The crypto currency market is in a boom right now and you’re probably thinking what you can do with your crypto-coins. Marketplaces are popping up across the web that allow users to sell and buy NFTs using cryptocurrency! OpenSea is one of them, and it’s worth a look.
If you’re interested in crypto, you’ve probably heard about OpenSea before for a good reason. It’s now one of the biggest and leading marketplaces among users of cryptocurrency due to its safety and speedy transactions.
Now hop aboard, and let’s explore the possibilities of OpenSea as well as examining the NFTs that you can see!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. After, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace About Nft Art Finance
The aim of OpenSea was to provide artists with a marketplace/platform to upload commissions with no additional fees. It has more functions that let you sell your artwork without any problems.
In terms of the registration process, you don’t have to worry about giving any personal information about yourself. All you have to connect your crypto wallet and voila! You have an account with OpenSea! It’s as easy as that, without much hassle as you step into NFTs.
The most widely-used cryptocurrency to use on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology, and this is used for most processes. It also functions with the Polygon blockchain, which ensures lower costs and faster trading.
There are two types of blockchains you can pick which one you’d like to transfer your NFT to as a seller. This will ensure the security of your NFT and those who wish to purchase it. All transactions are made using this blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from the simplest domain name, to a piece of art by an artist you admire. Anyone can sell however it takes time for anyone to be an established seller.
There is a wide variety of NFTs available at OpenSea and you can also be a part of the collection! You can create your own personal market here, along with finding NFTs that you would like to purchase for yourself.
What is an NFT?
A recent change in the crypto market, the term “NFT” has been going around so long on the internet that a lot of millennials are familiar with it but aren’t sure exactly 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 new things that you can buy with cryptocurrency can be an NFT. An NFT is a non-fungible currency which is extremely unique and can’t be replaced. It can be an item of rarity like mint-condition baseball trading cards or rare vinyl record.
There is no limit to what an NFT can be since it’s a non-fungible item that you sell online. It is simpler to simply think of as an NFT as a digital collectible which is only paid in cryptocurrency.
Minting is like calling dibs to your NFTs. It is a way of claiming the owner of the item or token that you have uploaded to market, as offering it for sale. Usually, this becomes official once you fill out the proper information regarding the NFT and then add it on the market.
On OpenSea it’s a straightforward procedure to create your own NFTs by going to the store and then making a collection to begin! Fill out the proper and complete information about your NFT and choose what kind of settings you’d like to use for it (e.g., blockchain, payment tokens). After you’ve completed the process then you’re able to upload it to the internet if it’s in the 100 MB limit.
You can watch and see the way transactions are handled from here on out to see whether OpenSea is the marketplace for you.
What NFTs can you find here?
In this moment, you’re probably wondering what kind of NFTs can be found here and what kind of NFTs you can also sell if you decide to go that route. The type of NFT it is unlimited as there’s a variety of options for how to go about it.
It is possible to sell trade cards, digital goods games domain names, some physical items! Consider what you believe will yield the most profit 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 create and market NFTs. This is essentially a way to ensure that you receive the maximum profits when you sell because you won’t need to spend on extra fees.
There aren’t many NFT marketplaces offer this feature, which is why this is great for you to earn a high return from your collection.
The Referral Program is another unique aspect of OpenSea to be admired. Similar to traditional online markets there are rewards when you refer your friend to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from there you’ll earn 2.50 percent of the purchase amount, which means you can make more money through this action.
Other NFT marketplaces don’t offer this kind of feature either, so that’s just another advantage OpenSea has over the other marketplaces.
There is an OpenSea mobile app, but it is mainly used to browse the marketplace. Unfortunately, you can’t purchase or sell anything while you scroll through the list.
The mobile apps from OpenSea are accessible for the two platforms of iOS as well as Android. Even though you can’t buy or sell something, you can look through the options you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available to you You can also convert your fiat money into cryptocurrency using these platforms. About Nft Art Finance
You can swap the fiat currency you have with a the credit card, or Paypal via these reputable websites for cryptocurrency:
- Bittrex and other things!
Each of them has the option of exchange for ETH which is the primary cryptocurrency used in OpenSea.
While OpenSea has been described as being an NFT marketplace open to all kinds of cryptocurrency, wallets are nevertheless more compatible than others. Since it is built using the ETH blockchain, all wallets with a connection to that network will be suitable for this website.
Here’s a list several crypto wallets which you can use with OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, mobile-only usage, and the function to buy cryptocurrency using the credit card. About Nft Art Finance
To know more about it You can go through their FAQs to get an overview of how you can get started and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with its advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and pros here:
- Available as mobile apps that are compatible with iOS or Android.
- Smart contracts are used 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 royalty rates of 10% for artists (low royalties).
- It is not possible to buy or sell items through this mobile application.
- Only supports cryptocurrency as its method of payment.
- An Crypto account is needed for this marketplace.
OpenSea is open 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. But overall, you can easily recover that amount when you sell regularly since there’s no additional cost for it.
Frequently Asked Questions About Nft Art Finance
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to provide artists a platform to market their work online to receive cryptocurrency as a method of payment. It’s a great platform for artists using it to sell NFTs due to its low gas fees and the low commission rate you must pay.
You can shop and browse a vast collection of digital products on this NFT marketplace, so you should take a look!
Is OpenSea legitimate and secure?
The short answer is yes! OpenSea has been a trusted marketplace since its inception on the 1st of December in 2018. Since the system it operates on is based on a blockchain and is secured, it is safe to say that your transactions are secure and safe.
Additionally, as a seller, you will be verified after you have built up your credibility. A blue checkmark will appear next to your account or any collection you’ve uploaded to ensure the safety of every customer. The team at OpenSea regularly checks the content to ensure users are safe.
How do I earn royalties from OpenSea?
However, as an artist, you’ll receive only up to 10 percent of the royalties when you have uploaded the NFT. This is believed to be quite low in comparison against others NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) has been widely used on this site and other sites to provide many more cryptocurrency users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can utilize to use OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges through 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 for the transaction.
Does OpenSea have a desktop/mobile app?
As we mentioned earlier There is an official mobile application from OpenSea available for both iOS as well as Android. You can download it through their app store, and you can start browsing through the collection right now!
A version for desktops that OpenSea can be downloaded via WebCatalog. On the desktop app, you can 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/).