The cryptocurrency market is on the rise and you’re probably wondering where to invest your crypto-coins. Markets have popped up across the digital web designed to purchase and sell NFTs via cryptocurrency! OpenSea can be one and is worth checking out.
If you’re interested in crypto you’ve likely heard of OpenSea previously for a valid reason. It has become one of the largest and leading marketplaces among cryptocurrency users because of its security and rapid transactions.
Get on board, and let’s see the possibilities of OpenSea as well as examining 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 overview. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace 2 OpenSea Accounts
The goal to create OpenSea was to provide artists with a marketplace/platform to upload commissions with no additional costs. There are additional features that let you sell your work without having to deal with many issues.
When it comes to the registration process, you don’t have to give all of your personal details. All you need to do is connect your crypto wallet and voila! You have an account on OpenSea! It’s as easy as that, without many hassles when you enter into NFTs.
The most widely-used cryptocurrency to use within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology, and this is used for the majority of transactions. It also functions with the Polygon blockchain, which ensures the lowest cost and speediest trading.
There are two types of blockchains available it is possible to choose which one you want to upload your NFT on as seller. This will ensure the security of your NFT, along with those who would like to buy it. All transactions are made by using the blockchain, so you should consider 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 in exchange for other NFTs. You can buy anything the simplest domain name to official art from an artist you admire. Anyone can be a seller however it takes a while for anyone to be an established seller.
There is a wide variety from the selection of NFTs available at OpenSea and you can also be a part of the collection! You can set up your own marketplace here, along with finding NFTs you want to purchase for yourself.
What is an NFT?
A recent change in the crypto industry”NFT” is a term that has been used in recent times “NFT” has been going around so long on the internet that many millennials are familiar with it but not exactly sure what it is. Let’s break down what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the latest ways you can purchase your cryptocurrency includes an NFT. The NFT is a token that is non-fungible that is individual and cannot be replaced. It could be an item of rareness, such as authentic baseball cards or a uncommon vinyl record.
There’s no limit on what an NFT can be since it’s a non-fungible object you’re selling online. It is simpler to just think of the NFT being a virtual collectible that is paid for using cryptocurrency only.
Minting is like calling dibs on your own NFTs. It is a way of claiming the ownership of the particular item you uploaded on the market place, but you’re offering it for sale. Usually, this becomes official 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 going to 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 for it (e.g., blockchain or payment tokens). After you’ve completed the process then you’re able to upload it if it fits the limit of 100MB.
You can wait and observe how transactions progress from now on to determine whether OpenSea is the right marketplace for you.
What NFTs can you find here?
In this moment you’re probably asking yourself what kind of NFTs can be found here, and what you could also sell if you decide to go that route. The type of NFT it is indefinite as there’s a variety of how you can do it.
You could be selling digital products, trading cards games domain names, also physical goods! Consider what you believe will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that sets OpenSea from the others. There’s no cost for gas when you utilize this feature when you create and market NFTs. This simply means that you’ll get the most profit when you begin selling since you won’t need to spend on extra fees.
Very few NFT marketplaces offer this feature, so this can be a fantastic way to receive high profit from your portfolio.
A Referral Program is another distinctive feature of OpenSea to admire. Like traditional online marketplaces that offer rewards by referring someone else to OpenSea! If you invite 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 make more money through this action.
Other NFT marketplaces do not have the same feature This is a further benefit OpenSea has over them.
There is an OpenSea mobile application, however it’s mostly to browse the marketplace. It isn’t able to purchase or sell anything while you browse through the listing.
The mobile apps of OpenSea are available on the two platforms of iOS and Android. Although you aren’t able to purchase or sell anything, you can still look through the options you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are for you to use You can also convert your fiat money into cryptocurrency through these platforms. 2 OpenSea Accounts
You can convert 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 most common cryptocurrency payment option in OpenSea.
Although OpenSea has been described as being an NFT marketplace that is open to all forms of crypto, wallets are nevertheless more compatible than others. Since it is built mainly using an ETH blockchain, all wallets which are part of this network are appropriate for the site.
Here’s a list of various crypto wallets that you can use in OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations, such as easy registration, only mobile usage and the ability to purchase cryptocurrency with the credit card. 2 OpenSea Accounts
To learn more about it You can go through their FAQs to get a rundown of how you can start and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has its advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and pros here:
- Available as mobile apps that are compatible with iOS and Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalty rates of up to 10% for artists (low royalty rates).
- It is not possible to buy or sell items through this mobile application.
- Only supports cryptocurrency as its type of payment.
- A Crypto account is needed for this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. In the end, you’ll quickly recover this amount if you are actively selling since there’s no additional cost for it.
Frequently Asked Questions 2 OpenSea Accounts
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to offer artists a way for selling their artwork online, and to accept cryptocurrency as their form of payment. It’s an excellent platform for artists using for selling NFTs due to its low gas fees and low commission fee rate which you are required to pay.
You can shop and browse an array of digital items on the NFT marketplace, so you should go through it!
Is OpenSea legit & is it safe?
Short answer: Yes! OpenSea is a reputable marketplace since it was established on the 1st of December in 2018. Because its system is based on a blockchain and is secured, it is safe to declare that transactions are secure and safe.
Furthermore as a seller you will be verified after you build up your reputation. A blue checkmark will appear next to your account or the collection that you have uploaded to assure any customer. The OpenSea team reviews regularly the contents to ensure users are protected.
How do I earn royalties on OpenSea?
Unfortunately, as an artist, you can receive only up to 10 percent of the royalties when you have uploaded the NFT. This is thought to be a reasonable amount compared with other NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) is commonly utilized on this website and other sites to provide the increasing number of cryptocurrency users. These are other cryptos that you can buy 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 only allows cryptocurrency exchanges on the website. You can buy and trade cryptocurrency using reliable platforms using fiat currency. All you need just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea have a desktop/mobile application?
As previously mentioned There is an official mobile app by OpenSea available for both iOS or Android. Download it at their respective app store and begin exploring the collection right now!
There is also a Desktop application that OpenSea which can be downloaded from WebCatalog. On the desktop app, you can manage multiple accounts as well as receive notifications on updates regarding your account while you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).