Cryptocurrency is booming right now, and you’re probably wondering where to invest your crypto currency. Marketplaces are popping up across the web that allow users to buy and sell NFTs via cryptocurrency! OpenSea is one of them, and it’s worth looking into.
If you’re well-versed in cryptocurrency, you’ve probably heard about OpenSea prior to this for a valid reason. It has become one of the biggest and most popular marketplaces among cryptocurrency enthusiasts due to its security and quick transactions.
Get on board, and discover the possibilities of OpenSea and also see the NFTs available to view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick review. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace 4 Foot Nft Channel
The aim of OpenSea was to provide a platform/marketplace for artists to easily upload their commissions without any extra costs. It has more functions that let you sell your work without having to deal with many problems.
In terms of the registration process, you don’t have to give all of your personal details. All you need to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as simple as that without going through many hurdles as you walk into NFTs.
The most popular cryptocurrency to use on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology, and this is used for most processes. It also operates on the Polygon blockchain, which allows for lower costs and faster trading.
There are two types of blockchains available, you can choose which one you want to publish your NFT as seller. This is to ensure the security of your NFT and the people who want to buy it. All transactions are made along with this blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an online shopping mall that is endless where you can trade in your NFTs or cryptocurrency for other NFTs. You can purchase anything from the simplest domain name to official art by an artist you admire. Anyone can be a seller, but it takes a while for anyone to become a reputable one.
There is a wide variety from the selection on OpenSea, and you can also be a part of this! You can set up your own market there, and also find NFTs you’d like to buy for yourself.
What is an NFT?
A recent change in the cryptocurrency industry the term “NFT” has been going around so long on the internet that a lot of millennials are familiar with it but aren’t exactly sure what it actually means. Let’s look at what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the newest things you can purchase your cryptocurrency is an NFT. A NFT is a token that is non-fungible that is very individual and cannot be changed. It can be an item of rareness, such as mint-condition baseball trading cards or unique vinyl album.
There’s no limit on what an NFT can be since it’s a non-fungible thing that you sell on the internet. In simpler terms, you could just consider an NFT being a virtual item which is only paid in cryptocurrency.
Minting is like calling dibs to your NFTs. You’re claiming ownership over that particular token/item that you have uploaded to the marketplace, and putting it up for sale. Typically, this is official when you have filled in the correct information about the NFT and finally add it on the market.
On OpenSea It’s a very simple process to mine your NFTs. All you have to do is visit the store and making a collection to begin! Input the appropriate and correct information regarding your NFT and select the type of settings you’d like to use it with (e.g. blockchain or payment tokens). Once that’s all done, you can finally upload it, if it’s within the 100 MB limit.
It is possible to wait and see how the transactions go from now to see whether OpenSea is the right marketplace for you.
What NFTs are available here?
At this point, you’re probably wondering what kind of NFTs be found here and what kind of NFTs you can sell should you decide to pursue that route. The type of NFT that you can purchase is unlimited as there’s a variety of how you can do it.
You could be selling digital products, trading cards, game assets, domain names, and some physical items! Find out what you think will bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that sets OpenSea from other companies. There are zero gas fees when you use this feature to make and then sell the NFTs. This means you’ll receive the maximum profits when you sell because you won’t have to spend on any additional charges.
Not many NFT marketplaces provide this feature, which is why this is a great way 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 your 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% of the sale amount, which means you can make more money from this act.
Other NFT marketplaces don’t have this kind of feature either This is a further advantage OpenSea has over the other marketplaces.
There’s an OpenSea mobile app, but it’s mostly used to browse through the marketplace. You can’t buy or sell anything while you browse through the listing.
OpenSea’s mobile apps are available on both iOS and Android. Even though you can’t buy or sell something, you can explore the products you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are for you to use You can also trade your fiat currency for cryptocurrency on these platforms. 4 Foot Nft Channel
You can swap your fiat money via your credit or debit card as well as Paypal on these reliable websites to exchange it for crypto:
- Bittrex, and other things!
Each of them has the option to exchange for ETH that is the most common cryptocurrency payment option in OpenSea.
While OpenSea is an NFT marketplace open to all types of crypto, wallets are nevertheless more compatible than others. Since it is built using the ETH blockchain, all wallets which are part of that network will be suitable for this site.
Here’s a list of various crypto wallets that you can use in OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, mobile-only usage as well as the capability to buy cryptocurrency using credit cards. 4 Foot Nft Channel
To know more about it to learn more, check out their FAQs to get the steps you can start and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with its advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and pros here:
- Available as mobile apps for iOS as well as Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- The best option for beginners to the crypto world and NFTs.
- Allows royalty rates of up to 10% for artists (low royalty).
- It is not possible to buy or sell items on this mobile application.
- Only accepts cryptocurrency as a method of payment.
- An Crypto wallet is required to access 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% portion of commission fees for all sellers on the platform. However, overall, you will quickly regain that when you sell regularly since there is no additional fee for it.
Frequently Asked Questions 4 Foot Nft Channel
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to provide artists a platform for selling their artwork online to receive cryptocurrency as their form of payment. It’s a great platform for artists using for selling NFTs due to its no gas fees and the low commission rate which you are required to pay.
You can shop and browse a vast collection of digital items on the NFT marketplace which is why you should definitely check it out!
Is OpenSea legit & secure?
Answer: Yes! OpenSea has been a reliable marketplace since its inception at the end of 2018. Since its system is built on blockchain technology, it is safe to claim that your transactions are safe and secure.
In addition as a seller you’ll be verified when you’ve earned a reputation. A blue checkmark is placed on your account or the collection that you have uploaded to assure any customer. The team at OpenSea regularly checks the contents to ensure users are secure.
How can I earn royalties from OpenSea?
However, 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 other NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) has been commonly utilized on this website and many others to accommodate many more crypto users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can use to access OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. You can buy and trade cryptocurrency using secure platforms that accept fiat money. All you need to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea have a desktop/mobile app?
As mentioned before There is an official mobile app from OpenSea available for both iOS as well as Android. Install it from their app store, and you can start exploring the collection now!
A version for desktops that OpenSea that can be downloaded through WebCatalog. On the desktop app you can manage multiple accounts and get 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/).