OpenSea Coast Guard

opensea-review

OpenSea has become one of the leading marketplaces for NFTs. It was the first to launch a platform like this over the years. It has seen rapid growth since blockchain and NFT become more popular investments.

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

If you’re looking to invest with NFTs beginning with an established marketplace will give you the leverage you require. 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 this journey, we’d like to caution you. This review is quite an extensive read. If you prefer to take a look at a video instead, check out the review of this channel. They’ll walk users through OpenSea and its features to ensure you’re aware of everything before you jump in with NFT trading.

If you prefer reading, we’ll look over the basics before we look into its fees and what it can 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 review. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.

What is OpenSea? OpenSea Coast Guard

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

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

It was created in 2018 with the help of Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectibles. It was also among the very first NFT marketplaces and a concept as new as cryptocurrencies.

Today, it is one of the biggest NFT marketplaces. They offer a wide selection of NFTs that only keeps growing. One of the best things about these is that they permit users to sell NFTs purchased or made elsewhere.

What is the process behind OpenSea function?

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

For OpenSea The majority of the assets that are listed on this platform belong to the users, not by the platform. Because they’re an uncentralized marketplace, they use intelligent contracts so that users are able to interact with buyers without having to risk the security of their NFT ownership.

That means unless the transaction is completed the digital assets will never leave your account. Furthermore, you’re not required to open an account. All you require is to have a web3-enabled wallet.

If you’re a buyer you can use their browser to find NFTs you’d like to purchase. They also offer filters to aid in your search.

OpenSea Coast Guard

> > 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 purchase from OpenSea. There are eight categories to which they are typically placed. Let’s look at each.

Music

Music could be among the most popular NFTs of all time. It’s not limited to songs only; you can also purchase mixtapes remixes of beats, remixes or anything else an artist offers. Many people even purchase background sounds such as rain, chatter that isn’t clear, or other types of sound effects.

Collectibles

Even before NFTs became popular, there were people were investing in collectibles such as baseball cards, movie props, or even older technology.

As for NFTs, you can gather avatars, virtual pets or any other characters that could be sold or acquired. The rarer they are, the more value they will possess. They also have variations like Nyan Cat and CryptoPunks.

Art

Art is always one of the most popular NFT since before NFT became a reality. As of today it is possible to do the same with digital artworks. It’s not limited to digital artworks and illustrations. Gifs can be collected as well images, photos, or short video clips.

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 are also available, like animated logos of teams.

Virtual Worlds

VR spaces and elements are now available for purchase. You can purchase these metaverses or other things like game objects as well as the VR environment virtual objects, characters or even virtual worlds. A popular illustration is Axie Infinity.

Utility

As absurd as it may sound, you can also buy NFTs with specific capabilities. Examples are from Emblem Finance and Urbit ID.

Domain Names

Websites can be classified as NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down by 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 on OpenSea is simple. All you have to do is to list your products on the marketplace. It’s all you have to do is ensure that your wallet is connected. Once you’ve added the price and the type of auction and you’re ready to go.

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

You can currently select among five selling options. The choices are:

Fixed Price

The seller is the one to pay the cost 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 in the course of. Sellers usually set very high prices. As time passes, it decreases until it’s comparable to the price the buyer is willing to pay. In addition, buyers can also make an offer to the seller. 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 will list the minimum price. It’s opposite to that of the Dutch Auction, where the price decreases with time. The English Auction, buyers will bid until the seller sells the auction at the price of highest bidding.

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

NFT Creation

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

Bundles

If you’re looking to sell several NFTs under one transaction, you can make use of the bundle feature offered by 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 common for cryptocurrency or NFT exchanges to charge charges to use the platform. While the fee charged varies per platform, it’s usually a percentage of the sale cost paid by the buyer. It’s similar to how regular art galleries generate income by gaining a percentage of the paintings sold.

With OpenSea You will only be charged 2.5 percent when you buy an NFT. There are no listing fees and other kinds of charges. Other marketplaces charge you a 5percent commission per sale, which makes OpenSea’s 2.5% cost affordable.

However, you have to understand that some NFTs charge higher transaction costs in comparison to other. This can vary between each seller. Some artists can also have an additional sales commission apart from the standard 2.5 percent.

Furthermore, transactions to Etheruem can be costly. The NFT collection will only be issued as a valid token that is non-fungible after your NFT bid has been accepted. The cost of the process will be based on the market, but you can expect it to be around $100 per NFT.

Also, you should know that some NFTs charge extra commissions. For example, game developers are paid 15 percent or more 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 will need to create your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. Also, you are not able to make use of PayPal credit, debit, or debit cards for payment for or deposit. OpenSea Coast Guard

The NFTs are only able to be purchased or sold when your cryptocurrency is supported by OpenSea. Here’s a list of the wallets and blockchains 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 advantages and disadvantages of using OpenSea.

Pros

OpenSea can be decentralized making transactions secure and almost impossible to be swindled. Moreover, you can easily invest in NFTs even if there is no experience or knowledge about blockchain or coding. OpenSea Coast Guard

They also provide a variety of digital assets, which makes their platform one of the largest NFT marketplaces. The low platform fees are also an excellent opportunity to make more money.

Cons

Although it is open source and has one of the most diverse NFT collections, it has its limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies, it cannot support transactions using currencies such as USD or Euros.

It is also necessary to set up your own crypto wallet to either sell or purchase from the platform.

Bottom Line

Just like cryptocurrencies NFTs have also been growing over the years. It’s very creative and sounds odd, but that’s why it’s so attractive to people. OpenSea can be described as an NFT marketplace that caters to a variety of NFTs. More categories can be involved as the market becomes more integrated with the decentralized finance.

OpenSea’s ecosystem allows its users to make transactions without having to worry about security and privacy. In addition, it doesn’t cost customers high charges. A 2.5% fee on sales is reasonable, considering some marketplaces may charge as much as five percent.

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 Coast Guard

What do I need so I can utilize OpenSea?

OpenSea has a mobile and desktop browser that you can use. In the event that you’re trying it with your mobile phone, your browsers must be compatible with Etherium. Also, you’ll need either a wallet, or an extension. In addition, it must be topped up for you to get started.

Does OpenSea have a support staff?

Yes they have a customer support team that can be reached via the contact page. Go to the official site and look at “Submit a request.”

Are you able to make money at OpenSea?

You can also mint at OpenSea. All you have be able to do is make an NFT and add an item in your inventory. When you’re ready to sell the items, post them for sale. It’s easy and gas-free to do, however you should check out their tutorials.

What are the costs for gas?

These are transactions charges from Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium has one-time fees and recurring fees. The price is determined through the marketplace, which means they fluctuate at regular intervals.

What do I need so I can utilize OpenSea?

OpenSea has a mobile and desktop browser that you can utilize. In the event that you’re using it with your phone on the go, your browsers should be compatible with Etherium. You also need to have a wallet or a wallet extension. In addition, it must be filled with money to get started.

Does OpenSea have a support staff?

Yes, they have a support staff that you can contact through their contact form. Just go to their official website and search for “Submit a request.”

Are you able to earn money at OpenSea?

You can mint at OpenSea. All you need make is to create an NFT and then add it to the collection. If you’re ready for selling the items, post them for auction. This is gas-free and easy but you could also look over their instructional videos.

What are gas fees?

Gas fees are transaction costs from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as regular fees. The price is determined through the marketplace, therefore they constantly change at regular intervals.

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

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