Cryptocurrency is booming right now and you’re probably wondering where to invest your crypto-coins. Marketplaces are popping up all over the web that allow users to sell and buy NFTs via cryptocurrency! OpenSea is one of them, and it’s worth a look.
If you’re well-versed in cryptocurrency you’ve likely heard of OpenSea prior to this for a valid reason. It’s now one of the biggest and most popular marketplaces for cryptocurrency users because of its safety and speedy transactions.
Get on board, and let’s see the possibilities of OpenSea, along with checking the NFTs that you can see!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick review. After, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace 6 Digital Nft
The aim for OpenSea was to offer a platform/marketplace for artists to easily upload their commissions without any extra charges. There are additional features that allow you to sell your work without having to deal with many problems.
In terms of registration, you won’t have to give all of your personal details. All you have to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It can be as simple as that and without many hurdles as you walk into NFTs.
The most popular cryptocurrency that is used on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it, and this is used for the majority of transactions. It also functions with the Polygon blockchain, which allows for the lowest cost and speediest trading.
With these two kinds of blockchains that are available, you can choose which one you would like to publish your NFT as an seller. This is to ensure the security of your NFT, along with the people who want to purchase it. Every transaction will be conducted using this blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything the simplest domain name to an official artwork from an artist you admire. Anyone can become a seller however it takes a while for anyone to become an established one.
There is a wide variety in the collection on OpenSea and you could also be a part of that! You can set up your own personal market on this site, as well as 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 many millennials have heard of it but not exactly sure what it is. Let’s take a look at what NFT is for anyone who is new in the field of cryptocurrency.
One of the newest things you can purchase your cryptocurrency can be an NFT. An NFT is a non-fungible currency that is very individual and cannot be replaced. This can be an item of any rareness, such as mint-condition baseball trading cards or a unique vinyl album.
There’s no limit on what an NFT could be, since it’s a non-fungible thing that you can sell on the internet. More straightforwardly, you can simply think of as an NFT as a digital collectible which is only paid in cryptocurrency.
Minting is like calling dibs on your own NFTs. You are calling the ownership of the particular item that you have uploaded to the market place, but putting it up for sale. Usually, this is recognized after you fill 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 by visiting the store and creating a collection to start! Complete the correct and accurate information about your NFT and then select what type of settings you want to use it with (e.g. blockchain or payment tokens). After you’ve completed the process you are able to upload it to the internet if it’s in the limit of 100MB.
You can wait and observe the way transactions are handled from now on to determine if OpenSea is the marketplace for you.
What NFTs are available here?
So, at this point you’re probably thinking about what kind of NFTs can you shop for here and what you can also sell if you choose to pursue that route. The type of NFT it can be isn’t limited as there’s a variety of how you can approach it.
It is possible to sell digital items, trading cards game assets, domain names, and also physical goods! 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 separates OpenSea from the other options. There are zero gas fees for using this feature when you mint and sell NFTs. This means you’ll receive the maximum profits when you sell because you don’t need to pay on additional fees.
There aren’t many NFT marketplaces have this feature, and it can be a fantastic way to make a huge profit from your collection.
A Referral Program is another unique aspect of OpenSea to admire. Similar to traditional online markets there are rewards by referring a friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from there, you’ll receive 2.50 percent of the purchase amount, letting you earn more money through this action.
Other NFT marketplaces don’t have this kind of feature either This is a further benefit OpenSea has over the other marketplaces.
There is an OpenSea mobile app, but it is mainly used for perusing through the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listing.
OpenSea’s mobile apps are available on both iOS in addition to Android. While you’re not able to buy or sell something, you can at least explore the products you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available at your disposal, and you can convert your fiat money into cryptocurrency using these platforms. 6 Digital Nft
You can exchange your fiat money via credit card or Paypal on these reliable websites for cryptocurrency:
- Bittrex and more!
Each of them has the option of converting them into ETH, which is the primary crypto payment in OpenSea.
While OpenSea has been described as being an NFT marketplace open to all types of crypto, wallets are nevertheless more compatible than others. Because it is based around the ETH blockchain, all wallets that share the same network are suitable for this site.
Here’s a list various crypto wallets that you can utilize in OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations like easy registration, only mobile usage as well as the capability to purchase cryptocurrency using the credit card. 6 Digital Nft
To know more about it You can go through their FAQs for an overview of how you can start and which other wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with its advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and cons here:
- Mobile apps available that are compatible with iOS or Android.
- Smart contracts can be used to perform transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalties of only 10% to artists (low royalty).
- It is not possible to buy or sell items on the mobile app.
- Only accepts cryptocurrency as a type of payment.
- A Crypto account is needed to use this marketplace.
OpenSea is accessible to everyone who has any crypto currency in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. However, overall, you will easily recover that amount when you actively sell because there’s no extra charge for it.
Frequently Asked Questions 6 Digital Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to offer artists a way for selling their artwork online and receive cryptocurrency as a form of payment. It’s an ideal platform for artists using it to sell NFTs because of its zero gas costs and low commission fees which you are required to pay.
You can browse and purchase the vast array of digital products on this NFT marketplace, so you should go through it!
Is OpenSea real and is it safe?
Answer: Yes! OpenSea has been a trusted marketplace since it was established in 2018. Because its system is based on a blockchain, it is safe to declare that transactions are secure and safe.
Furthermore as a seller you’ll be verified when you’ve earned a reputation. A blue checkmark is placed next to your account or the collection you’ve uploaded to ensure the safety of any customer. The OpenSea team reviews regularly the content to ensure users are secure.
How do I earn royalties on OpenSea?
Unfortunately, as an artist, you’ll receive only up to 10 percent of the royalties after you have uploaded the NFT. This is believed to be a reasonable amount compared to the other NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) is widely used on this site and numerous others to cater for 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 utilize to access OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency on reliable platforms using fiat currency. All you have to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea have a desktop or mobile app?
As we mentioned earlier, there is definitely an official mobile app from OpenSea available for both iOS or Android. Download it at their respective app store and begin browsing through the collection right now!
The Desktop application that OpenSea can be downloaded via WebCatalog. In the desktop application you can manage multiple accounts and 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/).