OpenSea is now one of the most popular platforms for NFTs. It was the first to release such a platform in the past. It has seen rapid growth as blockchain and NFT become more popular investments.
It’s even more popular since celebrities and famous personalities have expressed their curiosity. As art becomes more digitized, NFT becomes more lucrative.
If you’re set on investing through 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 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 watch videos instead, take a look at the review of this channel. They’ll walk users through OpenSea and its features so you’re aware of everything before you begin NFT trading.
For those who prefer to read, let’s go over what it is before we go over the costs and the benefits it offers.
Before you go on, you may want to check out this video by The Social Guide on YouTube that gives a quick overview. After, you will want to read the rest of the article for a more comprehensive review.
What is OpenSea? Nft Reactive
OpenSea is a marketplace for non-fungible currency, also known as NFTs. Through their open and decentralized marketplace, you can purchase, sell NFTs, and trade them with other users.
The available NFTs are not restricted to art, music game items, domain names.
It was established in the year 2018 by Devin Finzer and Alex Atallah Two programmers who got started with the introduction of the first generation of digital collectibles. It was also one of the first NFT marketplaces and a concept as new as cryptocurrencies.
Today, it is one of the biggest NFT marketplaces. They have a vast collection of NFTs that are constantly growing. The best part about these is that they permit users to sell NFTs bought or created elsewhere.
How does OpenSea operate?
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 this platform belong to the users, not the platform. Since they’re an uncentralized marketplace, they use intelligent contracts to ensure that buyers can communicate with potential buyers without putting at risk the security of their NFT ownership.
That means unless the transaction is complete, your digital assets will never leave your account. 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 search engine to look for NFTs you’d prefer to purchase. There are filters that can make your search easier.
> > Click Here to Explore OpenSea’s Marketplace < <
What kinds of NFTs can you purchase from OpenSea?
There are about 200 types of NFTs available to purchase through OpenSea. Here are eight categories in which they are typically placed. Let’s examine each.
Music
Music could be among the most well-known NFTs all time. It’s not just limited to music only. You can also purchase mixtapes, remixes, beatsand vocals or whatever the artist offers. You can also purchase background noises like rain, indistinct chatters or various other sound effects.
Collectibles
Even before NFTs became popular, some people were investing in collectibles such as baseball cards movie props, or even older technology.
In the case of NFTs, it is possible to collect avatars and digital pet, or 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 has always been among the most well-known NFT since before NFT became a reality. As of today it is possible to do the same with digital artworks. It’s not limited to digital artworks and illustrations. Gifs can be collected as well or images, as well as short video clips.
Trading Cards
It is also possible to collect digital trading cards, such as those of Sorare as well as BCCG.
Sports
Sports-related digital items can also be collected such as animated team logos.
Virtual Worlds
VR spaces and elements can now also be bought. It is possible to purchase these metaverses or other things such as game items as well as the VR environment characters, virtual objects or even virtual lands. A popular instance could be Axie Infinity.
Utility
As absurd as it may sound it is possible to purchase NFTs that have specific functions. Examples are from Emblem Finance and Urbit ID.
Domain Names
Websites can be considered to be NFT. Names that are based on blockchain can be purchased that aren’t subject to being shut down from any person. These types are also censorship-resistant.
> > Click Here to Explore OpenSea’s Marketplace < <
What are the options for selling?
Selling on OpenSea is easy. All you have to do is post your products on the marketplace. You only have to ensure your wallet is connected. After you’ve entered your bid and type of auction and you’re ready to go.
For first-time sellers you will be subject to a one-time gas fee.
Currently, you can choose from five options for selling. They are:
Fixed Price
The seller is the one to charge 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 usually set very high prices. With time, the value 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 have agreed on a 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 with time. In the English Auction, buyers will make bids until the seller is able to sell the auction at the price of highest bidding.
OpenSea can automatically take over the bid if the auction ends above 1 Etherium.
NFT Creation
You can also mint your own NFTs using the platform. You can then sell them in the marketplace.
Bundles
If you’re looking to sell multiple NFTs in one transaction, you could make use of the bundle feature offered by OpenSea. 30 items are available within the package.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any additional fees?
