The crypto currency market is in a boom right now, and you’re probably wondering where you can invest your crypto-coins. There are numerous marketplaces popping up all over the internet, designed to purchase and sell NFTs with cryptocurrency! OpenSea can be one and is worth looking into.
If you’re well-versed in cryptocurrency you’ve probably heard of OpenSea before for a good reason. It’s now one of the largest and leading marketplaces among cryptocurrency users because of its safety and speedy transactions.
Now hop aboard, 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 watch this video by TopHatCat on YouTube that gives a quick overview. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Upland Nft
The aim of OpenSea was to offer an online marketplace for artists to easily upload their commissions without any extra costs. It has more functions that allow you to sell your work without having to deal with many difficulties.
For the registration process, you don’t have to worry about giving all of your personal details. All you need to connect your crypto wallet and voila! You have an account with OpenSea! It can be as simple as that, without many hurdles as you walk into NFTs.
The most widely-used cryptocurrency that is used on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it, and this is used to carry out the majority of processes. It also operates with the Polygon blockchain to ensure lower costs and faster trading.
With these two types of blockchains that are available it is possible to choose which one you’d like to publish your NFT as seller. This is to ensure the security of your NFT, along with the people who want 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 like an endless online mall where you can exchange your cryptocurrency or NFTs for other NFTs. You can buy anything as simple as a domain name to official art from an artist that you admire. Anyone can be a seller however it takes some time before anyone can become an established seller.
There is a wide variety from the selection on OpenSea and you can join in with that! You can create your own market here, along with finding NFTs that you would like to purchase yourself.
What is an NFT?
In a recent advancement for the crypto industry, the term “NFT” has been going around for so long on the internet that a lot of millennials 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 the field of cryptocurrency.
One of the newest things you can purchase your cryptocurrency can be an NFT. An NFT is a token that is non-fungible that is very exclusive and cannot be changed. This can be a piece of rareness like mint-condition baseball trading cards or a uncommon vinyl record.
There’s no limit on what an NFT can be as it’s a non-fungible thing that you can sell online. More straightforwardly, you can just consider the NFT being a virtual item which is only paid in cryptocurrency.
Minting is like calling dibs for your personal NFTs. You’re claiming ownership over that particular token/item that you have uploaded to the marketplace, and putting it up for sale. Usually, this becomes official when you have filled in the correct information about the NFT and then submit it for sale on.
On OpenSea It’s a very simple process to mine your NFTs. All you have to do is visit the store and making a collection to begin! Fill out the proper and accurate information about your NFT and then select what type of settings you’d like for it (e.g. blockchain or payments tokens). After that you are able to upload it to the internet if it’s in the 100 MB limit.
You can watch and see the way transactions are handled from here on out to see whether OpenSea is the best marketplace for you.
What NFTs can you get here?
So, at this point you’re probably thinking about what kind of NFTs can be found here, and what you could also sell if you choose to go that route. The kind of NFT it is indefinite as there’s a variety of options for how to go about it.
It is possible to sell digital products, trading cards, game assets, domain names, and even physical assets! Consider what you believe will bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what differentiates OpenSea from other companies. There’s no cost for gas when you use this feature when you mint and sell NFTs. This simply means that you’ll be able to make the highest profits once you start selling because you won’t have to spend on extra fees.
Very few NFT marketplaces offer this feature, which is why this is a great way to make a huge profit from your collection.
The Referral Program is a different aspect of OpenSea to take note of. Similar to traditional online markets that offer benefits when you refer your friend to OpenSea! If you encourage a friend join OpenSea and buy an NFT from there you’ll earn 2.50 percent of the sales amount, which means you can earn more money from this act.
Other NFT marketplaces don’t offer this kind of feature either, so that’s just another benefit OpenSea has over them.
There’s an OpenSea mobile app, but it’s mostly used for perusing through the marketplace. You can’t buy or sell anything as you scroll through the list.
The mobile apps of OpenSea are available on the two platforms of iOS in addition to Android. While you’re not able to buy or sell things, you can browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available at your disposal You can also trade your fiat currency for cryptocurrency through these platforms. Upland Nft
You can exchange the fiat currency you have with a the credit card, or Paypal on these reliable websites to exchange it for crypto:
- Bittrex, and other things!
All of them have the option of exchange for ETH which is the most common crypto payment in OpenSea.
Although OpenSea is an NFT marketplace open to all types of crypto, wallets are still more compatible with it than others. Because it is based around the ETH blockchain, any wallets that share the same network are suitable for this site.
Here is a list of several crypto wallets you can use in OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations including simple registration, only mobile usage as well as the capability to buy cryptocurrency using credit cards. Upland Nft
To know more about it You can go through their FAQs to get a rundown of how you can begin and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and cons here:
- Mobile apps are available that are compatible with iOS as well as Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto market and NFTs.
- Allows royalties 10% to artists (low royalty rates).
- Cannot buy or sell via the mobile app.
- Only supports cryptocurrency as its form of payment.
- The use of a Crypto digital wallet must be used for this marketplace.
OpenSea is available to anyone who has crypto coins in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. However, overall, you will quickly recover this amount if you sell regularly since there’s no extra charge for it.
Frequently Asked Questions Upland Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to provide artists a platform 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 it to sell NFTs due to its low gas costs and low commission fees you must pay.
You can shop and browse an array of digital goods in this NFT marketplace which is why you should definitely check it out!
Is OpenSea legitimate and secure?
Answer: Yes! OpenSea has been a trusted marketplace since it was founded 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 say that your transactions are secure and safe.
In addition as a seller you’ll be verified when you have built up your credibility. A blue checkmark is placed next to your account or collection you uploaded to reassure any customer. The OpenSea team reviews regularly the contents to ensure users are protected.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you will be paid only 10 percent of the royalties when you upload the NFT. This is considered to be a reasonable amount compared to 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 crypto users. These are other cryptos you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can make use of for OpenSea.
What are the payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. You can buy and trade cryptocurrency using trusted platforms with fiat money. All you have to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea has a mobile or desktop app?
As we mentioned earlier there’s an official mobile app by OpenSea for both iOS as well as Android. Install it from their app store and you can start exploring the collection now!
There is also a Desktop application that OpenSea which can be downloaded from WebCatalog. In the desktop application you can manage multiple accounts as well as receive alerts on any updates that affect your account when you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).