Over OpenSea

opensea-review

OpenSea has grown to become one of the most popular marketplaces for NFTs. It’s also the first to introduce a platform of this kind in the past. It has experienced rapid growth as blockchain and NFT are becoming more sought-after investments.

It’s even more popular since celebrities and famous personalities have expressed interest. As art becomes more digitized, NFT becomes more lucrative.

If you’re planning to invest with NFTs and want to start from an established marketplace will help you get the leverage you need. This is the reason we created this review. OpenSea is always the most popular NFT marketplace. But is it suitable for you?

Before you go on, we’d like to warn you. This review is quite lengthy. If you prefer to watch videos instead, you can check out the channel’s review. They will guide users through OpenSea and its features to ensure you’re fully aware before you dive into NFT trading.

If you like to read, let’s look through what it is prior to we examine its costs and what it can 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 review. Afterward, you’ll want to read the rest of our article for a more comprehensive review.

What is OpenSea? Over OpenSea

OpenSea provides a platform that deals in non-fungible currency, also known as NFTs. Through their decentralized marketplace, users can purchase, sell NFTs, trade them, and exchange them with other users.

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

It was established in the year the year 2018 by Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectibles. It was also among the first NFT marketplaces which is not as old as cryptocurrency.

Today, it is one of the biggest NFT marketplaces. They have an extensive collection of NFTs which is constantly growing. The most appealing aspect of them is that they allow users to list NFTs bought or created elsewhere.

What is the process behind OpenSea operate?

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

For OpenSea All of the assets on this platform belong to users, not by the platform. Since they’re an uncentralized marketplace, they have smart contracts that allow users can interact with potential buyers without putting at risk their NFT ownership.

That means unless the transaction is completed the digital assets will never be removed from your wallet. Furthermore, you’re not required to make your account. All you require is to have a web3 supported wallet.

In the event that you’re buying, you can use their browser to search for NFTs that you’d like to purchase. They also offer filters to make your search easier.

Over OpenSea

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

What types of NFTs are available 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 have a review of each.

Music

Music may be one of 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 such as rain, chatter that isn’t clear and other sound effects.

Collectibles

Even before NFTs were popular, a few people were investing in collectibles like baseball cards, film props, and even old technology.

In the case of NFTs, it is possible to collect avatars, virtual pets or any other characters that could be traded or collected. The more rare they are, the more value they be. There are also variants such as Nyan Cat and CryptoPunks.

Art

Art is always one of the most well-known NFT since before NFT became a reality. As of today it is possible to do the same with digital artworks. It’s not limited to illustrations and digital paintings. Gifs can be collected as well, images, or even short video clips.

Trading Cards

It is also possible to collect digital trading cards, such as those of Sorare as well as BCCG.

Sports

Sports-related digital items can also be collected for example, animated logos of teams.

Virtual Worlds

VR spaces and elements can now also be bought. It is possible to purchase these metaverses and other things like game objects and the VR environment virtual objects, characters or even virtual worlds. A well-known example is Axie Infinity.

Utility

As absurd as it may sound it is possible to purchase NFTs that have specific functions. Examples are from Emblem Finance and Urbit ID.

Domain Names

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

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

What are the options for selling?

Selling on OpenSea is easy. All you have to do is list your products on the marketplace. You only have to ensure your wallet is connected. Once you’ve added your price and auction type then you’re all set.

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

You can currently select from five options for selling. These are:

Fixed Price

The seller is the one to charge the cost that is the NFT. As the name implies, it never changes.

Dutch Auction

In the Dutch Auction, the seller determines a price that will fluctuate in the course of. Sellers generally set high prices. As time passes, the price decreases until it’s comparable to the price the buyer is willing to pay. Furthermore, the buyer may submit an offer. The NFT can be sold when they agree on a price.

English Auction

The seller puts up an NFT for sale and lists a minimum price. This is different from that of the Dutch Auction, where the price decreases as time passes. In 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 if the auction ends above 1 Etherium.

NFT Creation

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

Bundles

If you’re looking to sell multiple NFTs within one transaction, it is possible to utilize the bundle features of OpenSea. 30 items can be included within the package.

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

Are there any charges?

It’s common for cryptocurrency or NFT marketplaces to charge fees to access the platform. While the fee charged varies per platform, it’s usually proportional to the cost that the buyer pays. Similar to how regular art galleries generate income by getting a share of the artworks sold.

With OpenSea, you will only need to pay 2.5 percent when purchasing an NFT. There are no listing fees and other kinds of charges. Other marketplaces charge percentage of 5% for each sale, which makes OpenSea’s 2.5% cost affordable.

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

Additionally, transacting to Etheruem is costly. Your NFT collection will only be minted as a valid token that is non-fungible once your NFT bid is accepted. The cost of the process will be based on the market conditions, however you can anticipate it to be around $100 per NFT.

You also need to know that certain NFTs earn extra commissions. For instance, game developers receive 15 percent or more commissions for items they’ve sold.

What are the methods of payment?

OpenSea does not accept traditional currencies such as US Dollar or Euros. It is necessary to set up your crypto wallet, where you’ll convert the cryptocurrencies to cash. That also means you cannot use PayPal, credit, and debit card to make payments for or transfer funds. Over OpenSea

The NFTs can only be bought or sold when 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 examine the advantages and disadvantages that come with using OpenSea.

Pros

OpenSea is decentralized, which makes transactions secure and almost impossible to get scammed. Moreover, you can easily invest with NFTs even if you don’t have experience or knowledge about blockchain technology or programming. Over OpenSea

They also offer a range of digital asset, making their platform one of the most popular NFT marketplaces. Low platform fees are also an excellent opportunity to earn more income.

Cons

Although it is open source and has one of the largest NFT collections, it still has limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat and no support for transactions using currencies such as USD or Euros.

You will also need to set up your own cryptocurrency wallet in order to sell or purchase on the platform.

Bottom Line

Like cryptocurrencies, NFTs have been expanding over the past few years. It’s very innovative and strange, which is why it’s so attractive to people. OpenSea is an NFT marketplace that can be a service to a broad range 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 worrying about privacy or security. Furthermore, it doesn’t charge customers high charges. A 2.5 percent fee on sales is acceptable, given that some online stores may charge as much as 5 percent.

Overall, OpenSea is an excellent marketplace both for NFT traders and professionals.

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

FAQ Over OpenSea

What do I need so I can utilize OpenSea?

OpenSea offers a mobile and desktop browser that you can use. When you’re using the browser on your mobile phone, your browsers should be compatible with Etherium. Additionally, you should have an account with a wallet or extension. In addition, it must be fully charged to start.

Does OpenSea have a support staff?

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

Do you have the ability to earn money at OpenSea?

You can make a mint using OpenSea. All you have to do is create 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 do, however you should look over their instructional videos.

What are the gas prices?

Gas fees are transaction fees from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium is a one-time fee and recurring fees. The price is determined in accordance with the current market conditions, therefore they constantly change at regular intervals.

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

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

Does OpenSea have a support team?

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

Are you able to make money at OpenSea?

You can also mint at OpenSea. All you need be able to do is make an NFT and add it to the collection. When you’re ready to sell them, list them for auction. This is gas-free and easy but you could also go through their tutorials.

What are the gas prices?

The gas fees refer to transaction costs that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium has one-time fees and regular fees. Prices are determined by the market, which means they fluctuate every now and then.

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

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