OpenSea With Trust Wallet

opensea-review

OpenSea has become one of the most popular platforms for NFTs. It’s also the first to launch a platform like this over the years. It has experienced rapid growth, as blockchain and NFT become more popular investments.

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

If you’re planning to invest using NFTs, then starting from an established marketplace will provide the leverage you need. This is the reason we created this review. OpenSea is always the top NFT marketplace. But is it suitable for you?

Before you start our review, we’d like warn you. This review is an extensive read. If you’d prefer to take a look at a video instead, you can check out the review of this channel. They will guide the user through OpenSea and its features to ensure that you understand everything before you begin NFT trading.

If you 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 go on, 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 the article for a more comprehensive review of OpenSea.

What is OpenSea? OpenSea With Trust Wallet

OpenSea offers a market for non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can purchase, sell, and trade NFTs with other users.

The available NFTs are not only limited to art, music games, or game products, as well as domain names.

It was founded in the year 2018 with the help of Devin Finzer and Alex Atallah two programmers who began by helping facilitate the first generation of digital collectible items. It was also one of the very first NFT marketplaces which is as new as cryptocurrencies.

Nowadays, it Is one of the biggest NFT marketplaces. They have an extensive collection of NFTs that are constantly growing. One of the best things about these is that they permit users to post NFTs that were purchased or developed elsewhere.

How does OpenSea work?

If you’ve previously been trading or buying cryptocurrencies and NFT, you’ll notice NFT trading very similar.

For OpenSea All of the assets listed in the marketplace are held by users, not the platform. Since they are an open marketplace, they are equipped with intelligent contracts to ensure that buyers can interact with potential buyers without putting at risk the security of their NFT ownership.

This means that unless the transaction is completed your digital assets won’t leave your wallet. Moreover, you aren’t required to create your account. All you have to do is possess a wallet that is compatible with web3.

In the event that you’re buying you can use their search engine to find NFTs you’d prefer to purchase. There are filters that can simplify your search.

OpenSea With Trust Wallet

> > 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 from OpenSea. There are eight categories to which they are typically placed. Let’s review of each.

Music

Music may be one of the most popular NFTs of all time. It’s not restricted to music only. You can also purchase mixtapes, remixes, beats, vocals or whatever the artist has to offer. You can also purchase background noises like rain, indistinct chatters or various other sound effects.

Collectibles

Even before NFTs became popular, there were people were investing in collectibles like baseball cards, film props, and even the older technologies.

In the case of NFTs, you can collect avatars, digital pets, or any other characters that could be sold or collected. The rarer they are the more value they will possess. There are also variants such as Nyan Cat and CryptoPunks.

Art

Art has always been among the most well-known NFT prior to when NFT was invented. Today, you can also make the same thing with digital art. It’s not limited to digital illustrations or paintings. It is also possible to collect gifs or images, as well as videos of short length.

Trading Cards

You can also collect digital trading cards like the ones from Sorare as well as BCCG.

Sports

The digital objects associated with sports are also available, such as animated logos of teams.

Virtual Worlds

VR space and other elements can now also be bought. You can buy these metaverses or other things like game objects as well as the VR environment virtual objects, characters and even virtual land. A well-known example is Axie Infinity.

Utility

As absurd as it may sound there are also NFTs that have specific features. Examples include Emblem Finance and Urbit ID.

Domain Names

Websites can now also be considered as NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down by any person. 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 have to do is list them on the marketplace. All you need to do is to ensure your account is linked. After you’ve entered your bid and auction type and you’re ready to go.

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

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

Fixed Price

The seller is the one who will be charged the price that is the NFT. As the name implies the price never changes.

Dutch Auction

For Dutch Auctions, also known as Dutch Auction, the seller sets a price that 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. Furthermore, the buyer may submit an offer. The NFT is sold after they reach an agreement on the price.

English Auction

The seller is required to put up an NFT for sale and will list the minimum price. This is in contrast to auctions like the Dutch Auction, where the price will decrease 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 if the auction ends above 1 Etherium.

NFT Creation

You can also mint your own NFTs via the platform. Then you can sell them on the marketplace.

Bundles

If you want to sell multiple NFTs in one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items can be listed as part of the bundle.

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

Are there any fees?

It’s normal for crypto or NFT marketplaces to charge charges for using the platform. Although the charged fee varies according to the platform, it’s generally an amount of the sales cost that the buyer pays. Similar to how regular galleries make money by getting a share of the paintings that are sold.

With OpenSea, you will only be charged 2.5 percent when you buy an NFT. No listing fees and other kinds of charges. Other marketplaces charge percentage of 5% for each sale, making OpenSea’s 2.5 per cent cost competitive.

However, you must know that certain NFTs have higher transaction fees in comparison to other. The fees can differ for each seller. Certain artists also get an additional commission on sales, apart from the imposed 2.5%.

Additionally, transacting to Etheruem could be expensive. Your NFT collection will be minted as a valid non-fungible token once your NFT bid is accepted. The price for this process will be based on the market, but you can expect it to be about $100 per NFT.

Also, you should know that some NFTs charge additional commissions. For instance, game designers are paid 15 percent or more commissions on the products they’ve sold.

What are the methods of payment?

OpenSea cannot accept conventional currency like US Dollar or Euros. You will need to create your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. This means that you can’t use PayPal credit, debit, or debit cards to pay for or make a deposit. OpenSea With Trust Wallet

The NFTs can be bought or sold only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of the wallets and blockchains 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 benefits and disadvantages that come with 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 you do not have any experience or expertise in blockchain or coding. OpenSea With Trust Wallet

They also offer several types of digital asset, which makes their platform one of the most popular NFT marketplaces. Low platform fees are also an excellent opportunity to make more money.

Cons

While it is decentralized and offers one of the largest NFT collection, the service has limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support and no support for transactions using currencies such as USD or Euros.

You will also need to create your cryptocurrency wallet in order to sell or buy from the platform.

Bottom Line

Similar to cryptocurrency NFTs have also been 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 broad range of NFTs. More categories can be involved as the market becomes more integrated with the decentralized finance.

The OpenSea ecosystem enables its users to transact without worrying about privacy and security. Additionally, 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 percent.

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

crypto-coins

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

FAQ OpenSea With Trust Wallet

What are the requirements I must meet before 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 phone on the go, your browsers should be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Additionally, it should be topped up for you to get started.

Does OpenSea have a support staff?

Yes they do have a support staff that you can contact through its contact forms. Go to the official site and look at “Submit a request.”

Can you earn money at OpenSea?

You can make a mint using OpenSea. All you need be able to do is make an NFT and then add an item in your inventory. Once you’re ready to sell them, put them up for auction. This is a simple and low-cost method to accomplish, but it is also possible to go through their tutorials.

What are gas fees?

Gas fees are transaction charges from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium has one-time fees and regular fees. The price is determined by the market, so they change every now and then.

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

OpenSea offers a mobile and desktop browser users can use. In the event that you’re using it on your mobile phone, your browsers should work with Etherium. Additionally, you should have either a wallet, or an extension. In addition, it must be fully charged to get started.

Does OpenSea has a support team?

Yes they have a customer support staff that you can reach through the contact page. Just go to their website, and look at “Submit a request.”

Do you have the ability to make money at OpenSea?

You can also mint at OpenSea. All you have be able to do is make an NFT and then add the item to your collection. If you’re ready for selling the items, post them for auction. It’s easy and gas-free, but you can also look over their instructional videos.

What are gas fees?

These are transactions fees that are charged by Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium offers one-time fees as well as recurring fees. The prices are driven by the market, so they fluctuate at regular intervals.

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

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