The crypto currency market is in a boom right now, and you’re probably wondering where you can invest your crypto-coins. Markets have popped up all over the internet, designed to purchase and sell NFTs using cryptocurrency! OpenSea can be one and is worth checking out.
If you’re interested in crypto, you’ve likely heard of OpenSea prior to this for a valid reason. It’s now one of the largest and most popular marketplaces for users of cryptocurrency due to its security and quick transactions.
Get on board, and let’s see the possibilities of OpenSea, along with checking 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.
OpenSea as an NFT Marketplace 1 Nft Value
The aim to create OpenSea was to simply provide artists with a marketplace/platform to upload their commissions, without having to pay any additional costs. It has more functions that allow you to sell your artwork without any difficulties.
When it comes to registration, you won’t have to give any personal information about yourself. All you have to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as simple as that, without many hassles when you enter into NFTs.
The most popular cryptocurrency used in 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 for the majority of transactions. It also operates on the Polygon blockchain, which ensures lower costs and faster trading.
There are two types of blockchains available you can pick which one you want to upload your NFT on as seller. This is to ensure the security of your NFT and the people who want to purchase it. All transactions will be made by using the blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless that lets you trade your cryptocurrency or NFTs for other NFTs. You can purchase anything from the simplest domain name to official art from an artist that you admire. Anyone can become a seller however, it takes some time before anyone can become an established seller.
There are a variety of NFTs of NFTs available of NFTs available at OpenSea, and you can become a part of that! You can create your own market here, along with finding NFTs you want to purchase yourself.
What is an NFT?
In a recent development for the crypto market,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on the internet that a lot of millennials have heard of it but aren’t sure exactly what it means. Let’s break down what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the newest things you can purchase your cryptocurrency can be an NFT. A NFT is a token that is non-fungible that is individual and cannot be substituted. It could be an item of any rareness, such as mint-condition baseball trading cards or uncommon vinyl record.
There’s no limit on what an NFT can be as it’s a non-fungible thing that you sell online. It is simpler to just consider the NFT as a digital collectible 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 that you posted to the marketplace, and selling it. Typically, this is official after you fill in all the necessary information about the NFT and finally add it on the market.
On OpenSea, it’s a simple process to mint your NFTs. All you have to do is visit the store and making a collection to begin! Complete the correct and accurate information about your NFT and select the type of settings you’d like for it (e.g., blockchain or payments tokens). Once that’s all done, you can finally upload it, if it’s within the limit of 100MB.
You can watch and see how the transactions go from now on to determine whether OpenSea is the best marketplace for you.
What NFTs are available here?
So, at this point you’re probably asking yourself what kind of NFTs can be found here and what kind of NFTs you can sell should you decide to go that route. The kind of NFT it is indefinite as there’s a variety of ways to go about it.
It is possible to sell digital items, trading cards games domain names, also physical goods! Find out what you think will bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what differentiates OpenSea from the other options. There are no gas costs when you utilize this feature to create and market 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 provide this feature, which is why this is a great way to earn a high return from your portfolio.
This Referral Program is another unique aspect of OpenSea to admire. Similar to traditional online markets, you can receive benefits when you refer your friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from the site you’ll earn 2.50% of the sale amount, letting you earn more money by this method.
Other NFT marketplaces don’t offer the same feature This is a further benefit OpenSea has over them.
There is an OpenSea mobile app, but it’s mostly used for perusing through the marketplace. You can’t buy or sell anything as you browse through the listings.
The mobile apps from OpenSea are accessible for both iOS as well as Android. While you’re not able to buy or sell something, you can at least look through the options you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available at your disposal, and you can trade your fiat currency for cryptocurrency through these platforms. 1 Nft Value
You can swap 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 more!
Each of them has the option to exchange for ETH which is the most common cryptocurrency payment option in OpenSea.
While OpenSea has been described as being an NFT marketplace that is open to all forms of cryptocurrency, wallets are still more compatible with it than other. Because it is based using an ETH blockchain, all wallets which are part of that network will be suitable for this website.
Here’s a list of various crypto wallets that which you can use with OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations, such as easy registration, mobile-only usage as well as the capability to purchase cryptocurrency using credit cards. 1 Nft Value
To learn more about it You can go through their FAQs to see the steps you can begin and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with advantages and drawbacks. OpenSea isn’t the only one to have this. You can view its pros and pros here:
- Mobile apps are available that are compatible with iOS or Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalties of only up to 10% for artists (low royalty).
- It is not possible to buy or sell items on this mobile application.
- Only supports cryptocurrency as its method of payment.
- A Crypto wallet is required for this marketplace.
OpenSea is available to anyone who has crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. But overall, you can easily recover that amount when you sell regularly since there’s no extra charge for it.
Frequently Asked Questions 1 Nft Value
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to give artists a chance to sell their works online and receive cryptocurrency as a form of payment. It’s a great platform for artists using for selling NFTs due to its no gas costs and low commission fees 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 legit & is it safe?
Short answer: Yes! OpenSea is a reputable marketplace since it was established in the year of 2018. Since the system it operates on is built on a blockchain and is secured, it is safe to say that your transactions are secure and safe.
In addition as a seller you will be verified after you have built up your credibility. A blue checkmark will be assigned next to your account or collection you uploaded to reassure any customer. The team at OpenSea regularly checks the content to ensure that users are secure.
How can I earn royalties on OpenSea?
Unfortunately, as an artist, you’ll receive only up to 10 percent of the royalties when you have uploaded the NFT. This is believed to be reasonably low compared with the other NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) is frequently used on this site as well as many others to accommodate more crypto users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can utilize to use OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. It is easy to buy or trade cryptocurrency using trusted platforms with fiat money. All you have be able to connect is your credit or Paypal for the transaction.
Does OpenSea have a desktop or mobile app?
As previously mentioned there’s an official mobile application from OpenSea that is available for iOS and Android. You can download it through their app store and begin exploring the collection now!
The desktop application for OpenSea can be downloaded via WebCatalog. On the desktop app you are able to manage multiple accounts and receive 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/).