OpenSea is now one of the most popular platforms for NFTs. It’s also the first one to introduce a platform of this kind throughout the years. It has experienced rapid growth since blockchain and NFT have become increasingly sought-after investments.
It’s even more popular since celebrities and other famous people have expressed their curiosity. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest through NFTs beginning with an established marketplace will give you the leverage you need. This is why we wrote this review. OpenSea has been for a long time the leading NFT marketplace. But is it the right choice for you?
Before you start, we’d like to warn you. This review is quite lengthy. If you’d rather watch videos instead, 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.
If you prefer to read, let’s look over the basics before we look into its fees and the benefits it offers.
Before you continue, you may want to check out this video by The Social Guide on YouTube that gives a quick review. Afterward, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? OpenSea Konstanz
OpenSea provides a platform that deals in non-fungible tokens, also known as NFTs. Through their decentralized marketplace, users can buy, sell NFTs, trade them, and exchange them with other users.
The NFTs that are available aren’t only limited to art, music games, or game products, as well as domain names.
It was created in 2018 by Devin Finzer and Alex Atallah Two programmers who got started by helping facilitate the first generation of digital collectible items. It was also one of the first NFT marketplaces which is as new as cryptocurrencies.
It is now one of the biggest NFT marketplaces. They have an extensive collection of NFTs which is constantly expanding. One of the best things about these is that they permit users to sell NFTs that were purchased or developed elsewhere.
How does OpenSea work?
If you’ve previously been buying or selling with cryptocurrencies and NFT, you’ll notice NFT trading very similar.
For OpenSea, all of the assets on this platform belong to users, not the platform. Since they are a decentralized marketplace, they use intelligent contracts so that users can communicate with potential buyers without risking their NFT ownership.
If the transaction is successful the digital assets will never leave your account. In addition, you don’t have to open an 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 look for NFTs you’d like to buy. They also have filters available to make your search easier.
What kinds of NFTs are available to purchase from OpenSea?
There are about 200 types of NFTs available to purchase from OpenSea. Here are eight categories in which they usually belong. Let’s take a closer look at each.
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, beatsand vocals, or whatever an artist offers. Some even buy background noises such as rain, chatter that isn’t clear or various other sound effects.
Before NFTs became popular, some people invested in collectibles such as baseball cards, movie props, or even the older technologies.
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 have. They also have variations like Nyan Cat and CryptoPunks.
Art has always been among the most well-known NFT since before NFT became a reality. As of today it is possible to create digital artworks. This isn’t just limited to digital illustrations or paintings. You can also collect gifs images, photos, or small video clip clips.
There is also the possibility of collecting digital trading cards like those of Sorare and BCCG.
Sports-related digital items can also be collected like animated logos of teams.
VR environments and components can now also be bought. You can purchase these metaverses and other things like game objects and the VR environment virtual objects, characters or even virtual worlds. A popular instance can be Axie Infinity.
As far-fetched as it sounds, you can also buy NFTs that are specifically designed to perform certain functions. Examples come from Emblem Finance and Urbit ID.
Websites can now also be considered to be NFT. Names that are based on blockchain can be purchased which aren’t subjected to shutting down from any person. These types are also censorship-resistant.
What are the options for selling?
Selling on OpenSea is simple. All you need to do is post your products on the marketplace. You only have to make sure your account is linked. Once you’ve added your price and type of auction, you’re good 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:
The seller is the one who will be charged the cost that is the NFT. Just as the name suggests, it never changes.
For the Dutch Auction, the seller sets a price that will fluctuate in time. Sellers usually set very high prices. As time passes, it will decrease until it is comparable to the price the buyer is willing to pay. Additionally, the buyer can submit an offer. The NFT is sold after they agree on a price.
The seller will put up an NFT to sell and list an amount that is a minimum. This is in contrast to auctions like the Dutch Auction, where the price will decrease over time. In the English Auction, buyers will bidding until the seller sells the auction at the price of highest bidding.
OpenSea can automatically take over the payment when the auction closes above 1 Etherium.
You can also mint your own NFTs through the platform. They can be sold on the marketplace.
If you are looking to sell several NFTs under one transaction, it is possible to use OpenSea’s bundle features. 30 items are available in the bundle.
