Cryptocurrency is booming right now, and you’re probably wondering where to invest your crypto coins. Marketplaces are popping up across the digital web designed to sell and buy NFTs via cryptocurrency! OpenSea can be one and is worth checking out.
If you’re well-versed in cryptocurrency you’ve probably heard about OpenSea before for a good reason. It’s one of the biggest and leading marketplaces among cryptocurrency users because of its security and quick transactions.
So, hop on board and let’s explore the possibilities of OpenSea as well as examining the NFTs that you can see!
Before you continue, 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.
OpenSea as an NFT Marketplace 20 Nft Pool Cover
The purpose to create OpenSea was to offer a platform/marketplace for artists to upload commissions without any extra charges. There are additional features that let you sell your work without having to deal with many issues.
For registration, you won’t have to worry about giving any personal information about yourself. All you need to do is connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It can be as simple as that without going through many hurdles as you walk into NFTs.
The most popular cryptocurrency that is used on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system and is used for the majority of transactions. It is also based on the Polygon blockchain to ensure low-cost and quicker trading.
With these two types of blockchains available you can pick which one you’d like to transfer your NFT to as an seller. This is to ensure the security of your NFT and the people who want to purchase it. All transactions are made along with this blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace where you can trade in your cryptocurrency or NFTs for other NFTs. You can buy anything as simple as a domain name to official art from an artist you admire. Anyone can sell however, it takes a while for anyone to become a reputable one.
There is a wide variety from the selection of NFTs available at OpenSea, and you can become a part of this! You can start your own personal market there, and also find NFTs you want to purchase for yourself.
What is an NFT?
In a recent advancement for the crypto industry, the term “NFT” has been going around for so long on the internet that the majority of young people are familiar with it but not exactly sure what it actually means. Let’s look at what an NFT is for any beginners in cryptocurrency.
One of the new things you can buy can be an NFT. The NFT is a token that is non-fungible which is extremely individual and cannot be replaced. It can be an item of any rareness, such as authentic baseball cards or a rare vinyl record.
There’s no limit on what an NFT can be since it’s a non-fungible object you’re selling on the internet. More straightforwardly, you can simply consider as an NFT being a virtual collectible that is paid for using cryptocurrency only.
Minting is similar to calling for dibs for your personal NFTs. It is a way of claiming the owner of the item or token that you have uploaded to market, as you’re putting it up for sale. Usually, this is recognized when you have filled in the proper information regarding the NFT and finally upload it to the marketplace.
On OpenSea It’s a very simple process to mine your NFTs by visiting the store and simply making a collection to begin! Complete the correct and accurate information about your NFT and then select what type of settings you want for it (e.g. blockchain or payment tokens). After you’ve completed the process, you can finally upload it to the internet if it’s in the limit of 100MB.
It is possible to wait and see how the transactions go from here on out to determine if OpenSea is the best marketplace for you.
What NFTs are available here?
At this point you’re probably asking yourself what kind of NFTs be purchased here and what kind of NFTs you can also sell if you decide to go that route. The type of NFT it can be is unlimited since there’s a broad range of ways to do it.
It is possible to sell trade cards, digital goods game assets, domain names, and even physical assets! Find out what you think will bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that differentiates OpenSea from the others. There are no gas costs when you use this feature to mint and sell NFTs. This simply means that you’ll get the most profit when you begin selling since you don’t need to pay on any additional charges.
Very few NFT marketplaces provide this feature, and it is a great way to earn a high return from your collection.
The Referral Program is another unique aspect of OpenSea to take note of. Like traditional online marketplaces that offer advantages when you refer someone else to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from there, you’ll receive 2.50% of the sale amount, which means you can make more money by this method.
Other NFT marketplaces don’t have the same feature and that’s another benefit OpenSea has over them.
There’s an OpenSea mobile application, however it’s mostly to browse the marketplace. Unfortunately, you can’t purchase or sell items as you scroll through the list.
The mobile apps from OpenSea are accessible for 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 interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available at your disposal to trade your fiat currency for cryptocurrency on these platforms. 20 Nft Pool Cover
You can convert your fiat money via your credit or debit card as well as Paypal via these reputable websites to exchange it for crypto:
- Bittrex and many more!
All of them have the option of converting them into ETH which is the primary cryptocurrency used in OpenSea.
Although OpenSea can be described as an NFT marketplace open to all types of crypto, wallets are nevertheless more compatible than other. Because it is based using the ETH blockchain, wallets which are part of the same network are suitable for this website.
Here is a list of different crypto wallets you can use in OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations like easy registration, mobile-only usage and the ability to purchase cryptocurrency with credit cards. 20 Nft Pool Cover
To know more about it You can go through their FAQs for the steps you can get started and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets every one of them has advantages and drawbacks. OpenSea isn’t an exception to this. You can read about its pros and cons here:
- Mobile apps available that are compatible with iOS and Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalties 10% for artists (low royalties).
- It is not possible to buy or sell items through our mobile apps.
- Only accepts cryptocurrency as a type of payment.
- An Crypto wallet is required to use this marketplace.
OpenSea is available to anyone who has crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. In the end, you’ll quickly regain that when you sell regularly since there’s no additional cost for it.
Frequently Asked Questions 20 Nft Pool Cover
What is OpenSea?
OpenSea is an NFT marketplace that is designed to provide artists a platform to sell their works online, and to accept cryptocurrency as a form of payment. It’s a great platform for artists who use it to sell NFTs due to its no 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 which is why you should definitely go through it!
Is OpenSea legit & safe?
Answer: Yes! OpenSea has been a reliable marketplace since its inception in the year of 2018. Since the system it operates on is built on a blockchain, it is safe to claim that your transactions are protected and secured.
Additionally, as a seller, you can become verified once you’ve earned a reputation. A blue checkmark will be assigned to your account or collection that you have uploaded to assure anyone who buys from you. The team at OpenSea regularly checks the contents to ensure users are safe.
How do I earn royalties on OpenSea?
Unfortunately, as an artist, you will get only 10% of the royalties once you upload the NFT. This is believed to be quite low in comparison against others NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) has been frequently utilized on this website and many others to accommodate the increasing number of crypto users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can use to access OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. You can easily purchase or sell cryptocurrency through trusted platforms with fiat money. All you have be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea have a desktop/mobile application?
As previously mentioned, there is definitely an official mobile app by OpenSea that is available for iOS as well as Android. You can download it through their app store and you can start exploring the collection right now!
The desktop application for 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/).