The crypto currency market is in a boom right now and you’re probably wondering where to invest your crypto coins. Marketplaces are popping up all over the internet, designed to buy and sell NFTs via cryptocurrency! OpenSea can be one and is worth a look.
If you’re familiar with cryptocurrency, you’ve likely heard of OpenSea prior to this for a valid reason. It’s one of the largest and leading marketplaces among users of cryptocurrency due to its security and quick transactions.
So, hop on board and let’s see what you can do with OpenSea as well as examining the NFTs available to view!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Is OpenSea Worth It
The goal of OpenSea was to simply provide an online marketplace for artists to upload commissions with no additional fees. It also has additional functions that allow you to sell your artwork without any issues.
In terms of the registration process, you don’t have to give any personal information about yourself. All you have to connect your crypto wallet and voila! You have an account with OpenSea! It’s as simple as that and without many hurdles as you walk into NFTs.
The most popular cryptocurrency used in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it, and this is used to carry out the majority of processes. It also functions with the Polygon blockchain, which ensures low-cost and quicker trading.
With these two kinds of blockchains you can pick which one you want to transfer your NFT to as an seller. This ensures the safety of your NFT and the people who want to buy it. Every transaction will be conducted using this blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from as simple as a domain name to official art by an artist you admire. Anyone can sell however, it takes a while for anyone to become a reputable one.
There are a variety of NFTs in the collection on OpenSea, and you can join in with this! You can start your own personal market here, along with finding NFTs you’d like to buy yourself.
What is an NFT?
A recent change in the crypto industry, the term “NFT” has been going around for so long on the internet that many millennials have heard of it but aren’t sure exactly 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 that you can buy with cryptocurrency is an NFT. The NFT is a non-fungible token that is unique and can’t be substituted. It can be an item of rarity like authentic baseball cards or uncommon vinyl record.
There is no limit to what an NFT could be, since it’s a non-fungible thing you’re selling online. It is simpler to simply imagine an NFT to be a type of digital item paid via cryptocurrency only.
Minting is similar to calling for dibs to your NFTs. It is a way of claiming the owner of the item or token you uploaded on the marketplace, and you’re putting it up for sale. Usually, this becomes official when you have filled in the proper information regarding the NFT and submit it for sale on.
On OpenSea it’s a straightforward process to mint your NFTs by visiting the store and create a collection! Complete the correct and accurate information about your NFT and select the type of settings you’d like to use for it (e.g., blockchain and payment tokens). After you’ve completed the process, you can finally upload it if it fits the limit of 100MB.
You can wait and observe how the transactions go from here on out to see if OpenSea is the best marketplace for you.
What NFTs can you find here?
So, at this point you’re probably asking yourself what kind of NFTs can be purchased here, and what you could also sell if you decide to pursue that route. The type of NFT it isn’t limited because there’s a wide range of how you can approach it.
You can be selling digital items, trading cards game assets, domain names, and some physical items! Explore what you believe can bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what separates OpenSea from the other options. There are zero gas fees when you use this feature to create and market NFTs. This means you’ll get the most profit when you start selling because you won’t need to spend on extra fees.
Very few NFT marketplaces offer this feature, so this is great for you to make a huge profit from your portfolio.
The Referral Program is another unique aspect of OpenSea to be admired. Similar to traditional online markets there are rewards when you refer a friend to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from there you’ll be rewarded with 2.50 percent of the sales amount, which allows you to earn more money from this act.
Other NFT marketplaces don’t offer the same feature and that’s another benefit OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile app, but it’s mostly for perusing through the marketplace. You can’t buy or sell anything as you browse through the listing.
OpenSea’s mobile apps are available on both iOS as well as Android. Although you aren’t able to purchase or sell things, you can browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available to you You can also exchange your fiat money for cryptocurrency through these platforms. Is OpenSea Worth It
You can exchange your fiat money via the credit card, or Paypal on these reliable websites for cryptocurrency:
- Bittrex, and other things!
All of them have the option of converting them into ETH, which is the primary cryptocurrency used in OpenSea.
While OpenSea has been described as being an NFT marketplace that is open to all kinds of cryptocurrency, wallets are still more compatible with it than others. Since it is built around an ETH blockchain, all wallets which are part of this network are appropriate for this website.
Here’s a list different crypto wallets you can utilize in OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, mobile-only usage as well as the capability to buy cryptocurrency using the credit card. Is OpenSea Worth It
For more information about the service You can go through their FAQs to see a rundown of how you can start and which other wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets every one of them has advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and pros here:
- Available as mobile apps for iOS and Android.
- Smart contracts can be used to perform transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto industry and NFTs.
- Allows royalty rates of 10% for artists (low royalty rates).
- It is not possible to buy or sell items on our mobile apps.
- Only accepts cryptocurrency as a type of payment.
- An Crypto account is needed for this marketplace.
OpenSea is open to everyone who owns any crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. However, overall, you will quickly recover this amount if you actively sell because there’s no additional cost for it.
Frequently Asked Questions Is OpenSea Worth It
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to give artists a chance to sell their works online to receive cryptocurrency as a method of payment. It’s an excellent platform for artists using the platform to market NFTs due to its no gas fees and the low commission rate which you are required to pay.
You can browse and purchase a vast collection of digital goods in this NFT marketplace, so you should check it out!
Is OpenSea legitimate and is it safe?
Short answer: Yes! OpenSea is a reputable marketplace since it was founded in the year 2018. Since its system is built on blockchain technology and is secured, it is safe to declare that transactions are protected and secured.
Furthermore, as a seller, you’ll be verified when you have built up your credibility. A blue checkmark will be assigned on your account or any collection you’ve uploaded to ensure the safety of every customer. The team at OpenSea regularly checks the content to ensure users are protected.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you can get only 10% of the royalties once you have uploaded the NFT. This is considered to be reasonably low compared to other NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) is widely used on this site and many others to accommodate many more cryptocurrency users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of to use OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. It is easy to buy or trade cryptocurrency using trusted platforms with fiat money. All you need to do is connect your credit card or Paypal for the transaction.
Does OpenSea have a desktop or mobile application?
As previously mentioned there’s an official mobile app from OpenSea for both iOS or Android. Download it at their respective app store and then you can begin exploring the collection now!
There is also a Desktop application that OpenSea can be downloaded via WebCatalog. On the desktop app, you can manage multiple accounts and receive notifications on updates regarding your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).