OpenSea Polychain

opensea-review

OpenSea is now one of the leading markets for NFTs. It was the first to launch a platform like this in the past. It has seen rapid growth as blockchain and NFT are becoming more sought-after investments.

It’s also more well-known since 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, then starting from an established marketplace will give you the leverage you require. This is why we wrote this review. OpenSea has been for a long time the top NFT marketplace. But is it suitable for you?

Before you go on this journey, we’d like to caution you. This review is lengthy. If you prefer to watch videos instead, check out this channel’s review. They’ll guide users through OpenSea and its features so you’re fully aware before you dive into NFT trading.

For those who prefer the written word, go over the basics before we examine its costs and what it has to 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 overview. After, you’ll want to read the rest of the article for a more comprehensive review.

What is OpenSea? OpenSea Polychain

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

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

It was created in 2018 by 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, a concept that is as new as cryptocurrencies.

Nowadays, it Is one of the largest NFT marketplaces. They have an extensive collection of NFTs which is constantly expanding. The best part about these is that they permit users to sell NFTs purchased or made elsewhere.

How does OpenSea function?

If you’ve previously been buying or selling with cryptocurrencies, you’ll find NFT trading very similar.

For OpenSea All of the assets that are listed on this platform belong to the users, not by the platform. Since they’re a decentralized marketplace, they use smart contracts that allow users can communicate with potential buyers without having to risk the security of their NFT ownership.

If the transaction is complete, your digital assets won’t leave your wallet. Furthermore, you’re not required to create your account. All you have to do is have a web3 supported wallet.

If you’re a buyer, you can utilize their website to find NFTs you’d like to buy. They also have filters available to simplify your search.

OpenSea Polychain

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

What kinds of NFTs are available from OpenSea?

There are around 200 kinds of NFTs you can purchase from OpenSea. Here are 8 categories where they are typically placed. Let’s have a review of each.

Music

Music could be among the most well-known NFTs of all time. It’s not restricted to songs only; you can also purchase mixtapes remixes, beats, vocals or whatever the artist offers. You can also purchase background noises like rain, indistinct chatters and other sound effects.

Collectibles

Before NFTs became popular, some people invested in collectibles such as baseball cards film props, and even older technology.

In the case of NFTs, you can collect avatars, digital pets, or any other characters that could be sold or taken home. The rarer they are, the more value they be. Some also have variants like Nyan Cat and CryptoPunks.

Art

Art has always been one of the most sought-after NFT prior to when NFT became a reality. Today it is possible to make the same thing with digital artworks. It’s not limited to digital artworks and illustrations. You can also collect gifs or images, as well as small video clip clips.

Trading Cards

It is also possible to collect digital trading cards, such as those of Sorare or BCCG.

Sports

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

Virtual Worlds

VR space and other elements can now also be bought. It is possible to purchase these metaverses or other things like game objects and the VR environment virtual objects, characters, and even virtual land. A popular illustration could be Axie Infinity.

Utility

As bizarre as it may sound there are also NFTs that have specific capabilities. 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 anyone. These types are also censorship-resistant.

bitcoin-coin

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

What are the selling options?

Selling on OpenSea is easy. All you need to do is post them in the marketplace. All you need to do is to ensure that your wallet is connected. Once you’ve added your price and the 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 one-time gas fee.

At present, you can select from 5 selling options. The choices are:

Fixed Price

The seller is the one who will be charged 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 fluctuate in the course of. Sellers usually set very high prices. With time, the value will lower until it becomes equivalent to the bid of the buyer. In addition, buyers can also make an offer to the seller. The NFT is sold after they have agreed on a price.

English Auction

The seller will put up an NFT for sale and will list the minimum price. This is in contrast to the Dutch Auction, where the price will decrease with time. When it comes to the English Auction, buyers will bid until the seller sells it at the price of highest bidding.

OpenSea can automatically take over the bid if the auction ends above 1 Etherium.

