Cryptocurrency is booming right now and you’re probably wondering where to invest your crypto coins. Marketplaces are popping up across the web that allow users to sell and buy NFTs with cryptocurrency! OpenSea is one of them and is worth a look.
If you’re well-versed in cryptocurrency, you’ve probably heard of OpenSea before for a good reason. It has become one of the biggest and leading marketplaces among cryptocurrency users because of its security and rapid transactions.
Now hop aboard, and discover what you can do with OpenSea and also see the NFTs that you can see!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick review. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Laguna Niguel
The aim to create OpenSea was to provide artists with a marketplace/platform to easily upload their commissions without any extra costs. It also has additional functions which allow you to market your work without having to deal with many issues.
In terms of the registration process, you don’t have to give all of your personal details. All you have to do is connect your crypto wallet and voila! You have an account with OpenSea! It’s as simple as that, without many hurdles as you walk into NFTs.
The most well-known cryptocurrency used in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology which is utilized for most processes. It also operates on the Polygon blockchain to ensure lower costs and faster trading.
With these two types of blockchains that are available, you can choose which one you want to upload your NFT on as an seller. This will ensure the security of your NFT, along with those who wish to buy it. All transactions are made using this blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace where you can exchange your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything just a domain name, to a piece of art from an artist you admire. Anyone can be a seller however, it takes time before anyone can become an established one.
There is a wide variety in the collection of NFTs available at OpenSea and you could become a part of this! You can start your own marketplace here, along with finding NFTs you want to purchase for yourself.
What is an NFT?
In a recent development for the cryptocurrency industry”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that the majority of young people are familiar with it , but aren’t sure exactly what it actually means. Let’s look at what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the newest things you can purchase your cryptocurrency is an NFT. A NFT is a non-fungible currency that is exclusive and cannot be replaced. This can be an item of any rarity like mint-condition baseball trading cards or uncommon vinyl record.
There’s no limit to what an NFT can be as it’s a non-fungible item that you sell online. More straightforwardly, you can just consider as an NFT being a virtual item that is paid for using cryptocurrency only.
Minting is like calling the shots for your personal NFTs. You are calling ownership over that particular token/item that you posted to the marketplace, and you’re offering it for sale. Usually, this is recognized once you fill out the proper information regarding the NFT and finally add it on the market.
On OpenSea It’s a very simple process to mine your NFTs by visiting the store and then making a collection to begin! Complete the correct and accurate information about your NFT and choose what kind of settings you’d like for it (e.g., blockchain and money transfer tokens). Once that’s all done, you can finally upload it to the internet if it’s in the limit of 100MB.
You can watch and see how transactions progress from now on to see whether OpenSea is the marketplace for you.
What NFTs can you get here?
At this point, you’re probably wondering which kind of NFT be purchased here and what kind of NFTs you can also sell if you choose to go that route. The kind of NFT it can be is indefinite as there’s a variety of how you can approach it.
You could be selling trade cards, digital goods, game assets, domain names, and some physical items! Find out what you think will reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that separates OpenSea from the other options. There’s no cost for gas when you use this feature when you create and market NFTs. This simply means that you’ll be able to make the highest profits once you start selling because you don’t need to pay on additional fees.
Not many NFT marketplaces offer this feature, which is why this is a great way to receive high profit from your collection.
The Referral Program is a different aspect of OpenSea to be admired. Similar to traditional online markets that offer rewards when you refer someone else to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from there you’ll earn 2.50 percent of the sales amount, letting you make more money by this method.
Other NFT marketplaces don’t offer this feature, so that’s just another benefit OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile app, but it’s mostly to browse the marketplace. Unfortunately, you can’t purchase or sell items as you scroll through the list.
OpenSea’s mobile apps are available for the two platforms of iOS as well as Android. While you’re not able to buy or sell things, you can explore the products you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available to you, and you can trade your fiat currency for cryptocurrency on these platforms. Nft Laguna Niguel
You can swap the fiat currency you have with a the credit card, or Paypal on these reliable websites to exchange it for crypto:
- Bittrex, and other things!
All of these have the option to exchange for ETH which is the most common cryptocurrency used in OpenSea.
Although OpenSea has been described as being an NFT marketplace open to all forms of crypto, wallets are nonetheless more compatible than other. Since it is built mainly using an ETH blockchain, all wallets that share the same network are suitable for this website.
Here’s a list of various crypto wallets that which you can use with OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each has its own limitations like easy registration, only mobile usage and the ability to purchase cryptocurrency with credit cards. Nft Laguna Niguel
For more information about the service, you can check their FAQs to see the steps you can get started and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has advantages and drawbacks. OpenSea isn’t the only one to have this. You can read about its pros and pros here:
- Mobile apps available that are compatible with iOS or Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto world and NFTs.
- Allows royalty rates of up to 10% for artists (low royalties).
- You cannot buy or sell products on the mobile app.
- Only supports cryptocurrency as its form of payment.
- A Crypto digital wallet must be used to access this marketplace.
OpenSea is available to anyone who has any crypto currency in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. However, overall, you will quickly recover this amount if you sell regularly since there is no additional fee for it.
Frequently Asked Questions Nft Laguna Niguel
What is OpenSea?
OpenSea is an NFT marketplace that seeks to provide artists a platform to sell their works online and receive cryptocurrency as a method of payment. It’s an ideal platform for artists using the platform to market NFTs due to its low cost of gas and the low commission rate that you have to pay.
You can shop and browse an array of digital goods in this NFT marketplace and you must check it out!
Is OpenSea legitimate and secure?
Answer: Yes! OpenSea is a reputable marketplace since its inception on the 1st of December in 2018. Since its system is built on blockchain technology and is secured, it is safe to declare that transactions are protected and secured.
In addition, as a seller, you’ll be verified when you have built up your credibility. A blue checkmark will appear on your account or the collection you uploaded to reassure every customer. OpenSea’s team regularly reviews the content to ensure users are protected.
How do I earn royalties from OpenSea?
As an artist, you will get only 10% of the royalties once you upload the NFT. This is believed to be a reasonable amount compared to the other NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) has been widely used on this site as well as many others to accommodate many more crypto users. These are other cryptos you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can use to access OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency on secure platforms that accept fiat money. All you need to do is connect your credit card or Paypal for the transaction.
Does OpenSea has a mobile or desktop app?
As we mentioned earlier there’s an official mobile app from OpenSea available for both iOS as well as Android. Download it at their respective app store and you can start exploring the collection now!
A Desktop application that OpenSea which can be downloaded from WebCatalog. In the desktop application, you can manage multiple accounts as well as receive notifications about updates to your account while you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).