OpenSea Vs Wax

opensea-review

OpenSea is now one of the most popular platforms for NFTs. It’s also the first one to release such a platform in the past. It’s seen rapid growth, as blockchain and NFT have become increasingly sought-after investments.

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

If you’re looking to invest through NFTs and want to start from an appropriate marketplace can give you the leverage you need. This is the reason we created this review – OpenSea has always been the top NFT marketplace. But is it suitable for you?

Before you start this journey, we’d like to caution you. This review is quite an extensive read. If you’d prefer to take a look at a video instead, take a look at this channel’s review. They’ll guide you through OpenSea and its features so you’re fully aware before you begin NFT trading.

If you prefer to read, let’s go through what it is prior to we look into its fees 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 our article for a more comprehensive review of OpenSea.

What is OpenSea? OpenSea Vs Wax

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

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

It was created in the year 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectibles. It was also one of the very first NFT marketplaces which is as new as cryptocurrencies.

It is now one of the largest NFT marketplaces. They have a vast collection of NFTs which is constantly expanding. The most appealing aspect of them is that they allow users to sell NFTs that were purchased or developed elsewhere.

What is the process behind OpenSea function?

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

For OpenSea, all of the assets that are listed on the platform are owned by users, not the platform. Since they’re a decentralized marketplace, they are equipped with intelligent contracts so that users can communicate with potential buyers without having to risk the security of their NFT ownership.

That means unless the transaction is successful your digital assets will never be removed from your wallet. Moreover, you aren’t required to make your account. All you require is to have a web3-enabled wallet.

In the event that you’re buying, you can utilize their website to look for NFTs you’d prefer to purchase. They also have filters available to simplify your search.

OpenSea Vs Wax

> > 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 from OpenSea. Here are eight categories in which they are typically placed. Let’s examine each.

Music

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

Collectibles

Before NFTs became popular, there were people invested in collectibles such as baseball cards film props, or old technology.

As for NFTs, it is possible to collect avatars, digital pets, and other characters that can be traded or taken home. The rarer they are the more value they possess. They also have variations like Nyan Cat and CryptoPunks.

Art

Art is always one of the most popular NFT, even before NFT was invented. In the present, you can also do the same with digital art. It’s not just limited to digital artworks and illustrations. Gifs can be collected as well images, photos, or small video clip clips.

Trading Cards

There is also the possibility of collecting digital trading cards such as the ones from Sorare as well as 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 and other things such as game items and the VR environment virtual objects, characters, or even virtual worlds. A popular instance is Axie Infinity.

Utility

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

Domain Names

Websites are now considered as NFT. It is possible to purchase blockchain-based domains that aren’t subject to being shut down from anyone. These types are also censorship-resistant.

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

What are the selling options?

Selling your products on OpenSea is easy. All you need to do is to list your products on the marketplace. All you need to do is to make sure your wallet is connected. Once you’ve added the price and the type of auction then you’re all set.

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

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

Fixed Price

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

Dutch Auction

For the Dutch Auction, the seller determines a price that will decrease over the course of. Sellers usually set very high prices. As time passes, it decreases until it’s equivalent to the bid of the buyer. Additionally, the buyer can present an offer. The NFT is sold after they reach an agreement on the price.

English Auction

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

OpenSea can automatically take over 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 on the marketplace.

Bundles

If you want to sell several NFTs under one transaction, you can use OpenSea’s bundle features. 30 items can be included as part of the bundle.

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

Are there any fees?

It is common for crypto or NFT exchanges to charge fees to access the platform. The fee is charged can vary per platform, it’s usually a percentage of the sale price paid by the buyer. Similar to how regular art galleries generate income by getting a share of the paintings sold.

With OpenSea You will only need to pay 2.5% when you purchase an NFT. There are no listing costs and other types of surcharges involved. Other marketplaces charge you a percentage of 5% for each sale, which makes OpenSea’s 2.5 per cent cost affordable.

However, you have to know that certain NFTs charge higher transaction costs as compared to other. The fees can differ for each seller. Certain artists may also receive an additional commission in addition to or from the imposed 2.5 percentage.

Additionally, transacting to Etheruem is costly. Your NFT collection will only be minted as a valid token that is non-fungible following the time your NFT bid is accepted. The costs for the process will vary based on the market conditions, however you can anticipate that it will be in the range of $100 for each NFT.

Also, you should know that some NFTs have extra commissions. For instance, game developers are paid up to 15% as commissions for the items they’ve sold.

What are the methods of payment?

OpenSea does not accept traditional currencies such as US Dollar or Euros. You will need to create your crypto wallet, where you’ll convert the cryptocurrencies to cash. Also, you are not able to use PayPal, credit, or debit cards for payment or make a deposit. OpenSea Vs Wax

The NFTs are only able to be purchased or traded if your cryptocurrency is accepted by OpenSea. Here’s a list of the 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 look at the benefits and disadvantages when using OpenSea.

Pros

OpenSea has no centralization, making transactions secure and virtually 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 Vs Wax

They also offer a range of digital asset, making their platform one of the largest NFT marketplaces. Low platform costs are also a great opportunity to make more money.

Cons

Although it’s decentralized and offers one of the largest NFT collection, the service still has its limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies the platform is unable to accept transactions using currencies such as USD or Euros.

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

Bottom Line

Just like cryptocurrencies NFTs have also been growing over the years. It’s very innovative and strange, which is why it’s so attractive to 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 as the market becomes more integrated with decentralized finance.

The OpenSea ecosystem enables its customers to conduct transactions without concern about security and privacy. In addition, it doesn’t cost customers high charges. A 2.5% fee on sales is acceptable, given that some online stores could charge as high as 5 percent.

All in all, OpenSea is an excellent marketplace, both for NFT trading beginners or professionals.

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

FAQ OpenSea Vs Wax

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

OpenSea has a mobile and desktop browser users can utilize. If you’re using it with your phone on the go, your browsers must work with Etherium. You also need to have a wallet or a wallet extension. Additionally, it should be fully charged to begin.

Does OpenSea have a support staff?

Yes they do have a support staff that can be reached via the contact page. Just go to the official site and search at “Submit a request.”

Can you earn money at OpenSea?

You can make a mint using OpenSea. All you have to do is create an NFT and then add the item to your collection. If you’re ready for selling them, put them up for auction. This is gas-free and easy to accomplish, but it is also possible to go through their tutorials.

What are gas fees?

The gas fees refer to transaction charges that are charged by Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium is a one-time fee and periodic fees. The prices are driven through the marketplace, so they change every now and then.

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

OpenSea offers a mobile and desktop browser users can use. When you’re using the browser on your phone on the go, your browsers must be compatible with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be fully charged to start.

Does OpenSea have a support staff?

Yes they have a customer support team that you can reach via its contact forms. Just go to their website, and look for “Submit a request.”

Can you make 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 them, put them up for auction. This is gas-free and easy but you could also look over their instructional videos.

What are gas fees?

Gas fees are transaction costs from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium offers one-time fees as well as periodic fees. Prices are determined through the marketplace, therefore they change at regular intervals.

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

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