Cryptocurrency is booming right now, and you’re probably wondering where to invest your crypto currency. Markets have popped up all over the digital web designed to purchase and sell NFTs with cryptocurrency! OpenSea can be one and is worth checking out.
If you’re interested in crypto you’ve likely heard of OpenSea prior to this for a valid reason. It has become one of the biggest and most popular marketplaces among users of cryptocurrency due to its security and rapid transactions.
Get on board, and discover the possibilities of OpenSea, along with checking what NFTs you can view!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace About Nft Art Coin
The purpose of OpenSea was to simply provide artists with a marketplace/platform to upload commissions with no additional costs. It also has additional functions that allow you to sell your artwork without any difficulties.
In terms of registration, you don’t need to provide too many details about yourself. All you need to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as easy as that and without many hurdles as you walk into NFTs.
The most widely-used cryptocurrency used in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology, and this is used for the majority of transactions. It also functions using the Polygon blockchain, which ensures low-cost and quicker trading.
With these two types of blockchains that are available you can pick which one you would like to publish your NFT as seller. This ensures the safety of your NFT, along with the people who want to purchase it. Every transaction will be conducted by using the blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything the simplest domain name, to a piece of art from an artist that you admire. Anyone can be a seller, but it takes time for anyone to become an established one.
There is a wide variety of NFTs available at OpenSea, and you can join in with the collection! You can create your own market on this site, as well as find NFTs you want to purchase 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 aren’t exactly sure what it means. Let’s take a look at what NFT is for those who are just beginning to get started in cryptocurrency.
One of the newest things that you can buy with cryptocurrency can be an NFT. The NFT is a non-fungible token that is unique and can’t be replaced. It can be an item of rareness, such as mint-condition baseball trading cards or unique vinyl album.
There’s no limit to what an NFT could be, since it’s a non-fungible thing you’re selling online. More straightforwardly, you can just think of as an NFT as a digital collectible that is paid for using cryptocurrency only.
Minting is like calling the shots to your NFTs. You’re claiming ownership over that particular token/item you uploaded on market, as offering it for sale. Usually, this is recognized once you fill out all the necessary information about the NFT and then submit it for sale on.
On OpenSea It’s a very simple process to mine your NFTs by going to the store and making a collection to begin! Input the appropriate and accurate information about your NFT and select the type of settings you’d like to use for it (e.g. blockchain or payment tokens). After that, you can finally upload it if it fits the 100 MB limit.
It is possible to wait and see how the transactions go from now to see whether OpenSea is the marketplace for you.
What NFTs can you get here?
So, at this point you’re probably asking yourself which kind of NFT can you shop for here and what you can sell should you decide to go down that path. The kind of NFT it isn’t limited since there’s a broad range of how you can go about it.
It is possible to sell digital items, trading cards games domain names, some physical items! Find out what you think will reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that sets OpenSea from the other options. There’s no cost for gas for using this feature to create and market NFTs. This is essentially a way to ensure that you receive the maximum profits when you start selling because you won’t have to spend on additional fees.
There aren’t many NFT marketplaces offer this feature, which is why this is great for you to receive high profit from your NFT collection.
A Referral Program is another unique aspect of OpenSea to be admired. Like traditional online marketplaces, you can receive benefits by referring your friend to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from there you’ll earn 2.50 percent of the sales amount, which means you can earn more cash by this method.
Other NFT marketplaces don’t have the same feature, so that’s just another benefit OpenSea has over the other marketplaces.
There is an OpenSea mobile app, but it is mainly used to browse through the marketplace. It isn’t able to purchase or sell anything as you browse through the listing.
OpenSea’s mobile apps are available for the two platforms of iOS and Android. Even though you can’t buy or sell something, you can at least explore the products you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available to you, and you can exchange your fiat money for cryptocurrency through these platforms. About Nft Art Coin
You can convert the fiat currency you have with a your credit or debit card as well as Paypal through these trusted sites for cryptocurrency:
- Bittrex, and other things!
Each of them has the option to exchange for ETH which is the standard crypto payment in OpenSea.
While OpenSea is an NFT marketplace open to all types of cryptocurrency, wallets are nevertheless more compatible than others. Since it is built mainly using an ETH blockchain, any wallets which are part of this network are appropriate for this site.
Here’s a list various crypto wallets that 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 including simple registration, use on mobile devices only as well as the capability to buy cryptocurrency using the credit card. About Nft Art Coin
To learn more about it, you can check their FAQs for an overview of how you can get started and what other crypto 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 the only one to have this. You can view its pros and pros here:
- Mobile apps available for iOS or Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalty rates of 10% for artists (low royalty rates).
- Cannot buy or sell via our mobile apps.
- Only accepts cryptocurrency as a form of payment.
- An Crypto wallet is required for this marketplace.
OpenSea is open to everyone who owns any crypto coins in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. However, overall, you will quickly regain that when you actively sell because there’s no extra charge for it.
Frequently Asked Questions About Nft Art Coin
What is OpenSea?
OpenSea is an NFT marketplace that aims to provide artists a platform to market their work online to receive cryptocurrency as their form of payment. It’s a great platform for artists using it to sell NFTs due to its no gas costs and low commission fees you must pay.
You can browse and shop for a vast collection of digital goods in this NFT marketplace, so you should take a look!
Is OpenSea legit & is it safe?
The short answer is yes! OpenSea has been a reliable marketplace since it was founded in the year of 2018. Since the system it operates on is based on a blockchain and is secured, it is safe to say that your transactions are protected and secured.
Additionally, as a seller, you will be verified after you build up your reputation. A blue checkmark is placed on your account or collection you uploaded to reassure every customer. The OpenSea team reviews regularly the content to ensure that users are protected.
How do I earn royalties on OpenSea?
Unfortunately, as an artist, you will get only 10 percent of the royalties when you upload the NFT. This is thought to be quite low in comparison with others NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) is commonly used on this site and numerous others to cater for more crypto users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can make use of to use OpenSea.
What are the payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. It is easy to buy or trade cryptocurrency using reliable platforms using fiat currency. All you need just connect your debit or credit card to Paypal for the transaction.
Does OpenSea have a desktop or mobile app?
As we mentioned earlier There is an official mobile app by OpenSea that is available for iOS or Android. Install it from their app store and begin browsing through the collection right now!
A desktop application for OpenSea can be downloaded via WebCatalog. On the desktop app you can manage multiple accounts and get alerts on any updates that affect your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).