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 all over the internet, designed to purchase and sell NFTs with cryptocurrency! OpenSea is among them and is worth a look.
If you’re well-versed in cryptocurrency you’ve probably heard of OpenSea prior to this for a valid reason. It’s one of the biggest and most popular marketplaces among users of cryptocurrency due to its safety and speedy transactions.
Get on board, and let’s explore the possibilities of OpenSea and also see 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. After, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace 1950 Nft Fly Rod
The aim of OpenSea was to offer a platform/marketplace for artists to easily upload their commissions with no additional charges. It has more functions which allow you to market your work without having to deal with many difficulties.
For registration, you won’t have to provide any personal information about yourself. All you have to connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as simple as that without going through much hassle as you step into NFTs.
The most widely-used cryptocurrency used within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology which is utilized for the majority of transactions. It also functions using the Polygon blockchain to ensure the lowest cost and speediest trading.
With these two types of blockchains it is possible to choose which one you would like to upload your NFT on as an seller. This is to ensure the security of your NFT and those who would like to purchase it. All transactions are made using this blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace that lets you trade your cryptocurrency or NFTs for other NFTs. You can buy anything just a domain name, to a piece of art from an artist you admire. Anyone can become a seller however, it takes time for anyone to be an established seller.
There is a wide variety in the collection at OpenSea and you can also be a part of this! You can set up your own personal market there, and also find NFTs you’d like to buy for yourself.
What is an NFT?
A recent change in the cryptocurrency industry”NFT,” a popular term in the crypto industry “NFT” has been going around so long on the internet that a lot of millennials are familiar with it , but aren’t sure exactly what it means. Let’s break down what an NFT is for anyone who is new in the field of cryptocurrency.
One of the latest ways you can buy includes an NFT. An NFT is a non-fungible currency that is exclusive and cannot be substituted. It can be an item of rarity like mint-condition baseball trading cards or rare vinyl record.
There is no limit to what an NFT could be, since it’s a non-fungible thing that you can sell on the internet. More straightforwardly, you can simply imagine an NFT as a digital collectible paid via cryptocurrency only.
Minting is like calling dibs on your own NFTs. You’re claiming the owner of the item or token that you have uploaded to the market place, but offering it for sale. Usually, this is recognized when you have filled in the proper information regarding the NFT and finally submit it for sale on.
On OpenSea, it’s a simple procedure to create your own NFTs by going to the store and simply making a collection to begin! Complete the correct and correct information regarding your NFT and select the type of settings you’d like to use to use it with (e.g., blockchain, payments tokens). After that you are able to upload it if it fits the limit of 100MB.
It is possible to wait 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?
So, at this point you’re probably asking yourself what kind of NFTs you shop for here, and what you could also sell if you decide to go that route. The type of NFT that you can purchase is indefinite because there’s a wide range of ways to do it.
You could be selling digital products, trading cards, 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 feature is what sets OpenSea from the other options. There are zero gas fees when you utilize this feature when you make and then sell the NFTs. This means 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 have this feature, so this is a great way to make a huge profit from your portfolio.
The Referral Program is a different aspect of OpenSea to take note of. Similar to traditional online markets, you can receive rewards by referring a friend to OpenSea! If you encourage a friend join OpenSea and buy an NFT from there, you’ll receive 2.50 percent of the sales amount, letting you earn more money through this action.
Other NFT marketplaces do not have the same feature and that’s another advantage OpenSea has over the other marketplaces.
There is an OpenSea mobile application, however it’s mostly to browse the marketplace. It isn’t able to purchase or sell anything as you browse through the listing.
OpenSea’s mobile apps are available for both iOS as well as Android. Although you aren’t able to purchase or sell something, you can at least explore the products you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are at your disposal, and you can convert your fiat money into cryptocurrency through these platforms. 1950 Nft Fly Rod
You can swap your fiat money via your credit or debit card as well as Paypal through these trusted sites for cryptocurrency:
- Bittrex, and other things!
Each of them has the option of converting them into ETH, which is the standard cryptocurrency payment option in OpenSea.
Although OpenSea can be described as an NFT marketplace open to all forms of cryptocurrency, the wallets still more compatible with it than other. Since it is built mainly on the ETH blockchain, all wallets with a connection to that network will be suitable for this site.
Here’s a list of different crypto wallets you can utilize in OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations including simple registration, only mobile usage, and the function to purchase cryptocurrency with the credit card. 1950 Nft Fly Rod
To know more about it, you can check their FAQs to see a rundown of how you can start and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets, each one has its advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and cons here:
- Mobile apps available that are compatible with iOS as well as Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto industry and NFTs.
- Allows royalty rates of 10% to artists (low royalties).
- You cannot buy or sell products through this mobile application.
- Only supports cryptocurrency as its form of payment.
- An Crypto digital wallet must be used to access this marketplace.
OpenSea is available to anyone who has crypto coins in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. But overall, you can quickly regain that when you are actively selling since there is no additional fee for it.
Frequently Asked Questions 1950 Nft Fly Rod
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to provide artists a platform to sell their works online to receive cryptocurrency as a form of payment. It’s an ideal option for artists who want to use the platform to market NFTs because of its zero gas fees and low commission fee rate that you have to pay.
You can browse and purchase a vast collection of digital goods in this NFT marketplace, so you should take a look!
Is OpenSea legitimate and safe?
Short answer: Yes! OpenSea has been a reliable marketplace since it was established in the year 2018. Since the system it operates on is built on blockchain technology that is secure, you can say that your transactions are protected and secured.
In addition, as a seller, you can become verified once you’ve earned a reputation. A blue checkmark will be assigned next to your account or the collection that you have uploaded to assure anyone who buys from you. The team at OpenSea regularly checks the content to ensure users are secure.
How can I earn royalties from OpenSea?
As an artist, you can be paid only 10% of the royalties once you upload the NFT. This is believed to be reasonably low compared to others NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) has been frequently utilized on this website and other sites to provide many more cryptocurrency users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can make use of to access OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. You can buy and sell cryptocurrency on secure platforms that accept fiat money. All you have just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea have a desktop/mobile application?
As mentioned before there’s an official mobile app from OpenSea for both iOS or Android. Install it from their app store, and you can start exploring the collection right now!
The Desktop application that OpenSea which can be downloaded from WebCatalog. With the desktop application, you can manage multiple accounts and receive notifications on updates regarding your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).