The cryptocurrency market is on the rise and you’re probably thinking where to invest your crypto currency. Markets have popped up all over the web that allow users to sell and buy NFTs using cryptocurrency! OpenSea can be one and is worth a look.
If you’re interested in crypto you’ve likely heard of OpenSea prior to this for a valid reason. It’s one of the biggest and most popular marketplaces for cryptocurrency users because of its security and rapid transactions.
So, hop on board and let’s explore what you can do with OpenSea as well as examining the NFTs that you can see!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace OpenSea Review
The aim for OpenSea was to provide an online marketplace for artists to upload commissions without any extra costs. It has more functions that let you sell your work without having to deal with many problems.
For registration, you don’t need to provide too many details about yourself. All you need to 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 that is used within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it, and this is used for the majority of transactions. It is also based with the Polygon blockchain, which ensures low-cost and quicker trading.
There are two types of blockchains, you can choose which one you want to upload your NFT on as an seller. This is to ensure the security of your NFT and those who wish to buy it. All transactions will be made using this blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace where you can trade in your cryptocurrency or NFTs for other NFTs. You can purchase anything from just a domain name to an official artwork from an artist you admire. Anyone can become a seller however it takes a while for anyone to be an established seller.
There is a wide variety in the collection of NFTs available at OpenSea, and you can join in with this! You can create your own personal market there, and also find NFTs you’d like to buy yourself.
What is an NFT?
A recent change in the cryptocurrency industry, the term “NFT” has been going around for so long on internet that many millennials have heard of it but not exactly sure what it is. Let’s look at what an NFT is for any beginners in the field of cryptocurrency.
One of the new things 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 can be an item of rareness, such as rare baseball trading cards in mint condition, or a rare vinyl record.
There’s no limit to what an NFT can be as it’s a non-fungible object that you can sell on the internet. In simpler terms, you could simply imagine an NFT to be a type of digital item that is paid for using cryptocurrency only.
Minting is like calling the shots on your own NFTs. You are calling the ownership of the particular item you uploaded on the market place, but putting it up for sale. Usually, this is recognized after you fill in the proper information regarding the NFT and upload it to the marketplace.
On OpenSea, it’s a simple process to mint your NFTs by visiting the store and then create a collection! Input the appropriate and correct information regarding your NFT and then select what type of settings you’d like to use for it (e.g., blockchain and money transfer tokens). After that, you can finally upload it if it fits the limit of 100MB.
You can watch and see the way transactions are handled from now to determine if OpenSea is the marketplace for you.
What NFTs are available here?
At this point you’re probably asking yourself the kind of NFTs be purchased here and what kind of NFTs you can also sell if you choose to go that route. The kind of NFT that you can purchase is unlimited since there’s a broad range of options for how to do it.
It is possible to sell digital items, trading cards game assets domain names, also physical goods! Find out what you think will yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what separates OpenSea from the others. There’s no cost for gas when you use this feature when you mint and sell NFTs. This means you’ll be able to make the highest profits once you begin selling since you won’t have to spend on additional fees.
Not many NFT marketplaces provide this feature, and it is great for you to receive high profit from your portfolio.
The Referral Program is another distinctive feature of OpenSea to admire. Similar to traditional online markets that offer benefits by referring someone else 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 from this act.
Other NFT marketplaces don’t offer this feature This is a further benefit OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile application, however it is mainly used to browse the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listing.
The mobile apps of OpenSea are available on both iOS as well as Android. Even though you can’t buy or sell things, you can look through the options you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available to you You can also trade your fiat currency for cryptocurrency using these platforms. OpenSea Review
You can exchange the fiat currency you have with a your credit or debit card as well as Paypal via these reputable websites to exchange it for crypto:
- Bittrex and many more!
All of these have the option of exchange for ETH that is the most common cryptocurrency used in OpenSea.
Although OpenSea can be described as an NFT marketplace open to all kinds of cryptocurrency, wallets are nonetheless more compatible than others. Because it is based using the ETH blockchain, wallets with a connection to the same network are suitable for this website.
Here’s a list several crypto wallets which you can use with OpenSea:
- Authereum and more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, only mobile usage as well as the capability to purchase cryptocurrency using the credit card. OpenSea Review
To know more about it to learn more, check out their FAQs to see an overview of how you can begin and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets, each one has advantages and drawbacks. OpenSea isn’t an exception to this. It is possible to read about its pros and cons here:
- Available as mobile apps for iOS or Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- The best option for beginners to the crypto world and NFTs.
- Allows royalties 10% to artists (low royalties).
- You cannot buy or sell products via the mobile app.
- Only accepts cryptocurrency as a type of payment.
- An Crypto wallet is required to use this marketplace.
OpenSea is open to everyone who owns any crypto coins in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. However, overall, you will quickly recover this amount if you are actively selling since there’s no extra charge for it.
Frequently Asked Questions OpenSea Review
What is OpenSea?
OpenSea is an NFT marketplace that aims to offer artists a way for selling their artwork online, and to accept cryptocurrency as a form of payment. It’s an excellent option for artists who want to use for selling NFTs due to its no gas costs and the low commission rate which you are required to pay.
You can shop and browse the vast array of digital products on this NFT marketplace and you must go through it!
Is OpenSea legit & is it safe?
Short answer: Yes! OpenSea is a reputable marketplace since it was established on the 1st of December in the year of 2018. Because its system is based on a blockchain and is secured, it is safe to declare that transactions are secure and safe.
In addition as a seller you’ll be verified when you build up your reputation. A blue checkmark will be assigned to your account or any collection you uploaded to reassure any customer. The OpenSea team reviews regularly the content to ensure users are protected.
How can I earn royalties from OpenSea?
However, 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 a reasonable amount compared against the other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) has been widely utilized on this website and many others to accommodate the increasing number of cryptocurrency users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can use to use OpenSea.
What are the payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on 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 for the transaction.
Does OpenSea has a mobile or desktop app?
As previously mentioned There is an official mobile app from OpenSea available for both iOS and Android. Install it from their app store, and you can start browsing through the collection right now!
The desktop application for OpenSea which can be downloaded from WebCatalog. In the desktop application you are able to manage multiple accounts and get notifications about updates to your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).