OpenSea Voxies

opensea-review

OpenSea has become one of the most popular platforms for NFTs. It’s also the first to introduce a platform of this kind in the past. It has seen rapid growth as blockchain and NFT become more popular investments.

It’s becoming more popular because celebrities and other famous people have expressed an curiosity. As art is increasingly digitalized, NFT becomes more lucrative.

If you’re looking to invest using NFTs, then starting from a good marketplace can provide the leverage you require. This is the reason we created this review. OpenSea is always the most popular NFT marketplace. But is it right for you?

Before you go on this journey, we’d like to caution you. This review is quite lengthy. If you’d prefer to take a look at videos instead, check out the channel’s review. They will guide you through OpenSea and its features so you’re aware of everything before you dive into NFT trading.

For those who prefer the written word, go over what it is before 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 will want to read the rest of our article for a more comprehensive review.

What is OpenSea? OpenSea Voxies

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

The NFTs available are not limited to music, art 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 facilitating the 1st generation of digital collectible items. It was also among the first NFT marketplaces and a concept not as old as cryptocurrency.

Today, it is one of the largest NFT marketplaces. They have an extensive collection of NFTs that only keeps growing. The best part about these is that they permit users to list NFTs bought or created elsewhere.

What is the process behind OpenSea work?

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

For OpenSea The majority of the assets that are listed on this platform belong to users, not by the platform. Since they are a decentralized marketplace, they use intelligent contracts so that users can interact with potential buyers without having to risk their NFT ownership.

If the transaction is completed, your digital assets will never leave your account. In addition, you don’t have to open an account. All you require is to have a web3 supported wallet.

If you’re a buyer, you can use their browser to look for NFTs you’d like to buy. They also offer filters to make your search easier.

OpenSea Voxies

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

What kinds of NFTs can you purchase from OpenSea?

There are about 200 types of NFTs you can purchase through OpenSea. There are eight categories to which they are typically placed. Let’s look at each.

Music

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

Collectibles

Even before NFTs were popular, a few people were investing in collectibles like baseball cards, film props, or older technology.

For NFTs, you can collect avatars, virtual pets or other characters that can be sold or collected. The rarer they are the more value they will have. There are also variants such as Nyan Cat and CryptoPunks.

Art

Art has always been one of the most popular NFT, even before NFT came to be. As of today, you can also create digital art. It’s not just limited to illustrations and digital paintings. You can also collect gifs, images, or even small video clip clips.

Trading Cards

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

Sports

Sports-related digital items can also be collected like animated team logos.

Virtual Worlds

VR space and other elements can be purchased. It is possible to purchase these metaverses or other things such as game items and the VR environment virtual objects, characters, or even virtual lands. A popular illustration can be Axie Infinity.

Utility

As bizarre as it may sound, you can also buy NFTs with specific functions. Examples come from Emblem Finance and Urbit ID.

Domain Names

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

bitcoin-coin

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

What are the selling options?

Selling on OpenSea is simple. All you have to do is post them in the marketplace. You only have to make sure your wallet is connected. Once you’ve added the price and the type of auction then you’re all set.

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

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

Fixed Price

The seller is the one who will be charged the price that is the NFT. Just as the name suggests, it never changes.

Dutch Auction

In an auction like the Dutch Auction, the seller sets a price that will fall over time. Sellers generally set expensive prices. As time passes, the price will decrease until it is equivalent to the bid of the buyer. In addition, buyers can submit an offer. The NFT can be sold when they agree on a price.

English Auction

The seller is required to put up an NFT for sale and will list a minimum price. It’s opposite to auctions like the Dutch Auction, where the price decreases as time passes. In the English Auction, buyers will bidding until the seller sells it for the most expensive bidder.

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

NFT Creation

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

Bundles

If you’re looking to sell several NFTs in one transaction, you could 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 fees?

It’s normal for crypto or NFT marketplaces to impose charges for using the platform. While the fee charged varies according to the platform, it’s generally an amount of the sales price paid by the buyer. This is similar to how traditional galleries earn money by getting a share of the artworks sold.

With OpenSea, you will only have to pay 2.5% when you purchase an NFT. The marketplace does not charge listing fees or other types of surcharges involved. Other marketplaces charge percentage of 5% for each sale, making OpenSea’s 2.5 percent fee reasonable.

However, you have to know that certain NFTs have higher transaction charges in comparison to other. It is possible for this to differ between seller. Some artists can also have an additional commission on sales, apart of the required 2.5 percent.

Furthermore, transactions to Etheruem is costly. Your NFT collection will only be created as a valid token that is non-fungible after your NFT bid is accepted. The cost of the process will be based on the market, but you can anticipate that it will be about $100 per NFT.

You also need to know that some NFTs have additional commissions. For instance, game developers are paid 15 percent or more as commissions on the products they’ve sold.

What are the payment methods?

OpenSea does not accept traditional currency like US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. This means that you can’t use PayPal credit or debit cards to pay or make a deposit. OpenSea Voxies

The NFTs can only be purchased or traded when your cryptocurrency is accepted 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 examine the advantages and drawbacks that come with using OpenSea.

Pros

OpenSea can be decentralized making transactions secure and almost impossible to be scammed. Moreover, you can easily invest in NFTs even if there is no prior experience or know-how in blockchain or coding. OpenSea Voxies

They also offer several types of digital currency, making them one of the largest NFT marketplaces. The low platform costs are also a great opportunity to make more money.

Cons

Although it is open source and has one of the most diverse NFT selections, it still has its limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support, it cannot support payments with currencies like USD or Euros.

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

Bottom Line

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

The OpenSea ecosystem enables its users to make transactions without worrying about privacy or security. In addition, it doesn’t cost you high fees. A 2.5 percentage charge on your sales seems reasonableconsidering that some marketplaces can charge as high as 5 %.

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

crypto-coins

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

FAQ OpenSea Voxies

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

OpenSea has a mobile and desktop browser that you can use. In the event that you’re trying it on your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Additionally, it should be topped up for you to get started.

Does OpenSea have a support staff?

Yes, they have a support team you can reach via their contact form. Visit the official site and look at “Submit a request.”

Are you able to earn money at OpenSea?

You can mint at OpenSea. All you have make is to create an NFT and add it to the collection. If you’re ready for selling them, put them up for sale. It’s easy and gas-free, but you can also go through their tutorials.

What are the costs for gas?

The gas fees refer to transaction fees that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium offers one-time fees as well as regular fees. The price is determined by the market, therefore they fluctuate at regular intervals.

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

OpenSea is a mobile as well as desktop browser that users can use. If you’re using it through your phone on the go, your browsers should be compatible with Etherium. Also, you’ll need either a wallet, or an extension. Also, it needs to be topped up for you to begin.

Does OpenSea have a support staff?

Yes they have a customer support team that you can reach through the contact page. Just go to their official website and search for “Submit a request.”

Can you make money at OpenSea?

You can mint at OpenSea. All you need make is to create an NFT and add it to the collection. Once you’re ready to sell the items, post them for sale. 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 costs that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium is a one-time fee and regular fees. Prices are determined through the marketplace, therefore they fluctuate at regular intervals.

bitcoin-coins

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

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