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opensea-review

OpenSea has grown to become one of the leading platforms for NFTs. It’s also the first to launch a platform like this over the years. It’s seen rapid growth since blockchain and NFT become more popular investments.

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

If you’re set on investing using NFTs beginning with a good marketplace can give you the leverage you require. That’s why we made this review. OpenSea is always the most popular NFT marketplace. But is it right for you?

Before you start this journey, we’d like to caution you. This review is an extensive read. If you’d prefer to take a look at a video instead, you can check out the channel’s review. They’ll guide you through OpenSea and its features so you’re aware of everything before you dive into NFT trading.

For those who prefer the written word, look through what it is prior to we look into its fees and the benefits it offers.

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Before you continue, 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? Square Nft Hydroponics Trough

OpenSea offers a market that deals in non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can buy, sell NFTs, trade them, and exchange them with other users.

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

It was founded in the year 2018 in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by facilitating the 1st generation of digital collectibles. It was also one of the first NFT marketplaces, a concept that is not as old as cryptocurrency.

It is now one of the largest NFT marketplaces. They offer a wide selection of NFTs that only keeps expanding. One of the best things about these is that they permit users to sell NFTs purchased or made elsewhere.

How does OpenSea operate?

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

For OpenSea, all of the assets on the marketplace are held by users, not by the platform. Since they’re an open marketplace, they have intelligent contracts to ensure that buyers are able to interact with buyers without having to risk their NFT ownership.

That means unless the transaction is successful your digital assets won’t leave your account. In addition, you don’t have to make your 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 find NFTs you’d prefer to purchase. They also have filters available to make your search easier.

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

What types of NFTs can you purchase from OpenSea?

There are around 200 kinds of NFTs that you can purchase through OpenSea. Here are 8 categories where they are typically placed. Let’s have a examine each.

Music

Music may be one of the most popular NFTs of all time. It’s not limited to songs only; you can also buy mixtapes, remixes, beatsand vocals or anything else an artist offers. Many people even purchase background sounds like rain, indistinct chatters and other sound effects.

Collectibles

Even before NFTs became popular, there were individuals were interested in collecting items such as baseball cards film props, and even the older technologies.

As for NFTs, it is possible to collect avatars, digital pets, or any other characters that could be sold or collected. The more rare they are, the greater value they possess. They also have variations like Nyan Cat and CryptoPunks.

Art

Art is always one of the most popular NFT prior to when NFT came to be. As of today you can create digital art. This isn’t just limited to illustrations and digital paintings. You can also collect gifs images, photos, or small video clip clips.

Trading Cards

It is also possible to collect digital trading cards, such as the ones from Sorare as well as BCCG.

Sports

Digital items related to sports can also be collected such as animated logos of teams.

Virtual Worlds

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

Utility

As absurd as it may sound there are also NFTs that have specific features. Examples come 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 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 simple. All you have to do is post them on the marketplace. You only have to ensure your account is linked. After you’ve entered your bid and type of auction and you’re ready to go.

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

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

Fixed Price

The seller will be the one to charge the price of 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 usually set very high prices. As time passes, it decreases until it’s equivalent to the bid of the buyer. Additionally, the buyer can submit an offer. The NFT can be sold when they agree on a price.

English Auction

The seller puts up an NFT to sell and list a minimum price. This is in contrast to the Dutch Auction, where the price will decrease with 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 through the platform. You can then sell them in the marketplace.

Bundles

If you’re looking to sell several NFTs under one transaction, it is possible to make use of the bundle feature offered by OpenSea. 30 items can be included as part of 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 charges to use the platform. Although the charged fee varies per platform, it’s usually a percentage of the sale price paid by the buyer. It’s similar to how regular galleries earn money by gaining a percentage of the paintings that are sold.

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

But, it is important to be aware that certain NFTs charge higher transaction costs as compared to other. This can vary between each seller. Certain artists also get an additional sales commission apart from the imposed 2.5 percent.

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

Also, you should know that certain NFTs earn additional commissions. For example, game developers receive as much as 15% as commissions for items they’ve sold.

What are the payment methods?

OpenSea is not able to accept conventional currencies like US Dollar or Euros. You will need to create your own crypto wallet, from which you’ll be able to convert the cryptocurrency into cash. Also, you are not able to use PayPal credit and debit card to make payments for or transfer funds. Square Nft Hydroponics Trough

The NFTs can only be purchased or sold when your cryptocurrency is supported by OpenSea. Here’s a list of 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 take a look at the advantages and drawbacks when using OpenSea.

Pros

OpenSea is decentralized, making transactions secure and virtually impossible to get scammed. Furthermore, it is easy to invest in NFTs even if you don’t have any experience or expertise in blockchain technology or programming. Square Nft Hydroponics Trough

They also provide a variety of digital currency, which makes it one of the biggest NFT marketplaces. The platform’s low fees are also an excellent method to make more money.

Cons

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

Additionally, you will need to establish a cryptocurrency wallet in order to sell or purchase from the platform.

Bottom Line

Similar to cryptocurrency NFTs have also been increasing over time. It’s extremely creative and unusual, but that’s the reason it is so appealing to people. OpenSea is an NFT marketplace that caters to a broad range of NFTs. More categories can be involved when the market is integrated with decentralized finance.

The OpenSea ecosystem enables its customers to conduct transactions without concern about privacy and security. Furthermore, it doesn’t charge customers high charges. A 2.5% fee on sales is acceptable, given that some online stores can charge as high as 5 percent.

In the end, OpenSea is an excellent marketplace for NFT trading beginners or professionals.

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

FAQ Square Nft Hydroponics Trough

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

OpenSea has a mobile and desktop browser that you can use. In the event that you’re trying it on your mobile phone, the browsers should be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Additionally, it should be fully charged to begin.

Does OpenSea has a support team?

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

Can you make money at OpenSea?

You can also mint at OpenSea. All you have be able to do is make an NFT and then add it to the collection. Once you’re ready to sell the items, post them for auction. This is gas-free and easy to accomplish, but it is also possible to check out their tutorials.

What are the gas prices?

Gas fees are transaction fees that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium is a one-time fee and regular fees. The prices are driven by the market, which means they fluctuate every now and then.

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

OpenSea has a mobile and desktop browser users can use. If you’re using it through your phone on the go, your browsers should be compatible with Etherium. Additionally, you should have an account with a wallet or extension. Additionally, it should be topped up for you to begin.

Does OpenSea have a support team?

Yes, they have a support team that you can contact through their contact form. Visit their website, and look for “Submit a request.”

Are you able to make money at OpenSea?

You can mint at OpenSea. All you have make is to create an NFT and add an item in your inventory. Once you’re ready to sell the items, post them for sale. It’s easy and gas-free to do, however you should 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 funds to another wallet. Etherium has one-time fees and periodic fees. The prices are driven by the market, therefore they constantly change at regular intervals.

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

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