The cryptocurrency market is on the rise, and you’re probably wondering what you can do with your crypto currency. Markets have popped up across the digital web designed to purchase and sell NFTs via cryptocurrency! OpenSea can be one, and it’s worth looking into.
If you’re familiar with cryptocurrency, you’ve likely heard of OpenSea before for a good reason. It’s now one of the biggest and leading marketplaces among cryptocurrency users because of its security and quick transactions.
Get on board, and discover what you can do with OpenSea, along with checking 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 review. Afterward, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Alchemy Nft Stock
The purpose to create OpenSea was to simply provide an online marketplace for artists to upload commissions, without having to pay any additional fees. It also has additional functions which allow you to market your artwork without any difficulties.
When it comes to registration, you won’t have to worry about giving too many details about yourself. All you have to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as simple as that and without many hurdles as you walk into NFTs.
The most well-known cryptocurrency to use in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology, and this is used for most processes. It also operates using the Polygon blockchain, which ensures lower costs and faster trading.
With these two types of blockchains it is possible to choose which one you want to publish your NFT as an seller. This is to ensure the security of your NFT, along with those who wish to purchase it. All transactions will be made by using the blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an online shopping mall that is endless where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from just a domain name to official art from an artist that you admire. Anyone can be a seller, but it takes time before anyone can become an established one.
There’s a huge selection of NFTs available of NFTs available at OpenSea, and you can also be a part of this! You can start your own marketplace there, and also find NFTs that you would like to purchase yourself.
What is an NFT?
In a recent development for the cryptocurrency industry”NFT” is a term that has been used in recent times “NFT” has been going around for so long on the internet that many millennials are familiar with it but not exactly sure what it actually means. Let’s take a look at what NFT is for any beginners in cryptocurrency.
One of the newest things that you can buy with cryptocurrency can be an NFT. A NFT is a non-fungible currency that is very unique and can’t be replaced. It can be an item of rarity like mint-condition baseball trading cards or a unique vinyl album.
There’s no limit on what an NFT could be, since it’s a non-fungible thing you’re selling online. It is simpler to just think of the NFT being a virtual collectible which is only paid in cryptocurrency.
Minting is similar to calling for dibs to your NFTs. You are calling the owner of the item or token that you posted to market, as you’re offering it for sale. Usually, this becomes official after you fill in the correct information about the NFT and then upload it to the marketplace.
On OpenSea it’s a straightforward process to mine your NFTs by going to the store and create a collection! Fill out the proper and accurate information about your NFT and select the type of settings you want for it (e.g. blockchain, payment tokens). After that you are able to upload it if it fits the limit of 100MB.
You can wait and observe how the transactions go from now to determine whether OpenSea is the best marketplace for you.
What NFTs can you get here?
In this moment, you’re probably wondering which kind of NFT can be purchased here and what you can also sell if you decide to go down that path. The kind of NFT it can be is unlimited since there’s a broad range of ways to approach it.
You can be selling digital products, trading cards games, domain names, and even physical assets! Consider what you believe will bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what sets OpenSea from the others. There are no gas costs for using this feature to create and market NFTs. This simply means that you’ll be able to make the highest profits once you sell because you don’t need to pay on additional fees.
There aren’t many NFT marketplaces provide this feature, so this is a great way to make a huge profit from your NFT collection.
A Referral Program is another distinctive feature of OpenSea to admire. Similar to traditional online markets there are benefits by referring a 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 purchase amount, which means you can make more money by this method.
Other NFT marketplaces don’t offer this kind of feature either and that’s another advantage OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile app, but it’s mostly to browse the marketplace. It isn’t able to purchase or sell anything while you browse through the listing.
The mobile apps from OpenSea are accessible on the two platforms of iOS and Android. While you’re not able to buy or sell anything, you can still browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are to you, and you can exchange your fiat money for cryptocurrency on these platforms. Alchemy Nft Stock
You can convert your fiat currency using a credit card or Paypal through these trusted sites to exchange it for crypto:
- Bittrex, and more!
All of them have the option to exchange for ETH, which is the primary cryptocurrency used in OpenSea.
Although OpenSea can be described as an NFT marketplace that is open to all kinds of crypto, wallets are still more compatible with it than others. Since it is built around the ETH blockchain, all wallets that share this network are appropriate for the site.
Here’s a list of various crypto wallets that you can use in OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations, such as easy registration, only mobile usage and the ability to buy cryptocurrency using credit cards. Alchemy Nft Stock
To know more about it You can go through their FAQs to get a rundown of how you can get started and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with advantages and drawbacks. OpenSea isn’t the only one to have this. You can view its pros and pros here:
- Available as mobile apps for iOS as well as Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalties 10% to artists (low royalty).
- It is not possible to buy or sell items through the mobile app.
- Only accepts cryptocurrency as a method of payment.
- A Crypto digital wallet must be used for this marketplace.
OpenSea is available to anyone who has 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. But overall, you can easily recover that amount when you actively sell because there’s no additional cost for it.
Frequently Asked Questions Alchemy Nft Stock
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to give artists a chance to sell their works online to receive cryptocurrency as a form of payment. It’s a great platform for artists who use it to sell NFTs due to its low gas costs and the low commission rate that you have to pay.
You can browse and purchase the vast array of digital goods in this NFT marketplace and you must take a look!
Is OpenSea legit & is it safe?
Answer: Yes! OpenSea has been a trusted marketplace since it was founded at the end of the year 2018. Since the system it operates on is based on a blockchain and is secured, it is safe to say that your transactions are safe and secure.
Additionally, as a seller, you will be verified after you’ve earned a reputation. A blue checkmark will be assigned to your account or the collection you uploaded to reassure anyone who buys from you. The OpenSea team reviews regularly the contents to ensure users are protected.
How can I earn royalties on OpenSea?
Unfortunately, as an artist, you’ll be paid only 10 percent of the royalties when you have uploaded the NFT. This is thought to be reasonably low compared against the other NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) can be widely used on this site and many others to accommodate the increasing number of cryptocurrency users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can use for OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. You can easily purchase or trade cryptocurrency using trusted platforms with fiat money. All you have to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea have a desktop/mobile application?
As previously mentioned There is an official mobile app by OpenSea for both iOS or Android. Download it at their respective app store and begin exploring 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 from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).