The cryptocurrency market is on the rise and you’re probably thinking where you can invest your crypto currency. Markets have popped up all over the web that allow users to purchase and sell NFTs using cryptocurrency! OpenSea is one of them, and it’s worth a look.
If you’re well-versed in cryptocurrency, you’ve probably heard about OpenSea before for a good reason. It’s now one of the largest and leading marketplaces among users of cryptocurrency due to its security and quick transactions.
Get on board, and discover the possibilities of OpenSea as well as examining what NFTs you can view!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace 18 Nft Sailboat
The aim to create OpenSea was to simply provide an online marketplace for artists to upload their commissions without any extra costs. It has more functions which allow you to market your artwork without any difficulties.
For registration, you don’t need to worry about giving 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 easy as that, without many hassles when you enter into NFTs.
The most popular cryptocurrency that is used on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology which is utilized for the majority of transactions. It also operates using the Polygon blockchain, which allows for the lowest cost and speediest trading.
With these two types of blockchains it is possible to choose which one you want to upload your NFT on as an seller. This is to ensure the security of your NFT and the people who want to buy it. Every transaction will be conducted using this blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace 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 become a seller however, it takes time for anyone to become an established one.
There’s a huge selection in the collection of NFTs available at OpenSea and you can join in with that! You can create your own personal market there, and also find NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent advancement for the crypto market the term “NFT” has been going around for so long on internet that the majority of young people are familiar with it , but aren’t exactly sure what it actually means. Let’s take a look at what NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the new things you can buy includes an NFT. The NFT is a token that is non-fungible that is exclusive and cannot be replaced. This can be a piece of rareness like mint-condition baseball trading cards or unique vinyl album.
There’s no limit on what an NFT could be, since it’s a non-fungible object that you sell on the internet. More straightforwardly, you can simply imagine as an NFT as a digital item paid via cryptocurrency only.
Minting is like calling dibs to your NFTs. You are calling the ownership of the particular item that you posted to the market place, but offering it for sale. Usually, this is recognized once you fill out the correct information about the NFT and finally upload it to the marketplace.
On OpenSea It’s a very simple process to mine your NFTs. All you have to do is visit the store and simply create a collection! Fill out the proper and complete information about your NFT and then select what type of settings you want for it (e.g. blockchain and money transfer tokens). After that you are able to upload it to the internet if it’s in the 100 MB limit.
You can wait and observe the way transactions are handled 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 wondering which kind of NFT be purchased here and what you can sell should you decide to go that route. The type of NFT it is unlimited because there’s a wide range of how you can go about it.
You can be selling digital products, trading cards game assets, domain names, and even physical assets! Explore what you believe can bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that sets OpenSea from the other options. There are no gas costs for using this feature when you create and market NFTs. This simply means that you’ll get the most profit when you sell because you won’t have to spend on extra fees.
There aren’t many NFT marketplaces offer this feature, so this is great for you to receive high profit from your portfolio.
This Referral Program is another unique aspect of OpenSea to admire. Similar to traditional online markets, you can receive benefits by referring a friend to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from the site you’ll be rewarded with 2.50 percent of the sales amount, which allows you to earn more money through this action.
Other NFT marketplaces do not have the same feature and that’s another advantage OpenSea has over them.
There is an OpenSea mobile application, however it’s mostly used to browse through the marketplace. It isn’t able to purchase or sell anything while you browse through the listings.
The mobile apps from OpenSea are accessible on the two platforms of iOS and Android. Even though you can’t buy or sell anything, you can still browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are available to you You can also convert your fiat money into cryptocurrency on these platforms. 18 Nft Sailboat
You can swap the fiat currency you have with a your credit or debit card as well as Paypal via these reputable websites for cryptocurrency:
- Bittrex, and other things!
Each of them has the option to exchange for ETH which is the primary cryptocurrency used in OpenSea.
Although OpenSea can be described as an NFT marketplace open to all kinds of cryptocurrency, the wallets nevertheless more compatible than other. Since it is built mainly using the ETH blockchain, wallets with a connection to this network are appropriate 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 found 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 credit cards. 18 Nft Sailboat
To know more about it You can go through their FAQs to see an overview of how you can get started and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all 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:
- Available as mobile apps that are compatible with iOS as well as Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto market and NFTs.
- Allows royalties of only 10% to artists (low royalties).
- It is not possible to buy or sell items via our mobile apps.
- Only accepts cryptocurrency as a form of payment.
- A Crypto digital wallet must be used to use this marketplace.
OpenSea is accessible to everyone who has any crypto currency in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. However, overall, you will quickly recover this amount if you sell regularly since there’s no additional cost for it.
Frequently Asked Questions 18 Nft Sailboat
What is OpenSea?
OpenSea is an NFT marketplace that aims to offer artists a way for selling their artwork online and receive cryptocurrency as a method of payment. It’s an excellent option for artists who want to use for selling NFTs due to its low gas fees and low commission fee rate which you are required to pay.
You can browse and purchase the vast array of digital products on this NFT marketplace, so you should check it out!
Is OpenSea legit & secure?
The short answer is yes! OpenSea has been a trusted marketplace since it was established on the 1st of December in the year of 2018. Since its system is based on a blockchain and is secured, it is safe to claim that your transactions are secure and safe.
In addition, as a seller, you will be verified after you’ve earned a reputation. A blue checkmark is placed on your account or the collection you uploaded to reassure every customer. OpenSea’s team regularly reviews the content to ensure users are secure.
How can I earn royalties on OpenSea?
However, as an artist, you will receive only up to 10% of the royalties once you upload the NFT. This is believed to be reasonably low compared against other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) can be commonly used on this site as well as 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 utilize to use OpenSea.
What are the 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 just connect your debit or credit card to Paypal for the transaction.
Does OpenSea have a desktop/mobile app?
As we mentioned earlier There is an official mobile app by OpenSea that is available for iOS and Android. You can download it through their app store, and then you can begin browsing through the collection right now!
A Desktop application that OpenSea that can be downloaded through WebCatalog. On the desktop app, you can 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/).