Reddit Nft Art Finance

opensea-review

OpenSea has become one of the most popular markets for NFTs. It was the first to release such a platform in the past. It’s seen rapid growth since blockchain and NFT have become increasingly sought-after 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 beginning with an appropriate marketplace can help you get the leverage you need. This is the reason we created this review. OpenSea is always the leading NFT marketplace. But is it suitable for you?

Before you go on, we’d like to warn you. This review is a long read. If you’d rather take a look at videos instead, take a look at the review of this channel. They’ll walk you through OpenSea and its features so you’re fully aware before you dive into NFT trading.

If you prefer the written word, go over the basics before we examine its costs and the benefits it offers.

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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. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.

What is OpenSea? Reddit Nft Art Finance

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

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

It was founded in the year 2018 by Devin Finzer and Alex Atallah, two programmers who started by facilitating the 1st generation of digital collectible items. It was also one of the very first NFT marketplaces, a concept that is as new as cryptocurrencies.

It is now one of the biggest NFT marketplaces. They have an extensive collection of NFTs that are constantly growing. One of the best things about them is that they allow users to post NFTs bought or created elsewhere.

What is the process behind OpenSea work?

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

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

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

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

Reddit Nft Art Finance

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

What types of NFTs are available to purchase from OpenSea?

There are about 200 types of NFTs you can purchase from OpenSea. Here are 8 categories where they typically fall into. Let’s have a look at each.

Music

Music may be one of the most well-known NFTs of all time. It’s not limited to just songs; you can also purchase mixtapes remixes, beats, vocals or anything else an artist offers. You can also purchase background noises like rain, indistinct chatters or various other sound effects.

Collectibles

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

In the case of NFTs, you can collect avatars, digital pets, or any other characters that could be sold or taken home. The rarer they are, the more value they have. Some also have variants like Nyan Cat and CryptoPunks.

Art

Art has always been among the most sought-after NFT since before NFT was invented. Today, you can also create digital artworks. This isn’t just limited to illustrations and digital paintings. Gifs can be collected as well, images, or even videos of short length.

Trading Cards

You can also collect digital trading cards such as the ones from 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. You can buy these metaverses, or other items like game objects as well as the VR environment characters, virtual objects or even virtual worlds. One popular illustration is Axie Infinity.

Utility

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

Domain Names

Websites are now classified as NFT. You can buy blockchain-based names that aren’t subject to being shut down by anyone. These types are also censorship-resistant.

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

What are the selling options?

Selling on OpenSea is simple. All you have 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 your price and type of auction then you’re all set.

If you are a first-time seller, you will be subjected to a one-time fee for gas.

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

Fixed Price

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

Dutch Auction

In Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will decrease over the course of. Sellers generally set high prices. As time passes, the price will lower until it becomes equal to the buyer’s bidding. Furthermore, the buyer may submit an offer. The NFT is sold after they agree on a price.

English Auction

The seller puts up an NFT for sale and lists a minimum price. This is different from auctions like the Dutch Auction, where the price drops with time. The English Auction, buyers will bidding until the seller sells the auction to the highest bidder.

OpenSea can automatically take over the bid when the auction closes above 1 Etherium.

NFT Creation

You can also mint your own NFTs via the platform. You can then sell them through the marketplace.

Bundles

If you’re looking to sell several NFTs under one transaction, you could use OpenSea’s bundle features. 30 items can be included within the package.

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

Are there any fees?

It’s common for cryptocurrency or NFT marketplaces to charge charges to use the platform. Although the charged fee varies according to the platform, it’s generally a percentage of the sale price paid by the buyer. This is similar to how traditional galleries earn money through a portion of the paintings sold.

With OpenSea, you will only be charged 2.5 percent when purchasing an NFT. The marketplace does not charge listing fees and other types of surcharges involved. Other marketplaces charge you a 5percent commission per sale, which makes OpenSea’s 2.5 per cent cost affordable.

But, it is important to know that certain NFTs have higher transaction fees in comparison to other. This can vary between each seller. Certain artists also get an additional commission on sales, apart of the required 2.5 percent.

Furthermore, transactions to Etheruem is costly. Your NFT collection will be created as a valid, non-fungible token following the time your NFT bid has been accepted. The price for this process will be based on the market conditions, however you can anticipate that it will be about $100 per NFT.

It is also important to be aware that some NFTs charge additional commissions. For example, game developers get as much as 15% commissions for the items they’ve sold.

What are the payment methods?

OpenSea does not accept traditional currencies such as US Dollar or Euros. You’ll need to set up 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 for payment or make a deposit. Reddit Nft Art Finance

The NFTs can only be purchased or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of blockchains and wallets that they are able to 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 drawbacks that come with using OpenSea.

Pros

OpenSea can be decentralized which makes transactions secure and virtually impossible to get scammed. Additionally, it is possible to invest with NFTs even if you don’t have any experience or expertise in blockchain or coding. Reddit Nft Art Finance

They also provide a variety of digital assets, making their platform one of the most popular NFT marketplaces. Low platform charges are also a good opportunity to make more money.

Cons

While it is open source and has one of the most diverse NFT collections, it has some limitations. OpenSea only accepts crypto as a form of payment. With no support for fiat and no support for payments with currencies like USD or Euros.

You will also need to set up your own 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 extremely creative and unusual, but that’s why it’s so attractive to people. OpenSea provides an NFT marketplace that can cater to a broad range of NFTs. There are more categories that can be included when the market is integrated with financial decentralization.

OpenSea’s ecosystem allows its users to make transactions without worrying about privacy or security. In addition, it doesn’t cost customers high charges. A 2.5 percentage fee on sales is acceptable, given that some online stores could charge as high as five percent.

In the end, OpenSea is an excellent marketplace both for NFT traders who are just beginning their trading or for professionals.

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

FAQ Reddit Nft Art Finance

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

OpenSea offers a mobile and desktop browser you can use. When you’re using the browser on your phone on the go, your browsers must be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Also, it needs to be topped up for you to get started.

Does OpenSea has a support team?

Yes, they have a support team that you can contact through their contact form. Just go to their official website and search for “Submit a request.”

Do you have the ability to mint at OpenSea?

You can also mint at OpenSea. All you have to do is create an NFT and add the item to your collection. If you’re ready for selling them, put them up for auction. This is a simple and low-cost method, but you can also check out their tutorials.

What are gas fees?

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

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

OpenSea has a mobile and desktop browser that you can utilize. 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. Additionally, it should be fully charged to start.

Does OpenSea have a support team?

Yes they do have a support staff that you can reach through the contact page. Just go to their official website and search on the page for “Submit a request.”

Are you able to mint at OpenSea?

You can also mint at OpenSea. All you have to do is create an NFT and add it to the collection. When you’re ready to sell the items, post them for auction. This is gas-free and easy, but you can also go through their tutorials.

What are the costs for gas?

These are transactions fees that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium has one-time fees and recurring fees. Prices are determined through the marketplace, therefore they constantly change from time to time.

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

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