OpenSea has grown to become one of the top platforms for NFTs. It was the first to launch a platform like this throughout the years. It has seen rapid growth since blockchain and NFT become more popular investments.
It’s even more popular since celebrities and celebrities have expressed their curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest with NFTs and want to start from a good marketplace can help you get the leverage you require. This is why we wrote this review – OpenSea has been for a long time the most popular NFT marketplace. But is it right for you?
Before you start, we’d like to warn you. This review is quite an extensive read. If you prefer to take a look at videos instead, you can check out the review of this channel. They’ll walk the user through OpenSea and its features so that you understand everything before you dive into NFT trading.
For those who prefer reading, we’ll look over the basics before we look into its fees and what it can offer.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. After, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? OpenSea In German
OpenSea is a marketplace for non-fungible tokens, also referred to as NFTs. Through their decentralized marketplace, users can sell, buy NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t restricted to art, music game items, domain names.
It was created in 2018 in 2018 by Devin Finzer and Alex Atallah two programmers who began with the introduction of the first generation of digital collectible items. It was also among the very first NFT marketplaces, a concept that is similar to cryptocurrency.
Today, it is one of the largest NFT marketplaces. They offer a wide selection of NFTs that are constantly growing. The most appealing aspect of them is that they allow users to list NFTs that were purchased or developed elsewhere.
What is the process behind OpenSea function?
If you’ve 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 the platform. Since they are an uncentralized marketplace, they have smart contracts that allow users are able to interact with buyers without putting at risk the security of their NFT ownership.
If the transaction is complete the digital assets won’t leave your account. In addition, you don’t have to create your account. All you have to do is have a web3 supported wallet.
If you’re a buyer you can utilize their website to search for NFTs that you’d prefer to purchase. They also have filters available to simplify your search.
> > Click Here to Explore OpenSea’s Marketplace < <
What kinds of NFTs are available to purchase from OpenSea?
There are more than 200 varieties 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 is among the most popular NFTs of all time. It’s not restricted to songs only; you can also purchase mixtapes, remixes of beats, remixes or whatever the artist is offering. You can also purchase background noises like rain, indistinct chatters and other sound effects.
Collectibles
Before NFTs became popular, some people invested in collectibles such as baseball cards film props, or the older technologies.
For NFTs, you can gather avatars, digital pets and other characters that can be traded or collected. The rarer they are, the more value they will be. Some also have variants like Nyan Cat and CryptoPunks.
Art
Art is always one of the most popular NFT, even before NFT was invented. In the present, you can also do the same with digital art. This isn’t just limited to illustrations and digital paintings. Gifs can be collected as well or images, as well as short video clips.
Trading Cards
There is also the possibility of collecting digital trading cards like the ones from Sorare or BCCG.
Sports
Sports-related digital items can also be collected like animated team logos.
Virtual Worlds
VR environments and components can now also be bought. You can purchase these metaverses, or other items like game elements and the VR environment virtual objects, characters, or even virtual lands. One popular illustration could be Axie Infinity.
Utility
As far-fetched as it sounds, you can also buy NFTs that have specific capabilities. Examples are from Emblem Finance and Urbit ID.
Domain Names
Websites are now classified as NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting down by anyone. These types are also censorship-resistant.
> > Click Here to Explore OpenSea’s Marketplace < <
What are the selling options?
Selling on OpenSea is easy. All you have to do is list your products on the marketplace. All you need to do is to ensure your wallet is connected. Once you’ve added the price and type of auction then you’re all set.
For first-time sellers, you will be subjected to a one-time gas fee.
You can currently select from five options for selling. They are:
Fixed Price
The seller will be the one to charge the price of the NFT. As the name implies the price never changes.
Dutch Auction
In Dutch Auctions, also known as Dutch Auction, the seller determines a price that will fall in time. Sellers usually set very expensive prices. With time, the value will lower until it becomes comparable to the price the buyer is willing to pay. Furthermore, the buyer may submit an offer. The NFT can be sold when they reach an agreement on the price.
English Auction
The seller will put up an NFT for sale and will list a minimum price. This is in contrast to that of the Dutch Auction, where the price will decrease over time. The English Auction, buyers will make bids until the seller is able to sell it for the most expensive bidder.
