The cryptocurrency market is on the rise and you’re probably thinking where you can invest your crypto coins. Markets have popped up across the digital web designed to purchase and sell NFTs using cryptocurrency! OpenSea is among them and is worth looking into.
If you’re familiar with cryptocurrency, you’ve likely heard of OpenSea prior to this for a valid reason. It’s one of the biggest and most popular marketplaces among users of cryptocurrency due to its security and quick transactions.
Get on board, and let’s see the possibilities of OpenSea and also see the NFTs available to view!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick review. After, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Land
The goal for OpenSea was to simply provide artists with a marketplace/platform to upload their commissions, without having to pay any additional costs. It also has additional functions which allow you to market your art without too many issues.
For the registration process, you don’t have to worry about giving any personal information about yourself. All you have to do is connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It can be as simple as that, without much hassle as you step into NFTs.
The most popular cryptocurrency to use on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology, and this is used for most processes. It also functions using the Polygon blockchain to ensure the lowest cost and speediest trading.
With these two types of blockchains that are available, you can choose which one you’d like to transfer your NFT to as a seller. This will ensure the security of your NFT, along with those who would like to buy it. Every transaction will be conducted along with this blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from just a domain name, to a piece of art from an artist you admire. Anyone can become a seller, but it takes a while for anyone to become a reputable 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 on this site, as well as find NFTs that you would like to purchase yourself.
What is an NFT?
A recent change in the crypto industry, the term “NFT” has been going around so long on the internet that many millennials are familiar with it but aren’t exactly sure what it means. Let’s look at what an NFT is for any beginners in cryptocurrency.
One of the latest ways you can purchase your cryptocurrency can be an NFT. The NFT is a token that is non-fungible that is very exclusive and cannot be changed. It can be an item of rareness like rare baseball trading cards in mint condition, or a rare vinyl record.
There is no limit to what an NFT can be since it’s a non-fungible object that you can sell on the internet. It is simpler to simply imagine the NFT to be a type of digital item paid via cryptocurrency only.
Minting is like calling dibs on your own NFTs. You’re claiming the ownership of the particular item that you posted to market, as offering it for sale. Usually, this is recognized when you have filled in all the necessary information about the NFT and upload it to the marketplace.
On OpenSea, it’s a simple process to mint your NFTs by going to the store and then create a collection! Input the appropriate and accurate information about your NFT and then select what type of settings you want to use it with (e.g., blockchain or payment tokens). After that, you can finally upload it to the internet if it’s in the limit of 100MB.
You can watch and see the way transactions are handled from here on out to see if OpenSea is the best marketplace for you.
What NFTs can you find here?
At this point you’re probably asking yourself the kind of NFTs can you shop for here and what kind of NFTs you can also sell if you choose to go down that path. The kind of NFT it can be is unlimited because there’s a wide range of ways to approach it.
You could be selling digital products, trading cards, game assets, domain names, and some physical items! Find out what you think will reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that sets OpenSea from the others. There are zero gas fees when you utilize this feature to make and then sell the 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 provide this feature, so this is a great way to receive high profit from your NFT collection.
The Referral Program is another distinctive feature of OpenSea to be admired. Similar to traditional online markets, you can receive benefits when you refer someone else to OpenSea! If you invite a friend to join OpenSea and buy an NFT from there you’ll be rewarded with 2.50 percent of the purchase amount, letting you earn more money by this method.
Other NFT marketplaces do not have this feature This is a further advantage OpenSea has over the other marketplaces.
There is an OpenSea mobile app, but it’s mostly to browse through the marketplace. You can’t buy or sell anything as you browse through the listings.
The mobile apps from OpenSea are accessible for both iOS as well as Android. Even though you can’t buy or sell anything, you can still at least look through the options you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are to you, and you can exchange your fiat money for cryptocurrency through these platforms. Nft Land
You can convert the fiat currency you have with a your credit or debit card as well as Paypal on these reliable websites for cryptocurrency:
- Bittrex, and many more!
All of these have the option to exchange for ETH that is the most common cryptocurrency used in OpenSea.
Although OpenSea can be described as an NFT marketplace open to all types of crypto, wallets are still more compatible with it than others. Since it is built mainly around the ETH blockchain, any wallets that share that network will be suitable for this website.
Here’s a list different crypto wallets which you can use with OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, use on mobile devices only and the ability to buy cryptocurrency using credit cards. Nft Land
To learn more about it You can go through their FAQs to see the steps you can start and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with its advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and cons here:
- Available as mobile apps for iOS and Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- The best option for beginners to the crypto industry and NFTs.
- Allows royalties 10% to artists (low royalties).
- It is not possible to buy or sell items through this mobile application.
- Only supports cryptocurrency as its type of payment.
- The use of a Crypto digital wallet must be used to use this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. But overall, you can easily recover that amount when you actively sell because there is no additional fee for it.
Frequently Asked Questions Nft Land
What is OpenSea?
OpenSea is an NFT marketplace that is designed to give artists a chance to sell their works online and receive cryptocurrency as a form of payment. It’s an excellent platform for artists using the platform to market NFTs due to its low gas costs and low commission fee rate that you have to pay.
You can browse and shop for the vast array of digital items on the NFT marketplace and you must go through it!
Is OpenSea real and secure?
Answer: Yes! OpenSea has been a reliable marketplace since it was founded at the end of 2018. Since the system it operates on is based on a blockchain that is secure, you can declare that transactions are protected and secured.
Additionally as a seller you can become verified once you have built up your credibility. A blue checkmark will be assigned next to your account or collection you uploaded to reassure anyone who buys from you. 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 receive only up to 10 percent of the royalties after you have uploaded the NFT. This is thought to be quite low in comparison against others NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) can be commonly used on this site and many others to accommodate the increasing number of crypto users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can use to use OpenSea.
What are the payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. It is easy to buy or trade cryptocurrency using trusted platforms with fiat money. All you need just connect your debit or credit card to Paypal for the transaction.
Does OpenSea has a mobile or desktop application?
As previously mentioned, there is definitely an official mobile app by OpenSea available for both iOS and Android. You can download it through their app store, and then you can begin browsing through the collection right now!
A desktop application for OpenSea can be downloaded via WebCatalog. With the desktop application you can manage multiple accounts and receive notifications on updates regarding 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/).