OpenSea Valuation

opensea-review

OpenSea has become one of the top platforms for NFTs. It was the first to release such a platform over the years. It has experienced rapid growth since blockchain and NFT have become increasingly sought-after investments.

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

If you’re looking to invest with NFTs beginning with an established marketplace will give you the leverage you need. This is why we wrote this review. OpenSea has always been the most popular NFT marketplace. But is it right for you?

Before you begin, we’d like to warn you. This review is quite an extensive read. If you’d prefer to watch a video instead, take a look at the channel’s review. They’ll guide you through OpenSea and its features so that you understand everything before you begin NFT trading.

If you prefer reading, we’ll go over the basics before we go over the costs and what it has to offer.

opensea-logo

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

What is OpenSea? OpenSea Valuation

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

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

It was founded in the year 2018 by Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectible items. It was also among the very first NFT marketplaces, a concept that is similar to cryptocurrency.

Nowadays, it Is one of the biggest NFT marketplaces. They have a vast collection of NFTs that only keeps growing. One of the best things about these is that they permit users to list NFTs bought or created elsewhere.

How does OpenSea operate?

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

For OpenSea The majority of the assets listed in this platform belong to the users, not by the platform. Because they’re an open marketplace, they are equipped with intelligent contracts to ensure that buyers can communicate with potential buyers without having to risk the security of their NFT ownership.

That means unless the transaction is completed your digital assets will never be removed from your wallet. Furthermore, you’re not required to open an 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 look for NFTs you’d prefer to purchase. There are filters that can aid in your search.

OpenSea Valuation

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

What types of NFTs are available to purchase from OpenSea?

There are more than 200 varieties of NFTs that you can purchase through OpenSea. Here are 8 categories where they typically fall into. Let’s examine each.

Music

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

Collectibles

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

As for NFTs, it is possible to collect avatars, virtual pets or any other characters that could be sold or collected. The rarer they are the greater value they possess. There are also variants such as Nyan Cat and CryptoPunks.

Art

Art has always been one of the most well-known NFT prior to when NFT became a reality. In the present you can make the same thing with digital artworks. It’s not just limited to illustrations and digital paintings. You can also collect gifs, images, or even short video clips.

Trading Cards

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

Sports

The digital objects associated with sports are also available, for example, animated logos of teams.

Virtual Worlds

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

Utility

As bizarre as it may sound, you can also buy NFTs that have specific features. Examples include Emblem Finance and Urbit ID.

Domain Names

Websites can be considered as NFT. Names that are based on blockchain can be purchased that aren’t subject to shut down from anyone. These types are also censorship-resistant.

bitcoin-coin

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

What are the options for selling?

Selling your products on OpenSea is simple. All you have to do is post them on the marketplace. You only have to ensure that your account is linked. After you’ve entered your bid and type of auction, you’re good to go.

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

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

Fixed Price

The seller is the one to pay the price of the NFT. Just as the name suggests the price never changes.

Dutch Auction

For an auction like the Dutch Auction, the seller decides on a price which will fluctuate over time. Sellers usually set very expensive prices. With time, the value decreases until it’s equivalent to the bid of the buyer. In addition, buyers can present an offer. The NFT can be sold once they reach an agreement on the price.

English Auction

The seller will put up an NFT for sale and lists the minimum price. This is different from that of the Dutch Auction, where the price drops over time. In the English Auction, buyers will bidding until the seller sells the auction to the highest bidder.

OpenSea is able to automatically approve the transaction in the event that the auction is over 1 Etherium.

NFT Creation

You can also create your own NFTs through the platform. Then you can sell them through the marketplace.

Bundles

If you are looking to sell several NFTs under one transaction, you can use OpenSea’s bundle features. 30 items can be included in the bundle.

crypto-trading

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

Are there any charges?

It is common for crypto or NFT marketplaces to charge charges for using the platform. Although the charged fee varies according to the platform, it’s generally a percentage of the sale price paid by the buyer. This is similar to how traditional art galleries generate income by gaining a percentage of the paintings sold.

