Week 9 Espn Nft Picks

opensea-review

OpenSea is now one of the leading platforms for NFTs. It was the first to release such a platform over the years. It has experienced rapid growth as blockchain and NFT have become increasingly sought-after investments.

It’s becoming more popular because celebrities and famous personalities have expressed an curiosity. As art is increasingly digitalized, NFT becomes more lucrative.

If you’re planning to invest through NFTs and want to start from an established marketplace will provide the leverage you require. This is why we wrote this review. OpenSea has always been the leading NFT marketplace. But is it the right choice for you?

Before you go on our review, we’d like warn you. This review is an extensive read. If you prefer to take a look at a video instead, take a look at the channel’s review. They’ll walk users through OpenSea and its features to ensure you’re fully aware before you jump in with NFT trading.

If you prefer reading, we’ll look through what it is prior to we go over the costs and what it has to offer.

opensea-logo

Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. After, you will want to read the rest of our article for a more comprehensive review.

What is OpenSea? Week 9 Espn Nft Picks

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

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

It was founded in 2018 with the help of Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectible items. It was also one of the very first NFT marketplaces which is similar to cryptocurrency.

It is now one of the largest NFT marketplaces. They have a vast collection of NFTs which is constantly expanding. One of the best things about them is that they allow users to post NFTs bought or created elsewhere.

How does OpenSea operate?

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

For OpenSea All of the assets on this platform belong to users, not by the platform. Since they are a decentralized marketplace, they are equipped with intelligent contracts so that users can interact with potential buyers without risking their NFT ownership.

If the transaction is successful, your digital assets won’t leave your wallet. In addition, you don’t have to open an account. All you need is to have a web3 supported wallet.

For those who are buyers you can use their browser to look for NFTs you’d prefer to purchase. They also offer filters to make your search easier.

Week 9 Espn Nft Picks

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

What kinds of NFTs are available from OpenSea?

There are more than 200 varieties of NFTs that you can purchase from OpenSea. Here are eight categories in which they are typically placed. Let’s take a closer review of each.

Music

Music may be one of the most well-known NFTs all time. It’s not just limited to music only. You can also buy mixtapes, remixes, beatsand vocals or whatever the artist offers. Many people even purchase background sounds like rain, indistinct chatters or various other sound effects.

Collectibles

Before NFTs became popular, some people invested in collectibles like baseball cards, film props, or old technology.

For NFTs, you can collect avatars, virtual pets and other characters that can be sold or collected. The rarer they are, the greater value they be. They also have variations like Nyan Cat and CryptoPunks.

Art

Art is always one of the most popular NFT since before NFT came to be. As of today you can do the same with digital art. It’s not just limited to illustrations and digital paintings. You can also collect gifs or images, as well as videos of short length.

Trading Cards

You can also collect digital trading cards like those from Sorare and BCCG.

Sports

Sports-related digital items are also available, like animated logos of teams.

Virtual Worlds

VR space and other elements can now also be bought. You can buy these metaverses and other things like game elements and the VR environment characters, virtual objects or even virtual lands. A popular example could be Axie Infinity.

Utility

As bizarre as it may sound there are also NFTs that are specifically designed to perform certain functions. Examples include Emblem Finance and Urbit ID.

Domain Names

Websites are now considered as NFT. Names that are based on blockchain can be purchased that aren’t subject to shut 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 simple. All you have to do is to list them in the marketplace. You only have to make sure your account is linked. After you’ve entered your bid and the type of auction and you’re ready to go.

For the first time sellers, you will be subjected to a one-time fee for gas.

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

Fixed Price

The seller will be 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 decides on a price which will fluctuate over the course of. Sellers typically set up very expensive prices. With time, the value will decrease until it is equivalent to the bid of the buyer. Furthermore, the buyer may submit an offer. 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. This is different from the Dutch Auction, where the price drops over time. In the English Auction, buyers will bid until the seller sells the auction at the price of highest bidding.

OpenSea can automatically take over the transaction in the event that the auction is over 1 Etherium.

NFT Creation

You can also mint your own NFTs using the platform. They can be sold on the marketplace.

Bundles

If you are looking to sell multiple NFTs under one transaction, you can make use of the bundle feature offered by OpenSea. 30 items can be included within the package.

crypto-trading

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

Are there any additional fees?

