The cryptocurrency market is on the rise and you’re probably wondering where to invest your crypto currency. Markets have popped up across the web that allow users to purchase and sell NFTs using cryptocurrency! OpenSea can be one and is worth looking into.
If you’re well-versed in cryptocurrency, you’ve probably heard about OpenSea before for a good reason. It’s now one of the largest and most popular marketplaces for cryptocurrency enthusiasts due to its security and rapid transactions.
So, hop on board and let’s explore what you can do with OpenSea as well as examining the NFTs available to view!
Before you continue, you may want to check out 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.
OpenSea as an NFT Marketplace Bazooka Joe Nft
The goal for OpenSea was to simply provide a platform/marketplace for artists to upload their commissions with no additional charges. It also has additional functions which allow you to market your artwork without any issues.
In terms of registration, you won’t have to provide too many details about yourself. All you have to connect your crypto wallet–and voila!–you have an account on OpenSea! It can be as simple as that, without much hassle as you step into NFTs.
The most well-known cryptocurrency that is used within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it which is utilized for the majority of transactions. It also operates with the Polygon blockchain, which ensures lower costs and faster trading.
There are two types of blockchains available, 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, along with the people who want 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 purchase anything from as simple as a domain name to official art from an artist you admire. Anyone can become a seller however it takes time for anyone to become an established one.
There are a variety of NFTs from the selection of NFTs available at OpenSea, and you can become a part of that! You can create your own marketplace on this site, as well as find NFTs that you would like to purchase yourself.
What is an NFT?
A recent change in the cryptocurrency industry,”NFT,” a popular term in the crypto industry “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 anyone who is new in the field of cryptocurrency.
One of the newest things you can purchase your cryptocurrency is an NFT. An NFT is a non-fungible token that is very individual and cannot be changed. It could be a piece of rareness like authentic baseball cards, or a rare vinyl record.
There is no limit to what an NFT can be since it’s a non-fungible item you’re selling on the internet. In simpler terms, you could just think of as an NFT to be a type of digital collectible paid via cryptocurrency only.
Minting is like calling the shots on your own NFTs. You’re claiming ownership over that particular token/item you uploaded on the market place, but offering it for sale. Usually, this is recognized once you fill out the correct information about the NFT and finally add it on the market.
On OpenSea It’s a very simple process to mine your NFTs. All you have to do is visit the store and making a collection to begin! Complete the correct and correct information regarding your NFT and select the type of settings you want for it (e.g., blockchain, payment tokens). Once that’s all done, you can finally upload it, if it’s within the 100 MB limit.
It is possible to wait and see how transactions progress from now on to see whether OpenSea is the right marketplace for you.
What NFTs can you get here?
At this point, you’re probably wondering which kind of NFT can be found here and what kind of NFTs you can also sell if you choose to go that route. The type of NFT it isn’t limited because there’s a wide range of how you can go about it.
You could be selling trade cards, digital goods games, domain names, and even physical assets! Find out what you think will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that separates OpenSea from the other options. There are zero gas fees when you utilize this feature when you mint and sell NFTs. This means you’ll get the most profit when you start selling because you won’t need to spend on any additional charges.
Not many NFT marketplaces offer this feature, and it is great for you to earn a high return from your collection.
This Referral Program is another distinctive feature of OpenSea to admire. Like traditional online marketplaces that offer rewards by referring a friend to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from there you’ll be rewarded with 2.50 percent of the sales amount, letting you earn more cash by this method.
Other NFT marketplaces do not have this feature This is a further advantage OpenSea has over them.
There’s an OpenSea mobile app, but it is mainly used to browse the marketplace. It isn’t able to purchase or sell items as you browse through the listings.
The mobile apps from OpenSea are accessible on both iOS in addition to Android. Even though you can’t buy or sell something, you can at least browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are for you to use, and you can convert your fiat money into cryptocurrency through these platforms. Bazooka Joe Nft
You can convert the fiat currency you have with a credit card or Paypal via these reputable websites for cryptocurrency:
- Bittrex, and other things!
All of these have the option to exchange for ETH, which is the standard cryptocurrency payment option in OpenSea.
While OpenSea has been described as being an NFT marketplace that is open to all kinds of cryptocurrency, wallets are nevertheless more compatible than others. Since it is built mainly using an ETH blockchain, any wallets with a connection to that network will be suitable for this website.
Here’s a list various crypto wallets that which you can use with OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations, such as easy registration, mobile-only usage as well as the capability to purchase cryptocurrency using a credit card. Bazooka Joe Nft
To know more about it You can go through their FAQs for the steps you can get started and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with advantages and drawbacks. OpenSea isn’t an exception to this. You can view its pros and cons here:
- Available as mobile apps for iOS as well as Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalty rates of 10% for artists (low royalties).
- You cannot buy or sell products via this mobile application.
- Only supports cryptocurrency as its form of payment.
- The use of a Crypto account is needed to access this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their cryptocurrency wallets. If you’re selling, 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 are actively selling since there’s no extra charge for it.
Frequently Asked Questions Bazooka Joe Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to provide artists a platform for selling their artwork online, and to accept cryptocurrency as a form of payment. It’s an ideal option for artists who want to use the platform to market NFTs because of its zero gas fees and low commission fees that you have to pay.
You can browse and purchase an array of digital products on this NFT marketplace which is why you should definitely go through it!
Is OpenSea legit & secure?
Answer: Yes! OpenSea has been a trusted marketplace since it was established in the year 2018. Since its system is built on a blockchain and is secured, it is safe to claim that your transactions are safe and secure.
Additionally, as a seller, you’ll be verified when you’ve earned a reputation. A blue checkmark will be assigned next to your account or the collection you uploaded to reassure any customer. The team at OpenSea regularly checks the contents to ensure users are secure.
How can I earn royalties on OpenSea?
As an artist, you can receive only up to 10 percent of the royalties after you have uploaded the NFT. This is thought to be reasonably low compared against the other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) has been widely used on this site and other sites to provide many more crypto users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can utilize to use OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency through reliable platforms using fiat currency. All you need just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea have a desktop/mobile application?
As we mentioned earlier there’s an official mobile application from OpenSea for both iOS and Android. You can download it through their app store and you can start exploring the collection now!
A version for desktops that OpenSea which can be downloaded from WebCatalog. With the desktop application you are able to manage multiple accounts and receive notifications on updates regarding your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).