The cryptocurrency market is on the rise, and you’re probably wondering where you can invest your crypto-coins. There are numerous marketplaces popping up across the digital web designed to buy and sell NFTs with cryptocurrency! OpenSea is one of them, and it’s worth a look.
If you’re familiar with cryptocurrency you’ve probably heard about OpenSea previously for a valid reason. It’s now one of the largest and most popular marketplaces among users of cryptocurrency due to its safety and speedy transactions.
Now hop aboard, and discover the possibilities of OpenSea as well as examining what NFTs you can view!
Before you continue, 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 the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace All About Nft Tokens
The goal for OpenSea was to offer artists with a marketplace/platform to upload commissions with no additional fees. It has more functions which allow you to market your work without having to deal with many problems.
When it comes to registration, you won’t have to give too many details about yourself. All you have to do is connect your crypto wallet and voila! You have an account with OpenSea! It’s as simple as that without going through many hurdles as you walk into NFTs.
The most well-known cryptocurrency to use on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it and is used to carry out the majority of processes. It also functions with the Polygon blockchain, which ensures low-cost and quicker trading.
With these two kinds of blockchains that are available it is possible to choose which one you want to transfer your NFT to as seller. This will ensure the security of your NFT, along with the people who want to buy it. Every transaction will be conducted by using the blockchain, and you must think about 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 purchase anything from just a domain name to official art by an artist you admire. Anyone can be a seller, but it takes time for anyone to become an established seller.
There is a wide variety of NFTs available of NFTs available at OpenSea and you can join in with this! You can set up your own personal market here, along with finding NFTs you’d like to buy for yourself.
What is an NFT?
A recent change in the crypto market,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on the internet that the majority of young people have heard of it but aren’t sure exactly what it means. Let’s break down what an NFT is for anyone who is new in cryptocurrency.
One of the newest things you can purchase your cryptocurrency can be an NFT. A NFT is a token that is non-fungible that is very unique and can’t be substituted. It could be an item of rareness like authentic baseball cards or unique vinyl album.
There is no limit to what an NFT can be as it’s a non-fungible object that you sell on the internet. More straightforwardly, you can simply imagine as an NFT to be a type of digital collectible paid via cryptocurrency only.
Minting is like calling the shots to your NFTs. You’re claiming the owner of the item or token you uploaded on the market place, but putting it up for sale. Typically, this is official once you fill out the correct information about the NFT and submit it for sale on.
On OpenSea it’s a straightforward process to mint your NFTs. All you have to do is visit the store and simply creating a collection to start! Complete the correct and complete information about your NFT and then select what type of settings you want for it (e.g. blockchain, 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 here on out to see whether OpenSea is the right marketplace for you.
What NFTs are available here?
In this moment you’re probably thinking about the kind of NFTs be found here and what you can also sell if you decide to pursue that route. The type of NFT that you can purchase is unlimited because there’s a wide range of options for how to go about it.
You can be selling digital items, trading cards game assets, domain names, and even physical assets! Consider what you believe will reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that separates OpenSea from the others. There are no gas costs for using this feature when you create and market NFTs. This is essentially a way to ensure that you be able to make the highest profits once you sell because you won’t need to spend on additional fees.
Very few NFT marketplaces have this feature, which is why this is great for you to earn a high return from your NFT collection.
The Referral Program is another unique aspect of OpenSea to be admired. Like traditional online marketplaces that offer advantages when you refer your friend to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from the site, you’ll receive 2.50% of the sale amount, which allows you to make more money through this action.
Other NFT marketplaces don’t have the same feature This is a further advantage OpenSea has over the other marketplaces.
There is an OpenSea mobile app, but it is mainly used to browse the marketplace. You can’t buy or sell anything as you browse through the listing.
The mobile apps of OpenSea are available for the two platforms of iOS and Android. While you’re not able to buy or sell things, you can at least explore the products you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are to you to trade your fiat currency for cryptocurrency on these platforms. All About Nft Tokens
You can exchange your fiat money via the credit card, or Paypal via these reputable websites to exchange it for crypto:
- Bittrex and many more!
Each of them has the option to exchange for ETH which is the standard crypto payment in OpenSea.
While OpenSea can be described as an NFT marketplace that is open to all types of cryptocurrency, wallets are still more compatible with it than other. Since it is built on an ETH blockchain, wallets that share the same network are suitable for the site.
Here’s a list of several crypto wallets you can use in OpenSea:
- Authereum and more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations including simple registration, use on mobile devices only and the ability to purchase cryptocurrency with a credit card. All About Nft Tokens
For more information about the service, you can check their FAQs to get the steps you can begin and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and pros here:
- Available as mobile apps that are compatible with iOS or Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalties 10% for artists (low royalties).
- You cannot buy or sell products via our mobile apps.
- Only supports cryptocurrency as its type of payment.
- A Crypto account is needed to use this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. In the end, you’ll easily recover that amount when you sell regularly since there is no additional fee for it.
Frequently Asked Questions All About Nft Tokens
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to give artists a chance to market their work online to receive cryptocurrency as a form of payment. It’s a great option for artists who want to use it to sell NFTs due to its low gas fees and low commission fees you must pay.
You can browse and shop for an array of digital items on the NFT marketplace which is why you should definitely go through it!
Is OpenSea legit & secure?
The short answer is yes! OpenSea is a reputable marketplace since it was founded on the 1st of December in the year 2018. Since its system is built on blockchain technology, it is safe to claim that your transactions are secure and safe.
In addition, 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 uploaded to reassure every customer. The OpenSea team reviews regularly the contents to ensure users are secure.
How can I earn royalties from OpenSea?
However, as an artist, you will receive only up to 10 percent of the royalties after you have uploaded the NFT. This is thought to be a reasonable amount compared with the other NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) can be commonly used on this site and many others to accommodate the increasing number of cryptocurrency users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of for OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency through secure platforms that accept fiat money. All you need be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea has a mobile or desktop application?
As previously mentioned there’s an official mobile application from OpenSea available for both iOS and Android. Download it at their respective app store, and then you can begin exploring the collection right now!
There is also a version for desktops that OpenSea that can be downloaded through WebCatalog. With the desktop application you can manage multiple accounts as well as receive 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/).