The crypto currency market is in a boom right now, and you’re probably wondering what you can do with your crypto currency. Marketplaces are popping up across the internet, designed to purchase and sell NFTs using cryptocurrency! OpenSea is one of them and is worth checking out.
If you’re familiar with cryptocurrency you’ve probably heard about OpenSea before for a good reason. It has become one of the biggest and most popular marketplaces for cryptocurrency enthusiasts due to its security and rapid transactions.
Now hop aboard, and discover the possibilities of OpenSea as well as examining the NFTs that you can see!
Before you continue, 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.
OpenSea as an NFT Marketplace Best Nft Exchange
The purpose for OpenSea was to offer a platform/marketplace for artists to upload commissions, without having to pay any additional costs. It has more functions that let you sell your art without too many problems.
For registration, you won’t have to worry about giving too many details about yourself. All you have to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as easy as that and without many hurdles as you walk into NFTs.
The most popular cryptocurrency to use on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it and is used for the majority of transactions. It also functions with the Polygon blockchain, which allows for lower costs and faster trading.
There are two types of blockchains available, you can choose which one you want to publish your NFT as seller. This is to ensure the security of your NFT as well as those who would like to buy it. All transactions will be made by using the blockchain, and you must 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 in exchange for other NFTs. You can purchase anything from just a domain name to an official artwork from an artist you admire. Anyone can sell, but it takes time for anyone to become a reputable one.
There is a wide variety from the selection of NFTs available at OpenSea, and you can become a part of this! You can create your own personal market on this site, as well as find NFTs you want to purchase for yourself.
What is an NFT?
A recent change in the crypto industry the term “NFT” has been going around for so long on internet that many millennials have heard of it but aren’t sure exactly what it actually means. Let’s take a look at what NFT is for any beginners in the field of cryptocurrency.
One of the new things that you can buy with cryptocurrency is an NFT. The NFT is a non-fungible token that is very individual and cannot be changed. It can be a piece of rareness, such as authentic baseball cards or a unique vinyl album.
There’s no limit on what an NFT can be since it’s a non-fungible object that you can sell on the internet. It is simpler to just imagine as an NFT to be a type of digital collectible paid via cryptocurrency only.
Minting is like calling the shots for your personal NFTs. You are calling the owner of the item or token that you posted to the market place, but selling it. Usually, this becomes official after you fill in the proper information regarding the NFT and finally add it on the market.
On OpenSea It’s a very simple procedure to create your own NFTs. All you have to do is visit the store and then creating a collection to start! Input the appropriate and correct information regarding your NFT and then select what type of settings you’d like for it (e.g. blockchain and payment tokens). After you’ve completed the process, you can finally upload it, if it’s within the limit of 100MB.
You can watch and see how transactions progress from now to determine whether OpenSea is the best marketplace for you.
What NFTs are available here?
So, at this point you’re probably thinking about what kind of NFTs can you shop for here and what kind of NFTs you can sell should you decide to go that route. The type of NFT that you can purchase is indefinite as there’s a variety of ways to do it.
You could be selling digital products, trading cards, game assets domain names, some physical items! Consider what you believe will bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that sets OpenSea from other companies. There are zero gas fees when you use this feature when you create and market NFTs. This means you’ll receive the maximum profits when you start selling because you don’t need to pay on extra fees.
Not many NFT marketplaces provide this feature, so this is great for you to earn a high return from your NFT collection.
This Referral Program is another unique aspect of OpenSea to admire. Like traditional online marketplaces there are advantages by referring your friend to OpenSea! If you refer a friend to join OpenSea and buy an NFT from the site you’ll be rewarded with 2.50% of the sale amount, which allows you to make more money from this act.
Other NFT marketplaces don’t offer 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 anything as you browse through the listings.
The mobile apps of OpenSea are available for the two platforms of iOS in addition to Android. Although you aren’t able to purchase or sell anything, you can still look through the options you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are for you to use You can also convert your fiat money into cryptocurrency using these platforms. Best Nft Exchange
You can convert your fiat money via your credit or debit card as well as Paypal via these reputable websites for cryptocurrency:
- Bittrex, and other things!
All of these have the option to exchange for ETH which is the most common cryptocurrency payment option in OpenSea.
While OpenSea can be described as an NFT marketplace open to all forms of cryptocurrency, wallets are nevertheless more compatible than other. Since it is built on the ETH blockchain, wallets with a connection to the same network are suitable for this website.
Here’s a list various crypto wallets that which you can use with OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations including simple registration, mobile-only usage, and the function to purchase cryptocurrency with a credit card. Best Nft Exchange
For more information about the service to learn more, check out their FAQs for the steps you can start and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets every one of them has advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and cons here:
- Mobile apps available for iOS and Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto market and NFTs.
- Allows royalty rates of up to 10% for artists (low royalties).
- You cannot buy or sell products through this mobile application.
- Only supports cryptocurrency as its method of payment.
- The use of a Crypto digital wallet must be used to access this marketplace.
OpenSea is open to everyone who has any crypto currency in their crypto wallets. When you are a seller, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. However, overall, you will quickly regain that when you are actively selling since there’s no additional cost for it.
Frequently Asked Questions Best Nft Exchange
What is OpenSea?
OpenSea is an NFT marketplace that aims to provide artists a platform for selling their artwork online to receive cryptocurrency as a method of payment. It’s an excellent platform for artists who use for selling NFTs due to its no gas fees and low commission fees that you have to pay.
You can shop and browse the vast array of digital goods in this NFT marketplace, so you should take a look!
Is OpenSea legitimate and safe?
The short answer is yes! OpenSea is a reputable marketplace since its inception at the end of the year of 2018. Since the system it operates on is built on blockchain technology that is secure, you can 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 appear next to your account or the collection that you have uploaded to assure anyone who buys from you. The team at OpenSea regularly checks the content to ensure users are safe.
How can I earn royalties from OpenSea?
As an artist, you can receive only up to 10 percent of the royalties after you upload the NFT. This is thought to be a reasonable amount compared with others NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) can be commonly utilized on this website and other sites to provide many more crypto users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can use to use OpenSea.
What are the payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. It is easy to buy or trade cryptocurrency using reliable platforms using fiat currency. All you have just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea have a desktop/mobile app?
As previously mentioned there’s an official mobile app by OpenSea for both iOS and Android. Download it at their respective app store and then you can begin browsing through the collection right now!
There is also a desktop application for OpenSea that can be downloaded through WebCatalog. With the desktop application, you can manage multiple accounts as well as 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/).