Cryptocurrency is booming right now and you’re probably thinking where to invest your crypto coins. There are numerous marketplaces popping up all over the web that allow users to purchase and sell NFTs with cryptocurrency! OpenSea is among them and is worth checking out.
If you’re familiar with cryptocurrency, you’ve probably heard of OpenSea before for a good reason. It’s now one of the largest and leading marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.
Now hop aboard, and let’s explore the possibilities of OpenSea as well as examining the NFTs available to view!
Before you go on, you may want to watch 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 of OpenSea.
OpenSea as an NFT Marketplace OpenSea Uk
The aim to create OpenSea was to provide a platform/marketplace for artists to upload commissions with no additional costs. It also has additional functions that allow you to sell your work without having to deal with many difficulties.
In terms of registration, you won’t have to worry about giving any personal information about yourself. All you need to connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as easy as that, without much hassle as you step into NFTs.
The most widely-used cryptocurrency that is used within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology, and this is used for the majority of transactions. It also functions using the Polygon blockchain to ensure lower costs and faster trading.
There are two types of blockchains that are available you can pick which one you want to transfer your NFT to as seller. This will ensure the security of your NFT and those who would like to buy it. All transactions are made along with this blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything as simple as a domain name to official art from an artist you admire. Anyone can become a seller however, it takes time before anyone can become an established one.
There’s a huge selection from the selection on OpenSea and you can join in with that! You can start 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 industry,”NFT” is a term that has been used in recent times “NFT” has been going around so long on the internet that many millennials are familiar with it , but aren’t sure exactly what it actually means. Let’s take a look at what NFT is for anyone who is new in the field of cryptocurrency.
One of the latest ways you can purchase your cryptocurrency is an NFT. A NFT is a non-fungible currency that is exclusive and cannot be substituted. It can be a piece of rareness, such as rare baseball trading cards in mint condition or a unique vinyl album.
There’s no limit to what an NFT could be, since it’s a non-fungible object that you can sell online. It is simpler to just think of an NFT to be a type of digital item paid via cryptocurrency only.
Minting is similar to calling for dibs to your NFTs. You are calling the owner of the item or token that you have uploaded to the marketplace, and selling it. Typically, this is official once you fill out the correct information about the NFT and then upload it to the marketplace.
On OpenSea, it’s a simple process to mint your NFTs by visiting the store and simply create a collection! Input the appropriate and accurate information about your NFT and then select what type of settings you want for it (e.g., blockchain, payment tokens). Once that’s all done you are able to upload it if it fits the limit of 100MB.
You can watch and see how the transactions go from now to determine if OpenSea is the marketplace for you.
What NFTs are available here?
So, at this point, you’re probably wondering which kind of NFT can you shop for here and what you can also sell if you choose to go that route. The type of NFT it isn’t limited as there’s a variety of how you can go about it.
You can be selling trade cards, digital goods games domain names, even physical assets! Consider what you believe will reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what sets OpenSea from the other options. There are no gas costs for using this feature when you mint and sell NFTs. This is essentially a way to ensure that you receive the maximum profits when you sell because you won’t have to spend on extra fees.
There aren’t many NFT marketplaces provide this feature, and it can be a fantastic way to receive high profit from your collection.
The Referral Program is another unique aspect of OpenSea to admire. Like traditional online marketplaces that offer benefits by referring a friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from there you’ll earn 2.50 percent of the purchase amount, which means you can make more money from this act.
Other NFT marketplaces don’t offer the same feature, so that’s just another advantage OpenSea has over them.
There is an OpenSea mobile app, but it is mainly used to browse the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listings.
The mobile apps of OpenSea are available for both iOS in addition to Android. Even though you can’t buy or sell anything, you can still explore the products you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are available at your disposal, and you can trade your fiat currency for cryptocurrency using these platforms. OpenSea Uk
You can convert your fiat currency using a your credit or debit card as well as Paypal via these reputable websites to exchange it for crypto:
- Bittrex, and many more!
Each of them has the option of exchange for ETH which is the standard crypto payment in OpenSea.
While OpenSea is an NFT marketplace open to all kinds of cryptocurrency, wallets are still more compatible with it than others. Since it is built mainly around an ETH blockchain, all wallets with a connection to that network will be suitable for this site.
Here’s a list several crypto wallets which you can use with OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each wallet has its own restrictions, such as easy registration, use on mobile devices only as well as the capability to purchase cryptocurrency with credit cards. OpenSea Uk
To learn more about it You can go through their FAQs to see a rundown of how you can get started and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one 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 can be used to perform transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto market and NFTs.
- Allows royalties of only up to 10% for artists (low royalty rates).
- Cannot buy or sell through this mobile application.
- Only accepts cryptocurrency as a form of payment.
- The use of a Crypto wallet is required for this marketplace.
OpenSea is open to everyone who has any crypto currency in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. However, overall, you will quickly regain that when you sell regularly since there’s no extra charge for it.
Frequently Asked Questions OpenSea Uk
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to offer artists a way to market their work online, and to accept cryptocurrency as their form of payment. It’s an excellent option for artists who want to use for selling NFTs because of its zero gas costs and low commission fee rate which you are required to pay.
You can browse and purchase the vast array of digital goods in this NFT marketplace, so you should go through it!
Is OpenSea legitimate and safe?
Answer: Yes! OpenSea is a reputable marketplace since its inception in 2018. Because its system is based on a blockchain and is secured, it is safe to say that your transactions are protected and secured.
Furthermore as a seller you can become verified once you build up your reputation. A blue checkmark is placed on your account or collection you’ve uploaded to ensure the safety of any customer. The OpenSea team reviews regularly the content to ensure that users are protected.
How can I earn royalties from OpenSea?
However, as an artist, you can receive only up to 10% of the royalties once you have uploaded the NFT. This is thought to be a reasonable amount compared against others NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) has been commonly used on this site and numerous others to cater for many more cryptocurrency users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can use for OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. It is easy to buy or sell cryptocurrency on trusted platforms with fiat money. All you have just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea have a desktop/mobile application?
As mentioned before, there is definitely an official mobile app from OpenSea that is available for iOS or Android. Install it from their app store, and you can start exploring the collection now!
A desktop application for OpenSea that can be downloaded through WebCatalog. In the desktop application, you can manage multiple accounts as well as 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/).