OpenSea Bot

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OpenSea has become one of the most popular marketplaces 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 are becoming more sought-after investments.

It’s also more well-known since celebrities and famous personalities have expressed an enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.

If you’re set on investing using NFTs, then starting from an appropriate marketplace can give you the leverage you need. This is the reason we created this review. OpenSea has always been the leading NFT marketplace. But is it the right choice for you?

Before you start this journey, we’d like to caution you. This review is quite an extensive read. If you’d rather watch videos instead, check out the review of this channel. They’ll walk users through OpenSea and its functions so that you understand everything before you jump in with NFT trading.

If you like the written word, go over what it is before we examine its 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 overview. After, you’ll want to read the rest of our article for a more comprehensive review.

What is OpenSea? OpenSea Bot

OpenSea offers a market that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can buy, sell, and trade NFTs with other users.

The available NFTs are not only limited to art, music games, or game products, as well as domain names.

It was created in 2018 by Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectibles. It was also one of the first NFT marketplaces and a concept as new as cryptocurrencies.

It is now one of the largest NFT marketplaces. They have a vast collection of NFTs which is constantly expanding. The best part about them is that they allow users to sell NFTs that were purchased or developed elsewhere.

What is the process behind OpenSea operate?

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

For OpenSea All of the assets listed in the platform are owned by users, not the platform. Since they are an open marketplace, they have intelligent contracts so that users can interact with potential buyers without risking losing their NFT ownership.

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

If you’re a buyer you can utilize their website to find NFTs you’d like to buy. They also offer filters to aid in your search.

OpenSea Bot

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

What types of NFTs are available from OpenSea?

There are about 200 types of NFTs that you can purchase from OpenSea. Here are 8 categories where they are typically placed. Let’s take a closer examine each.

Music

Music may be one of the most well-known NFTs of all time. It’s not limited to music only. You can also purchase mixtapes remixes, beats, vocals, or whatever an artist offers. Many people even purchase background sounds such as rain, chatter that isn’t clear or various other sound effects.

Collectibles

Even before NFTs were popular, a few individuals were interested in collecting items such as baseball cards, film props, or old technology.

For NFTs, you can gather avatars, digital pets or any other characters that could be sold or taken home. The more rare they are, the greater value they be. Some also have variants like Nyan Cat and CryptoPunks.

Art

Art is always one of the most popular NFT since before NFT became a reality. In the present, you can also make the same thing with digital artworks. This isn’t just limited to digital artworks and illustrations. You can also collect gifs, images, or even short video clips.

Trading Cards

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

Sports

Sports-related digital items are also available, such as animated logos of teams.

Virtual Worlds

VR spaces and elements can now also be bought. You can buy these metaverses, or other items like game objects, the VR environment, virtual objects, characters and even virtual land. A well-known example can be Axie Infinity.

Utility

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

Domain Names

Websites can now also be considered as NFT. It is possible to purchase blockchain-based domains that aren’t subject to shut down from anyone. These types are also censorship-resistant.

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

What are the options for selling?

Selling your products on OpenSea is easy. All you have to do is post your products on the marketplace. You only have to make sure your account is linked. Once you’ve added your price and the type of auction, you’re good to go.

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

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

Fixed Price

The seller is the one who will be charged the price of the NFT. Just as the name suggests the price never changes.

Dutch Auction

For an auction like the Dutch Auction, the seller decides on a price which will fluctuate over time. Sellers usually set very high prices. As time passes, it will decrease until it is equivalent to the bid of the buyer. In addition, buyers can also make an offer to the seller. The NFT can be sold once they reach an agreement on the price.

English Auction

The seller will put up an NFT for sale and will list a minimum price. This is different from that of the Dutch Auction, where the price will decrease over time. In the English Auction, buyers will bidding until the seller sells it to the highest bidder.

OpenSea will automatically accept the payment in the event that the auction is over 1 Etherium.

NFT Creation

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

Bundles

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

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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. While the fee charged varies per platform, it’s usually proportional to the cost that the buyer pays. Similar to how regular galleries earn money by gaining a percentage of the artworks 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 types of surcharges involved. Other marketplaces charge you a 5% per sale, which makes OpenSea’s 2.5% cost affordable.

However, you have to know that certain NFTs charge higher transaction costs as compared to other. The fees can differ for each seller. Certain artists may also receive an additional commission on sales, apart of the required 2.5%.

Additionally, transacting to Etheruem can be costly. Your NFT collection will only be minted as a valid, non-fungible token once your NFT bid has been accepted. The price for this process will depend on the market conditions, however 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 have additional commissions. For instance, game developers receive up to 15% commissions for items they’ve sold.

What are the payment methods?

OpenSea is not able to accept conventional currencies such as 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, debit, or debit cards to pay for or make a deposit. OpenSea Bot

The NFTs are only able to be purchased or sold when your cryptocurrency is accepted 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 look at the benefits and disadvantages of using OpenSea.

Pros

OpenSea has no centralization, making transactions safe and nearly impossible to get scammed. Moreover, you can easily invest in NFTs, even if you don’t have any experience or expertise in coding or blockchain. OpenSea Bot

They also offer a range of digital currency, which makes them one of the biggest NFT marketplaces. The low platform fees are also an excellent opportunity to make more money.

Cons

While it is decentralized and has one of the most diverse NFT collection, the service has limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat and no support for payments using currency like USD or Euros.

You will also need to establish a crypto wallet to either sell or purchase on the platform.

Bottom Line

Similar to cryptocurrency NFTs are also expanding over the past few years. It’s very innovative and odd, but that’s what makes it captivating for people. OpenSea is an NFT marketplace that can be a service to a wide range of NFTs. The number of categories available will increase as the market becomes more integrated with decentralized finance.

The OpenSea ecosystem allows users to make transactions without concern about security and privacy. Additionally, it doesn’t charge you high fees. A 2.5 percent cost on your sales appears reasonableconsidering that some marketplaces may charge as much as five percent.

In the end, 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 OpenSea Bot

What do I need so 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 should be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Additionally, it should be fully charged to begin.

Does OpenSea have a support team?

Yes they have a customer support team that you can contact through its contact forms. Just go to their website, and search for “Submit a request.”

Can you earn money at OpenSea?

You can also mint at OpenSea. All you have be able to do is make an NFT and add it to the collection. Once you’re ready to sell them, list them for auction. This is a simple and low-cost method to do, however you should look over their instructional videos.

What are the gas prices?

These are transactions fees 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 recurring fees. The price is determined by the market, so they change from time to time.

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

OpenSea offers a mobile and desktop browser that you can utilize. If you’re using it with your mobile phone, your browsers should be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be topped up for you to start.

Does OpenSea have a support staff?

Yes they do have a support staff that you can reach through their contact form. Visit the official site and search on the page for “Submit a request.”

Can you mint at OpenSea?

You can mint at OpenSea. All you have make is to create an NFT and 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 can also look over their instructional videos.

What are gas fees?

These are transactions costs that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and periodic fees. The price is determined in accordance with the current market conditions, so they constantly change from time to time.

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

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