Cryptocurrency is booming right now, and you’re probably wondering where to invest your crypto-coins. Markets have popped up across the internet, designed to purchase and sell NFTs with cryptocurrency! OpenSea is among them and is worth looking into.
If you’re familiar with cryptocurrency you’ve probably heard of OpenSea prior to this for a valid reason. It’s now one of the biggest and most popular marketplaces for users of cryptocurrency due to its safety and speedy transactions.
Now hop aboard, and let’s see the possibilities of 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’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Animated Nft
The goal of OpenSea was to provide a platform/marketplace for artists to easily upload their commissions, without having to pay any additional costs. It has more functions that allow you to sell your art without too many issues.
When it comes to the registration process, you don’t have to worry about giving any personal information about yourself. All you need to do is connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as simple as that, without many hurdles as you walk into NFTs.
The most widely-used cryptocurrency that is used on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology, and this is used to carry out the majority of processes. It also operates using the Polygon blockchain to ensure the lowest cost and speediest trading.
There are two types of blockchains that are available, you can choose which one you would like to upload your NFT on as an seller. This ensures the safety of your NFT, along with the people who want to buy it. Every transaction will be conducted using this blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall where you can exchange your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything the simplest domain name, to a piece of art by an artist you admire. Anyone can become a seller, but it takes time for anyone to be a reputable one.
There are a variety of NFTs of NFTs available at OpenSea and you could also be a part of that! You can start your own personal market there, and also find NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent development for 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 a lot of millennials are familiar with it but aren’t sure exactly what it means. Let’s look at what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the new things that you can buy with cryptocurrency includes an NFT. The 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 mint-condition baseball trading cards, or a unique vinyl album.
There is no limit to what an NFT can be as it’s a non-fungible thing you’re selling on the internet. In simpler terms, you could simply consider the NFT being a virtual item that is paid for using cryptocurrency only.
Minting is similar to calling for dibs for your personal NFTs. You are calling ownership over that particular token/item that you posted to the marketplace, and you’re selling it. Typically, this is official after you fill in all the necessary information about the NFT and finally add it on the market.
On OpenSea, it’s a simple procedure to create your own NFTs by visiting the store and then creating a collection to start! Complete the correct and accurate information about your NFT and choose what kind of settings you want for it (e.g., blockchain or money transfer tokens). Once that’s all done then you’re able to upload it to the internet if it’s in the limit of 100MB.
You can watch and see how the transactions go from here on out to see if OpenSea is the right marketplace for you.
What NFTs can you find here?
So, at this point, you’re probably wondering the kind of NFTs you shop for here, and what you could also sell if you choose to go that route. The type of NFT it is unlimited since there’s a broad range of how you can go about it.
It is possible to sell trade cards, digital goods game assets, domain names, and even physical assets! Explore what you believe can reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that differentiates OpenSea from other companies. There are no gas costs for using this feature when you create and market NFTs. This simply means that you’ll receive the maximum profits when you begin selling since you won’t have to spend on any additional charges.
Not many NFT marketplaces provide this feature, and it can be a fantastic way to earn a high return from your collection.
This Referral Program is another distinctive feature of OpenSea to take note of. Like traditional online marketplaces there are advantages when you refer a friend to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from the site you’ll earn 2.50% of the sale amount, letting you earn more money through this action.
Other NFT marketplaces don’t offer this feature This is a further advantage OpenSea has over the other marketplaces.
There is an OpenSea mobile app, but it’s mostly to browse the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listing.
OpenSea’s mobile apps are available on both iOS as well as Android. Although you aren’t able to purchase or sell anything, you can still browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are for you to use You can also convert your fiat money into cryptocurrency using these platforms. Animated Nft
You can convert the fiat currency you have with a your credit or debit card as well as Paypal through these trusted sites to exchange it for crypto:
- Bittrex, and more!
Each of them has the option of exchange for ETH, which is the most common cryptocurrency payment option in OpenSea.
While OpenSea is an NFT marketplace that is open to all kinds of cryptocurrency, the wallets nonetheless more compatible than other. Since it is built mainly using the ETH blockchain, wallets with a connection to this network are appropriate for this website.
Here is a list of various crypto wallets that which you can use with OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each has its own limitations including simple registration, use on mobile devices only and the ability to purchase cryptocurrency with the credit card. Animated Nft
For more information about the service You can go through their FAQs to get a rundown of how you can get started and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with its advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and cons here:
- Mobile apps available for iOS as well as Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalties of only up to 10% for artists (low royalty rates).
- Cannot buy or sell on this mobile application.
- Only accepts cryptocurrency as a type of payment.
- A Crypto digital wallet must be used to use this marketplace.
OpenSea is available to anyone who has any crypto currency in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. In the end, you’ll quickly regain that when you are actively selling since there’s no extra charge for it.
Frequently Asked Questions Animated Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to give artists a chance to market their work online, and to accept cryptocurrency as a method of payment. It’s an excellent platform for artists who use the platform to market NFTs because of its zero gas costs and low commission fee rate which you are required to pay.
You can browse and purchase the vast array of digital goods in this NFT marketplace which is why you should definitely take a look!
Is OpenSea real and secure?
Short answer: Yes! OpenSea has been a trusted marketplace since it was founded on the 1st of December in the year 2018. Since the system it operates on is based on a blockchain that is secure, you can say that your transactions are secure and safe.
Furthermore as a seller you can become verified once you have built up your credibility. A blue checkmark will be assigned on your account or 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?
As an artist, you can get only 10% of the royalties once you have uploaded the NFT. This is thought to be reasonably low compared with others NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) can be frequently used on this site and other sites to provide more cryptocurrency users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can use for OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. You can easily purchase or sell cryptocurrency through trusted platforms with fiat money. All you have just connect your debit or credit card to Paypal for the transaction.
Does OpenSea has a mobile or desktop application?
As previously mentioned, there is definitely an official mobile application from OpenSea that is available for iOS or Android. Download it at their respective app store and then you can begin exploring the collection right now!
A desktop application for OpenSea can be downloaded via WebCatalog. In the desktop application, 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/).