NFT Creation

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

Bundles

If you are looking to sell several NFTs within one transaction, you could use OpenSea’s bundle features. 30 items are available in the bundle.

crypto-trading

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

Are there any fees?

It’s normal for crypto or NFT exchanges to charge fees to access the platform. Although the charged fee varies per platform, it’s usually a percentage of the sale cost that the buyer pays. Similar to how regular galleries make money through a portion of the artworks sold.

With OpenSea, you will only have to pay 2.5% when you purchase an NFT. No listing costs and other surcharges that are associated with. Other marketplaces charge you a percentage of 5% for each sale, making OpenSea’s 2.5 percent cost competitive.

But, it is important to understand that some NFTs have higher transaction charges in comparison to other. The fees can differ for each seller. Certain artists may also receive an additional commission on sales, apart from the standard 2.5 percentage.

In addition, trading on Etheruem could be expensive. Your NFT collection will only be issued as a valid, non-fungible token following the time your NFT bid has been accepted. The cost of the process will vary based on the market conditions, however you can anticipate it to be around $100 per NFT.

You also need to know that certain NFTs earn extra commissions. For example, game developers receive up to 15% commissions on the products they’ve sold.

What are the methods of payment?

OpenSea cannot accept conventional currency like US Dollar or Euros. It is necessary to set up your crypto wallet, where you’ll convert the cryptocurrencies to cash. That also means you cannot make use of PayPal credit or debit cards for payment or transfer funds. OpenSea Polychain

The NFTs are only able to be bought or sold if your cryptocurrency 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 advantages and drawbacks when using OpenSea.

Pros

OpenSea can be decentralized which makes transactions secure and virtually impossible to be scammed. Furthermore, it is easy to invest in NFTs even if there is no prior experience or know-how in blockchain technology or programming. OpenSea Polychain

They also provide a variety of digital assets, which makes it one of the most popular NFT marketplaces. Low platform costs are also a great opportunity to make more money.

Cons

Although it is decentralized and has one of the largest NFT selections, it still has some 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.

Additionally, you will need to establish a crypto wallet to sell or buy from the platform.

Bottom Line

Similar to cryptocurrency NFTs have also been increasing over time. It’s very innovative and odd, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that can be a service to a wide range of NFTs. More categories can be involved when the market is integrated with the decentralized finance.

The OpenSea ecosystem enables its users to make transactions without worrying about privacy and security. Furthermore, it doesn’t charge you high fees. A 2.5 percentage fee on sales is reasonable, considering some marketplaces may charge as much as 5 %.

In the end, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.

crypto-coins

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

FAQ OpenSea Polychain

What are the requirements I must meet before I can make use of OpenSea?

OpenSea has a mobile and desktop browser you can use. If you’re using it through your mobile phone, the browsers should be compatible with Etherium. Additionally, you should have an account with a wallet or extension. In addition, it must be topped up for you to start.

Does OpenSea have a support team?

Yes they have a customer support staff that you can contact through the contact page. Just go to their website, and look for “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 add the item to your collection. If you’re ready for selling them, list them for sale. This is a simple and low-cost method to accomplish, but it is also possible to go through their tutorials.

What are the costs for gas?

The gas fees refer to transaction costs that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium has one-time fees and periodic fees. Prices are determined through the marketplace, therefore they change from time to time.

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

OpenSea is a mobile as well as desktop browser that you can utilize. If you’re using it on your mobile phone, your browsers should be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Additionally, it should be filled with money to begin.

Does OpenSea have a support team?

Yes, they have a support team you can reach through their contact form. Go to their official website and search at “Submit a request.”

Can you mint 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 them, put them up for auction. This is gas-free and easy, but you can also go through their tutorials.

What are gas fees?

These are transactions costs that are charged by Etherium. The gas fee is charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as periodic fees. The price is determined through the marketplace, so they constantly change at regular intervals.

bitcoin-coins

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

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