Cryptocurrency is booming right now and you’re probably wondering where you can invest your crypto-coins. There are numerous marketplaces popping up all over the internet, designed to buy and sell NFTs with cryptocurrency! OpenSea is one of them and is worth checking out.
If you’re interested in crypto, you’ve likely heard of OpenSea before for a good reason. It has become one of the biggest and most popular marketplaces for cryptocurrency users because of its safety and speedy transactions.
So, hop on board and discover the possibilities of OpenSea and also see what NFTs you can view!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. After, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace A-Nft Aframe
The goal of OpenSea was to provide artists with a marketplace/platform to upload their commissions, without having to pay any additional fees. It has more functions that allow you to sell your artwork without any problems.
When it comes to registration, you don’t need to worry about giving too many details about yourself. All you have to connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as simple as that without going through much hassle as you step into NFTs.
The most widely-used cryptocurrency that is used in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system, and this is used for the majority of transactions. It is also based 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 will ensure the security of your NFT as well as those who would like to purchase it. All transactions will be made using this blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall that lets you trade your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything the simplest domain name to an official artwork from an artist you admire. Anyone can be a seller, but it takes time before anyone can become an established seller.
There’s a huge selection of NFTs available on OpenSea and you could join in with the collection! You can set up your own marketplace there, and also find NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent development for the crypto industry, the term “NFT” has been going around for 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 those who are just beginning to get started in the field of cryptocurrency.
One of the newest things that you can buy with cryptocurrency is an NFT. A NFT is a non-fungible token which is extremely exclusive and cannot be substituted. This can be a piece of rareness like mint-condition baseball trading cards or unique vinyl album.
There’s no limit on what an NFT could be, since it’s a non-fungible object you’re selling online. It is simpler to just think of as an NFT as a digital item paid via cryptocurrency only.
Minting is similar to calling for dibs to your NFTs. You’re claiming ownership over that particular token/item that you have uploaded to the marketplace, and putting it up for sale. Usually, this is recognized after you fill in the correct information about the NFT and submit it for sale on.
On OpenSea it’s a straightforward process to mine your NFTs. All you have to do is visit the store and creating a collection to start! Input the appropriate and correct information regarding your NFT and select the type of settings you’d like to use to use it with (e.g., blockchain or payment tokens). Once that’s all done then you’re able to upload it if it fits the 100 MB limit.
You can wait and observe the way transactions are handled from now to determine whether OpenSea is the best marketplace for you.
What NFTs can you find here?
At this point you’re probably asking yourself which kind of NFT you shop for here, and what you could also sell if you choose to go down that path. The kind of NFT it can be is unlimited since there’s a broad range of how you can go about it.
You can be selling digital items, trading cards games, domain names, and also physical goods! Consider what you believe will reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that differentiates OpenSea from the other options. There are zero gas fees for using this feature to make and then sell the NFTs. This simply means that you’ll be able to make the highest profits once you start selling because you won’t have to spend on any additional charges.
Very few NFT marketplaces offer this feature, and it is great for you to make a huge profit from your NFT collection.
The Referral Program is another unique aspect of OpenSea to take note of. Similar to traditional online markets, you can receive benefits when you refer a friend to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from there you’ll earn 2.50 percent of the sales amount, which allows you to make more money through this action.
Other NFT marketplaces don’t offer this kind of feature either, so that’s just another benefit OpenSea has over the other marketplaces.
There is an OpenSea mobile application, however it’s mostly for perusing through the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listings.
The mobile apps of OpenSea are available for the two platforms of iOS as well as Android. While you’re not able to buy or sell things, you can at least browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available for you to use to convert your fiat money into cryptocurrency using these platforms. A-Nft Aframe
You can swap the fiat currency you have with a the credit card, or Paypal via these reputable websites for cryptocurrency:
- Bittrex and many more!
All of these have the option of exchange for ETH, which is the primary cryptocurrency payment option in OpenSea.
Although OpenSea is an NFT marketplace that is open to all forms of cryptocurrency, wallets are nevertheless more compatible than other. Since it is built mainly on the ETH blockchain, any wallets that share that network will be suitable for the site.
Here’s a list of several crypto wallets you can utilize in OpenSea:
- Authereum and many more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each has its own limitations like easy registration, only mobile usage as well as the capability to buy cryptocurrency using credit cards. A-Nft Aframe
For more information about the service You can go through their FAQs to get an overview of how you can get started and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all 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 pros here:
- Mobile apps are available that are compatible with iOS and Android.
- Smart contracts are used 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% for artists (low royalties).
- Cannot buy or sell on this mobile application.
- Only accepts cryptocurrency as a method of payment.
- The use of a Crypto digital wallet must be used to use this marketplace.
OpenSea is available to anyone who owns any crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. But overall, you can easily recover that amount when you actively sell because there is no additional fee for it.
Frequently Asked Questions A-Nft Aframe
What is OpenSea?
OpenSea is an NFT marketplace that is designed to provide artists a platform to market their work online and receive cryptocurrency as their form of payment. It’s an excellent option for artists who want to use for selling NFTs due to its no cost of gas and low commission fees which you are required to pay.
You can browse and shop for a vast collection of digital items on the NFT marketplace which is why you should definitely check it out!
Is OpenSea legit & secure?
The short answer is yes! OpenSea has been a trusted marketplace since its inception in the year of 2018. Since its system is built on a blockchain that is secure, you can say that your transactions are protected and secured.
Furthermore, as a seller, you will be verified after you build up your reputation. A blue checkmark will be assigned next to your account or any collection you uploaded to reassure every customer. The OpenSea team reviews regularly the content to ensure users are protected.
How do I earn royalties on OpenSea?
However, as an artist, you will be paid only 10 percent of the royalties when you upload the NFT. This is believed to be a reasonable amount compared against others NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) can be commonly used on this site as well as numerous others to cater for many more crypto users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can use to access OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency on secure platforms that accept fiat money. 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’s an official mobile app from OpenSea available for both iOS as well as Android. Download it at their respective app store and begin browsing through the collection right now!
There is also a version for desktops that OpenSea can be downloaded via WebCatalog. With the desktop application, you can manage multiple accounts and get 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/).