The crypto currency market is in a boom right now, and you’re probably wondering where you can invest your crypto currency. Markets have popped up across the web that allow users to purchase and sell NFTs with cryptocurrency! OpenSea is among them and is worth checking out.
If you’re interested in crypto, you’ve probably heard about OpenSea prior to this for a valid reason. It has become one of the biggest and leading marketplaces among users of cryptocurrency due to its safety and speedy transactions.
So, hop on board and discover 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 review. After, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace 12 Nft Metal Studs
The goal to create OpenSea was to provide an online marketplace for artists to upload their commissions with no additional charges. It has more functions that let you sell your art without too many difficulties.
When it comes to registration, you don’t need to provide too many details about yourself. All you have to connect your crypto wallet and voila! You have an account with OpenSea! It’s as easy as that, without much hassle as you step into NFTs.
The most popular cryptocurrency used on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system, and this is used to carry out the majority of processes. It also operates using the Polygon blockchain, which ensures the lowest cost and speediest trading.
There are two types of blockchains, you can choose which one you would like to transfer your NFT to as a seller. This ensures the safety of your NFT as well as those who would like to purchase it. All transactions are made using 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 that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything just a domain name, to a piece of art from an artist that you admire. Anyone can sell however, it takes some time before anyone can become an established seller.
There’s a huge selection of NFTs available on OpenSea and you could also be a part of this! You can create your own personal market on this site, as well as find NFTs you want to purchase yourself.
What is an NFT?
In a recent development for the cryptocurrency industry”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that the majority of young people have heard of it but not exactly sure what it actually means. Let’s break down what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the latest ways that you can buy with cryptocurrency can be an NFT. The NFT is a non-fungible token that is very unique and can’t be replaced. It could be an item of rareness like authentic baseball cards or unique vinyl album.
There is no limit to what an NFT could be, since it’s a non-fungible item that you can sell online. It is simpler to just imagine an NFT to be a type of digital item paid via cryptocurrency only.
Minting is like calling dibs for your personal NFTs. It is a way of claiming ownership over that particular token/item you uploaded on the market place, but selling it. Usually, this is recognized after you fill in the correct information about the NFT and finally submit it for sale on.
On OpenSea It’s a very simple process to mint your NFTs by visiting the store and simply creating a collection to start! Complete the correct and accurate information about your NFT and choose what kind of settings you’d like to use for it (e.g., blockchain and payments tokens). After that you are able to upload it, if it’s within the 100 MB limit.
You can watch and see how the transactions go from here on out to see if OpenSea is the right marketplace for you.
What NFTs are available here?
In this moment you’re probably thinking about which kind of NFT be purchased here and what kind of NFTs you can sell should you decide to pursue that route. The kind of NFT it is indefinite because there’s a wide range of options for how to do it.
It is possible to sell trade cards, digital goods games domain names, even physical assets! Explore what you believe can reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that separates OpenSea from the others. There are no gas costs when you use this feature when you make and then sell the NFTs. This means you’ll receive the maximum profits when you start selling because you won’t have to spend on extra fees.
Not many NFT marketplaces have this feature, and it can be a fantastic way to make a huge profit from your NFT collection.
A Referral Program is another unique aspect of OpenSea to take note of. Like traditional online marketplaces there are rewards when you refer your friend to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from there you’ll earn 2.50 percent of the sales amount, which allows you to earn more money through this action.
Other NFT marketplaces don’t offer the same feature, so that’s just another advantage OpenSea has over the other marketplaces.
There’s an OpenSea mobile app, but it’s mostly used to browse through the marketplace. It isn’t able to purchase or sell anything as you browse through the listing.
The mobile apps of OpenSea are available on both iOS and Android. Even though you can’t buy or sell anything, you can still browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are at your disposal You can also trade your fiat currency for cryptocurrency on these platforms. 12 Nft Metal Studs
You can convert your fiat money via credit card or Paypal through these trusted sites to exchange it for crypto:
- Bittrex, and many more!
Each of them has the option of exchange for ETH, which is the most common cryptocurrency used in OpenSea.
While OpenSea can be described as an NFT marketplace open to all forms of cryptocurrency, the wallets nonetheless more compatible than other. Since it is built mainly using the ETH blockchain, wallets with a connection to the same network are suitable for this site.
Here’s a list several crypto wallets you can utilize in OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, mobile-only usage, and the function to purchase cryptocurrency with a credit card. 12 Nft Metal Studs
To learn more about it You can go through their FAQs for an overview of how you can get started and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets every one of them has advantages and drawbacks. 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 or Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalties of only 10% for artists (low royalties).
- Cannot buy or sell via the mobile app.
- Only accepts cryptocurrency as a method of payment.
- An Crypto account is needed for this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. In the end, you’ll quickly regain that when you actively sell because there is no additional fee for it.
Frequently Asked Questions 12 Nft Metal Studs
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to give artists a chance for selling their artwork online to receive cryptocurrency as their form of payment. It’s an excellent platform for artists using for selling NFTs because of its zero gas costs and the low commission rate which you are required to pay.
You can shop and browse the vast array of digital items on the NFT marketplace and you must go through it!
Is OpenSea real and secure?
Answer: Yes! OpenSea has been a reliable marketplace since it was founded on the 1st of December in the year of 2018. Since the system it operates on is built on a blockchain and is secured, it is safe to claim that your transactions are protected and secured.
In addition, as a seller, you can become verified once you build up your reputation. A blue checkmark is placed to your account or the collection you uploaded to reassure any customer. The OpenSea team reviews regularly the content to ensure that users are protected.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you can be paid only 10 percent of the royalties when you have uploaded the NFT. This is considered to be quite low in comparison against others NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) is widely utilized on this website and other sites to provide more crypto users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can make use of for OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. You can easily purchase or trade cryptocurrency using trusted platforms with fiat money. All you have be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea has a mobile or desktop application?
As mentioned before, there is definitely an official mobile application from OpenSea that is available for iOS and Android. Download it at their respective app store, and then you can begin browsing through the collection right now!
The desktop application for OpenSea which can be downloaded from WebCatalog. In the desktop application you can manage multiple accounts and get notifications on updates regarding 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/).