The cryptocurrency market is on the rise, and you’re probably wondering where you can invest your crypto currency. There are numerous marketplaces popping up across the digital web designed 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 among cryptocurrency users because of its security and quick transactions.
So, hop on board and discover what you can do with OpenSea and also see what NFTs you can view!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick review. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace 600 Site Nft
The goal for OpenSea was to provide an online marketplace for artists to upload commissions without any extra charges. There are additional features that let you sell your art without too many problems.
In terms of registration, you won’t have to worry about giving any personal information about yourself. All you need to connect your crypto wallet and voila! You have an account with OpenSea! It can be as simple as that, without much hassle as you step into NFTs.
The most widely-used cryptocurrency to use on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it which is utilized for most processes. It also functions using the Polygon blockchain, which allows for the lowest cost and speediest trading.
There are two types of blockchains that are available it is possible to choose which one you’d like to upload your NFT on as an seller. This will ensure the security of your NFT, along with the people who want to purchase it. All transactions will be made by using the blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall where you can trade in your cryptocurrency or NFTs for other NFTs. You can buy anything just a domain name to official art from an artist you admire. Anyone can be a seller, but it takes some time for anyone to be a reputable 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 marketplace on this site, as well as find NFTs you’d like to buy for yourself.
What is an NFT?
A recent change in the crypto market, the term “NFT” has been going around for so long on internet that a lot of millennials are familiar with it but aren’t exactly sure what it actually means. Let’s take a look at what NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the new things that you can buy with cryptocurrency can be an NFT. The NFT is a non-fungible currency that is unique and can’t be changed. It can be an item of rareness like authentic baseball cards or a rare vinyl record.
There is no limit to what an NFT could be, since it’s a non-fungible thing that you can sell on the internet. It is simpler to simply consider the NFT being a virtual item paid via cryptocurrency only.
Minting is like calling dibs on your own NFTs. You’re claiming the owner of the item or token that you posted to the market place, but you’re putting it up for sale. Usually, this becomes official once you fill out the proper information regarding the NFT and then upload it to the marketplace.
On OpenSea it’s a straightforward process to mine your NFTs by going to the store and simply creating a collection to start! Complete the correct and complete information about your NFT and choose what kind of settings you’d like to use for it (e.g., blockchain or payments tokens). After that, you can finally upload it, if it’s within the limit of 100MB.
You can wait and observe how transactions progress from now to see whether OpenSea is the best marketplace for you.
What NFTs can you find here?
In this moment you’re probably thinking about the kind of NFTs can be found here and what you can sell should you decide to go that route. The type of NFT that you can purchase is unlimited as there’s a variety of options for how to approach it.
You could be selling digital items, trading cards games domain names, some physical items! Consider what you believe will bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that differentiates OpenSea from the others. There’s no cost for gas for using 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 additional fees.
Very few NFT marketplaces provide this feature, which is why this is great for you to make a huge profit from your collection.
A Referral Program is another unique aspect of OpenSea to admire. Like traditional online marketplaces that offer benefits by referring someone else to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from there you’ll be rewarded with 2.50 percent of the sales amount, which means you can make more money by this method.
Other NFT marketplaces don’t offer this feature and that’s another advantage OpenSea has over them.
There’s an OpenSea mobile app, but it’s mostly to browse the marketplace. You can’t buy or sell items as you browse through the listings.
OpenSea’s mobile apps are available on the two platforms of iOS as well as Android. While you’re not able to buy or sell anything, you can still at least explore the products you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are available for you to use to convert your fiat money into cryptocurrency using these platforms. 600 Site Nft
You can swap your fiat money via your credit or debit card as well as Paypal via these reputable websites to exchange it for crypto:
- Bittrex, and more!
All of them have the option to exchange for ETH, which is the most common cryptocurrency used in OpenSea.
Although OpenSea can be described as an NFT marketplace open to all forms of crypto, wallets are nonetheless more compatible than other. Because it is based using the ETH blockchain, any wallets that share the same network are suitable for this site.
Here is a list of various crypto wallets that you can utilize in OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations like easy registration, only mobile usage as well as the capability to purchase cryptocurrency with the credit card. 600 Site Nft
To know more about it to learn more, check out their FAQs to see an overview of how you can get started and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has advantages and drawbacks. OpenSea isn’t the only one to have this. You can view its pros and pros here:
- Available as mobile apps for iOS or Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto world and NFTs.
- Allows royalty rates of 10% to artists (low royalties).
- You cannot buy or sell products through our mobile apps.
- Only supports cryptocurrency as its type of payment.
- A Crypto digital wallet must be used to access this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. But overall, you can quickly recover this amount if you sell regularly since there’s no additional cost for it.
Frequently Asked Questions 600 Site Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to give artists a chance to market their work online to receive cryptocurrency as their form of payment. It’s a great option for artists who want to use for selling NFTs because of its zero gas fees and low commission fees that you have to pay.
You can browse and purchase an array of digital items on the NFT marketplace which is why you should definitely take a look!
Is OpenSea real and safe?
Short answer: Yes! OpenSea has been a trusted marketplace since its inception at the end of the year of 2018. Since the system it operates on is based on a blockchain and is secured, it is safe to declare that transactions are protected and secured.
In addition as a seller you’ll be verified when you have built up your credibility. A blue checkmark will be assigned to your account or the collection you uploaded to reassure every customer. The team at OpenSea regularly checks the contents to ensure users are safe.
How can I earn royalties on OpenSea?
Unfortunately, as an artist, you’ll be paid only 10 percent of the royalties after you have uploaded the NFT. This is considered to be reasonably low compared against the other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) is widely utilized on this website and numerous others to cater for many more crypto users. These are other cryptos you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can utilize to use OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency through trusted platforms with fiat money. All you have be able to connect is your credit or Paypal for the transaction.
Does OpenSea have a desktop/mobile app?
As mentioned before there’s an official mobile application from OpenSea available for both iOS and Android. Install it from their app store, and then you can begin exploring the collection right now!
A desktop application for OpenSea can be downloaded via WebCatalog. On the desktop app you are able to manage multiple accounts and receive alerts on any updates that affect 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/).