Whats Nft

opensea-review

OpenSea is now one of the top marketplaces for NFTs. It was the first to release such a platform throughout the years. It’s seen rapid growth as blockchain and NFT have become increasingly sought-after investments.

It’s even more popular since celebrities and famous personalities have expressed their curiosity. As art becomes more digitalized, NFT becomes more lucrative.

If you’re planning to invest with NFTs and want to start from an established marketplace will give you the leverage you require. That’s why we made this review. OpenSea has always been the most popular NFT marketplace. But is it suitable for you?

Before you go on, we’d like to warn you. This review is an extensive read. If you’d rather watch a video instead, check out the review of this channel. They will guide users through OpenSea and its features to ensure that you understand everything before you begin NFT trading.

If you prefer reading, we’ll go over what it is before we look into its fees 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. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.

What is OpenSea? Whats Nft

OpenSea provides a platform that deals in non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can sell, buy, and trade NFTs with other users.

The NFTs that are available aren’t limited to music, art game items, domain names.

It was founded in the year 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began with the introduction of the first generation of digital collectibles. It was also among the first NFT marketplaces which is not as old as cryptocurrency.

Today, it is one of the biggest NFT marketplaces. They offer a wide selection of NFTs that only keeps expanding. The most appealing aspect of them is that they allow users to list NFTs that were purchased or developed elsewhere.

How does OpenSea function?

If you’ve previously been buying or selling with cryptocurrencies You’ll see NFT trading quite similar.

For OpenSea The majority of the assets that are listed on the platform are owned by the users, not the platform. Because they’re an open marketplace, they have intelligent contracts to ensure that buyers can interact with potential buyers without putting at risk losing their NFT ownership.

If the transaction is complete your digital assets won’t leave your wallet. Furthermore, you’re not required to make your account. All you have to do is have a web3 supported wallet.

In the event that you’re buying, you can use their search engine to search for NFTs that you’d like to purchase. They also have filters available to simplify your search.

Whats Nft

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

What types of NFTs are available to purchase from OpenSea?

There are around 200 kinds of NFTs available to buy from OpenSea. There are eight categories to which they typically fall into. Let’s have a look at each.

Music

Music is among the most well-known NFTs of all time. It’s not limited to music only. You can also purchase mixtapes, remixes, beatsand vocals or whatever the artist has to offer. Many people even purchase background sounds such as rain, chatter that isn’t clear, or other types of sound effects.

Collectibles

Before NFTs became popular, some individuals were interested in collecting items such as baseball cards, film props, or the older technologies.

For NFTs, it is possible to collect avatars, virtual pets, and other characters that can be traded or taken home. The rarer they are, the more value they will be. They also have variations like Nyan Cat and CryptoPunks.

Art

Art is always one of the most well-known NFT prior to when NFT became a reality. In the present it is possible to do the same with digital artworks. It’s not just limited to digital illustrations or paintings. It is also possible to collect gifs images, photos, or videos of short length.

Trading Cards

It is also possible to collect digital trading cards like those from Sorare as well as BCCG.

Sports

The digital objects associated with sports are also available, such as animated team logos.

Virtual Worlds

VR space and other elements can be purchased. It is possible to purchase these metaverses and other things like game objects as well as the VR environment virtual objects, characters or even virtual lands. A popular example can be Axie Infinity.

Utility

As far-fetched as it sounds it is possible to purchase NFTs that are specifically designed to perform certain capabilities. Examples are from Emblem Finance and Urbit ID.

Domain Names

Websites are now considered as NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting 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 your products on OpenSea is easy. All you have to do is to list your products on the marketplace. All you need to do is to ensure that your wallet is connected. Once you’ve added your price and 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.

At present, you can select among five selling options. The choices are:

Fixed Price

The seller will be the one to pay the price that is the NFT. As the name implies it is not subject to change.

