Cryptocurrency is booming right now, and you’re probably wondering where you can invest your crypto coins. There are numerous marketplaces popping up across the digital web designed to purchase and sell NFTs using cryptocurrency! OpenSea is one of them and is worth a look.
If you’re interested in crypto you’ve probably heard of OpenSea prior to this for a valid reason. It has become one of the biggest and most popular marketplaces for cryptocurrency users because of its safety and speedy transactions.
Now hop aboard, and let’s see what you can do with OpenSea and also see what NFTs you can view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick review. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace OpenSea Logan Paul
The purpose of OpenSea was to simply provide artists with a marketplace/platform to upload commissions, without having to pay any additional charges. It has more functions that let you sell your art without too many difficulties.
In terms of registration, you won’t have to give too many details about yourself. All you have to do is connect your crypto wallet and voila! You have an account on OpenSea! It’s as simple as that without going through many hassles when you enter into NFTs.
The most widely-used cryptocurrency used on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system which is utilized for the majority of transactions. It is also based using the Polygon blockchain, which allows for the lowest cost and speediest trading.
With these two types of blockchains that are available it is possible to choose which one you’d like to upload your NFT on as a seller. This ensures the safety of your NFT, along with those who wish to buy it. All transactions are made using this blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything the simplest domain name, to a piece of art from an artist you admire. Anyone can sell however it takes time for anyone to become an established seller.
There’s a huge selection in the collection on OpenSea, and you can also be a part of that! You can create your own personal market on this site, as well as find NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent development for the crypto market,”NFT,” a popular term in the crypto industry “NFT” has been going around so long on the internet that the majority of young people are familiar with it , but aren’t exactly sure what it actually means. Let’s break down what an NFT is for any beginners in cryptocurrency.
One of the newest things you can buy is an NFT. A NFT is a non-fungible token which is extremely individual and cannot be replaced. It can be a piece of rareness, such as rare baseball trading cards in mint condition or a uncommon vinyl record.
There’s no limit on what an NFT can be as it’s a non-fungible object that you sell on the internet. More straightforwardly, you can simply imagine as an NFT to be a type of digital collectible paid via cryptocurrency only.
Minting is like calling the shots to your NFTs. You are calling ownership over that particular token/item that you posted to the market place, but putting it up for sale. Usually, this is recognized when you have filled in all the necessary information about the NFT and add it on the market.
On OpenSea, it’s a simple process to mint your NFTs by visiting the store and simply making a collection to begin! Complete the correct and complete information about your NFT and then select what type of settings you’d like to use for it (e.g. blockchain, money transfer tokens). After you’ve completed the process then you’re able to upload it, if it’s within the 100 MB limit.
It is possible to wait and see how the transactions go from now to determine whether OpenSea is the right marketplace for you.
What NFTs are available here?
So, at this point you’re probably asking yourself the kind of NFTs can you shop for here, and what you could sell should you decide to go down that path. The type of NFT that you can purchase is indefinite because there’s a wide range of ways to approach it.
It is possible to sell digital items, trading cards games, domain names, and some physical items! Consider what you believe will bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that separates OpenSea from the other options. There are no gas costs 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 begin selling since you won’t need to spend on extra fees.
There aren’t many NFT marketplaces offer this feature, which is why this is a great way to earn a high return from your portfolio.
A Referral Program is another unique aspect of OpenSea to take note of. Similar to traditional online markets that offer benefits when you refer a friend to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from the site you’ll be rewarded with 2.50% of the sale amount, letting you earn more cash through this action.
Other NFT marketplaces do not have this feature and that’s another advantage OpenSea has over them.
There’s an OpenSea mobile application, however it’s mostly to browse through the marketplace. You can’t buy or sell items as you browse through the listing.
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 something, you can at least explore the products you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are for you to use to trade your fiat currency for cryptocurrency on these platforms. OpenSea Logan Paul
You can exchange your fiat currency using a the credit card, or Paypal via these reputable websites to exchange it for crypto:
- Bittrex and more!
Each of them has the option to exchange for ETH, which is the standard crypto payment in OpenSea.
While OpenSea has been described as being an NFT marketplace open to all forms of cryptocurrency, wallets are nonetheless more compatible than others. Since it is built around an ETH blockchain, all wallets that share the same network are suitable for this website.
Here’s a list of several crypto wallets you can utilize in OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions, such as easy registration, mobile-only usage, and the function to purchase cryptocurrency using the credit card. OpenSea Logan Paul
For more information about the service, you can check their FAQs to get an overview of how you can begin and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has its advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and pros here:
- Mobile apps available that are compatible with iOS as well as Android.
- Smart contracts are utilized for 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).
- It is not possible to buy or sell items via this mobile application.
- Only accepts cryptocurrency as a form of payment.
- A Crypto wallet is required to use this marketplace.
OpenSea is available to anyone who owns any crypto coins in their crypto 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 OpenSea Logan Paul
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to provide artists a platform to sell their works online, and to accept cryptocurrency as a method of payment. It’s an ideal platform for artists who use the platform to market NFTs because of its zero gas fees and low commission fees that you have to pay.
You can browse and purchase the vast array of digital items on the NFT marketplace, so you should go through it!
Is OpenSea legitimate and is it safe?
Answer: Yes! OpenSea has been a reliable marketplace since its inception in the year 2018. Since its system is based on a blockchain that is secure, you can say that your transactions are secure and safe.
Additionally as a seller you’ll be verified when you have built up your credibility. A blue checkmark will be assigned next to your account or the collection you uploaded to reassure anyone who buys from you. The OpenSea team reviews regularly the content to ensure users are safe.
How do I earn royalties from OpenSea?
However, as an artist, you’ll receive only up to 10 percent of the royalties when you have uploaded the NFT. This is considered to be quite low in comparison to other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) is frequently utilized on this website and numerous others to cater for the increasing number of crypto users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can make use of to access OpenSea.
What are the payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. You can buy and sell cryptocurrency on trusted platforms with fiat money. All you need be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea have a desktop or mobile app?
As mentioned before, there is definitely an official mobile app from OpenSea available for both iOS or Android. Install it from their app store, and begin exploring the collection right now!
The Desktop application that OpenSea can be downloaded via WebCatalog. On the desktop app you are able to manage multiple accounts and get 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/).