Cryptocurrency is booming right now and you’re probably thinking where you can invest your crypto-coins. Marketplaces are popping up across the web that allow users to purchase and sell NFTs via cryptocurrency! OpenSea is among them 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 one of the biggest and most popular marketplaces among cryptocurrency users because of its security and quick transactions.
Get on board, and let’s explore what you can do with OpenSea, along with checking the NFTs that you can see!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick review. Afterward, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace 14 Nft
The purpose to create OpenSea was to offer artists with a marketplace/platform to upload their commissions with no additional charges. There are additional features that allow you to sell your art without too many problems.
For registration, you don’t need to worry about giving too many details about yourself. All you need to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as simple as that without going through many hassles when you enter into NFTs.
The most popular cryptocurrency used within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it, and this is used to carry out the majority of processes. It also functions with the Polygon blockchain, which allows for the lowest cost and speediest trading.
With these two kinds of blockchains available you can pick which one you want to transfer your NFT to as an seller. This will ensure the security of your NFT as well as those who wish to buy it. All transactions will be made along with 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 online shopping mall that is endless where you can exchange 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 a while before anyone can become an established one.
There are a variety of NFTs of NFTs available at OpenSea, and you can join in with this! You can create your own market on this site, as well as find NFTs you want to purchase for yourself.
What is an NFT?
In a recent advancement for the crypto market”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that a lot of millennials are familiar with it , but aren’t sure exactly what it means. Let’s look at what an NFT is for any beginners in the field of cryptocurrency.
One of the newest things that you can buy with cryptocurrency can be an NFT. The NFT is a non-fungible currency that is very individual and cannot be changed. It could be an item of any rareness like mint-condition baseball trading cards or rare vinyl record.
There’s no limit to what an NFT can be since it’s a non-fungible item you’re selling online. It is simpler to just consider the NFT being a virtual collectible which is only paid in cryptocurrency.
Minting is like calling the shots for your personal NFTs. It is a way of claiming the ownership of the particular item you uploaded on the market place, but you’re putting it up for sale. Typically, this is official once you fill out the correct information about the NFT and then add it on the market.
On OpenSea, it’s a simple procedure to create your own NFTs. All you have to do is visit the store and then making a collection to begin! Input the appropriate and correct information regarding your NFT and choose what kind of settings you want for it (e.g., blockchain or money transfer tokens). Once that’s all done then you’re 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 determine whether OpenSea is the right marketplace for you.
What NFTs can you get here?
So, at this point you’re probably thinking about which kind of NFT you shop for here, and what you could also sell if you choose to go down that path. The kind of NFT it can be is unlimited since there’s a broad range of options for how to do it.
You could be selling trade cards, digital goods, game assets, domain names, and also physical goods! Consider what you believe will bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that sets OpenSea from the others. There are no gas costs when you use this feature when you make and then sell the NFTs. This is essentially a way to ensure that you get the most profit when you begin selling since you don’t need to pay on extra fees.
There aren’t many NFT marketplaces have this feature, and it is great for you to receive high profit from your NFT collection.
This Referral Program is a different aspect of OpenSea to take note of. Similar to traditional online markets, you can receive advantages when you refer your friend to OpenSea! If you encourage a friend join OpenSea and buy an NFT from the site you’ll earn 2.50% of the sale amount, which allows you to make more money from this act.
Other NFT marketplaces don’t have this feature and that’s another benefit OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile application, however it is mainly used to browse through the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listings.
OpenSea’s mobile apps are available on both iOS in addition to Android. Although you aren’t able to purchase or sell things, you can at least browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are for you to use to trade your fiat currency for cryptocurrency on these platforms. 14 Nft
You can exchange the fiat currency you have with a the 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 that is the most common cryptocurrency used in OpenSea.
While OpenSea can be described as an NFT marketplace that is open to all types of cryptocurrency, the wallets nevertheless more compatible than other. Since it is built on the ETH blockchain, any wallets that share this network are appropriate for this site.
Here’s a list of different crypto wallets you can use in OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each has its own limitations including simple registration, use on mobile devices only and the ability to purchase cryptocurrency with credit cards. 14 Nft
To know more about it, you can check their FAQs for a rundown of how you can start and what other crypto 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 cons here:
- Mobile apps are available for iOS as well as Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalties of only up to 10% for artists (low royalty).
- You cannot buy or sell products on the mobile app.
- Only supports cryptocurrency as its method of payment.
- An Crypto digital wallet must be used for this marketplace.
OpenSea is open to everyone who owns any crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. In the end, you’ll easily recover that amount when you sell regularly since there’s no additional cost for it.
Frequently Asked Questions 14 Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to offer artists a way to sell their works online and receive cryptocurrency as a form of payment. It’s an ideal platform for artists using for selling NFTs due to its low cost of gas and low commission fees which you are required to pay.
You can browse and shop for the vast array of digital goods in this NFT marketplace which is why you should definitely take a look!
Is OpenSea legit & safe?
The short answer is yes! OpenSea has been a trusted marketplace since it was established on the 1st of December in the year 2018. Since the system it operates on is built on a blockchain that is secure, you can claim that your transactions are secure and safe.
Additionally as a seller you will be verified after you build up your reputation. A blue checkmark will be assigned on your account or the collection you’ve uploaded to ensure the safety of anyone who buys from you. OpenSea’s team regularly reviews the content to ensure users are secure.
How can I earn royalties on OpenSea?
Unfortunately, as an artist, you’ll be paid only 10 percent of the royalties after you have uploaded the NFT. This is believed to be a reasonable amount compared to other NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) is frequently utilized on this website and many others to accommodate the increasing number of crypto users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can make use of to access OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. You can buy and sell cryptocurrency on trusted platforms with fiat money. All you need to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea have a desktop or mobile application?
As we mentioned earlier, there is definitely an official mobile app by OpenSea for both iOS or Android. Install it from their app store, and then you can begin exploring the collection now!
A version for desktops that OpenSea that can be downloaded through WebCatalog. In the desktop application you can manage multiple accounts and get 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/).