Dutch Auction

In Dutch Auctions, also known as Dutch Auction, the seller sets a price that will fluctuate in time. Sellers typically set up very expensive prices. As time passes, it will lower until it becomes equivalent to the bid of the buyer. Additionally, the buyer can submit an offer. The NFT can be sold once they reach an agreement on the price.

English Auction

The seller puts up an NFT for sale and will list an amount that is a minimum. This is different from auctions like the Dutch Auction, where the price will decrease as time passes. The English Auction, buyers will bidding until the seller sells the auction to the highest bidder.

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 via the platform. You can then sell them through the marketplace.

Bundles

If you are 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 listed as part of the bundle.

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 to use the platform. While the fee charged varies according to the platform, it’s generally a percentage of the sale cost paid by the buyer. Similar to how regular art galleries generate income by gaining a percentage of the paintings that are sold.

With OpenSea you only need to pay 2.5% when you purchase an NFT. There are no listing fees or other kinds of charges. Other marketplaces charge you a percentage of 5% for each sale, making OpenSea’s 2.5 per cent cost reasonable.

But, it is important to know that certain NFTs have higher transaction fees compared to others. The fees can differ for each seller. Some artists can also have an additional commission on sales, apart of the required 2.5 percentage.

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

Also, you should know that some NFTs have extra commissions. For instance, game developers are paid up to 15% commissions for items they’ve sold.

What are the payment methods?

OpenSea is not able to accept conventional currencies such as US Dollar or Euros. You will need to create your crypto wallet, where you’ll convert the cryptocurrencies to cash. Also, you are not able to make use of PayPal credit or debit cards to pay or make a deposit. Whats Nft

The NFTs can be purchased or traded only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of blockchains and wallets 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 look at the advantages and disadvantages when using OpenSea.

Pros

OpenSea is decentralized, which makes transactions secure and virtually impossible to be swindled. Moreover, you can easily invest in NFTs even if there is no prior experience or know-how in blockchain technology or programming. Whats Nft

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

Cons

While it is decentralized and offers one of the largest NFT selections, it has its limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies the platform is unable to accept payments using currency like USD or Euros.

Additionally, you will need to create your crypto wallet to either sell or purchase on the platform.

Bottom Line

Just like cryptocurrencies, NFTs have been growing over the years. It’s very creative and sounds strange, which is why it’s so attractive to people. OpenSea provides an NFT marketplace that can be a service to a variety of NFTs. There are more categories that can be included when the market is integrated with the decentralized finance.

The OpenSea ecosystem enables its customers to conduct transactions without having to worry about privacy and security. In addition, it doesn’t cost customers high charges. A 2.5 percentage cost on your sales appears reasonableconsidering that some marketplaces could 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 Whats Nft

What do I need so I can use OpenSea?

OpenSea offers a mobile and desktop browser that you can use. When you’re using the browser with your mobile phone, the browsers must work with Etherium. You also need to have an account with a wallet or extension. Additionally, it should be fully charged to begin.

Does OpenSea has a support team?

Yes they have a customer support staff that you can contact through their contact form. Go to their official website and search on the page for “Submit a request.”

Do you have the ability to earn money at OpenSea?

You can also mint at OpenSea. All you need make is to create an NFT and add an item in your inventory. If you’re ready for selling them, put them up for sale. This is gas-free and easy to accomplish, but it is also possible to check out their tutorials.

What are gas fees?

Gas fees are transaction costs that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium offers one-time fees as well as periodic fees. The prices are driven in accordance with the current market conditions, therefore they constantly change from time to time.

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

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

Does OpenSea have a support staff?

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

Can you mint at OpenSea?

You can make a mint using OpenSea. All you need be able to do is make an NFT and add an item in your inventory. When you’re ready to sell them, list them for sale. It’s easy and gas-free to do, however you should go through their tutorials.

What are the gas prices?

