The crypto currency market is in a boom right now, and you’re probably wondering where to invest your crypto coins. Marketplaces are popping up across the digital web designed to buy and sell NFTs with cryptocurrency! OpenSea is one of them, and it’s worth looking into.
If you’re familiar with cryptocurrency you’ve probably heard about OpenSea before for a good reason. It’s one of the largest and leading marketplaces among cryptocurrency enthusiasts due to its security and rapid transactions.
So, hop on board and discover what you can do with OpenSea, along with checking the NFTs that you can see!
Before you continue, 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 our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace 1 Roll Of Nft Fur
The purpose to create OpenSea was to offer a platform/marketplace for artists to easily upload their commissions, without having to pay any additional costs. It also has additional functions that let you sell your artwork without any difficulties.
For the registration process, you don’t have to give too many details about yourself. All you need to connect your crypto 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 widely-used cryptocurrency used within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology and is used for most processes. It is also based with the Polygon blockchain, which allows for the lowest cost and speediest trading.
With these two types of blockchains available you can pick which one you’d like to publish your NFT as seller. This ensures the safety of your NFT and those who wish to buy it. All transactions are made by using the blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall where you can exchange your cryptocurrency or NFTs for other NFTs. You can purchase anything from as simple as a domain name to official art from an artist that you admire. Anyone can become a seller however it takes a while for anyone to become a reputable one.
There’s a huge selection of NFTs available on OpenSea and you can become a part of the collection! You can create your own marketplace here, along with finding NFTs you want to purchase yourself.
What is an NFT?
In a recent development for the cryptocurrency industry,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on the internet that many millennials are familiar with it but not exactly sure what it means. Let’s look at what an NFT is for any beginners in cryptocurrency.
One of the new things you can purchase your cryptocurrency includes an NFT. The NFT is a non-fungible currency that is unique and can’t be substituted. This can be an item of rarity like rare baseball trading cards in mint condition, or a uncommon vinyl record.
There’s no limit on what an NFT could be, since it’s a non-fungible object that you sell online. In simpler terms, you could just imagine as an NFT as a digital collectible paid via cryptocurrency only.
Minting is like calling dibs for your personal NFTs. You’re claiming ownership over that particular token/item that you posted to the marketplace, and selling it. Usually, this becomes official once you fill out all the necessary information about the NFT and add it on the market.
On OpenSea, it’s a simple procedure to create your own NFTs by visiting the store and then create a collection! Input the appropriate and complete information about your NFT and then select what type of settings you’d like to use it with (e.g. blockchain or money transfer tokens). After you’ve completed the process you are able to upload it, if it’s within the limit of 100MB.
It is possible to wait and see the way transactions are handled from here on out to determine whether OpenSea is the marketplace for you.
What NFTs can you find here?
So, at this point, you’re probably wondering which kind of NFT can you shop for here and what kind of NFTs you can also sell if you decide to go down that path. The kind of NFT that you can purchase isn’t limited as there’s a variety of options for how to go about it.
You can be selling trade cards, digital goods, game assets domain names, some physical items! Consider what you believe will bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what differentiates OpenSea from the others. There’s no cost for gas when you utilize this feature to make and then sell the NFTs. This means you’ll be able to make the highest profits once you sell because you won’t have to spend on additional fees.
There aren’t many NFT marketplaces provide this feature, and it is a great way to earn a high return from your NFT collection.
The Referral Program is another unique aspect of OpenSea to be admired. Similar to traditional online markets that offer benefits by referring your friend to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from there, you’ll receive 2.50 percent of the purchase amount, which allows you to make more money from this act.
Other NFT marketplaces don’t have the same feature This is a further advantage OpenSea has over the other marketplaces.
There is an OpenSea mobile application, however it’s mostly used to browse the marketplace. You can’t buy or sell anything while you browse through the listing.
The mobile apps from OpenSea are accessible for the two platforms of iOS as well as Android. Even though you can’t buy or sell something, 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, and you can trade your fiat currency for cryptocurrency on these platforms. 1 Roll Of Nft Fur
You can convert your fiat money via credit card or Paypal on these reliable websites for cryptocurrency:
- Bittrex, and other things!
All of these have the option to exchange for ETH which is the standard crypto payment 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 others. Since it is built mainly on the ETH blockchain, all wallets that share the same network are suitable for this website.
Here’s a list of several crypto wallets you can use in OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each wallet has its own restrictions including simple registration, only mobile usage as well as the capability to buy cryptocurrency using credit cards. 1 Roll Of Nft Fur
For more information about the service to learn more, check out their FAQs for an overview 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 advantages and drawbacks. OpenSea isn’t the only one to have this. It is possible to read about its pros and cons here:
- Mobile apps available that are compatible with iOS and Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
- Allows royalty rates of 10% to artists (low royalties).
- You cannot buy or sell products through our mobile apps.
- Only supports cryptocurrency as its form of payment.
- A Crypto account is needed to use this marketplace.
OpenSea is available to anyone who has any crypto currency in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. In the end, you’ll quickly recover this amount if you sell regularly since there is no additional fee for it.
Frequently Asked Questions 1 Roll Of Nft Fur
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to provide artists a platform to market their work online, and to accept cryptocurrency as a method of payment. It’s an excellent platform for artists using the platform to market NFTs due to its no gas costs and the low commission rate which you are required to pay.
You can browse and purchase an array of digital items on the NFT marketplace which is why you should definitely check it out!
Is OpenSea real and is it safe?
The short answer is yes! OpenSea has been a reliable marketplace since its inception on the 1st of December in 2018. Since the system it operates on is built on blockchain technology that is secure, you can claim that your transactions are safe and secure.
Additionally as a seller you can become verified once you have built up your credibility. A blue checkmark will be assigned on your account or the collection you uploaded to reassure any customer. The team at OpenSea regularly checks the content to ensure that users are protected.
How do I earn royalties on OpenSea?
As an artist, you will receive only up to 10 percent of the royalties after you have uploaded the NFT. This is believed to be reasonably low compared with others NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) has been widely used on this site and many others to accommodate more crypto users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can use for OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. You can buy and sell cryptocurrency through secure platforms that accept 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 is an official mobile application from OpenSea available for both iOS and Android. Install it from their app store, and then you can begin exploring the collection now!
There is also a version for desktops that OpenSea that can be downloaded through WebCatalog. With the desktop application you are able to 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/).