OpenSea Org

opensea-review

OpenSea is now one of the top markets for NFTs. It’s also the first to introduce a platform of this kind over the years. It has seen rapid growth, as blockchain and NFT become more popular investments.

It’s also more well-known since celebrities and celebrities have expressed enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.

If you’re looking to invest using NFTs and want to start from an appropriate marketplace can give you the leverage you require. This is why we wrote this review. OpenSea is always the most popular NFT marketplace. But is it right for you?

Before you go on, we’d like to warn you. This review is a long read. If you prefer to watch a video instead, you can check out the review of this channel. They will guide you through OpenSea and its features so you’re aware of everything before you dive into NFT trading.

If you like the written word, look through what it is prior to 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. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.

What is OpenSea? OpenSea Org

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

The NFTs available are not restricted to art, music game items, domain names.

It was created in the year 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectibles. It was also among the first NFT marketplaces and a concept as new as cryptocurrencies.

Nowadays, it Is one of the largest NFT marketplaces. They have an extensive collection of NFTs that only keeps growing. One of the best things about these is that they permit users to post NFTs that were purchased or developed elsewhere.

What is the process behind OpenSea work?

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

For OpenSea All of the assets listed in the marketplace are held by the users, not the platform. Since they’re an open marketplace, they are equipped with smart contracts that allow users can communicate with potential buyers without putting at risk their NFT ownership.

If the transaction is complete, your digital assets will never be removed from your account. Furthermore, you’re not required to make your account. All you need is to possess a wallet that is compatible with web3.

In the event that you’re buying you can utilize their website to find NFTs you’d prefer to purchase. There are filters that can simplify your search.

OpenSea Org

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

What kinds of NFTs can you purchase from OpenSea?

There are more than 200 varieties of NFTs available to purchase from OpenSea. There are eight categories to which they are typically placed. Let’s have a look at each.

Music

Music is among the most popular NFTs of all time. It’s not restricted to just songs; you can also purchase mixtapes, remixes, beats, vocals or anything else an artist is offering. 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.

In the case of NFTs, it is possible to collect avatars, digital pets, or other characters that can be sold or taken home. The more rare they are, the more value they will be. There are also variants such as Nyan Cat and CryptoPunks.

Art

Art has always been one of the most popular NFT prior to when NFT became a reality. Today you can create digital art. It’s not limited to digital artworks and illustrations. It is also possible to collect gifs or images, as well as videos of short length.

Trading Cards

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

Sports

Digital items related to sports are also available, for example, 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 elements and the VR environment virtual objects, characters, or even virtual lands. A well-known instance is Axie Infinity.

Utility

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

Domain Names

Websites can be classified as NFT. You can buy blockchain-based names that aren’t subject to being 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 post them in the marketplace. All you need to do is to ensure your wallet is connected. Once you’ve added your price and type of auction, you’re good to go.

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

Currently, you can choose from 5 selling options. These are:

Fixed Price

The seller will be the one to charge the price of the NFT. As the name implies the price never changes.

Dutch Auction

In the Dutch Auction, the seller determines a price that will fluctuate over time. Sellers typically set up very expensive prices. As time passes, it decreases until it’s equivalent to the bid of the buyer. Additionally, the buyer can submit an offer. The NFT can be sold when they reach an agreement on the price.

English Auction

The seller will put up an NFT for sale and lists a minimum price. This is different from that of the Dutch Auction, where the price decreases over time. The English Auction, buyers will bid until the seller sells it for the most expensive bidder.

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

NFT Creation

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

Bundles

If you’re looking to sell multiple NFTs within one transaction, you can make use of the bundle feature offered by OpenSea. 30 items can be listed 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 impose charges for using the platform. While the fee charged varies per platform, it’s usually a percentage of the sale cost that the buyer pays. Similar to how regular galleries earn money through a portion of the paintings that are sold.

With OpenSea, you will only have to pay 2.5 percent when purchasing an NFT. The marketplace does not charge listing fees and other surcharges that are associated with. Other marketplaces charge 5% per sale, which makes OpenSea’s 2.5 per cent fee reasonable.

However, you have to be aware that certain NFTs have higher transaction fees compared to others. This can vary between each seller. Certain artists may also receive an additional sales commission apart from the standard 2.5 percent.

Additionally, transacting to Etheruem can be costly. The NFT collection will be minted as a valid token that is non-fungible after your NFT bid is accepted. The costs for the process will be based on the market conditions, however you can expect it to be about $100 per NFT.

Also, you should know that some NFTs have extra commissions. For example, game developers receive as much as 15% as commissions on the products they’ve sold.

What are the payment options?

OpenSea is not able to accept conventional currencies like 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, or debit cards for payment for or deposit. OpenSea Org

The NFTs are only able to be purchased or traded only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list with 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 examine the advantages and drawbacks that come with using OpenSea.

Pros

OpenSea is decentralized, making transactions safe and nearly impossible to be scammed. Additionally, it is possible to invest in NFTs, even if you do not have prior experience or know-how in blockchain technology or programming. OpenSea Org

They also offer a range of digital currency, which makes them one of the biggest NFT marketplaces. The low platform charges are also a good way for you to make more money.

Cons

Although it’s decentralized and has one of the most diverse NFT collection, the service still has some limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat the platform is unable to accept payments using currency like USD or Euros.

Additionally, you will need to set up your own crypto wallet to either sell or purchase on the platform.

Bottom Line

Similar to cryptocurrency NFTs are also expanding over the past few years. It’s very creative and sounds strange, which is the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that can be a service to a variety of NFTs. The number of categories available will increase as the industry becomes integrated with decentralized finance.

OpenSea’s ecosystem allows its users to make transactions without having to worry about privacy and security. In addition, it doesn’t cost you high fees. A 2.5 percentage fee on sales is reasonable, considering some marketplaces can charge as high 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 Org

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

OpenSea offers a mobile and desktop browser that you can utilize. In the event that you’re trying it with your mobile phone, the browsers should be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Also, it needs to be fully charged to start.

Does OpenSea has a support team?

Yes, they have a support team that you can reach via its contact forms. Visit their website, and search at “Submit a request.”

Can you make money at OpenSea?

You can mint at OpenSea. All you have be able to do is make an NFT and then add an item in your inventory. Once you’re ready to sell them, list them for auction. This is a simple and low-cost method to do, however you should check out their tutorials.

What are the gas prices?

These are transactions fees that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium is a one-time fee and regular fees. Prices are determined through the marketplace, so they change from time to time.

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

OpenSea has a mobile and desktop browser you can use. In the event that you’re using it through your phone on the go, your browsers should be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Also, it needs to be filled with money to begin.

Does OpenSea have a support staff?

Yes, they have a support staff that you can contact through their contact form. Just 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 need be able to do is make an NFT and add an item in your inventory. When you’re ready to sell them, put them up for auction. It’s simple and free of gas but you could also go through their tutorials.

What are the costs for gas?

These are transactions fees from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium is a one-time fee and recurring fees. Prices are determined in accordance with the current market conditions, which means they constantly change every now and then.

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

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