The crypto currency market is in a boom right now and you’re probably wondering where to invest your crypto coins. There are numerous marketplaces popping up all over the web that allow users to buy and sell NFTs via cryptocurrency! OpenSea can be one and is worth looking into.
If you’re well-versed in cryptocurrency, you’ve likely heard of OpenSea previously for a valid reason. It has become one of the largest and most popular marketplaces among cryptocurrency users because of its security and rapid transactions.
So, hop on board and discover what you can do with OpenSea, along with checking what NFTs you can view!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick review. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Is It Safe To Buy On OpenSea
The purpose for OpenSea was to offer an online marketplace for artists to upload commissions without any extra costs. There are additional features that allow you to sell your artwork without any difficulties.
For registration, you won’t have to worry about giving too many details about yourself. All you have to connect your crypto wallet–and voila!–you have an account with OpenSea! It can be as simple as that and without many hassles when you enter into NFTs.
The most popular cryptocurrency to use within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology, and this is used for the majority of transactions. It is also based on the Polygon blockchain, which ensures the lowest cost and speediest trading.
With these two types of blockchains available you can pick which one you would like to transfer your NFT to as seller. This is to ensure the security of your NFT as well as those who wish to buy it. All transactions will be made along with this blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless that lets you trade your cryptocurrency or NFTs for other NFTs. You can purchase anything from just a domain name to an official artwork by an artist you admire. Anyone can sell, but it takes time for anyone to become an established one.
There is a wide variety from the selection of NFTs available at OpenSea and you could join in with this! You can start your own market here, along with finding NFTs you’d like to buy for yourself.
What is an NFT?
A recent change in the crypto market, the term “NFT” has been going around for so long on internet that the majority of young people are familiar with it but aren’t exactly sure what it means. Let’s take a look at what NFT is for anyone who is new in the field of cryptocurrency.
One of the latest ways you can purchase your cryptocurrency is an NFT. An NFT is a token that is non-fungible that is unique and can’t be replaced. It could be a piece of rareness like mint-condition baseball trading cards or rare vinyl record.
There is no limit to what an NFT could be, since it’s a non-fungible thing you’re selling on the internet. In simpler terms, you could simply think of an NFT to be a type of digital item that is paid for using cryptocurrency only.
Minting is like calling the shots for your personal NFTs. You are calling the ownership of the particular item that you posted to market, as you’re putting it up for sale. Usually, this is recognized after you fill in all the necessary information about the NFT and upload it to the marketplace.
On OpenSea it’s a straightforward process to mint your NFTs by going to the store and creating a collection to start! Input the appropriate and complete information about your NFT and select the type of settings you’d like to use for it (e.g., blockchain and payments tokens). After that you are able to upload it, if it’s within the limit of 100MB.
You can watch and see how transactions progress from here on out to see if OpenSea is the right marketplace for you.
What NFTs can you get here?
At this point, you’re probably wondering what kind of NFTs can be purchased here, and what you could also sell if you decide to go that route. The kind of NFT it can be isn’t limited because there’s a wide range of how you can do it.
It is possible to sell digital products, trading cards games domain names, also physical goods! Find out what you think will bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that differentiates OpenSea from the other options. There’s no cost for gas when you utilize this feature to create and market NFTs. This means you’ll be able to make the highest profits once you begin selling since you won’t have to spend on extra fees.
Very few NFT marketplaces offer this feature, and it is great for you to receive high profit from your NFT collection.
A Referral Program is another distinctive feature of OpenSea to take note of. Like traditional online marketplaces that offer advantages by referring someone else to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from the site, you’ll receive 2.50 percent of the sales amount, letting you earn more cash through this action.
Other NFT marketplaces don’t offer this feature, so that’s just another benefit OpenSea has over them.
There’s an OpenSea mobile app, but it’s mostly to browse the marketplace. It isn’t able to purchase or sell anything while you scroll through the list.
The mobile apps of OpenSea are available on the two platforms of iOS as well as Android. Even though you can’t buy or sell something, you can browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available for you to use to exchange your fiat money for cryptocurrency on these platforms. Is It Safe To Buy On OpenSea
You can swap your fiat currency using a the credit card, or Paypal through these trusted sites to exchange it for crypto:
- Bittrex and other things!
Each of them has the option of exchange for ETH, which is the standard crypto payment in OpenSea.
Although OpenSea is an NFT marketplace open to all types of crypto, wallets are nevertheless more compatible than others. Since it is built mainly around the ETH blockchain, any wallets with a connection to this network are appropriate for the site.
Here is a list of several crypto wallets which you can use with OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each wallet has its own restrictions including simple registration, use on mobile devices only as well as the capability to purchase cryptocurrency using the credit card. Is It Safe To Buy On OpenSea
To know more about it You can go through their FAQs for an overview of how you can start and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets every one of them has advantages and drawbacks. OpenSea isn’t an exception to this. You can view its pros and cons here:
- Mobile apps are available that are compatible with iOS or Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalties of only up to 10% for artists (low royalty rates).
- You cannot buy or sell products via this mobile application.
- Only accepts cryptocurrency as a form of payment.
- An Crypto digital wallet must be used to access this marketplace.
OpenSea is available to anyone who has crypto coins in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. However, overall, you will quickly recover this amount if you actively sell because there’s no extra charge for it.
Frequently Asked Questions Is It Safe To Buy On OpenSea
What is OpenSea?
OpenSea is an NFT marketplace that seeks to give artists a chance for selling their artwork online to receive cryptocurrency as a method of payment. It’s a great platform for artists using for selling NFTs due to its no gas costs and low commission fees that you have to pay.
You can browse and shop for the vast array of digital products on this NFT marketplace which is why you should definitely check it out!
Is OpenSea legit & safe?
Answer: Yes! OpenSea has been a trusted marketplace since it was established in 2018. Because its system is built on blockchain technology, it is safe to claim that your transactions are secure and safe.
Additionally, as a seller, you will be verified after you’ve earned a reputation. A blue checkmark will appear next to your account or any collection that you have uploaded to assure every customer. The team at OpenSea regularly checks the content to ensure users are safe.
How do I earn royalties on OpenSea?
As an artist, you’ll get only 10% of the royalties once you upload the NFT. This is believed to be a reasonable amount compared with other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) is commonly used on this site and numerous others to cater for many more crypto users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can use for OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. It is easy to buy or trade cryptocurrency using reliable platforms using fiat currency. All you need be able to connect is your credit or Paypal for the transaction.
Does OpenSea have a desktop or mobile app?
As previously mentioned, there is definitely an official mobile application from OpenSea available for both iOS or Android. Install it from their app store and then you can begin exploring the collection now!
There is also a version for desktops that OpenSea which can be downloaded from WebCatalog. On the desktop app, you can manage multiple accounts and get notifications on updates regarding your account when you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).