OpenSea Vs Mintable

opensea-review

OpenSea has grown to become one of the leading marketplaces for NFTs. It’s also the first to introduce a platform of this kind throughout the years. It has experienced rapid growth since blockchain and NFT are becoming more sought-after investments.

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

If you’re looking to invest through NFTs, then starting from an established marketplace will help you get the leverage you require. That’s why we made this review. OpenSea has been for a long time the most popular NFT marketplace. But is it right for you?

Before you start, we’d like to warn you. This review is lengthy. If you’d rather watch a video instead, check out this channel’s review. They’ll walk users through OpenSea and its features so you’re fully aware before you dive into NFT trading.

For those who prefer to read, let’s look over the basics before we look into its fees and the benefits it offers.

opensea-logo

Before you continue, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.

What is OpenSea? OpenSea Vs Mintable

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

The NFTs that are available aren’t only limited to art, music, game items, and domain names.

It was founded in the year 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started by helping facilitate the first generation of digital collectible items. It was also among the first NFT marketplaces and a concept not as old as cryptocurrency.

It is now one of the biggest NFT marketplaces. They have a vast collection of NFTs which is constantly expanding. The best part about them is that they allow users to post NFTs that were purchased or developed elsewhere.

How does OpenSea operate?

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

For OpenSea The majority of the assets listed in the marketplace are held by the users, not the platform. Because they’re an uncentralized marketplace, they use smart contracts that allow users can interact with potential buyers without having to risk their NFT ownership.

That means unless the transaction is successful the digital assets won’t leave your account. In addition, you don’t have to create your account. All you need is to possess a wallet that is compatible with web3.

If you’re a buyer you can use their search engine to look for NFTs you’d like to purchase. They also have filters available to simplify your search.

OpenSea Vs Mintable

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

What kinds of NFTs can you purchase from OpenSea?

There are about 200 types of NFTs that you can purchase from OpenSea. Here are 8 categories where they are typically placed. Let’s take a closer examine each.

Music

Music may be one of the most well-known NFTs all time. It’s not just limited to songs only; you can also purchase mixtapes remixes, beats, vocals, or whatever an artist has to offer. Many people even purchase background sounds like rain, indistinct chatters and other sound effects.

Collectibles

Before NFTs became popular, some people were investing in collectibles like baseball cards, film props, and even older technology.

In the case of NFTs, you can collect avatars, virtual pets or any other characters that could be traded or collected. The more rare they are, the more value they will have. They also have variations like Nyan Cat and CryptoPunks.

Art

Art is always one of the most popular NFT, even before NFT became a reality. In the present you can do the same with digital art. It’s not limited to digital illustrations or paintings. You can also collect gifs images, photos, or short video clips.

Trading Cards

You can also collect digital trading cards, such as the ones from Sorare or BCCG.

Sports

The digital objects associated with sports can also be collected like animated logos of teams.

Virtual Worlds

VR space and other elements can be purchased. You can buy these metaverses, or other items like game objects and the VR environment virtual objects, characters, or even virtual lands. A popular instance could be Axie Infinity.

Utility

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

Domain Names

Websites are now considered to be NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down from anyone. These types are also censorship-resistant.

bitcoin-coin

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

What are the selling options?

Selling your products on OpenSea is simple. All you have to do is list your products on the marketplace. You only have to make sure your wallet is connected. Once you’ve added the price and type of auction and you’re ready to go.

For the first time sellers, you will be subjected to a one-time fee for gas.

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

Fixed Price

The seller will be the one who will be charged the cost for the NFT. Like the name suggests the price never changes.

Dutch Auction

For Dutch Auctions, also known as Dutch Auction, the seller determines a price that will fall in time. Sellers generally set high prices. With time, the value will decrease until it is comparable to the price the buyer is willing to pay. In addition, buyers can submit an offer. The NFT can be sold when they agree on a price.

English Auction

The seller will put up an NFT to sell and list an amount that is a minimum. It’s opposite to that of the Dutch Auction, where the price drops as time passes. The English Auction, buyers will make bids until the seller is able to sell it to the highest bidder.

OpenSea is able to automatically approve the transaction when the auction closes above 1 Etherium.

