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opensea-review

OpenSea has grown to become one of the leading markets for NFTs. It was the first to release such a platform throughout the years. It’s seen rapid growth, as blockchain and NFT become more popular investments.

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

If you’re looking to invest through NFTs, then starting from an appropriate marketplace can help you get the leverage you need. That’s why we made this review. OpenSea has been for a long time the most popular NFT marketplace. But is it the right choice for you?

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

If you like reading, we’ll look 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 watch this video by The Social Guide on YouTube that gives a quick review. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.

What is OpenSea? Shirley Maclaine Nft London

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

The NFTs that are available aren’t limited to music, art games, or game products, as well as domain names.

It was created in the year 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectibles. It was also among the first NFT marketplaces and a concept as new as cryptocurrencies.

It is now one of the largest NFT marketplaces. They have an extensive collection of NFTs that only keeps growing. The most appealing aspect of them is that they allow users to post NFTs purchased or made elsewhere.

How does OpenSea work?

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

For OpenSea The majority of the assets that are listed on this platform belong to the users, not the platform. Since they are a decentralized marketplace, they are equipped with smart contracts that allow users can interact with potential buyers without having to risk their NFT ownership.

This means that unless the transaction is completed, your digital assets won’t leave your wallet. Furthermore, you’re not required to create your account. All you require is to have a web3-enabled wallet.

If you’re a buyer you can utilize their website to search for NFTs that you’d like to buy. They also have filters available to aid in your search.

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

What kinds of NFTs are available from OpenSea?

There are around 200 kinds of NFTs you can purchase from OpenSea. Here are 8 categories where they are typically placed. Let’s review of each.

Music

Music is among the most well-known NFTs all time. It’s not just limited to just songs; you can also buy mixtapes, remixes, beats, vocals or anything else an artist offers. Some even buy background noises like rain, indistinct chatters and other sound effects.

Collectibles

Even before NFTs were popular, a few people invested in collectibles such as baseball cards movie props, or even older technology.

As for NFTs, you can collect avatars and digital pet or any other characters that could be sold or collected. The more rare they are, the more value they will have. There are also variants such as Nyan Cat and CryptoPunks.

Art

Art has always been among the most sought-after NFT since before NFT came to be. As of today, you can also create digital art. It’s not limited to digital illustrations or paintings. It is also possible to collect gifs, images, or even videos of short length.

Trading Cards

There is also the possibility of collecting digital trading cards, such as those of Sorare or BCCG.

Sports

The digital objects associated with sports can also be collected for example, animated team logos.

Virtual Worlds

VR space and other elements can now also be bought. You can purchase these metaverses or other things such as game items, the VR environment, virtual objects, characters or even virtual lands. A popular instance is Axie Infinity.

Utility

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

Domain Names

Websites can be considered to be NFT. You can buy blockchain-based names that aren’t subject to being shut down from any person. These types are also censorship-resistant.

bitcoin-coin

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

What are the options for selling?

Selling on OpenSea is easy. All you have to do is to list them in the marketplace. All you need to do is to ensure your account is linked. Once you’ve added the price and type of auction then you’re all set.

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

Currently, you can choose from 5 selling options. The choices are:

Fixed Price

The seller is the one to pay the cost of the NFT. As the name implies the price never changes.

Dutch Auction

In the Dutch Auction, the seller sets a price that will fall in time. Sellers typically set up very high prices. As time passes, it decreases until it’s comparable to the price the buyer is willing to pay. In addition, buyers can also make an offer to the seller. The NFT is sold after they reach an agreement on the price.

English Auction

The seller will put up an NFT for sale and lists the minimum price. This is different from the Dutch Auction, where the price drops over time. In the English Auction, buyers will bid until the seller sells it to the highest bidder.

OpenSea is able to automatically approve the payment when the auction closes above 1 Etherium.

NFT Creation

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

Bundles

If you are looking to sell several NFTs under one transaction, you can utilize the bundle features of OpenSea. 30 items can be listed in the bundle.

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

Are there any additional fees?

It’s common for cryptocurrency or NFT marketplaces to charge fees to access the platform. Although the charged fee varies per platform, it’s usually proportional to the cost paid by the buyer. It’s similar to how regular galleries make money by gaining a percentage of the paintings that are sold.

With OpenSea You will only have to pay 2.5 percent when purchasing an NFT. The marketplace does not charge listing fees and other kinds of charges. Other marketplaces charge percentage of 5% for each sale, which makes the OpenSea’s 2.5 percent cost reasonable.

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 in addition to or of the required 2.5 percent.

Furthermore, transactions to Etheruem can be costly. Your NFT collection will be issued as a valid non-fungible token once your NFT bid is accepted. The price for this process will vary based on the market conditions, however you can anticipate that it will be in the range of $100 for each NFT.

It is also important to be aware that certain NFTs earn extra commissions. For instance, game developers receive up to 15% commissions for the items 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. This is where you’ll be able to convert the cryptocurrency into cash. That also means you cannot use PayPal credit, debit, or debit cards for payment for or make a deposit. Shirley Maclaine Nft London

The NFTs are only able to be bought or sold only if the cryptocurrency you’re using is supported by OpenSea. Here’s a list of wallets and blockchains 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 take a look at the advantages and drawbacks of using OpenSea.

Pros

OpenSea can be decentralized making transactions secure and almost impossible to get scammed. Furthermore, it is easy to invest in NFTs, even if you don’t have experience or knowledge about blockchain or coding. Shirley Maclaine Nft London

They also offer several types of digital currency, making their platform one of the biggest NFT marketplaces. Low platform costs are also a great way for you to earn more income.

Cons

While it is decentralized and has one of the most diverse NFT selections, it still has some limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support, it cannot support payments using currency like USD or Euros.

It is also necessary to set up your own cryptocurrency wallet in order to sell or purchase on the platform.

Bottom Line

Like cryptocurrencies NFTs have also been growing over the years. It’s extremely creative and odd, but that’s why it’s so attractive to people. OpenSea provides an NFT marketplace that can cater to a broad range of NFTs. More categories can be involved as the market becomes more integrated with decentralized finance.

The OpenSea ecosystem allows customers to conduct transactions without worrying about privacy or security. Additionally, it doesn’t charge customers high charges. A 2.5% charge on your sales seems reasonableconsidering that some marketplaces may charge as much as 5 percent.

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

crypto-coins

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

FAQ Shirley Maclaine Nft London

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

OpenSea has a mobile and desktop browser that you can utilize. When you’re using the browser on your mobile phone, the browsers must work with Etherium. Also, you’ll need a wallet or a wallet extension. Also, it needs to be topped up for you to start.

Does OpenSea have a support team?

Yes, they have a support staff that you can contact through its contact forms. Visit their website, and search at “Submit a request.”

Can you earn money at OpenSea?

You can also mint at OpenSea. All you have make is to create an NFT and then add it to the collection. When you’re ready to sell them, put them up for sale. This is gas-free and easy, but you can also look over their instructional videos.

What are the costs for gas?

Gas fees are transaction costs from Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium is a one-time fee and regular fees. The price is determined through the marketplace, which means they constantly change at regular intervals.

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

OpenSea offers a mobile and desktop browser that you can utilize. In the event that you’re using it on your phone on the go, 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 staff?

Yes, they have a support team you can reach through the contact page. Just go to their official website and search at “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 the item to your collection. Once you’re ready to sell the items, post them for sale. It’s easy and gas-free but you could also go through their tutorials.

What are the gas prices?

Gas fees are transaction fees that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium has one-time fees and recurring fees. Prices are determined by the market, which means they change from time to time.

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

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