With OpenSea you only need to pay 2.5 percent when you buy an NFT. The marketplace does not charge listing costs and other surcharges that are associated with. Other marketplaces charge percentage of 5% for each sale, which makes OpenSea’s 2.5 percent fee competitive.

However, you have to know that certain NFTs charge higher transaction costs in comparison to other. The fees can differ for each seller. Some artists can also have an additional commission in addition to or from the imposed 2.5%.

Furthermore, transactions to Etheruem can be costly. Your NFT collection will only be created as a valid, non-fungible token following the time your NFT bid has been accepted. The cost of the process will be based on the market conditions, however you can anticipate that it will be in the range of $100 for each NFT.

It is also important to be aware that certain NFTs earn additional commissions. For instance, game developers are paid up to 15% commissions for items they’ve sold.

What are the payment options?

OpenSea cannot accept conventional currencies like US Dollar or Euros. You’ll need 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, and debit card to make payments for or transfer funds. OpenSea Valuation

The NFTs can only be purchased or sold when your cryptocurrency is supported by OpenSea. Here’s a list of the 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 benefits and disadvantages when using OpenSea.

Pros

OpenSea is decentralized, making transactions safe and nearly impossible to be scammed. Furthermore, it is easy to invest in NFTs, even if there is no any experience or expertise in coding or blockchain. OpenSea Valuation

They also provide a variety of digital assets, which makes their platform one of the largest NFT marketplaces. Low platform charges are also a good opportunity to earn more income.

Cons

Although it is decentralized and has one of the most diverse NFT collections, it still has limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat the platform is unable to accept transactions using currencies such as USD or Euros.

You will also need to create your crypto wallet to sell or purchase from the platform.

Bottom Line

Just like cryptocurrencies NFTs have also been increasing over time. It’s extremely creative and unusual, but that’s what makes it captivating for people. OpenSea can be described as an NFT marketplace that can be a service to a broad range of NFTs. More categories can be involved when the market is integrated with decentralized finance.

The OpenSea ecosystem enables its users to transact without having to worry about privacy or security. Furthermore, it doesn’t charge users high fees. A 2.5 percent cost on your sales appears reasonable, considering some marketplaces can charge as high as 5 %.

All in all, OpenSea is an excellent marketplace for NFT traders and professionals.

crypto-coins

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

FAQ OpenSea Valuation

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

OpenSea offers a mobile and desktop browser that users can utilize. In the event that you’re trying it through your mobile phone, the browsers must work with Etherium. Also, you’ll need either a wallet, or an extension. Additionally, it should be filled up to start.

Does OpenSea have a support team?

Yes they do have a support team that can be reached via their contact form. Visit the official site and look on the page for “Submit a request.”

Are you able to earn money at OpenSea?

You can mint at OpenSea. All you need to do is create an NFT and then add the item to your collection. If you’re ready for selling the items, post them for sale. It’s easy and gas-free, but you can also go through their tutorials.

What are gas fees?

The gas fees refer to transaction fees that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium has one-time fees and periodic fees. The prices are driven in accordance with the current market conditions, so they change every now and then.

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

OpenSea offers a mobile and desktop browser users can use. If you’re using it on your mobile phone, your browsers must be compatible with Etherium. Also, you’ll need an account with a wallet or extension. In addition, it must be topped up for you to begin.

Does OpenSea have a support team?

Yes, they have a support team that you can reach via its contact forms. Go to the official site and look on the page for “Submit a request.”

Can you mint at OpenSea?

You can mint at OpenSea. All you have be able to do is make an NFT and add an item in your inventory. Once you’re ready to sell the items, post them for auction. It’s simple and free of gas but you could also look over their instructional videos.

What are gas fees?

These are transactions costs from Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as periodic fees. Prices are determined in accordance with the current market conditions, so they change from time to time.

bitcoin-coins

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

error: Content is protected !!