Cryptocurrency is booming right now, and you’re probably wondering where you can invest your crypto-coins. Markets have popped up across the internet, designed to sell and buy NFTs using cryptocurrency! OpenSea is among them, and it’s worth a look.
If you’re well-versed in cryptocurrency you’ve probably heard of OpenSea prior to this for a valid reason. It’s now one of the largest and most popular marketplaces for cryptocurrency enthusiasts due to its security and quick transactions.
So, hop on board and let’s see 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’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Audio Nft
The purpose of OpenSea was to simply provide artists with a marketplace/platform to easily upload their commissions without any extra fees. It has more functions which allow you to market your art without too many problems.
In terms of registration, you don’t need to worry about giving all of your personal details. All you have to do is connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as simple as that, without much hassle as you step into NFTs.
The most widely-used 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 operates using the Polygon blockchain to ensure the lowest cost and speediest trading.
There are two types of blockchains that are available it is possible to choose which one you would like to publish your NFT as seller. This is to ensure the security of your NFT, along with those who wish to purchase it. All transactions are made along with this blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace where you can exchange your cryptocurrency or NFTs for other NFTs. You can purchase anything from the simplest domain name, to a piece of art by an artist you admire. Anyone can sell however it takes some time for anyone to become an established seller.
There is a wide variety from the selection of NFTs available at OpenSea and you can also be a part of that! You can start 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, the term “NFT” has been going around so long on the internet that many millennials have heard of it but aren’t exactly sure what it actually means. Let’s look at what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the newest things you can purchase your cryptocurrency can be an NFT. An NFT is a non-fungible currency that is very individual and cannot be substituted. It can be a piece of rarity like rare baseball trading cards in mint condition or a rare vinyl record.
There’s no limit to what an NFT could be, since it’s a non-fungible object that you sell online. In simpler terms, you could just think of an NFT to be a type of digital item paid via cryptocurrency only.
Minting is similar to calling for dibs on your own NFTs. You are calling the owner of the item or token 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 then submit it for sale on.
On OpenSea it’s a straightforward procedure to create your own NFTs. All you have to do is visit the store and creating a collection to start! Complete the correct and complete information about your NFT and then select what type of settings you want to use it with (e.g. blockchain, money transfer tokens). After that you are able to upload it to the internet if it’s in the limit of 100MB.
You can wait and observe how transactions progress 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 which kind of NFT be found here and what you can sell should you decide to go down that path. The type of NFT it isn’t limited because there’s a wide range of options for how to approach it.
You can be selling digital products, trading cards games domain names, also physical goods! Explore what you believe can bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that differentiates OpenSea from other companies. There’s no cost for gas when you utilize this feature to create and market NFTs. This means you’ll get the most profit when you sell because you won’t need to spend on any additional charges.
Not many NFT marketplaces provide this feature, which is why this can be a fantastic way to receive high profit from your portfolio.
The Referral Program is another unique aspect of OpenSea to be admired. Like traditional online marketplaces, you can receive advantages when you refer your friend to OpenSea! If you invite a friend to join OpenSea and buy an NFT from the site, you’ll receive 2.50 percent of the purchase amount, letting you earn more cash through this action.
Other NFT marketplaces do not have the same feature and that’s another advantage OpenSea has over them.
There is an OpenSea mobile app, but it’s mostly used to browse the marketplace. Unfortunately, you can’t purchase or sell anything 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 things, you can at least explore the products you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available for you to use, and you can convert your fiat money into cryptocurrency on these platforms. Audio Nft
You can convert the fiat currency you have with a credit card or Paypal on these reliable websites to exchange it for crypto:
- Bittrex, and more!
Each of them has the option to exchange for ETH, which is the standard crypto payment in OpenSea.
While OpenSea has been described as being an NFT marketplace open to all types of crypto, wallets are nevertheless more compatible than other. Because it is based around the ETH blockchain, any wallets which are part of the same network are suitable for the site.
Here is a list of several crypto wallets you can utilize in OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each wallet has its own restrictions including simple registration, use on mobile devices only, and the function to purchase cryptocurrency with a credit card. Audio Nft
To learn more about it You can go through their FAQs for the steps you can get started and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with advantages and drawbacks. OpenSea isn’t the only one to have this. You can view its pros and cons here:
- Mobile apps available for iOS as well as 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 royalties of only up to 10% for artists (low royalties).
- Cannot buy or sell on the mobile app.
- Only accepts cryptocurrency as a type of payment.
- A Crypto digital wallet must be used to access this marketplace.
OpenSea is available to anyone who has any crypto currency in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. However, overall, you will easily recover that amount when you sell regularly since there is no additional fee for it.
Frequently Asked Questions Audio Nft
What is OpenSea?
OpenSea is an NFT marketplace that aims to offer artists a way for selling their artwork online to receive cryptocurrency as their form of payment. It’s an ideal platform for artists using the platform to market NFTs because of its zero gas fees and low commission fees which you are required to pay.
You can browse and purchase a vast collection of digital goods in this NFT marketplace and you must check it out!
Is OpenSea real and is it safe?
The short answer is yes! OpenSea has been a trusted marketplace since it was established on the 1st of December in the year 2018. Because its system is built on a blockchain and is secured, it is safe to declare that transactions are protected and secured.
In addition as a seller you can become verified once you have built up your credibility. A blue checkmark will be assigned next to your account or the collection you’ve uploaded to ensure the safety of anyone who buys from you. The team at OpenSea regularly checks the contents to ensure users are protected.
How do I earn royalties on OpenSea?
However, as an artist, you will receive only up to 10 percent of the royalties when you have uploaded the NFT. This is believed to be reasonably low compared with other NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) is frequently used on this site as well as other sites to provide many more crypto users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can use to access OpenSea.
What are the payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. You can easily purchase or sell cryptocurrency on trusted platforms with fiat money. All you have just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea have a desktop or mobile app?
As previously mentioned, there is definitely an official mobile application from OpenSea that is available for iOS or Android. You can download it through their app store and then you can begin browsing through the collection right now!
A Desktop application that OpenSea can be downloaded via WebCatalog. In the desktop application you can manage multiple accounts as well as receive notifications on updates regarding 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/).