OpenSea Gifting

opensea-review

OpenSea has become one of the leading markets for NFTs. It’s also the first one to release such a platform in the past. It’s seen rapid growth as blockchain and NFT are becoming more sought-after investments.

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

If you’re planning to invest with NFTs beginning with an established marketplace will provide the leverage you require. That’s why we made this review. OpenSea has always been the most popular NFT marketplace. But is it the right choice for you?

Before you begin this journey, we’d like to caution you. This review is a long read. If you’d rather watch a video instead, take a look at the channel’s review. They’ll walk the user through OpenSea and its functions so you’re aware of everything before you dive into NFT trading.

If you like the written word, go through what it is prior to we look into its fees and the benefits it offers.

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

What is OpenSea? OpenSea Gifting

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

The NFTs that are available aren’t limited to music, art games, or game products, as well as domain names.

It was founded in the year 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectibles. It was also among the very first NFT marketplaces, a concept that is as new as cryptocurrencies.

Nowadays, it Is one of the largest NFT marketplaces. They have a vast collection of NFTs which is constantly growing. One of the best things about them is that they allow users to list NFTs that were purchased or developed elsewhere.

What is the process behind OpenSea function?

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

For OpenSea, all of the assets on the marketplace are held by the users, not the platform. Because they’re a decentralized marketplace, they use intelligent contracts to ensure that buyers can interact with potential buyers without putting at risk losing their NFT ownership.

If the transaction is successful the digital assets will never be removed from your wallet. Moreover, you aren’t required to create your account. All you need is to possess a wallet that is compatible with web3.

For those who are buyers, you can use their search engine to search for NFTs that you’d like to buy. They also have filters available to aid in your search.

OpenSea Gifting

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

What types of NFTs can you purchase from OpenSea?

There are about 200 types of NFTs available to buy from OpenSea. Here are eight categories in which they are typically placed. Let’s review of each.

Music

Music could be among the most popular NFTs of all time. It’s not restricted to music only. You can also buy mixtapes, remixes of beats, remixes or whatever the artist is offering. You can also purchase background noises such as rain, chatter that isn’t clear or various other sound effects.

Collectibles

Before NFTs became popular, there were individuals were interested in collecting items such as baseball cards, movie props, or even old technology.

For NFTs, it is possible to collect avatars, digital pets, or other characters that can be sold or collected. The rarer they are the more value they possess. There are also variants such as Nyan Cat and CryptoPunks.

Art

Art has always been among the most popular NFT since before NFT was invented. In the present it is possible to do the same with digital art. This isn’t just limited to illustrations and digital paintings. Gifs can be collected as well or images, as well as small video clip clips.

Trading Cards

It is also possible to collect digital trading cards like the ones from Sorare as well as BCCG.

Sports

Digital items related to sports can also be collected for example, animated team logos.

Virtual Worlds

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

Utility

As bizarre as it may sound, you can also buy NFTs that are specifically designed to perform certain functions. 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 easy. All you have to do is to list your products on the marketplace. All you need to do is to ensure that your wallet is connected. Once you’ve added your price and auction type then you’re all set.

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

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

Fixed Price

The seller will be the one to pay the cost that is the NFT. As the name implies, it never changes.

Dutch Auction

For an auction like the Dutch Auction, the seller decides on a price which will fall in time. Sellers usually set very expensive prices. As time passes, it decreases until it’s equal to the buyer’s bidding. Additionally, the buyer can submit an offer. The NFT is sold after they agree on a price.

English Auction

The seller is required to put up an NFT for sale and lists an amount that is a minimum. It’s opposite to the Dutch Auction, where the price will decrease over time. The English Auction, buyers will make bids until the seller is able to sell it for the most expensive bidder.

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

NFT Creation

You can also create your own NFTs using the platform. You can then sell them on 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 within the package.

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

Are there any fees?

It is common for crypto or NFT marketplaces to charge fees to access the platform. While the fee charged varies depending on the platform, it’s typically a percentage of the sale cost that the buyer pays. This is similar to how traditional galleries make money by gaining a percentage of the artworks sold.

With OpenSea You will only need to pay 2.5% when you purchase an NFT. There are no listing fees and other surcharges that are associated with. Other marketplaces charge 5% per sale, which makes the OpenSea’s 2.5 percent cost affordable.

However, you have to be aware that certain NFTs have higher transaction charges as compared to other. It is possible for this to differ between seller. Some artists can also have an additional commission in addition to or from the imposed 2.5%.

Additionally, transacting to Etheruem can be costly. The NFT collection will be created as a valid token that is non-fungible after your NFT bid is accepted. The price for this process will depend on the market, but you can anticipate that it will be around $100 per NFT.

Also, you should know that some NFTs charge extra commissions. For instance, game designers receive as much as 15% as commissions for items they’ve sold.

What are the methods of payment?

OpenSea does not accept traditional currencies such as US Dollar or Euros. It is necessary to set up your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. This means that you can’t use PayPal credit, debit, and debit card to make payments for or transfer funds. OpenSea Gifting

The NFTs can only be bought or sold when your cryptocurrency is accepted 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 drawbacks that come with using OpenSea.

Pros

OpenSea has no centralization, making transactions secure and almost impossible to get scammed. Moreover, you can easily invest in NFTs, even if you don’t have experience or knowledge about blockchain or coding. OpenSea Gifting

They also offer a range of digital asset, which makes them one of the biggest NFT marketplaces. The platform’s low charges are also a good method to make more money.

Cons

Although it is open source and has one of the most diverse NFT collections, it has some limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies and no support for transactions using currencies such as USD or Euros.

It is also necessary to establish a crypto wallet to sell or buy from the platform.

Bottom Line

Similar to cryptocurrency, NFTs have been increasing over time. 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 can cater to a wide range of NFTs. More categories can be involved as the industry becomes integrated with financial decentralization.

The OpenSea ecosystem allows customers to conduct transactions without worrying about security and privacy. Additionally, it doesn’t charge customers high charges. A 2.5 percentage fee on sales is reasonable, considering some marketplaces could charge as high as 5 percent.

In the end, OpenSea is an excellent marketplace both for NFT traders and professionals.

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

FAQ OpenSea Gifting

What do I need so I can use OpenSea?

OpenSea has a mobile and desktop browser you can utilize. In the event that you’re trying it through your phone on the go, your browsers must work with Etherium. Also, you’ll need an account with a wallet or extension. Also, it needs to be fully charged to begin.

Does OpenSea have a support staff?

Yes they have a customer support team that you can contact through its contact forms. Go to their website, and look at “Submit a request.”

Are you able to make money at OpenSea?

You can mint at OpenSea. All you need be able to do is make an NFT and add an item in your inventory. 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 gas fees?

These are transactions charges from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium offers one-time fees as well as regular fees. The price is determined in accordance with the current market conditions, therefore they change every now and then.

What do I need so I can use OpenSea?

OpenSea is a mobile as well as desktop browser that you can use. When you’re using the browser with your phone on the go, your browsers must be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Also, it needs to be fully charged to begin.

Does OpenSea has a support team?

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

Are you able to mint 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. Once you’re ready to sell them, put them up for sale. It’s simple and free of gas, but you can also look over their instructional videos.

What are the costs for gas?

Gas fees are transaction fees that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium is a one-time fee and recurring fees. Prices are determined through the marketplace, therefore they change every now and then.

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

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