OpenSea By Annika Thor

opensea-review

OpenSea is now one of the top marketplaces for NFTs. It’s also the first one to launch a platform like this in the past. 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 an curiosity. As art is increasingly digitalized, NFT becomes more lucrative.

If you’re looking to invest with NFTs beginning with an appropriate marketplace can give you the leverage you need. This is the reason we created this review. OpenSea has always been the top NFT marketplace. But is it right for you?

Before you begin our review, we’d like warn you. This review is an extensive read. If you prefer to watch 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 begin NFT trading.

If you prefer to read, let’s look over the basics before we go over the costs and what it has to offer.

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

What is OpenSea? OpenSea By Annika Thor

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

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

It was founded in the year 2018 with the help of Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectibles. It was also one of the very first NFT marketplaces, a concept that is similar to cryptocurrency.

It is now one of the largest NFT marketplaces. They offer a wide selection of NFTs that are constantly growing. The best part about these is that they permit users to post NFTs purchased or made elsewhere.

How does OpenSea function?

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

For OpenSea, all of the assets that are listed on the marketplace are held by the users, not the platform. Because they’re an uncentralized marketplace, they have intelligent contracts so that users are able to interact with buyers without putting at risk their NFT ownership.

If the transaction is successful, your digital assets will never be removed from your account. In addition, you don’t have to open an account. All you require is to have a web3 supported wallet.

If you’re a buyer you can use their browser to search for NFTs that you’d like to purchase. They also have filters available to aid in your search.

OpenSea By Annika Thor

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

What kinds of NFTs can you purchase from OpenSea?

There are about 200 types of NFTs you can purchase through OpenSea. Here are 8 categories where they typically fall into. Let’s have a examine each.

Music

Music is among the most popular NFTs of all time. It’s not limited to songs only; you can also purchase mixtapes, remixes, beats, vocals or whatever the artist has to offer. Some even buy background noises like rain, indistinct chatters or various other sound effects.

Collectibles

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

In the case of NFTs, you can gather avatars and digital pet, and other characters that can be sold or acquired. The more rare they are, the greater value they have. There are also variants such as Nyan Cat and CryptoPunks.

Art

Art has always been one of the most well-known NFT prior to when NFT was invented. Today, you can also create digital artworks. It’s not limited to illustrations and digital paintings. Gifs can be collected as well or images, as well as videos of short length.

Trading Cards

You can also collect digital trading cards such as those of Sorare or BCCG.

Sports

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

Virtual Worlds

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

Utility

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

Domain Names

Websites are now considered to be NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down from anyone. These types are also censorship-resistant.

bitcoin-coin

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

What are the selling options?

Selling on OpenSea is simple. All you need to do is post them on the marketplace. You only have to make sure your wallet is connected. Once you’ve added your price and the type of auction then you’re all set.

For first-time sellers who are first-time sellers, you will be subject to a single-use gas charge.

At present, you can select among five selling options. The choices are:

Fixed Price

The seller will be the one to pay the price that is the NFT. As the name implies the price 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 typically set up very expensive prices. With time, the value decreases until it’s equivalent to the bid of the buyer. Furthermore, the buyer may present an offer. The NFT can be sold when they have agreed on a price.

English Auction

The seller puts up an NFT to sell and list a minimum price. It’s opposite to the Dutch Auction, where the price decreases over time. The English Auction, buyers will bid until the seller sells it to the highest bidder.

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

NFT Creation

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

Bundles

If you want to sell multiple NFTs under one transaction, you can utilize the bundle features of OpenSea. 30 items are available within the package.

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

Are there any charges?

It’s common for cryptocurrency or NFT marketplaces to charge fees to access the platform. While the fee charged varies according to the platform, it’s generally an amount of the sales price paid by the buyer. This is similar to how traditional galleries earn money by gaining a percentage of the paintings sold.

With OpenSea, you will only need to pay 2.5 percent when you buy an NFT. The marketplace does not charge listing costs and other types of surcharges involved. Other marketplaces charge you a 5% per sale, which makes the OpenSea’s 2.5% cost reasonable.

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

Furthermore, transactions to Etheruem is costly. Your NFT collection will be minted as a valid token that is non-fungible once your NFT bid is accepted. The cost of the process will depend on the market, but you can expect it to be about $100 per NFT.

Also, you should know that some NFTs have additional commissions. For example, game developers get as much as 15% as commissions for the items they’ve sold.

What are the payment options?

OpenSea cannot accept conventional currencies such as US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. Also, you are not able to use PayPal credit or debit cards for payment or transfer funds. OpenSea By Annika Thor

The NFTs can only be bought or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of wallets and blockchains they 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 advantages and disadvantages of using OpenSea.

Pros

OpenSea has no centralization, which makes transactions secure and almost impossible to be swindled. Moreover, you can easily invest with NFTs even if you don’t have experience or knowledge about blockchain technology or programming. OpenSea By Annika Thor

They also provide a variety of digital assets, making their platform one of the largest NFT marketplaces. The low platform costs are also a great method to make more money.

Cons

Although it’s open source and has one of the most diverse NFT collections, it has some limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat, it cannot support transactions using currencies such as USD or Euros.

You will also 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 expanding over the past few years. It’s very creative and sounds odd, but that’s why it’s so attractive to people. OpenSea is an NFT marketplace that caters to a broad range of NFTs. There are more categories that can be included as the industry becomes integrated with the decentralized finance.

The OpenSea ecosystem enables its users to make transactions without having to worry about privacy or security. Furthermore, it doesn’t charge customers high charges. A 2.5 percent charge on your sales seems acceptable, given that some online stores may charge as much as 5 percent.

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

crypto-coins

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

FAQ OpenSea By Annika Thor

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

OpenSea offers a mobile and desktop browser that you can utilize. When you’re using the browser through your mobile phone, the browsers must be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Additionally, it should be filled up to get started.

Does OpenSea have a support staff?

Yes they have a customer support team that can be reached via its contact forms. Go to the official site and search for “Submit a request.”

Are you able to mint at OpenSea?

You can make a mint using OpenSea. All you have make is to create an NFT and add the item to your collection. When you’re ready to sell them, put them up for auction. This is gas-free and easy to do, however you should look over their instructional videos.

What are gas fees?

These are transactions fees that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. The price is determined by the market, so they change at regular intervals.

What do I need so I can use OpenSea?

OpenSea is a mobile as well as desktop browser that users can use. In the event that 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. Additionally, it should be fully charged to begin.

Does OpenSea has a support team?

Yes they do have a support team that you can reach through its contact forms. Visit their official website and search for “Submit a request.”

Can you make money at OpenSea?

You can mint at OpenSea. All you have make is to create an NFT and add it to the collection. When you’re ready to sell the items, post them for auction. It’s simple and free of gas but you could also look over their instructional videos.

What are the costs for gas?

These are transactions costs that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium has one-time fees and recurring fees. The price is determined by the market, so they change every now and then.

bitcoin-coins

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

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