The cryptocurrency market is on the rise and you’re probably thinking where you can invest your crypto coins. There are numerous marketplaces popping up all over the digital web designed to purchase and sell NFTs using cryptocurrency! OpenSea is among them, and it’s worth looking into.
If you’re interested in crypto, you’ve likely heard of OpenSea before for a good reason. It has become one of the largest and leading marketplaces among cryptocurrency users because of its safety and speedy transactions.
So, hop on board and let’s see what you can do with OpenSea, along with checking 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. Afterward, you will want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace OpenSea Reviews
The purpose to create OpenSea was to offer artists with a marketplace/platform to easily upload their commissions without any extra fees. There are additional features which allow you to market your artwork without any problems.
For registration, you don’t need to provide all of your personal details. All you need to connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as simple as that and without much hassle as you step into NFTs.
The most popular cryptocurrency used on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it which is utilized for most processes. It also operates on the Polygon blockchain, which ensures the lowest cost and speediest trading.
With these two kinds of blockchains you can pick which one you would like 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 by using the blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless where you can trade in your NFTs or cryptocurrency for other NFTs. You can purchase anything from the simplest domain name to official art by an artist you admire. Anyone can sell, but it takes some time for anyone to become a reputable one.
There are a variety of NFTs of NFTs available at OpenSea and you can join in with that! 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 market, the term “NFT” has been going around for so long on the internet that the majority of young people are familiar with it , but not exactly sure what it actually means. Let’s break down what an NFT is for any beginners in the field of cryptocurrency.
One of the new things you can purchase your cryptocurrency can be an NFT. An NFT is a non-fungible currency that is unique and can’t be substituted. It could be an item of rarity like rare baseball trading cards in mint condition or unique vinyl album.
There’s no limit to what an NFT can be since it’s a non-fungible object that you sell online. It is simpler to simply imagine an NFT being a virtual item which is only paid in cryptocurrency.
Minting is like calling the shots to your NFTs. You’re claiming ownership over that particular token/item you uploaded on the marketplace, and you’re selling it. Typically, this is official after you fill in the correct information about the NFT and then upload it to the marketplace.
On OpenSea it’s a straightforward process to mint your NFTs by visiting the store and simply creating a collection to start! Fill out the proper and complete information about your NFT and choose what kind of settings you’d like to use to use it with (e.g. blockchain or payments tokens). After that then you’re able to upload it, if it’s within the limit of 100MB.
It is possible to wait and see how the transactions go from now on to see if OpenSea is the best marketplace for you.
What NFTs can you get here?
At this point you’re probably thinking about what kind of NFTs can be found here, and what you could sell should you decide to pursue that route. The kind of NFT it can be is indefinite because there’s a wide range of ways to approach it.
You could be selling trade cards, digital goods, game assets domain names, even physical assets! Consider what you believe will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that separates OpenSea from other companies. There’s no cost for gas for using this feature to mint and sell NFTs. This means you’ll receive the maximum profits when you sell because you don’t need to pay on any additional charges.
Not many NFT marketplaces have this feature, so this is great for you to earn a high return from your portfolio.
This Referral Program is another distinctive feature of OpenSea to take note of. Like traditional online marketplaces, you can receive benefits by referring your friend to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from the site you’ll be rewarded with 2.50 percent of the sales amount, which allows you to earn more cash from this act.
Other NFT marketplaces don’t have this kind of feature either, so that’s just another benefit OpenSea has over them.
There’s an OpenSea mobile application, however it’s mostly used to browse through the marketplace. It isn’t able to purchase or sell items as you scroll through the list.
The mobile apps of OpenSea are available for both iOS in addition to Android. Even though you can’t buy or sell things, you can browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are to you, and you can trade your fiat currency for cryptocurrency on these platforms. OpenSea Reviews
You can exchange the fiat currency you have with a your credit or debit card as well as Paypal on these reliable websites for cryptocurrency:
- Bittrex and more!
All of these have the option of exchange for ETH that is the standard cryptocurrency payment option in OpenSea.
Although OpenSea can be described as an NFT marketplace that is open to all kinds of cryptocurrency, the wallets still more compatible with it than other. Since it is built mainly using the ETH blockchain, all wallets which are part of the same network are suitable for the site.
Here’s a list different crypto wallets which you can use with OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each wallet has its own restrictions, such as easy registration, only mobile usage, and the function to buy cryptocurrency using credit cards. OpenSea Reviews
For more information about the service to learn more, check out their FAQs for an overview of how you can begin and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with advantages and drawbacks. OpenSea isn’t an exception to this. You can view its pros and cons here:
- Available as mobile apps for iOS and Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
- Allows royalties 10% for artists (low royalty rates).
- It is not possible to buy or sell items through this mobile application.
- Only supports cryptocurrency as its form of payment.
- An Crypto wallet is required to use this marketplace.
OpenSea is available to anyone who has crypto coins in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. But overall, you can quickly regain that when you sell regularly since there is no additional fee for it.
Frequently Asked Questions OpenSea Reviews
What is OpenSea?
OpenSea is an NFT marketplace that is designed 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 because of its zero gas costs and low commission fees you must pay.
You can shop and browse the vast array of digital items on the NFT marketplace which is why you should definitely check it out!
Is OpenSea real and secure?
Short answer: Yes! OpenSea has been a trusted marketplace since its inception on the 1st of December in 2018. Since the system it operates on is built on blockchain technology, it is safe to claim that your transactions are safe and secure.
In addition, as a seller, you will be verified after you build up your reputation. A blue checkmark is placed on your account or the collection you’ve uploaded to ensure the safety of any customer. OpenSea’s team regularly reviews the contents to ensure users are safe.
How do I earn royalties on OpenSea?
Unfortunately, as an artist, you can receive only up to 10 percent of the royalties when you upload the NFT. This is thought to be a reasonable amount compared to others NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) is commonly utilized on this website and numerous others to cater for more cryptocurrency users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can make use of for OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. You can buy and sell cryptocurrency through trusted platforms with fiat money. All you have be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea have a desktop or mobile application?
As previously mentioned there’s an official mobile application from OpenSea for both iOS as well as Android. Download it at their respective app store, and then you can begin exploring the collection right now!
The Desktop application that OpenSea that can be downloaded through WebCatalog. On the desktop app, 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/).