OpenSea NFT Marketplace Review./ Part 03.

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Assalamu Alaikum. Hope everyone is well. I am very well by the grace of God. Today I am back with a new post. Today I will discuss NFT Marketplace among you.

As you have already seen, nft has become very popular in the web three point zero world. And because these NFTs are popular, the NFT marketplaces are facing a lot of competition. Because customers are looking for where to keep them safe.

So NFT marketplaces are increasing day by day. The more secure the NT marketplaces, the more popular the NFT market prices. Because I myself don't want to buy any NFT and lose it. So I will discuss with you today about a very well-known and popular marketplace.

Today I am going to discuss with you OpenSea NFT Marketplace. I have posted two posts about this marketplace. Today I am going to share the third post with you. Hope everyone will enjoy.

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In this post we will try to know the pros and cons of OpenSea NFT Marketplace.

A community has its advantages and disadvantages. No one can say that there is good in everyone in this world. But it can say that the good side is more and the bad side is less. So today we will explore the pros and cons of this marketplace. So let's start.

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Benefits of OpenSea .

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Payment Method: We mainly do NFT transactions in any currency. The main objective of buying NFT is to get future profit. And if that money is not paid to us properly then what is the use of that community. OpenSea NFT Market Place is very good in terms of money. Many of these marketplaces facilitate money transfers through blockchain. You can withdraw or transact through different currencies.

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TRADING VOLUME: Around 2021 when NFT gained popularity, OpenSea gained popularity as the first NFT marketplace. Dhara Chali is the mother of all NFT marketplaces. So the volume of this NFT marketplace is very high. Because the number of users of the marketplace will be more, the transaction of the marketplace will be more and the volume will increase.

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Network Effect: Networking effect is seen in many nft marketplaces. However, the network effect is not seen much in this marketplace. You can trade whenever you want.

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Free minting: First of all this NFT marketplace used to offer free minting. By doing this, no gas fee had to be paid in advance. If you want you can create an account yourself and start NFT minting. But I think such a big community did a very nice job.

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Disadvantages of OpenSea .

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CENTRALIZED EXCHANGE: The centralized rules of this NFT marketplace are very strict. This rule is seen as a problem by many users. However, many marketplaces are decentralized. Still everyone trades here because of the popularity of this NFT market place. But I think they will simplify these rules very soon. If not, customers will gradually move to other market places over time.

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Gas Fee: First they don't take gas but now they take high amount of gas. This is a very bad aspect. While other blockchain gas fees are low, Ethereum blockchain's gas fees are much higher. But I think it is better to keep the gas fee normal.

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NFT Deleted: They accidentally deleted some nft. This is a very bad incident. Because if I create an NFT then it gets deleted again then the matter becomes worse. As we have already seen, they have listed several Azuki NFT equivalents to the Chip NFT. This is a very bad feature that affects other users.

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Costly Fees: OpenSea Marketplace does not pay any fixed fees when it comes. Users could mint for free. But they have fixed the fee in this market place. 2.5% fee has to be paid to them. This is a very bad aspect. I hope they change this rule very soon.

So friends, I have finished here today. See you in the next post. Everyone stay well, stay healthy and take care of yourselves.

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I am Md. Ebrahim Islam Nahid. Everyone calls me Nahid. I am Bangladeshi. I am an Electrical Engineer. I love reading books, writing and creating new things. I try to express myself and evaluate the opinions of others.