It’s common for cryptocurrency or NFT marketplaces to impose charges for using the platform. Although the charged fee varies according to the platform, it’s generally an amount of the sales price paid by the buyer. It’s similar to how regular galleries earn money by getting a share of the paintings that are sold.

With OpenSea you only need to pay 2.5 percent when you buy an NFT. No listing costs and other kinds of charges. Other marketplaces charge percentage of 5% for each sale, which makes OpenSea’s 2.5 per cent cost affordable.

However, you must understand that some NFTs have higher transaction charges compared to others. The fees can differ for each seller. Certain artists may also receive an additional commission on sales, apart from the imposed 2.5 percentage.

Additionally, transacting to Etheruem can be costly. The NFT collection will be created as a valid token that is non-fungible after 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 in the range of $100 for each NFT.

It is also important to be aware that certain NFTs earn additional commissions. For instance, game developers get up to 15% commissions for items they’ve sold.

What are the payment methods?

OpenSea does not accept traditional currencies such as US Dollar or Euros. It is necessary to set up your crypto wallet, where you’ll be able to convert the cryptocurrency into cash. Also, you are not able to make use of PayPal, credit, or debit cards for payment or transfer funds. Week 9 Espn Nft Picks

The NFTs are only able to be bought or sold if your cryptocurrency is supported by OpenSea. Here’s a list with 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 look at the advantages and disadvantages that come with using OpenSea.

Pros

OpenSea has no centralization, which makes transactions secure and almost impossible to be scammed. Additionally, it is possible to invest in NFTs, even if there is no experience or knowledge about blockchain technology or programming. Week 9 Espn Nft Picks

They also offer a range of digital asset, which makes their platform one of the biggest NFT marketplaces. Low platform costs are also a great opportunity to make more money.

Cons

Although it is open source and has one of the largest NFT collections, it still has some limitations. OpenSea only accepts cryptocurrency as a payment. Since there is no support for fiat currencies, it cannot support payments using currency like USD or Euros.

Additionally, you will need to establish a crypto wallet to sell or purchase on the platform.

Bottom Line

Similar to cryptocurrency NFTs have also been expanding over the past few years. It’s very creative and sounds unusual, but that’s why it’s so attractive to people. OpenSea provides an NFT marketplace that caters to a broad range of NFTs. The number of categories available will increase as the market becomes more integrated with decentralized finance.

OpenSea’s ecosystem allows its users to make transactions without worrying about privacy or security. Additionally, it doesn’t charge users high fees. A 2.5 percent cost on your sales appears acceptable, given that some online stores can charge as high as 5 percent.

Overall, 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 Week 9 Espn Nft Picks

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

OpenSea has a mobile and desktop browser users can utilize. In the event that you’re trying it through your phone on the go, your browsers should be compatible with Etherium. You also need to have either a wallet, or an extension. Also, it needs to be filled up to start.

Does OpenSea have a support team?

Yes they have a customer support team that can be reached via the contact page. Go to their official website and look on the page for “Submit a request.”

Are you able to earn money at OpenSea?

You can make a mint using OpenSea. All you need to do is create an NFT and add it to the collection. Once you’re ready to sell the items, post them for sale. This is gas-free and easy to accomplish, but it is also possible to look over their instructional videos.

What are the costs for gas?

These are transactions fees that are charged by Etherium. You pay a gas fee when you transfer crypt funds to another wallet. Etherium has one-time fees and recurring fees. Prices are determined through the marketplace, so they constantly change every now and then.

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

OpenSea offers a mobile and desktop browser that you can utilize. When you’re using the browser on your phone on the go, your browsers must be compatible with Etherium. Additionally, you should have either a wallet, or an extension. Also, it needs to be filled with money to start.

Does OpenSea have a support team?

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

Can you mint at OpenSea?

You can make a mint using OpenSea. All you have to do is create an NFT and add the item to your collection. When you’re ready to sell the items, post them for sale. This is gas-free and easy to do, however you should go through their tutorials.

What are the gas prices?

The gas fees refer to transaction fees from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium is a one-time fee and recurring fees. The prices are driven by the market, therefore they fluctuate at regular intervals.

bitcoin-coins

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

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