OpenSea has grown to become one of the most popular markets for NFTs. It was the first to release such a platform in the past. It has seen rapid growth, as blockchain and NFT have become increasingly sought-after investments.
It’s becoming more popular because celebrities and famous personalities have expressed enthusiasm. As art becomes more digitalized, NFT becomes more lucrative.
If you’re looking to invest using NFTs and want to start from an appropriate marketplace can help you get the leverage you require. That’s why we made this review. OpenSea has been for a long time the leading NFT marketplace. But is it right for you?
Before you begin, we’d like to warn you. This review is an extensive read. If you’d prefer to take a look at a video instead, you can check out the review of this channel. They’ll guide users through OpenSea and its features so that you understand everything before you begin NFT trading.
For those who prefer reading, we’ll go over what it is before we look into its fees and what it has to offer.
Before you go on, you may want to watch this video by The Social Guide on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of the article for a more comprehensive review.
What is OpenSea? Was Ist OpenSearch
OpenSea provides a platform that deals in non-fungible tokens, also known as NFTs. Through their open and decentralized marketplace, you can buy, sell NFTs, and trade them with other users.
The available NFTs are not only limited to art, music games, or game products, as well as domain names.
It was founded in 2018 in 2018 by Devin Finzer and Alex Atallah, two programmers who started with the introduction of the first generation of digital collectible items. It was also among the very first NFT marketplaces and a concept similar to cryptocurrency.
Nowadays, it Is one of the largest NFT marketplaces. They have a vast collection of NFTs that are constantly expanding. The best part about them is that they allow users to list NFTs purchased or made elsewhere.
How does OpenSea work?
If you’ve been trading or buying cryptocurrencies, you’ll find NFT trading very similar.
For OpenSea The majority of the assets that are listed on the platform are owned by users, not the platform. Since they are an open marketplace, they have smart contracts that allow users can communicate with potential buyers without having to risk losing their NFT ownership.
That means unless the transaction is complete, your digital assets will never leave your account. Furthermore, you’re not required to make your account. All you require is to have a web3 supported wallet.
For those who are buyers you can utilize their website to look for NFTs you’d like to buy. There are filters that can make your search easier.
What kinds of NFTs are available from OpenSea?
There are around 200 kinds of NFTs available to buy from OpenSea. There are eight categories to which they usually belong. Let’s take a closer review of each.
Music is among the most well-known NFTs of all time. It’s not just limited to just songs; you can also purchase mixtapes, remixes of beats, remixes or anything else an artist has to offer. You can also purchase background noises such as rain, chatter that isn’t clear or various other sound effects.
Before NFTs were popular, a few people invested in collectibles like baseball cards, film props, or old technology.
As for NFTs, you can gather avatars, virtual pets, or other characters that can be sold or taken home. The more rare they are, the more value they have. Some also have variants like Nyan Cat and CryptoPunks.
Art is always one of the most popular NFT, even before NFT became a reality. As of today, you can also do the same with digital artworks. This isn’t just limited to digital artworks and illustrations. You can also collect gifs or images, as well as videos of short length.
You can also collect digital trading cards, such as those of Sorare as well as BCCG.
Digital items related to sports can also be collected for example, animated team logos.
VR space and other elements can be purchased. You can buy these metaverses or other things such as game items as well as the VR environment characters, virtual objects or even virtual lands. A well-known instance could be Axie Infinity.
As absurd as it may sound it is possible to purchase NFTs with specific features. Examples come from Emblem Finance and Urbit ID.
Websites are now classified as NFT. It is possible to purchase blockchain-based domains which aren’t subjected to shutting down from any person. These types are also censorship-resistant.
What are the options for selling?
Selling your products on OpenSea is simple. All you need to do is post them on the marketplace. It’s all you have to do is make sure your wallet is connected. After you’ve entered your bid and auction type, you’re good to go.
For first-time sellers who are first-time sellers, you will be subject to a one-time gas fee.
You can currently select among five selling options. These are:
The seller will be the one to pay the cost that is the NFT. Just as the name suggests it is not subject to change.
For an auction like the Dutch Auction, the seller sets a price that will decrease in time. Sellers typically set up very expensive prices. As time passes, the price decreases until it’s equal to the buyer’s bidding. In addition, buyers can present an offer. The NFT is sold after they have agreed on a price.
The seller is required to put up an NFT for sale and will list the minimum price. This is different from that of the Dutch Auction, where the price drops with time. When it comes to the English Auction, buyers will bidding until the seller sells it at the price of highest bidding.