It’s common for cryptocurrency or NFT exchanges to charge fees to access the platform. Although the charged fee varies according to the platform, it’s generally a percentage of the sale cost that the buyer pays. It’s similar to how regular galleries earn money by gaining a percentage of the paintings that are sold.
With OpenSea you only have to pay 2.5 percent when purchasing an NFT. No listing fees or other kinds of charges. Other marketplaces charge 5% per sale, making OpenSea’s 2.5 per cent cost competitive.
But, it is important to be aware that certain NFTs have higher transaction fees as compared to other. This can vary between each seller. Certain artists may also receive an additional commission in addition to or of the required 2.5%.
In addition, trading on Etheruem is costly. The NFT collection will be issued as a valid non-fungible token after your NFT bid is accepted. The costs for the process will be based on the market conditions, however you can expect it to be around $100 per NFT.
You also need to know that some NFTs have extra commissions. For example, game developers get 15 percent or more commissions for the items they’ve sold.
What are the payment methods?
OpenSea is not able to accept conventional currencies such as US Dollar or Euros. You’ll need to set up your crypto wallet, where you’ll convert your cryptocurrencies into cash. This means that you can’t use PayPal, credit, or debit cards to pay for or deposit. Nft Reactive
The NFTs can be bought or sold when your cryptocurrency is accepted by OpenSea. Here’s a list of the cryptocurrency wallets and blockchains that they can support.
Blockchains Supported by OpenSea
- Klatyn
- Ethereum
- Polygon
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 examine the advantages and disadvantages when using OpenSea.
Pros
OpenSea can be decentralized which makes transactions secure and virtually impossible to get scammed. Additionally, it is possible to invest in NFTs, even if you don’t have prior experience or know-how in blockchain or coding. Nft Reactive
They also offer several types of digital asset, which makes them one of the largest NFT marketplaces. The platform’s low charges are also a good method to earn more income.
Cons
Although it’s decentralized and offers one of the most diverse NFT collection, the service still has limitations. OpenSea only accepts cryptocurrency as payment. Since there is no support for fiat currencies, it cannot support payments with currencies like USD or Euros.
It is also necessary to create your crypto wallet to sell or buy from the platform.
Bottom Line
Similar to cryptocurrency, NFTs have been expanding over the past few years. It’s very creative and sounds unusual, but that’s what makes it captivating for people. OpenSea is 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.
OpenSea’s ecosystem allows its customers to conduct transactions without concern about privacy and security. Additionally, it doesn’t charge customers high charges. A 2.5 percentage charge on your sales seems 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.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ Nft Reactive
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. If you’re using it with your mobile phone, your browsers must work with Etherium. Additionally, you should have an account with a wallet or extension. Additionally, it should be topped up for you to start.
Does OpenSea has a support team?
Yes, they have a support staff that you can contact through its contact forms. Visit their website, and search for “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you have be able to do is make an NFT and add it to the collection. When you’re ready to sell them, list them for auction. This is gas-free and easy, but you can also look over their instructional videos.
What are gas fees?
The gas fees refer to transaction fees from Etherium. The gas fee is charged when you transfer crypt to another wallet. Etherium is a one-time fee and recurring fees. The price is determined in accordance with the current market conditions, therefore they constantly change at regular intervals.
What are the requirements I must meet before I can use OpenSea?
OpenSea has a mobile and desktop browser users can use. When you’re using the browser on your mobile phone, your browsers should work with Etherium. Also, you’ll need a wallet or a wallet extension. Additionally, it should be filled with money to get started.
Does OpenSea has a support team?
Yes they do have a support team you can contact through the contact page. Visit the official site and search on the page for “Submit a request.”
Are you able to earn money at OpenSea?
You can mint at OpenSea. All you need to do is create an NFT and then add it to the collection. Once you’re ready to sell them, put them up for auction. It’s easy and gas-free, but you can also go through their tutorials.
What are the costs for gas?
These are transactions costs from Etherium. The gas fee is charged for transferring crypt to another wallet. Etherium is a one-time fee and periodic fees. Prices are determined through the marketplace, which means they change every now and then.
