The cryptocurrency market is on the rise and you’re probably wondering where you can invest your crypto currency. Marketplaces are popping up all over the internet, designed to purchase 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 of OpenSea prior to this for a valid reason. It has become one of the biggest and most popular marketplaces for cryptocurrency users because of its security and quick transactions.
Now hop aboard, and discover the possibilities of OpenSea, along with checking what NFTs you can view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick review. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace 4 Nfta
The purpose to create OpenSea was to simply provide artists with a marketplace/platform to upload their commissions without any extra costs. There are additional features which allow you to market your art without too many difficulties.
When it comes to registration, you won’t have to give too many details about yourself. All you need to connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as simple as that without going through many hassles when you enter into NFTs.
The most widely-used cryptocurrency that is used on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology and is used for most processes. It also operates with the Polygon blockchain, which ensures the lowest cost and speediest trading.
With these two kinds of blockchains available you can pick which one you’d like to transfer your NFT to as a seller. This will ensure the security of your NFT and the people who want to purchase it. All transactions are made using this blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall where you can exchange your NFTs or cryptocurrency for other NFTs. You can buy anything the simplest domain name, to a piece of art from an artist you admire. Anyone can sell however it takes a while for anyone to become an established one.
There is a wide variety in the collection on OpenSea and you can also be a part of the collection! You can set up your own personal market here, along with finding NFTs you’d like to buy yourself.
What is an NFT?
In a recent advancement for the crypto market,”NFT,” a popular term in the crypto industry “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 means. Let’s take a look at what NFT is for any beginners in cryptocurrency.
One of the new things you can purchase your cryptocurrency can be an NFT. The NFT is a token that is non-fungible that is very individual and cannot be replaced. It could be a piece of rareness, such as rare baseball trading cards in mint condition, or a rare vinyl record.
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 just think of as an NFT as a digital collectible that is paid for using cryptocurrency only.
Minting is similar to calling for dibs on your own NFTs. You’re claiming the owner of the item or token that you posted to market, as you’re selling it. Typically, this is official after you fill in the correct information about the NFT and upload it to the marketplace.
On OpenSea it’s a straightforward process to mint your NFTs by visiting the store and simply making a collection to begin! Input the appropriate and accurate information about your NFT and select the type of settings you want to use it with (e.g. blockchain or money transfer tokens). After you’ve completed the process then you’re able to upload it to the internet if it’s in the limit of 100MB.
You can watch and see how transactions progress from now on to determine whether OpenSea is the marketplace for you.
What NFTs can you find here?
At this point you’re probably thinking about the kind of NFTs can be purchased here and what you can also sell if you decide to pursue that route. The kind of NFT it is unlimited as there’s a variety of how you can approach it.
It is possible to sell digital products, trading cards, game assets domain names, some physical items! Consider what you believe will reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that sets OpenSea from the other options. There are zero gas fees when you use this feature when you make and then sell the 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.
There aren’t many NFT marketplaces offer this feature, which is why this is great for you to make a huge profit from your collection.
The Referral Program is a different aspect of OpenSea to take note of. Similar to traditional online markets, you can receive advantages when you refer a friend to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from the site, you’ll receive 2.50% of the sale amount, which means you can earn more money by this method.
Other NFT marketplaces don’t offer this feature and that’s another advantage OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile application, however it’s mostly to browse the marketplace. Unfortunately, you can’t purchase or sell anything as you browse through the listing.
The mobile apps from OpenSea are accessible on both iOS in addition to Android. While you’re not able to buy or sell things, you can at least browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available for you to use, and you can convert your fiat money into cryptocurrency using these platforms. 4 Nfta
You can swap your fiat money via the credit card, or Paypal on these reliable websites to exchange it for crypto:
- Bittrex, and many more!
Each of them has the option to exchange for ETH which is the most common crypto payment in OpenSea.
Although OpenSea is an NFT marketplace open to all forms of crypto, wallets are nonetheless more compatible than other. Because it is based around the ETH blockchain, any wallets that share the same network are suitable for this website.
Here’s a list several crypto wallets you can utilize in OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each has its own limitations including simple registration, only mobile usage as well as the capability to purchase cryptocurrency with credit cards. 4 Nfta
To know more about it You can go through their FAQs to get an overview of how you can start and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets every one of them has advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and pros here:
- Mobile apps are available for iOS or Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalty rates of 10% for artists (low royalty rates).
- It is not possible to buy or sell items via our mobile apps.
- Only supports cryptocurrency as its method of payment.
- A Crypto digital wallet must be used for this marketplace.
OpenSea is available to anyone who has crypto coins in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. In the end, you’ll quickly recover this amount if you sell regularly since there is no additional fee for it.
Frequently Asked Questions 4 Nfta
What is OpenSea?
OpenSea is an NFT marketplace that aims to give artists a chance to sell their works online, and to accept cryptocurrency as their form of payment. It’s an excellent option for artists who want to use it to sell NFTs due to its no gas fees and low commission fee rate that you have to pay.
You can browse and shop for an array of digital products on this NFT marketplace which is why you should definitely check it out!
Is OpenSea legit & secure?
Short answer: Yes! OpenSea is a reputable marketplace since its inception on the 1st of December in the year of 2018. Because its system is built on a blockchain that is secure, you can say that your transactions are secure and safe.
In addition, as a seller, you can become verified once you have built up your credibility. A blue checkmark is placed next to your account or collection you’ve uploaded to ensure the safety of any customer. OpenSea’s team regularly reviews the contents to ensure users are safe.
How do I earn royalties on OpenSea?
As an artist, you’ll receive only up to 10 percent of the royalties after you upload the NFT. This is believed to be a reasonable amount compared to other NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) can be commonly used on this site as well as other sites to provide many more crypto users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can utilize to use OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. You can easily purchase or sell cryptocurrency through trusted platforms with fiat money. All you have to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea has a mobile or desktop app?
As we mentioned earlier There is an official mobile application from OpenSea that is available for iOS and Android. Download it at their respective app store and then you can begin exploring the collection now!
A desktop application for OpenSea can be downloaded via WebCatalog. On the desktop app, you can manage multiple accounts and receive notifications about updates to your account when you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).