OpenSea will automatically accept the bid when the auction closes above 1 Etherium.
NFT Creation
You can also mint your own NFTs via the platform. Then you can sell them in the marketplace.
Bundles
If you want to sell multiple NFTs in one transaction, you can utilize the bundle features of OpenSea. 30 items are available within the package.
> > Click Here to Explore OpenSea’s Marketplace < <
Are there any fees?
It is common for crypto or NFT marketplaces to impose fees to access the platform. Although the charged fee varies per platform, it’s usually a percentage of the sale cost that the buyer pays. It’s similar to how regular art galleries generate income by getting a share of the artworks sold.
With OpenSea, you will only be charged 2.5% when you purchase an NFT. There are no listing costs and other types of surcharges involved. Other marketplaces charge percentage of 5% for each sale, which makes OpenSea’s 2.5 percent cost competitive.
But, it is important to understand that some NFTs charge higher transaction costs in comparison to other. This can vary between each seller. Certain artists also get an additional commission on sales, apart of the required 2.5 percent.
Additionally, transacting to Etheruem is costly. Your NFT collection will be created as a valid, non-fungible token following the time your NFT bid is accepted. The cost of the process will vary based on the market conditions, however you can anticipate it to be about $100 per NFT.
You also need to know that some NFTs charge extra commissions. For example, game developers receive 15 percent or more commissions on the products they’ve sold.
What are the methods of payment?
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. That also means you cannot use PayPal credit and debit card to make payments for or transfer funds. OpenSea In German
The NFTs are only able to be purchased or sold if your cryptocurrency is accepted by OpenSea. Here’s a list with wallets and blockchains they 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 look at the benefits and disadvantages of 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. OpenSea In German
They also offer several types of digital assets, making it one of the largest NFT marketplaces. Low platform costs are also a great opportunity to make more money.
Cons
Although it’s open source and has one of the most diverse NFT collections, it still has its limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support, it cannot support transactions using currencies such as USD or Euros.
Additionally, you will need to establish a crypto wallet to either sell or buy from the platform.
Bottom Line
Just like cryptocurrencies NFTs are also growing over the years. It’s extremely creative and odd, but that’s why it’s so attractive to people. OpenSea is an NFT marketplace that can cater to a broad range of NFTs. More categories can be involved as the industry becomes integrated with the decentralized finance.
The OpenSea ecosystem enables its users to transact without having to worry about privacy or security. In addition, it doesn’t cost you high fees. A 2.5 percentage charge on your sales seems reasonable, considering 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.
> > Click Here to Explore OpenSea’s Marketplace < <
FAQ OpenSea In German
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser users can utilize. In the event that you’re trying it with your mobile phone, the browsers should be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Also, it needs to be topped up for you to get started.
Does OpenSea have a support staff?
Yes they do have a support team you can contact through its contact forms. Visit the official site and search on the page for “Submit a request.”
Can you make money at OpenSea?
You can mint at OpenSea. All you need be able to do is make an NFT and add the item to your collection. Once you’re ready to sell them, put them up for auction. This is a simple and low-cost method to do, however you should check out their tutorials.
What are the costs for gas?
The gas fees refer to transaction charges that are charged by Etherium. Gas fees are charged for transferring crypt to another wallet. Etherium is a one-time fee and recurring fees. Prices are determined through the marketplace, therefore they change at regular intervals.
What are the requirements I must meet before I can utilize OpenSea?
OpenSea is a mobile as well as desktop browser you can utilize. If you’re using it through your mobile phone, your browsers must be compatible with Etherium. Also, you’ll need a wallet or a wallet extension. Additionally, it should be filled with money to start.
Does OpenSea has a support team?
Yes they do have a support team you can contact through its contact forms. Visit their official website and look at “Submit a request.”
Are you able to mint at OpenSea?
You can make a mint using OpenSea. All you need make is to create an NFT and add an item in your inventory. When you’re ready to sell the items, post them for sale. This is gas-free and easy but you could also look over their instructional videos.
What are gas fees?
These are transactions costs from Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium is a one-time fee and periodic fees. Prices are determined through the marketplace, so they fluctuate at regular intervals.
