The crypto currency market is in a boom right now and you’re probably thinking where you can invest your crypto currency. There are numerous marketplaces popping up all over the internet, designed to sell and buy NFTs via cryptocurrency! OpenSea can be one, and it’s worth looking into.
If you’re well-versed in cryptocurrency you’ve likely heard of OpenSea previously for a valid reason. It’s one of the biggest and most popular marketplaces among cryptocurrency enthusiasts due to its security and rapid transactions.
Get on board, and let’s see what you can do with OpenSea and also see what NFTs you can view!
Before you go on, 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 the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace 75 In I Nft
The aim for OpenSea was to simply provide artists with a marketplace/platform to upload their commissions, without having to pay any additional fees. It has more functions which allow you to market your artwork without any difficulties.
For registration, you won’t have to worry about giving all of your personal details. All you have to connect your cryptocurrency 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 popular cryptocurrency to use in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it and is used for most processes. It is also based on the Polygon blockchain, which ensures low-cost and quicker trading.
There are two types of blockchains, you can choose which one you want to publish your NFT as an seller. This is to ensure the security of your NFT and the people who want to purchase it. All transactions are made by using the blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace where you can trade in your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything just a domain name, to a piece of art from an artist you admire. Anyone can become a seller however it takes some time for anyone to be an established seller.
There are a variety of NFTs of NFTs available of NFTs available at OpenSea and you can also be a part of the collection! You can set up your own market on this site, as well as find NFTs you want to purchase yourself.
What is an NFT?
In a recent development for the cryptocurrency industry, the term “NFT” has been going around for so long on internet that the majority of young people have heard of it but aren’t exactly sure what it is. Let’s look at what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the latest ways you can buy includes an NFT. The NFT is a token that is non-fungible that is very exclusive and cannot be replaced. It could be an item of any rareness like mint-condition baseball trading cards or rare vinyl record.
There’s no limit on what an NFT could be, since it’s a non-fungible thing that you sell online. In simpler terms, you could simply imagine the NFT to be a type of digital collectible paid via cryptocurrency only.
Minting is similar to calling for dibs on your own NFTs. You are calling the owner of the item or token you uploaded on market, as offering it for sale. Usually, this becomes official once you fill out the correct information about the NFT and finally add it on the market.
On OpenSea it’s a straightforward procedure to create your own NFTs by going to the store and create a collection! Input the appropriate and accurate information about your NFT and select the type of settings you’d like to use to use it with (e.g. blockchain and money transfer tokens). After you’ve completed the process then you’re able to upload it if it fits the 100 MB limit.
You can wait and observe how the transactions go from now to see if OpenSea is the right marketplace for you.
What NFTs can you get here?
So, at this point you’re probably thinking about what kind of NFTs can be purchased here and what you can also sell if you choose to go that route. The type of NFT that you can purchase is unlimited since there’s a broad range of ways to approach it.
It is possible to sell digital items, trading cards games, domain names, and some physical items! Explore what you believe can reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what differentiates OpenSea from other companies. There are zero gas fees for using this feature when you create and market NFTs. This is essentially a way to ensure that you receive the maximum profits when you start selling because you don’t need to pay on any additional charges.
Not many NFT marketplaces offer this feature, so this can be a fantastic way to earn a high return from your NFT collection.
The Referral Program is another unique aspect of OpenSea to admire. Similar to traditional online markets there are benefits when you refer someone else to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from the site, you’ll receive 2.50 percent of the purchase amount, which means you can make more money from this act.
Other NFT marketplaces don’t have the same feature and that’s another advantage OpenSea has over them.
There’s an OpenSea mobile application, however it is mainly used for perusing through the marketplace. Unfortunately, you can’t purchase or sell anything as you scroll through the list.
The mobile apps from OpenSea are accessible on the two platforms of iOS as well as Android. Even though you can’t buy or sell something, you can browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available for you to use You can also exchange your fiat money for cryptocurrency through these platforms. 75 In I Nft
You can swap your fiat currency using a credit card or Paypal on these reliable websites for cryptocurrency:
- Bittrex, and many more!
Each of them has the option of exchange for ETH which is the primary cryptocurrency used in OpenSea.
Although OpenSea can be described as an NFT marketplace open to all forms of cryptocurrency, the wallets nevertheless more compatible than other. Since it is built on the ETH blockchain, all wallets which are part of that network will be suitable for this website.
Here’s a list various crypto wallets that which you can use with OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each has its own limitations, such as easy registration, only mobile usage as well as the capability to purchase cryptocurrency with the credit card. 75 In I Nft
To know more about it to learn more, check out their FAQs to see a rundown of how you can begin and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets every one of them has its advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and cons here:
- Mobile apps are available that are compatible with iOS and Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalty rates of 10% for artists (low royalty rates).
- Cannot buy or sell through our mobile apps.
- Only supports cryptocurrency as its method of payment.
- The use of a Crypto wallet is required to access this marketplace.
OpenSea is accessible to everyone who has crypto coins in their crypto wallets. When you are a seller, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. In the end, you’ll quickly recover this amount if you are actively selling since there’s no extra charge for it.
Frequently Asked Questions 75 In I Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to give artists a chance for selling their artwork online and receive cryptocurrency as their form of payment. It’s an ideal platform for artists who use the platform to market NFTs because of its zero cost of gas and low commission fee rate you must pay.
You can browse and purchase the vast array of digital products on this NFT marketplace, so you should go through it!
Is OpenSea legit & is it safe?
Short answer: Yes! OpenSea has been a reliable marketplace since its inception at the end of the year of 2018. Since its system is built on blockchain technology that is secure, you can claim that your transactions are protected and secured.
In addition, as a seller, you can become verified once you build up your reputation. A blue checkmark is placed next to your account or the collection you uploaded to reassure any customer. OpenSea’s team regularly reviews the content to ensure that users are safe.
How do I earn royalties from OpenSea?
However, as an artist, you will be paid only 10 percent of the royalties when you have uploaded the NFT. This is believed to be reasonably low compared with other NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) can be frequently used on this site as well as other sites to provide many more crypto users. These are other cryptos you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can utilize for OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. It is easy to buy or sell cryptocurrency on secure platforms that accept fiat money. All you need to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea have a desktop/mobile application?
As we mentioned earlier, there is definitely an official mobile app by OpenSea available for both iOS or Android. Install it from their app store and you can start exploring the collection now!
The version for desktops that OpenSea can be downloaded via WebCatalog. With the desktop application you can manage multiple accounts as well as receive notifications on updates regarding your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).