The cryptocurrency market is on the rise and you’re probably wondering where you can invest your crypto coins. Marketplaces are popping up all over the digital web designed to purchase and sell NFTs via cryptocurrency! OpenSea is among them, and it’s worth looking into.
If you’re well-versed in cryptocurrency you’ve probably heard about OpenSea prior to this for a valid reason. It’s now 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 explore what you can do with OpenSea and also see the NFTs available to view!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick review. After, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Are Trades On OpenSea Automatic Safe
The aim to create OpenSea was to simply provide artists with a marketplace/platform to upload their commissions without any extra charges. It also has additional functions that let you sell your artwork without any difficulties.
In terms of registration, you don’t need to give all of your personal details. All you need to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as simple as that and without much hassle as you step into NFTs.
The most popular cryptocurrency used within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system and is used for the majority of transactions. It also functions with the Polygon blockchain, which ensures lower costs and faster trading.
With these two kinds of blockchains you can pick which one you want to upload your NFT on as seller. This is to ensure the security of your NFT, along with those who wish to purchase it. Every transaction will be conducted using this blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything as simple as a domain name to official art by an artist you admire. Anyone can sell however, it takes time for anyone to be a reputable one.
There are a variety of NFTs from the selection of NFTs available at OpenSea, and you can join in with this! You can create your own market on this site, as well as find NFTs you want to purchase for yourself.
What is an NFT?
In a recent advancement for the crypto market”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 break down what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the new things you can purchase your cryptocurrency includes an NFT. The NFT is a token that is non-fungible that is very exclusive and cannot be substituted. This can be an item of any rareness, such as mint-condition baseball trading cards or rare vinyl record.
There’s no limit on what an NFT can be since it’s a non-fungible item you’re selling on the internet. It is simpler to simply think of an NFT being a virtual collectible which is only paid in cryptocurrency.
Minting is like calling dibs for your personal NFTs. You are calling the ownership of the particular item that you posted to market, as selling it. Usually, this is recognized when you have filled in all the necessary information about the NFT and add it on the market.
On OpenSea It’s a very 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 select the type of settings you’d like to use to use it with (e.g. blockchain or payment tokens). After you’ve completed the process then you’re able to upload it to the internet if it’s in the 100 MB limit.
It is possible to wait and see how transactions progress from now to determine whether OpenSea is the best marketplace for you.
What NFTs can you find here?
So, at this point, you’re probably wondering the kind of NFTs can you shop for here and what you can also sell if you decide to go that route. The kind of NFT it isn’t limited since there’s a broad range of how you can approach it.
It is possible to sell digital items, trading cards games domain names, also physical goods! Explore what you believe can bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that sets OpenSea from the other options. There are no gas costs when you use this feature to create and market NFTs. This is essentially a way to ensure that you receive the maximum profits when you sell because you don’t need to pay on extra fees.
There aren’t many NFT marketplaces provide this feature, which is why this is great for you to make a huge profit from your NFT collection.
The Referral Program is another distinctive feature of OpenSea to take note of. Similar to traditional online markets there are benefits when you refer a friend to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from the site you’ll be rewarded with 2.50% of the sale amount, which allows you to earn more money by this method.
Other NFT marketplaces do not have this kind of feature either and that’s another benefit OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile app, but it is mainly used to browse the marketplace. It isn’t able to purchase or sell anything while you browse through the listing.
The mobile apps of OpenSea are available on both iOS and Android. Although you aren’t able to purchase or sell anything, you can still browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are at your disposal, and you can exchange your fiat money for cryptocurrency on these platforms. Are Trades On OpenSea Automatic Safe
You can swap your fiat money via credit card or Paypal on these reliable websites to exchange it for crypto:
- Bittrex and many more!
All of these have the option of exchange for ETH which is the most common cryptocurrency used in OpenSea.
While OpenSea can be described as an NFT marketplace that is open to all forms of crypto, wallets are nonetheless more compatible than others. Since it is built around an ETH blockchain, any wallets with a connection to this network are appropriate for this site.
Here’s a list various crypto wallets that you can utilize in OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each wallet has its own restrictions, such as easy registration, use on mobile devices only and the ability to purchase cryptocurrency with a credit card. Are Trades On OpenSea Automatic Safe
To learn more about it to learn more, check out their FAQs for the steps you can begin and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and pros here:
- Available as mobile apps that are compatible with iOS and Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalty rates of 10% for artists (low royalty).
- Cannot buy or sell via our mobile apps.
- Only supports cryptocurrency as its type of payment.
- The use of a Crypto digital wallet must be used to access this marketplace.
OpenSea is available to anyone who owns any crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. In the end, you’ll easily recover that amount when you actively sell because there’s no extra charge for it.
Frequently Asked Questions Are Trades On OpenSea Automatic Safe
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to offer artists a way for selling their artwork online to receive cryptocurrency as a form of payment. It’s an excellent platform for artists using the platform to market NFTs due to its low gas fees and low commission fee rate which you are required to pay.
You can shop and browse an array of digital products on this NFT marketplace which is why you should definitely go through it!
Is OpenSea legit & is it safe?
Short answer: Yes! OpenSea has been a trusted marketplace since it was established in the year of 2018. Because its system is based on a blockchain and is secured, it is safe to say that your transactions are protected and secured.
Additionally, as a seller, you can become verified once you have built up your credibility. A blue checkmark will be assigned on your account or any collection you uploaded to reassure anyone who buys from you. The team at OpenSea regularly checks the contents to ensure users are safe.
How can I earn royalties from OpenSea?
However, as an artist, you can be paid only 10 percent of the royalties after you upload the NFT. This is thought to be a reasonable amount compared against the other NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) is frequently used on this site as well as numerous others to cater for more crypto users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can make use of to access OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. You can buy and sell cryptocurrency on reliable platforms using fiat currency. All you have be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea have a desktop or mobile application?
As we mentioned earlier, there is definitely an official mobile app by OpenSea available for both iOS and Android. Install it from their app store and you can start exploring the collection right now!
There is also a desktop application for OpenSea that can be downloaded through WebCatalog. With the desktop application you are able to manage multiple accounts and get notifications about updates to your account while you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).