The crypto currency market is in a boom right now and you’re probably wondering where to invest your crypto currency. Marketplaces are popping up all over the internet, designed to sell and buy NFTs via cryptocurrency! OpenSea can be one, 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 one of the largest and most popular marketplaces among cryptocurrency users because of its security and quick transactions.
So, hop on board and discover what you can do with OpenSea and also see the NFTs available to view!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Are Nfts A Good Investment
The purpose of OpenSea was to offer a platform/marketplace for artists to upload commissions, without having to pay any additional charges. There are additional features that allow you to sell your artwork without any issues.
For registration, you won’t have to give all of your personal details. All you need to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It can be as simple as that and without much hassle as you step into NFTs.
OpenSea: Blockchain
The most well-known cryptocurrency to use within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology, and this is used to carry out the majority of processes. It is also based on the Polygon blockchain, which ensures the lowest cost and speediest trading.
With these two types of blockchains available, you can choose which one you’d like to publish your NFT as an seller. This will ensure the security of your NFT and the people who want to buy it. All transactions are made along with this blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything the simplest domain name, to a piece of art from an artist you admire. Anyone can be a seller however it takes a while for anyone to become a reputable one.
There is a wide variety in the collection at OpenSea and you could join in with that! You can start your own market on this site, as well as find NFTs that you would like to purchase yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
A recent change in the crypto market,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that many millennials are familiar with it but aren’t exactly sure what it means. Let’s take a look at what NFT is for any beginners in cryptocurrency.
One of the latest ways 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 changed. 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 item that you can sell on the internet. More straightforwardly, you can simply think of an NFT being a virtual collectible which is only paid in cryptocurrency.
Minting NFTs
Minting is like calling dibs to your NFTs. It is a way of claiming the ownership of the particular item that you have uploaded to the marketplace, and offering it for sale. Typically, this is official when you have filled in all the necessary information about the NFT and then submit it for sale on.
On OpenSea, it’s a simple procedure to create your own NFTs by visiting the store and create a collection! Fill out the proper and accurate information about your NFT and then select what type of settings you’d like to use it with (e.g. blockchain and payments tokens). After you’ve completed the process, you can finally upload it if it fits the limit of 100MB.
It is possible to wait and see how transactions progress from now on to see whether OpenSea is the right marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs are available here?
At this point you’re probably asking yourself which kind of NFT be purchased here and what you can also sell if you decide to pursue that route. The type of NFT it is unlimited because there’s a wide range of options for how to go about it.
It is possible to sell digital products, trading cards game assets, domain names, and even physical assets! Consider what you believe will reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that separates OpenSea from the others. There are no gas costs for using this feature to create and market NFTs. This simply means that you’ll receive the maximum profits when you start selling because you won’t have to spend on any additional charges.
Very few NFT marketplaces have this feature, which is why this is a great way to earn a high return from your collection.
Referral Program
The Referral Program is another distinctive feature of OpenSea to be admired. Like traditional online marketplaces there are rewards when you refer a friend to OpenSea! If you refer a friend to join OpenSea and buy an NFT from there you’ll be rewarded with 2.50 percent of the purchase amount, which means you can earn more cash through this action.
Other NFT marketplaces don’t have this kind of feature either This is a further benefit OpenSea has over them.
> > Click Here to Explore OpenSea < <
Mobile Application
There is an OpenSea mobile app, but it is mainly used to browse through the marketplace. You can’t buy or sell items as you scroll through the list.
The mobile apps of OpenSea are available on both iOS as well as Android. While you’re not able to buy or sell something, you can at least explore the products you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are to you You can also trade your fiat currency for cryptocurrency using these platforms. Are Nfts A Good Investment
You can swap your fiat currency using a the credit card, or Paypal via these reputable websites for cryptocurrency:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex, and other things!
Each of them has the option of converting them into ETH which is the primary crypto payment in OpenSea.
Crypto Wallets
Although OpenSea has been described as being an NFT marketplace open to all types of cryptocurrency, the wallets still more compatible with it than others. Since it is built on the ETH blockchain, wallets which are part of the same network are suitable for this website.
Here’s a list several crypto wallets you can utilize in OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and many more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations, such as easy registration, use on mobile devices only as well as the capability to purchase cryptocurrency using a credit card. Are Nfts A Good Investment
To learn more about it to learn more, check out their FAQs to see an overview of how you can begin and also what other crypto wallets are compatible with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has its advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and pros here:
Pros
- Mobile apps available that are compatible with iOS or Android.
- Smart contracts can be used to perform transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto market and NFTs.
Cons
- Allows royalty rates of 10% for artists (low royalty rates).
- You cannot buy or sell products through our mobile apps.
- Only accepts cryptocurrency as a type of payment.
- A Crypto wallet is required to access this marketplace.
Pricing
OpenSea is open to everyone who has crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. But overall, you can quickly regain that when you are actively selling since there’s no extra charge for it.
Frequently Asked Questions Are Nfts A Good Investment
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to give artists a chance for selling their artwork online to receive cryptocurrency as their form of payment. It’s a great option for artists who want to use for selling NFTs due to its no gas costs and low commission fee rate which you are required to pay.
You can shop and browse a vast collection of digital products on this NFT marketplace and you must go through it!
Is OpenSea legit & safe?
The short answer is yes! OpenSea has been a reliable marketplace since it was founded in the year of 2018. Since the system it operates on is built on blockchain technology that is secure, you can say that your transactions are safe and secure.
Furthermore, as a seller, you’ll be verified when 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 team at OpenSea regularly checks the content to ensure users are safe.
How do I earn royalties on OpenSea?
However, as an artist, you can receive only up to 10 percent of the royalties when you upload the NFT. This is thought to be reasonably low compared against other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) is commonly utilized on this website and many others to accommodate more cryptocurrency users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the primary cryptocurrencies you can utilize 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 its website. You can buy and trade cryptocurrency using secure platforms that accept fiat money. All you need to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea has a mobile or desktop application?
As previously mentioned, there is definitely an official mobile app from OpenSea available for both iOS and Android. Install it from their app store and you can start exploring the collection right now!
A desktop application for OpenSea that can be downloaded through WebCatalog. In the desktop application, you can manage multiple accounts and 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/).