Are there any additional fees?
It’s common for cryptocurrency or NFT exchanges to charge charges to use the platform. Although the charged fee varies per platform, it’s usually an amount of the sales cost that the buyer pays. This is similar to how traditional galleries earn money by gaining a percentage of the artworks sold.
With OpenSea You will only have to pay 2.5 percent when purchasing an NFT. There are no listing fees or other types of surcharges involved. Other marketplaces charge 5percent commission per sale, making OpenSea’s 2.5% fee competitive.
But, it is important to understand that some NFTs have higher transaction fees in comparison to other. It is possible for this to differ between seller. Some artists can also have an additional commission on sales, apart from the imposed 2.5 percent.
Additionally, transacting to Etheruem is costly. Your NFT collection will be minted as a valid, non-fungible token once your NFT bid has been accepted. The price for this process will depend on the market conditions, however you can expect it to be about $100 per NFT.
Also, you should know that certain NFTs earn extra commissions. For instance, game developers receive 15 percent or more commissions on the products they’ve sold.
What are the payment options?
OpenSea does not accept traditional currencies such as US Dollar or Euros. It is necessary to set up your crypto wallet. This is where 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 transfer funds. OpenSea Konstanz
The NFTs can be purchased or traded only if the cryptocurrency you’re using is accepted by OpenSea. Here’s a list of cryptocurrency wallets and blockchains that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and disadvantages when using OpenSea.
OpenSea has no centralization, which makes transactions secure and virtually impossible to be scammed. Additionally, it is possible to invest in NFTs even if you don’t have experience or knowledge about coding or blockchain. OpenSea Konstanz
They also provide a variety of digital currency, which makes their platform one of the largest NFT marketplaces. The platform’s low costs are also a great method to make more money.
Although it’s decentralized and has one of the largest NFT selections, it still has limitations. OpenSea only accepts cryptocurrency as a payment. With no support for fiat and no support for transactions using currencies such as USD or Euros.
Additionally, you will need to set up your own crypto wallet to either sell or purchase from the platform.
Just like cryptocurrencies NFTs have also been growing over the years. It’s extremely creative and strange, which is the reason it is so appealing to people. OpenSea provides an NFT marketplace that caters to a variety of NFTs. The number of categories available will increase as the industry becomes integrated with the decentralized finance.
The OpenSea ecosystem enables its customers to conduct transactions without concern about security and privacy. Furthermore, it doesn’t charge you high fees. A 2.5 percentage cost on your sales appears reasonableconsidering that some marketplaces may charge as much as 5 percent.
All in all, OpenSea is an excellent marketplace for NFT trading beginners or professionals.
FAQ OpenSea Konstanz
What do I need to know so I can use OpenSea?
OpenSea is a mobile as well as desktop browser you can use. When you’re using the browser through your mobile phone, your browsers should be compatible with Etherium. Also, you’ll need an account with a wallet or extension. In addition, it must be fully charged to get started.
Does OpenSea have a support staff?
Yes, they have a support team you can contact through its contact forms. Visit their website, and look at “Submit a request.”
Do you have the ability to make money at OpenSea?
You can mint at OpenSea. All you have make is to create an NFT and then add the item to your collection. If you’re ready for selling the items, post them for auction. This is a simple and low-cost method, but you can also check out their tutorials.
What are the costs for gas?
These are transactions costs that are charged by Etherium. Gas fees are charged when you transfer 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 fluctuate from time to time.
What do I need to know so I can utilize OpenSea?
OpenSea offers a mobile and desktop browser that users can use. In the event that you’re using it with your mobile phone, the browsers should be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. In addition, it must be topped up for you to start.
Does OpenSea has a support team?
Yes, they have a support team you can reach via their contact form. Visit their website, and search on the page for “Submit a request.”
Do you have the ability to make money at OpenSea?
You can mint at OpenSea. All you have to do is create an NFT and add an item in your inventory. Once you’re ready to sell the items, post them for sale. It’s simple and free of gas, but you can also check out their tutorials.
What are the gas prices?
The gas fees refer to transaction costs that are charged by Etherium. Gas fees are charged when you transfer crypt funds to another wallet. Etherium has one-time fees and periodic fees. The prices are driven by the market, so they constantly change from time to time.