OpenSea is able to automatically approve the payment if the auction ends above 1 Etherium.
You can also mint your own NFTs via the platform. They can be sold on the marketplace.
If you are looking to sell several NFTs in one transaction, you could utilize the bundle features of OpenSea. 30 items can be included within the package.
Are there any charges?
It’s normal for crypto or NFT marketplaces to impose fees to access the platform. While the fee charged varies according to the platform, it’s generally proportional to the price paid by the buyer. Similar to how regular art galleries generate income by getting a share of the artworks sold.
With OpenSea, you will only have to pay 2.5% when you purchase an NFT. There are no listing costs and other surcharges that are associated with. Other marketplaces charge you a percentage of 5% for each sale, making OpenSea’s 2.5% cost competitive.
However, you must know that certain NFTs have higher transaction fees as compared to other. The fees can differ for each seller. Certain artists also get an additional sales commission apart of the required 2.5 percentage.
Additionally, transacting to Etheruem can be costly. The NFT collection will be issued as a valid token that is non-fungible once your NFT bid is accepted. The price for this process will depend on the market, but you can anticipate that it will be around $100 per NFT.
Also, you should know that some NFTs charge extra commissions. For instance, game developers are paid up to 15% as commissions for items they’ve sold.
What are the methods of payment?
OpenSea does not accept traditional currencies like US Dollar or Euros. You’ll need to set up your crypto wallet. This is where you’ll convert your cryptocurrencies into cash. Also, you are not able to make use of PayPal credit, debit, or debit cards for payment or make a deposit. Was Ist OpenSearch
The NFTs can only be purchased or sold when your cryptocurrency is supported by OpenSea. Here’s a list of blockchains and wallets that they support.
Blockchains Supported by OpenSea
Wallets Supported by OpenSea
What are the pros and cons?
Let’s examine the advantages and drawbacks of using OpenSea.
OpenSea is decentralized, making 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 coding or blockchain. Was Ist OpenSearch
They also offer several types of digital asset, making it one of the biggest NFT marketplaces. Low platform charges are also a good opportunity to earn more income.
Although it is decentralized and offers one of the largest NFT selections, it still has some limitations. OpenSea only accepts cryptocurrency as payment. Having no fiat support the platform is unable to accept transactions using currencies such as USD or Euros.
Additionally, you will need to establish a crypto wallet to sell or purchase from the platform.
Like cryptocurrencies NFTs have also been growing over the years. It’s very creative and sounds strange, which is why it’s so attractive to people. OpenSea can be described as an NFT marketplace that can be a service to a wide range of NFTs. There are more categories that can be included when the market is integrated with the decentralized finance.
The OpenSea ecosystem enables its users to make transactions without worrying about privacy or security. In addition, it doesn’t cost customers high charges. A 2.5 percentage charge on your sales seems acceptable, given that some online stores can charge as high as five percent.
All in all, OpenSea is an excellent marketplace for NFT traders and professionals.
FAQ Was Ist OpenSearch
What do I need to know so I can use OpenSea?
OpenSea offers a mobile and desktop browser that you can utilize. When you’re using the browser through your mobile phone, your browsers must be compatible with Etherium. Additionally, you should have a wallet or a wallet extension. Also, it needs to be topped up for you to get started.
Does OpenSea have a support team?
Yes they have a customer support team that can be reached via the contact page. Go to their website, and search on the page for “Submit a request.”
Can you earn money at OpenSea?
You can mint at OpenSea. All you need make is to create an NFT and add it to the collection. If you’re ready for selling the items, post them for sale. This is gas-free and easy to accomplish, but it is also possible to go through their tutorials.
What are the gas prices?
These are transactions charges 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 through the marketplace, which means they constantly change at regular intervals.
What are the requirements I must meet before I can make use of OpenSea?
OpenSea has 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. Also, you’ll need a wallet or a wallet extension. In addition, it must be fully charged to get started.
Does OpenSea has a support team?
Yes they do have a support staff that you can contact through its contact forms. Go to their official website and search for “Submit a request.”
Do you have the ability to earn money at OpenSea?
You can make a mint using OpenSea. All you need to do is create an NFT and add it to the collection. When you’re ready to sell them, list them for auction. It’s easy and gas-free to do, however you should go through their tutorials.
What are gas fees?
Gas fees are transaction fees that are charged by Etherium. Gas fees are charged when you transfer crypt to another wallet. Etherium has one-time fees and periodic fees. The prices are driven through the marketplace, so they constantly change at regular intervals.