The crypto currency market is in a boom right now and you’re probably wondering where to invest your crypto coins. Marketplaces are popping up across the internet, designed to buy and sell NFTs via cryptocurrency! OpenSea is among them, and it’s worth looking into.
If you’re well-versed in cryptocurrency, you’ve probably heard of OpenSea previously for a valid reason. It’s now one of the largest and most popular marketplaces among cryptocurrency enthusiasts due to its security and quick transactions.
Get on board, and let’s see what you can do with OpenSea, along with checking what NFTs you can view!
Before you go on, 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.
OpenSea as an NFT Marketplace 8 Nft By 8 Ft By 8 Inches Thick Cement Slab
The aim to create OpenSea was to provide artists with a marketplace/platform to upload their commissions with no additional fees. It also has additional functions that let you sell your art without too many issues.
For registration, you don’t need to provide all of your personal details. All you have to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as simple as that, without many hassles when you enter into NFTs.
The most popular cryptocurrency to use on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system and is used for most processes. It also functions with the Polygon blockchain to ensure low-cost and quicker trading.
With these two types of blockchains available, you can choose which one you’d like to upload your NFT on as seller. This ensures the safety of your NFT, along with the people who want to purchase it. Every transaction will be conducted along with this blockchain, so you should 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 in exchange for other NFTs. You can buy anything just a domain name to an official artwork by an artist you admire. Anyone can be a seller however, it takes a while before anyone can become a reputable one.
There’s a huge selection from the selection on OpenSea and you could join in with the collection! You can create your own personal market here, along with finding NFTs you want to purchase for yourself.
What is an NFT?
In a recent advancement for the cryptocurrency industry”NFT,” a popular term in the crypto industry “NFT” has been going around so long on the internet that a lot of millennials have heard of it but not exactly sure what it is. Let’s break down what an NFT is for any beginners 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 token that is very unique and can’t be replaced. It could be an item of any rareness like mint-condition baseball trading cards or a unique vinyl album.
There’s no limit to what an NFT can be since it’s a non-fungible thing you’re selling online. In simpler terms, you could simply consider as an NFT as a digital item that is paid for using cryptocurrency only.
Minting is like calling the shots on your own NFTs. You’re claiming ownership over that particular token/item you uploaded on the marketplace, and putting it up for sale. Usually, this is recognized when you have filled in the correct information about the NFT and then submit it for sale on.
On OpenSea it’s a straightforward procedure to create your own NFTs by going to the store and then making a collection to begin! Complete the correct and correct information regarding your NFT and choose what kind of settings you want to use it with (e.g. blockchain, payments tokens). Once that’s all done then you’re able to upload it if it fits the 100 MB limit.
You can watch and see how transactions progress from now to see whether OpenSea is the right marketplace for you.
What NFTs can you get here?
In this moment you’re probably thinking about what kind of NFTs can be found here and what you can also sell if you decide to go down that path. The type of NFT it can be isn’t limited as there’s a variety of how you can go about it.
It is possible to sell digital products, trading cards, game assets domain names, some physical items! Explore what you believe can reap the best 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 utilize this feature to mint and sell NFTs. This simply means that you’ll receive the maximum profits when you start selling because you won’t need to spend on extra fees.
Very few NFT marketplaces have this feature, which is why this can be a fantastic way to earn a high return from your NFT collection.
This Referral Program is another distinctive feature of OpenSea to take note of. Like traditional online marketplaces there are benefits by referring a friend to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from the site you’ll earn 2.50 percent of the purchase amount, which means you can earn more cash through this action.
Other NFT marketplaces don’t have this kind of feature either This is a further advantage OpenSea has over the other marketplaces.
There is an OpenSea mobile application, however it’s mostly used for perusing through the marketplace. You can’t buy or sell items as you browse through the listings.
The mobile apps of OpenSea are available for the two platforms of iOS in addition to Android. While you’re not able to buy or sell anything, you can still 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 using these platforms. 8 Nft By 8 Ft By 8 Inches Thick Cement Slab
You can swap the fiat currency you have with a credit card or Paypal on these reliable websites to exchange it for crypto:
- Bittrex and more!
All of them have the option to exchange for ETH that is the most common crypto payment in OpenSea.
Although OpenSea can be described as an NFT marketplace open to all forms of cryptocurrency, the wallets nevertheless more compatible than others. Since it is built around the ETH blockchain, all wallets that share that network will be suitable for this site.
Here is a list of several crypto wallets you can utilize in OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each has its own limitations, such as easy registration, mobile-only usage, and the function to purchase cryptocurrency using a credit card. 8 Nft By 8 Ft By 8 Inches Thick Cement Slab
To learn more about it You can go through their FAQs for a rundown of how you can begin and which other wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets, each one has its advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and cons here:
- Mobile apps available that are compatible with iOS and Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
- Allows royalties up to 10% for artists (low royalties).
- It is not possible to buy or sell items on the mobile app.
- Only accepts cryptocurrency as a form of payment.
- An Crypto wallet is required to access this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. However, overall, you will easily recover that amount when you actively sell because there’s no additional cost for it.
Frequently Asked Questions 8 Nft By 8 Ft By 8 Inches Thick Cement Slab
What is OpenSea?
OpenSea is an NFT marketplace that is designed to give artists a chance to market their work online and receive cryptocurrency as their form of payment. It’s a great option for artists who want to use for selling NFTs due to its low cost of gas and low commission fees which you are required to pay.
You can shop and browse a vast collection of digital products on this NFT marketplace, so you should go through it!
Is OpenSea legit & is it safe?
The short answer is yes! OpenSea has been a trusted marketplace since it was established on the 1st of December in the year of 2018. Because its system is built on blockchain technology and is secured, it is safe to say that your transactions are protected and secured.
Additionally as a seller you’ll be verified when you build up your reputation. A blue checkmark is placed to your account or the collection that you have uploaded to assure any customer. The OpenSea team reviews regularly the content to ensure users are secure.
How do I earn royalties on OpenSea?
However, as an artist, you can be paid only 10 percent of the royalties when you upload the NFT. This is thought to be a reasonable amount compared to other NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) is commonly used on this site and numerous others to cater for many more crypto users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can utilize to use OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. You can buy and sell cryptocurrency through reliable platforms using fiat currency. All you need just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea have a desktop or mobile application?
As we mentioned earlier, there is definitely an official mobile application from OpenSea available for both iOS as well as Android. You can download it through their app store and then you can begin exploring the collection now!
The version for desktops that OpenSea which can be downloaded from 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/).