OpenSea Charts

opensea-review

OpenSea has become one of the top platforms for NFTs. It was the first to release such a platform in the past. It’s seen rapid growth, as blockchain and NFT become more popular investments.

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

If you’re looking to invest using NFTs and want to start from an established marketplace will help you get the leverage you require. This is the reason we created this review – OpenSea has been for a long time the leading NFT marketplace. But is it the right choice for you?

Before you go on, we’d like to warn you. This review is a long read. If you prefer to watch videos instead, check out the review of this channel. They’ll walk you through OpenSea and its functions so that you understand everything before you jump in with NFT trading.

If you prefer reading, we’ll go over what it is before we look into its fees and the benefits it offers.

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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. Afterward, you’ll want to read the rest of our article for a more comprehensive review.

What is OpenSea? OpenSea Charts

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

The NFTs available are not only limited to art, music, game items, and domain names.

It was established in the year the year 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectibles. It was also one of the first NFT marketplaces which is as new as cryptocurrencies.

Nowadays, it Is one of the biggest NFT marketplaces. They have a vast collection of NFTs that are constantly growing. The best part about these is that they permit users to list NFTs that were purchased or developed elsewhere.

What is the process behind OpenSea operate?

If you’ve previously been trading or buying cryptocurrencies You’ll see NFT trading very similar to that.

For OpenSea The majority of the assets listed in the marketplace are held by users, not by the platform. Since they are a decentralized marketplace, they have intelligent contracts so that users are able to interact with buyers without putting at risk losing their NFT ownership.

That means unless the transaction is complete the digital assets will never be removed from your wallet. Moreover, you aren’t required to make your account. All you require is to possess a wallet that is compatible with web3.

For those who are buyers you can use their search engine to look for NFTs you’d like to buy. There are filters that can make your search easier.

OpenSea Charts

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

What kinds of NFTs are available to purchase from OpenSea?

There are around 200 kinds of NFTs available to purchase through OpenSea. Here are 8 categories where they usually belong. Let’s take a closer look at each.

Music

Music is among the most well-known NFTs of all time. It’s not restricted to music only. You can also purchase mixtapes remixes, beats, vocals or whatever the artist offers. Some even buy background noises such as rain, chatter that isn’t clear, or other types of sound effects.

Collectibles

Before NFTs became popular, there were individuals were interested in collecting items like baseball cards, film props, and even old technology.

In the case of NFTs, it is possible to collect avatars and digital pet or any other characters that could be traded or taken home. The more rare they are, the more value they will be. They also have variations like Nyan Cat and CryptoPunks.

Art

Art is always one of the most well-known NFT since before NFT came to be. In the present, you can also make the same thing with digital art. It’s not limited to digital artworks and illustrations. Gifs can be collected as well, images, or even short video clips.

Trading Cards

It is also possible to collect digital trading cards like those from Sorare or BCCG.

Sports

The digital objects associated with sports can also be collected, like animated logos of teams.

Virtual Worlds

VR spaces and elements can now also be bought. You can buy these metaverses and other things such as game items as well as the VR environment characters, virtual objects or even virtual lands. One popular instance is Axie Infinity.

Utility

As far-fetched as it sounds there are also NFTs that have specific functions. Examples come from Emblem Finance and Urbit ID.

Domain Names

Websites are now considered to be NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting down from any person. These types are also censorship-resistant.

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

What are the selling options?

Selling your products on OpenSea is easy. All you have to do is post your products on the marketplace. All you need to do is to ensure your wallet is connected. After you’ve entered your bid and type of auction and you’re ready to go.

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

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

Fixed Price

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

Dutch Auction

In an auction like the Dutch Auction, the seller determines a price that will fluctuate over time. Sellers generally set high prices. As time passes, the price will lower until it becomes comparable to the price the buyer is willing to pay. Furthermore, the buyer may also make an offer to the seller. The NFT can be sold once they have agreed on a price.

English Auction

The seller puts up an NFT for sale and will list a minimum price. It’s opposite to the Dutch Auction, where the price decreases as time passes. The English Auction, buyers will bidding until the seller sells it at the price of highest bidding.

OpenSea is able to automatically approve the payment if the auction ends above 1 Etherium.

NFT Creation

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

Bundles

If you are looking to sell several NFTs in one transaction, you can utilize the bundle features of OpenSea. 30 items can be included in the bundle.

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

Are there any fees?

It’s normal for crypto or NFT marketplaces to impose charges for using the platform. The fee is charged can vary depending on the platform, it’s typically an amount of the sales cost paid by the buyer. Similar to how regular art galleries generate income through a portion of the artworks sold.

With OpenSea you only have to pay 2.5 percent when purchasing an NFT. There are no listing fees or other kinds of charges. Other marketplaces charge percentage of 5% for each sale, which makes OpenSea’s 2.5 percent cost reasonable.

But, it is important to know that certain NFTs charge higher transaction costs in comparison to other. This can vary between each seller. Some artists can also have an additional commission on sales, apart from the imposed 2.5 percentage.

In addition, trading on Etheruem is costly. Your NFT collection will only be created as a valid token that is non-fungible once your NFT bid is accepted. The price for this 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 additional commissions. For instance, game developers get 15 percent or more as commissions for items 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 convert your cryptocurrencies into cash. Also, you are not able to make use of PayPal credit or debit cards to pay for or make a deposit. OpenSea Charts

The NFTs can be purchased or traded only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list with blockchains and wallets that 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 take a look at the benefits and disadvantages when using OpenSea.

Pros

OpenSea can be decentralized which makes transactions safe and nearly impossible to be scammed. Additionally, it is possible to invest with NFTs even if there is no prior experience or know-how in blockchain technology or programming. OpenSea Charts

They also offer a range of digital currency, making it one of the most popular NFT marketplaces. The low platform charges are also a good way for you to make more money.

Cons

While it is decentralized and has one of the largest NFT collections, it still has some limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat the platform is unable to accept payments using currency like USD or Euros.

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

Bottom Line

Just like cryptocurrencies, NFTs have been expanding over the past few years. It’s extremely creative and unusual, but that’s the reason it is so appealing to people. OpenSea provides 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 enables its users to transact without having to worry about privacy and security. In addition, it doesn’t cost users high fees. A 2.5% cost on your sales appears acceptable, given that some online stores 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 Charts

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

OpenSea has a mobile and desktop browser that users can utilize. If you’re using it on your phone on the go, your browsers must work with Etherium. Additionally, you should have an account with a wallet or extension. In addition, it must be filled up to start.

Does OpenSea have a support staff?

Yes they have a customer support team you can contact through its contact forms. Go to the official site and search on the page for “Submit a request.”

Are you able to make money at OpenSea?

You can make a mint using OpenSea. All you have be able to do is make an NFT and add the item to your collection. When you’re ready to sell them, list them for auction. It’s easy and gas-free to accomplish, but it is also possible to check out their tutorials.

What are gas fees?

These are transactions charges from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined through the marketplace, therefore they constantly change at regular intervals.

What do I need so I can utilize OpenSea?

OpenSea offers a mobile and desktop browser users can use. If you’re using it through your mobile phone, your browsers must be compatible with Etherium. You also need to have a wallet or a wallet extension. Also, it needs to be fully charged to get started.

Does OpenSea has a support team?

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

Are you able to earn money at OpenSea?

You can mint at OpenSea. All you need to do is create an NFT and add it to the collection. When you’re ready to sell the items, post them for sale. It’s easy and gas-free to do, however you should look over their instructional videos.

What are gas fees?

These are transactions fees from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as recurring fees. Prices are determined by the market, which means they fluctuate at regular intervals.

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

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