NFT Creation

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

Bundles

If you’re looking to sell multiple NFTs in one transaction, you could utilize the bundle features of OpenSea. 30 items can be included in the bundle.

crypto-trading

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

Are there any additional fees?

It’s normal for crypto or NFT marketplaces to impose charges for using the platform. Although the charged fee varies per platform, it’s usually a percentage of the sale price paid by the buyer. It’s similar to how regular galleries make money through a portion of the paintings sold.

With OpenSea You will only need to pay 2.5% when you purchase an NFT. No listing costs and other kinds of charges. Other marketplaces charge 5percent commission per sale, which makes the OpenSea’s 2.5 per cent fee affordable.

However, you have to understand that some NFTs have higher transaction charges compared to others. This can vary between each seller. Some artists can also have an additional commission on sales, apart from the imposed 2.5 percentage.

Additionally, transacting to Etheruem can be costly. Your NFT collection will only be minted as a valid, non-fungible token once your NFT bid has been accepted. The cost of the process will vary based on the market, but you can expect it to be about $100 per NFT.

It is also important to be aware that some NFTs have extra commissions. For instance, game developers are paid as much as 15% as commissions for the items they’ve sold.

What are the payment methods?

OpenSea is not able to accept conventional currencies such as US Dollar or Euros. It is necessary to set up your own crypto wallet, from which you’ll convert the cryptocurrencies to cash. This means that you can’t use PayPal credit or debit cards for payment for or make a deposit. OpenSea Vs Mintable

The NFTs are only able to be bought or sold when your cryptocurrency is supported by OpenSea. Here’s a list with wallets and blockchains they can 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 of using OpenSea.

Pros

OpenSea can be decentralized making transactions secure and virtually impossible to get scammed. Furthermore, it is easy to invest in NFTs even if you don’t have prior experience or know-how in blockchain or coding. OpenSea Vs Mintable

They also offer a range of digital asset, making them one of the most popular NFT marketplaces. The platform’s low charges are also a good opportunity to earn more income.

Cons

While it is decentralized and offers one of the most diverse NFT selections, it has limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies and no support for payments using currency like USD or Euros.

It is also necessary to establish a cryptocurrency wallet in order to sell or purchase on the platform.

Bottom Line

Just like cryptocurrencies NFTs are also growing over the years. It’s very creative and sounds odd, but that’s why it’s so attractive to people. OpenSea provides an NFT marketplace that caters to a variety of NFTs. There are more categories that can be included as the market becomes more integrated with financial decentralization.

The OpenSea ecosystem enables its users to make transactions without concern about privacy or security. Additionally, it doesn’t charge customers high charges. A 2.5 percent fee on sales is reasonable, considering some marketplaces could charge as high as 5 percent.

Overall, OpenSea is an excellent marketplace for NFT traders who are just beginning their trading or for professionals.

crypto-coins

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

FAQ OpenSea Vs Mintable

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

OpenSea has a mobile and desktop browser that users can utilize. In the event that you’re trying it with your mobile phone, your browsers should be compatible with Etherium. Also, you’ll need an account with a wallet or extension. Additionally, it should be fully charged to begin.

Does OpenSea have a support team?

Yes they do have a support staff that you can contact through their contact form. Go to their official website and search for “Submit a request.”

Do you have the ability to earn money at OpenSea?

You can make a mint using OpenSea. All you need to do is create an NFT and add it to the collection. Once you’re ready to sell them, list them for sale. This is gas-free and easy to accomplish, but it is also possible to look over their instructional videos.

What are the gas prices?

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 has one-time fees and recurring fees. The prices are driven in accordance with the current market conditions, so they fluctuate at regular intervals.

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

OpenSea has a mobile and desktop browser that you can use. If you’re using it with your mobile phone, the browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. Also, it needs to be filled with money to begin.

Does OpenSea have a support staff?

Yes they do have a support team that you can reach through its contact forms. Just go to the official site and search for “Submit a request.”

Can you mint at OpenSea?

You can make a mint using OpenSea. All you have to do is create 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 to do, however you should check out 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 is a one-time fee and recurring fees. The prices are driven through the marketplace, so they fluctuate from time to time.

bitcoin-coins

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

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