OpenSea Crunchbase

opensea-review

OpenSea is now one of the top marketplaces for NFTs. It was the first to launch a platform like this throughout the years. It’s seen rapid growth since blockchain and NFT are becoming more sought-after investments.

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

If you’re planning to invest using NFTs, then starting from a good marketplace can provide the leverage you need. This is the reason we created this review – OpenSea has been for a long time the top NFT marketplace. But is it the right choice for you?

Before you go on our review, we’d like warn you. This review is quite an extensive read. If you prefer to take a look at videos instead, you can check out this channel’s review. They’ll walk users through OpenSea and its functions so you’re fully aware before you jump in with NFT trading.

For those who prefer to read, let’s look over the basics before we look into its fees and what it has to offer.

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Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. Afterward, you will want to read the rest of our article for a more comprehensive review of OpenSea.

What is OpenSea? OpenSea Crunchbase

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

The available NFTs are not only limited 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 helping facilitate the first generation of digital collectible items. It was also one of the first NFT marketplaces, a concept that is as new as cryptocurrencies.

It is now one of the biggest NFT marketplaces. They offer a wide selection of NFTs that only keeps growing. The best part about these is that they permit users to post NFTs that were purchased or developed elsewhere.

How does OpenSea function?

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

For OpenSea All of the assets listed in this platform belong to users, not by the platform. Since they are an open marketplace, they are equipped with smart contracts that allow users can communicate with potential buyers without risking their NFT ownership.

This means that unless the transaction is completed the digital assets will never be removed from your wallet. Furthermore, you’re not 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 browser to find NFTs you’d like to buy. They also have filters available to simplify your search.

OpenSea Crunchbase

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

What kinds of NFTs can you purchase from OpenSea?

There are around 200 kinds of NFTs available to purchase through OpenSea. There are eight categories to which they usually belong. Let’s review of each.

Music

Music may be one of the most well-known NFTs of all time. It’s not just limited to music only. You can also purchase mixtapes remixes of beats, remixes or anything else an artist offers. Many people even purchase background sounds like rain, indistinct chatters, or other types of sound effects.

Collectibles

Even before NFTs were popular, a few individuals were interested in collecting items like baseball cards, movie props, or even old technology.

As for NFTs, you can collect avatars, digital pets or other characters that can be traded or taken home. The more rare they are, the greater value they be. They also have variations like Nyan Cat and CryptoPunks.

Art

Art is always one of the most well-known NFT since before NFT became a reality. In the present it is possible to do the same with digital art. It’s not just limited to illustrations and digital paintings. Gifs can be collected as well, images, or even short video clips.

Trading Cards

There is also the possibility of collecting digital trading cards, such as those of Sorare as well as BCCG.

Sports

Sports-related digital items are also available, for example, animated team logos.

Virtual Worlds

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

Utility

As absurd as it may sound it is possible to purchase NFTs that are specifically designed to perform certain capabilities. Examples include Emblem Finance and Urbit ID.

Domain Names

Websites can now also be considered as NFT. You can buy blockchain-based names 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 options for selling?

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. After you’ve entered your bid and auction type then you’re all set.

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

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

Fixed Price

The seller is the one who will be charged the cost of the NFT. Just as the name suggests it is not subject to change.

Dutch Auction

In an auction like the Dutch Auction, the seller sets a price that will fall over the course of. Sellers typically set up very expensive prices. As time passes, it decreases until it’s comparable to the price the buyer is willing to pay. In addition, buyers can present an offer. The NFT is sold after they have agreed on a price.

English Auction

The seller will put up an NFT to sell and list an amount that is a minimum. This is different from that of the Dutch Auction, where the price will decrease as time passes. The English Auction, buyers will bidding until the seller sells it at the price of highest bidding.

OpenSea will automatically accept the bid when the auction closes above 1 Etherium.

NFT Creation

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

Bundles

If you’re looking to sell multiple NFTs under one transaction, you could 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 charges?

It is common for crypto or NFT marketplaces to impose 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 make money by getting a share of the artworks sold.

With OpenSea, you will only need to pay 2.5% when you purchase an NFT. No listing fees and other surcharges that are associated with. Other marketplaces charge you a 5percent commission per sale, making OpenSea’s 2.5% cost competitive.

However, you have to understand that some NFTs have higher transaction charges as compared to other. The fees can differ for each seller. Certain artists may also receive an additional commission in addition to or from the imposed 2.5%.

Additionally, transacting to Etheruem can be costly. Your NFT collection will be created as a valid non-fungible token following the time your NFT bid has been accepted. The costs for the process will be based on the market, but you can anticipate it to be about $100 per NFT.

Also, you should know that some NFTs have extra commissions. For instance, game designers receive 15 percent or more as commissions for items they’ve sold.

What are the payment methods?

OpenSea cannot accept conventional currencies such as US Dollar or Euros. You’ll need to set up your own crypto wallet, from which 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 Crunchbase

The NFTs can be purchased or sold if your cryptocurrency is accepted by OpenSea. Here’s a list of 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 look at the benefits and disadvantages of using OpenSea.

Pros

OpenSea has no centralization, which makes transactions secure and virtually impossible to be swindled. Moreover, you can easily invest in NFTs even if there is no experience or knowledge about coding or blockchain. OpenSea Crunchbase

They also provide a variety of digital assets, making it one of the largest NFT marketplaces. The platform’s low costs are also a great way for you to earn more income.

Cons

Although it’s decentralized and offers one of the largest NFT collections, it still has limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies the platform is unable to accept payments using currency like USD or Euros.

You will also need to set up your own crypto wallet to 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 the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that caters to a broad range of NFTs. More categories can be involved as the market becomes more integrated with decentralized finance.

The OpenSea ecosystem allows customers to conduct transactions without concern about security and privacy. Additionally, it doesn’t charge users high fees. A 2.5 percent cost on your sales appears acceptable, given that some online stores can charge as high as 5 percent.

All in all, OpenSea is an excellent marketplace for NFT trading beginners or professionals.

crypto-coins

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

FAQ OpenSea Crunchbase

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

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

Does OpenSea have a support staff?

Yes they do have a support staff that you can reach via its contact forms. Just go to their official website and search for “Submit a request.”

Do you have the ability to make money at OpenSea?

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

What are the costs for gas?

The gas fees refer to transaction fees from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium has one-time fees and regular fees. The price is determined through the marketplace, which means they fluctuate every now and then.

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

OpenSea is a mobile as well as desktop browser that you can use. If you’re using it on your phone on the go, your browsers should work with Etherium. Also, you’ll need an account with a wallet or extension. Additionally, it should be filled with money 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 look for “Submit a request.”

Do you have the ability to earn money at OpenSea?

You can make a mint using OpenSea. All you need be able to do is make an NFT and add it to the collection. When you’re ready to sell the items, post them for auction. It’s easy and gas-free but you could also go through their tutorials.

What are the costs for gas?

The gas fees refer to transaction fees from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium is a one-time fee and periodic fees. The price is determined through the marketplace, therefore they constantly change from time to time.

bitcoin-coins

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

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