Gas fees are transaction fees that are charged by Etherium. You pay a gas fee for transferring crypt to another wallet. Etherium has one-time fees and regular fees. The price is determined through the marketplace, which means they change every now and then.

bitcoin-coins

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

What’S Nft

opensea-review

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

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

If you’re set on investing through NFTs, then starting from a good marketplace can provide the leverage you require. This is why we wrote this review. OpenSea is always the leading NFT marketplace. But is it suitable for you?

Before you begin our review, we’d like warn you. This review is quite a long read. If you prefer to take a look at videos instead, you can check out this channel’s review. They’ll walk the user through OpenSea and its features so that you understand everything before you jump in with NFT trading.

If you like to read, let’s go over what it is before we examine its costs and the benefits it offers.

opensea-logo

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? What’S Nft

OpenSea provides a platform that deals in non-fungible tokens, also referred to as NFTs. Through their open and decentralized marketplace, you can sell, buy, and trade NFTs with other users.

The NFTs available are not restricted to art, music games, or game products, as well as domain names.

It was established in the year 2018 by Devin Finzer and Alex Atallah two programmers who began by facilitating the 1st generation of digital collectible items. It was also among the first NFT marketplaces and a concept as new as cryptocurrencies.

Today, it is one of the largest NFT marketplaces. They have an extensive collection of NFTs that only keeps growing. The best part about them is that they allow users to post NFTs bought or created elsewhere.

How does OpenSea operate?

If you’ve ever been buying or selling with cryptocurrencies You’ll see NFT trading very similar to that.

For OpenSea All of the assets that are listed on the platform are owned by the users, not the platform. Since they are an open marketplace, they are equipped with smart contracts that allow users are able to interact with buyers without having to risk their NFT ownership.

If the transaction is successful the digital assets won’t leave your account. Moreover, you aren’t required to make your account. All you need is to possess a wallet that is compatible with web3.

In the event that you’re buying you can use their browser to find NFTs you’d like to purchase. They also offer filters to aid in your search.

What'S Nft

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

What types of NFTs are available to purchase from OpenSea?

There are around 200 kinds of NFTs you can purchase from OpenSea. There are eight categories to which they are typically placed. Let’s have a review of each.

Music

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

Collectibles

Before NFTs were popular, a few people were investing in collectibles like baseball cards, film props, and even old technology.

For NFTs, you can collect avatars and digital pet or other characters that can be sold or acquired. The rarer they are, the greater value they possess. Some also have variants like Nyan Cat and CryptoPunks.

Art

Art is always one of the most popular NFT, even before NFT became a reality. Today it is possible to make the same thing with digital artworks. It’s not just limited to illustrations and digital paintings. It is also possible to collect gifs images, photos, or videos of short length.

Trading Cards

It is also possible to collect digital trading cards like those from Sorare as well as BCCG.

Sports

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

Virtual Worlds

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

Utility

As absurd as it may sound there are also NFTs with specific functions. Examples are from Emblem Finance and Urbit ID.

Domain Names

Websites are now 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 selling options?

Selling your products on OpenSea is simple. All you need to do is list them on the marketplace. It’s all you have to do is make sure your wallet is connected. Once you’ve added the price and auction type, you’re good to go.

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

You can currently select from five options for selling. The choices are:

Fixed Price

The seller is the one to pay the cost for the NFT. Like the name suggests, it never changes.

Dutch Auction

For Dutch Auctions, also known as Dutch Auction, the seller decides on a price which will fluctuate in time. Sellers generally set expensive prices. As time passes, the price will lower until it becomes equal to the buyer’s bidding. Furthermore, the buyer may also make an offer to the seller. The NFT is sold after they have agreed on a price.

English Auction

The seller will put up an NFT for sale and will list an amount that is a minimum. This is in contrast to auctions like the Dutch Auction, where the price decreases over time. The English Auction, buyers will bid until the seller sells it for the most expensive bidder.

OpenSea will automatically accept the bid if the auction ends above 1 Etherium.

NFT Creation

You can also mint your own NFTs via the platform. They can be sold through the marketplace.

