The crypto currency market is in a boom right now and you’re probably thinking where you can invest your crypto coins. Marketplaces are popping up all over the digital web designed to purchase and sell NFTs with cryptocurrency! OpenSea is one of them and is worth checking out.
If you’re well-versed in cryptocurrency, you’ve likely heard of OpenSea before for a good reason. It has become one of the biggest and most popular marketplaces among users of cryptocurrency due to its security and quick transactions.
Now hop aboard, and let’s see what you can do with OpenSea, along with checking the NFTs that you can see!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick review. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace All Nft Stocks
The purpose of OpenSea was to offer a platform/marketplace for artists to upload their commissions with no additional fees. It has more functions that allow you to sell your art without too many difficulties.
When it comes to registration, you won’t have to worry about giving all of your personal details. All you have 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 that is used in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system, and this is used for most processes. It also operates on the Polygon blockchain, which allows for low-cost and quicker trading.
With these two types of blockchains, you can choose which one you would like to upload your NFT on as an seller. This is to ensure the security of your NFT and the people who want to purchase it. All transactions are made by using the blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall where you can trade in your cryptocurrency or NFTs for other NFTs. You can purchase anything from the simplest domain name to an official artwork from an artist you admire. Anyone can sell, but it takes time before anyone can become an established one.
There are a variety of NFTs of NFTs available at OpenSea, and you can also be a part of the collection! You can create your own market here, along with finding 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 for so long on internet that the majority of young people are familiar with it but aren’t exactly sure what it actually means. Let’s take a look at what NFT is for those who are just beginning to get started in cryptocurrency.
One of the latest ways you can buy is an NFT. The NFT is a non-fungible token which is extremely unique and can’t be substituted. This can be an item of rarity like authentic baseball cards or a unique vinyl album.
There’s no limit on what an NFT can be since it’s a non-fungible object that you sell online. It is simpler to simply think of an NFT being a virtual collectible that is paid for using cryptocurrency only.
Minting is like calling the shots to your NFTs. It is a way of claiming the ownership of the particular item you uploaded on the market place, but you’re selling it. Usually, this becomes official once you fill out the proper information regarding the NFT and finally upload it to the marketplace.
On OpenSea It’s a very simple process to mint 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 then select what type of settings you’d like to use to use it with (e.g., blockchain and payment tokens). After that, you can finally upload it, if it’s within the 100 MB limit.
It is possible to wait and see how the transactions go from now on to see if OpenSea is the best 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 sell should you decide to go down that path. The type of NFT it can be isn’t limited because there’s a wide range of ways to do it.
It is possible to sell digital items, trading cards, game assets, domain names, and even physical assets! Find out what you think will yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that separates OpenSea from the other options. There are no gas costs for using this feature to create and market NFTs. This means you’ll be able to make the highest profits once you begin selling since you won’t have to spend on additional fees.
Not many NFT marketplaces offer this feature, and it is a great way to make a huge profit from your portfolio.
The Referral Program is another distinctive feature of OpenSea to take note of. Similar to traditional online markets that offer advantages by referring someone else to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from there you’ll earn 2.50 percent of the sales amount, which means you can make more money from this act.
Other NFT marketplaces don’t have this feature and that’s another benefit OpenSea has over them.
There is an OpenSea mobile app, but it’s mostly to browse the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listings.
The mobile apps of OpenSea are available on the two platforms of iOS and Android. Even though you can’t buy or sell things, you can browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available to you, and you can convert your fiat money into cryptocurrency using these platforms. All Nft Stocks
You can convert your fiat money via your credit or debit card as well as Paypal on these reliable websites for cryptocurrency:
- Bittrex, and other things!
Each of them has the option of converting them into ETH, which is the standard cryptocurrency payment option in OpenSea.
Although OpenSea has been described as being an NFT marketplace that is open to all types of cryptocurrency, wallets are nonetheless more compatible than others. Since it is built mainly using the ETH blockchain, wallets which are part of this network are appropriate for this site.
Here’s a list of different crypto wallets which you can use with OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each has its own limitations, such as easy registration, use on mobile devices only, and the function to buy cryptocurrency using the credit card. All Nft Stocks
To learn more about it You can go through their FAQs for a rundown of how you can get started and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and cons here:
- Mobile apps are available for iOS and Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto market and NFTs.
- Allows royalty rates of 10% for artists (low royalty).
- You cannot buy or sell products on this mobile application.
- Only supports cryptocurrency as its form of payment.
- The use of a Crypto wallet is required to use this marketplace.
OpenSea is available to anyone who has any crypto currency in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. But overall, you can quickly recover this amount if you are actively selling since there is no additional fee for it.
Frequently Asked Questions All Nft Stocks
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to give artists a chance for selling their artwork 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 no gas fees and low commission fees that you have to pay.
You can shop and browse an array of digital products on this NFT marketplace which is why you should definitely check it out!
Is OpenSea legit & safe?
Short answer: Yes! OpenSea has been a trusted marketplace since it was founded at the end of 2018. Since its system is built on blockchain technology and is secured, it is safe to declare that transactions are secure and safe.
In addition, as a seller, you can become verified once you’ve earned a reputation. A blue checkmark will be assigned on your account or the collection you uploaded to reassure anyone who buys from you. The OpenSea team reviews regularly the content to ensure that users are safe.
How do I earn royalties on OpenSea?
As an artist, you can get only 10 percent of the royalties when you have uploaded the NFT. This is considered to be quite low in comparison to others NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) has been frequently utilized on this website and many others to accommodate the increasing number of cryptocurrency users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can use to use OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency through reliable platforms using fiat currency. All you have just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea have a desktop or mobile app?
As mentioned before There is an official mobile app by OpenSea that is available for iOS as well as Android. Download it at their respective app store and then you can begin browsing through the collection right now!
There is also a version for desktops that OpenSea which can be downloaded from WebCatalog. In 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/).