryptocurrency wallet in order to sell or buy from the platform.

Bottom Line

Similar to cryptocurrency NFTs are also increasing over time. It’s extremely creative and unusual, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that can cater to a broad range of NFTs. There are more categories that can be included when the market is integrated with financial decentralization.

The OpenSea ecosystem allows users to make transactions without having to worry about security and privacy. Additionally, it doesn’t charge customers high charges. A 2.5 percentage charge on your sales seems reasonable, considering some marketplaces can charge as high as 5 %.

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 OpenSea Blockchain

What are the requirements I must meet before I can utilize OpenSea?

OpenSea is a mobile as well as desktop browser users can utilize. In the event that you’re trying it through your mobile phone, your browsers must work with Etherium. Also, you’ll need an account with a wallet or extension. Also, it needs to be topped up for you to get started.

Does OpenSea have a support staff?

Yes they have a customer support staff that you can contact through its contact forms. Visit their website, and search at “Submit a request.”

Can you make money at OpenSea?

You can mint at OpenSea. All you need to do is create an NFT and add the item to your collection. Once you’re ready to sell them, list them for sale. It’s easy and gas-free, but you can also look over their instructional videos.

What are the gas prices?

The gas fees refer to transaction charges from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium has one-time fees and periodic fees. The price is determined by the market, which means they constantly change every now and then.

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

OpenSea offers a mobile and desktop browser users can use. If you’re using it on your mobile phone, your browsers should work with Etherium. Additionally, you should have either a wallet, or an extension. Also, it needs to be fully charged to begin.

Does OpenSea have a support staff?

Yes, they have a support team you can reach through the contact page. Go to their official website and look on the page for “Submit a request.”

Do you have the ability to mint at OpenSea?

You can mint at OpenSea. All you need make is to create an NFT and then add an item in your inventory. If you’re ready for selling them, list them for sale. It’s simple and free of gas but you could also look over their instructional videos.

What are gas fees?

These are transactions charges from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as periodic fees. The prices are driven through the marketplace, so they constantly change every now and then.

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

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