Bundles

If you want to sell multiple NFTs in one transaction, you can use OpenSea’s bundle features. 30 items are available as part of the bundle.

crypto-trading

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

Are there any additional fees?

It’s normal for crypto or NFT marketplaces to charge charges to use the platform. The fee is charged can vary according to the platform, it’s generally a percentage of the sale price paid by the buyer. This is similar to how traditional art galleries generate income by gaining a percentage of the paintings that are sold.

With OpenSea, you will only need to pay 2.5 percent when purchasing an NFT. No listing costs and other surcharges that are associated with. Other marketplaces charge you a 5% per sale, which makes the OpenSea’s 2.5% cost competitive.

However, you must know that certain NFTs have higher transaction charges compared to others. The fees can differ for each seller. Certain artists also get an additional sales commission apart from the imposed 2.5%.

In addition, trading on Etheruem can be costly. The NFT collection will only be created as a valid non-fungible token once your NFT bid is accepted. The costs for the process will be based on the market, but you can expect it to be in the range of $100 for each NFT.

It is also important to be aware that some NFTs charge additional commissions. For example, game developers are paid 15 percent or more 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’ll need to set up your own crypto wallet, from which you’ll convert your cryptocurrencies into cash. This means that you can’t make use of PayPal, credit, and debit card to make payments for or make a deposit. What’S Nft

The NFTs can only be purchased or sold only if the cryptocurrency you’re using is accepted 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 has no centralization, making transactions secure and almost impossible to be scammed. Additionally, it is possible to invest in NFTs, even if you do not have any experience or expertise in blockchain or coding. What’S Nft

They also provide a variety of digital assets, making them one of the most popular NFT marketplaces. The platform’s low fees are also an excellent way for you to make more money.

Cons

While it is decentralized and offers one of the most diverse NFT collection, the service has its limitations. OpenSea only accepts crypto as a form of payment. Since there is no support for fiat currencies and no support for payments using currency like USD or Euros.

You will also need to establish a cryptocurrency wallet in order to sell or buy from the platform.

Bottom Line

Just like cryptocurrencies NFTs have also been growing over the years. It’s extremely creative and unusual, but that’s the reason it is so appealing to people. OpenSea can be described as an NFT marketplace that can cater to a broad range of NFTs. There are more categories that can be included as the industry becomes integrated with the decentralized finance.

The OpenSea ecosystem enables its customers to conduct transactions without having to worry about privacy and security. Additionally, it doesn’t charge you high fees. A 2.5 percentage cost on your sales appears reasonableconsidering that some marketplaces could charge as high as five 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 What’S Nft

What are the requirements I must meet before I can make use of OpenSea?

OpenSea offers a mobile and desktop browser that users can utilize. If you’re using it on your mobile phone, your browsers must work with Etherium. Additionally, you should have an account with a wallet or extension. In addition, it must be topped up for you to get started.

Does OpenSea has a support team?

Yes they do have a support team you can reach via its contact forms. Just go to their official website and search at “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 then add an item in your inventory. When you’re ready to sell the items, post them for sale. It’s easy and gas-free to accomplish, but it is also possible to check out their tutorials.

What are the costs for gas?

The gas fees refer to transaction fees that are charged by Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium is a one-time fee and recurring fees. Prices are determined through the marketplace, which means they fluctuate at regular intervals.

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

OpenSea offers a mobile and desktop browser you can utilize. When you’re using the browser on your mobile phone, your browsers should be compatible with Etherium. You also need to have an account with a wallet or extension. Additionally, it should be filled with money to start.

Does OpenSea have a support staff?

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

Do you have the ability to make money at OpenSea?

You can make a mint using OpenSea. All you need 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 but you could also go through their tutorials.

What are the gas prices?

These are transactions fees from Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium offers one-time fees as well as regular fees. Prices are determined by the market, which means they change at regular intervals.

bitcoin-coins

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

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