Project OpenSea

opensea-review

OpenSea is now one of the most popular markets for NFTs. It’s also the first one to introduce a platform of this kind throughout the years. It has experienced rapid growth as blockchain and NFT become more popular investments.

It’s even more popular since celebrities and other famous people have expressed enthusiasm. As art is increasingly digitalized, NFT becomes more lucrative.

If you’re set on investing through NFTs, then starting from an appropriate marketplace can 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 begin, we’d like to warn you. This review is quite an extensive read. If you prefer to watch videos instead, take a look at this channel’s review. They’ll walk the user through OpenSea and its features so that you understand everything before you begin NFT trading.

If you like the written word, go through what it is prior to we go over the costs and what it can offer.

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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 our article for a more comprehensive review.

What is OpenSea? Project OpenSea

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

The available NFTs are not limited to music, art game items, 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.

It is now one of the largest NFT marketplaces. They have a vast collection of NFTs that are 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 operate?

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

For OpenSea, all of the assets listed in this platform belong to users, not by the platform. Since they’re a decentralized marketplace, they are equipped with intelligent contracts to ensure that buyers are able to interact with buyers without risking their NFT ownership.

This means that unless the transaction is complete, your digital assets will never leave your account. In addition, you don’t have to open an 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 make your search easier.

Project OpenSea

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

What types of NFTs can you purchase from OpenSea?

There are about 200 types of NFTs available to purchase from OpenSea. Here are eight categories in which they are typically placed. Let’s have a review of each.

Music

Music could be among the most popular NFTs of all time. It’s not restricted to songs only; you can also purchase mixtapes remixes, beats, vocals or whatever the artist has to offer. Many people even purchase background sounds such as rain, chatter that isn’t clear or various other sound effects.

Collectibles

Even before NFTs were popular, a few individuals were interested in collecting items like baseball cards, film props, or older technology.

For NFTs, you can collect avatars and digital pet, or other characters that can be sold or taken home. The rarer they are, the more value they have. 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. In the present it is possible to make the same thing with digital artworks. It’s not limited to digital artworks and illustrations. Gifs can be collected as well images, photos, or small video clip clips.

Trading Cards

It is also possible to collect digital trading cards like those of Sorare and BCCG.

Sports

Digital items related to sports can also be collected for example, animated logos of teams.

Virtual Worlds

VR space and other elements are now available for purchase. It is possible to purchase these metaverses and other things like game objects as well as the VR environment characters, virtual objects or even virtual worlds. One popular instance is Axie Infinity.

Utility

As absurd as it may sound it is possible to purchase NFTs that are specifically designed to perform certain features. Examples are from Emblem Finance and Urbit ID.

Domain Names

Websites can be considered as NFT. You can buy blockchain-based names that aren’t subject to shut down by 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 easy. All you need to do is to list them on the marketplace. You only have to make sure your account is linked. After you’ve entered your bid and the type of auction, you’re good to go.

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

Currently, you can choose from five options for selling. The choices are:

Fixed Price

The seller is the one who will be charged the cost of the NFT. Like the name suggests, it never changes.

Dutch Auction

For the Dutch Auction, the seller decides on a price which will decrease over the course of. Sellers generally set expensive prices. As time passes, the price will decrease until it is comparable to the price the buyer is willing to pay. In addition, buyers can also make an offer to the seller. The NFT can be sold when they have agreed on a price.

English Auction

The seller puts up an NFT to sell and list a minimum price. It’s opposite to the Dutch Auction, where the price drops over time. In the English Auction, buyers will bid until the seller sells the auction to the highest bidder.

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

NFT Creation

You can also create your own NFTs via the platform. They can be sold in the marketplace.

Bundles

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

crypto-trading

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

Are there any charges?

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 paid by the buyer. It’s similar to how regular art galleries generate income by gaining a percentage of the paintings that are sold.

With OpenSea, you will only have to pay 2.5% when you purchase an NFT. There are no listing fees and other types of surcharges involved. Other marketplaces charge you a percentage of 5% for each sale, making OpenSea’s 2.5% fee reasonable.

However, you must know that certain NFTs have higher transaction fees in comparison to other. It is possible for this to differ between seller. Certain artists also get an additional commission in addition to or from the imposed 2.5%.

Furthermore, transactions to Etheruem is costly. The NFT collection will be issued 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 it to be around $100 per NFT.

It is also important to be aware that some NFTs charge additional commissions. For instance, game designers receive 15 percent or more commissions on the products they’ve sold.

What are the payment methods?

OpenSea cannot accept conventional currencies such as US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll convert your cryptocurrencies into cash. Also, you are not able to use PayPal, credit, and debit card to make payments for or transfer funds. Project OpenSea

The NFTs can only be purchased or sold if your cryptocurrency is supported by OpenSea. Here’s a list of cryptocurrency wallets and blockchains that 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 when using OpenSea.

Pros

OpenSea can be decentralized making transactions secure and almost impossible to be scammed. Furthermore, it is easy to invest in NFTs even if you don’t have experience or knowledge about blockchain technology or programming. Project OpenSea

They also offer several types of digital currency, which makes them one of the most popular NFT marketplaces. The low platform charges are also a good method to earn more income.

Cons

While it is open source and has one of the most diverse NFT selections, it has limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat and no support for transactions using currencies such as USD or Euros.

You will also need to establish a crypto wallet to either sell or buy from the platform.

Bottom Line

Like cryptocurrencies, NFTs have been expanding over the past few years. It’s very innovative and strange, which is what makes it captivating for people. OpenSea can be described as an NFT marketplace that can cater to a broad range of NFTs. The number of categories available will increase as the market becomes more integrated with decentralized finance.

The OpenSea ecosystem enables its users to transact without having to worry about privacy and security. Additionally, it doesn’t charge you high fees. A 2.5 percentage fee on sales is reasonableconsidering that some marketplaces can charge as high as 5 percent.

All in all, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.

crypto-coins

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

FAQ Project OpenSea

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

OpenSea offers a mobile and desktop browser that you can utilize. If you’re using it through your mobile phone, the browsers must work with Etherium. Additionally, you should have an account with a wallet or extension. In addition, it must be filled up to start.

Does OpenSea have a support team?

Yes, they have a support staff that can be reached via the contact page. Go to their official website and look at “Submit a request.”

Can you mint at OpenSea?

You can make a mint using OpenSea. All you need make is to create an NFT and then add the item to your collection. Once you’re ready to sell the items, post them for auction. It’s easy and gas-free, but you can also go through their tutorials.

What are the gas prices?

Gas fees are transaction charges from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium has one-time fees and periodic fees. The prices are driven in accordance with the current market conditions, which means they 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 users can use. In the event that you’re using it on your phone on the go, your 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 start.

Does OpenSea has a support team?

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

Do you have the ability to make money at OpenSea?

You can mint at OpenSea. All you need make is to create an NFT and add it to the collection. When you’re ready to sell the items, post them for sale. It’s easy and gas-free but you could also check out their tutorials.

What are the costs for gas?

Gas fees are transaction costs from Etherium. You pay a gas fee when you transfer crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The price is determined by the market, so they constantly change every now and then.

bitcoin-coins

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

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