Cryptocurrency is booming right now, and you’re probably wondering where you can invest your crypto-coins. There are numerous marketplaces popping up across the web that allow users to sell and buy NFTs via cryptocurrency! OpenSea is one of them and is worth a look.
If you’re interested in crypto, 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 let’s explore what you can do with 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 overview. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Best Nft Marketplace
The goal of OpenSea was to provide artists with a marketplace/platform to easily upload their commissions with no additional costs. There are additional features which allow you to market your art without too many issues.
For registration, you don’t need to give any personal information about yourself. All you have to do is connect your crypto wallet and voila! You have an account on OpenSea! It can be as simple as that and without many hassles when you enter into NFTs.
The most widely-used cryptocurrency that is used within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology, and this is used for the majority of transactions. It is also based using the Polygon blockchain to ensure lower costs and faster trading.
With these two kinds of blockchains you can pick which one you want to publish your NFT as an seller. This ensures the safety of your NFT and those who would like to purchase it. Every transaction will be conducted by using the blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an online shopping mall that is endless where you can exchange your NFTs or cryptocurrency 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 a while for anyone to be an established one.
There are a variety of NFTs of NFTs available of NFTs available at OpenSea, and you can also be a part of that! You can set up 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 market”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that the majority of young people have heard of it but aren’t exactly sure what it actually means. Let’s break down what an NFT is for any beginners in the field of cryptocurrency.
One of the newest things you can buy is an NFT. An NFT is a non-fungible currency that is individual and cannot be replaced. This can be an item of rarity like mint-condition baseball trading cards or a uncommon vinyl record.
There’s no limit to what an NFT can be as it’s a non-fungible item you’re selling on the internet. In simpler terms, you could simply consider as an NFT to be a type of digital collectible which is only paid in cryptocurrency.
Minting is like calling dibs to your NFTs. You’re claiming the ownership of the particular item that you posted to the market place, but you’re putting it up for sale. Usually, this becomes official when you have filled in the correct information about the NFT and submit it for sale on.
On OpenSea, it’s a simple procedure to create your own NFTs. All you have to do is visit the store and simply creating a collection to start! Complete the correct and correct information regarding your NFT and select the type of settings you’d like for it (e.g. blockchain and payment tokens). After you’ve completed the process you are able to upload it to the internet if it’s in the 100 MB limit.
It is possible to wait and see how the transactions go from now on to see whether OpenSea is the marketplace for you.
What NFTs are available here?
In this moment, you’re probably wondering which kind of NFT can you shop for here, and what you could also sell if you decide to go that route. The type of NFT that you can purchase is indefinite as there’s a variety of options for how to do it.
You could be selling digital items, trading cards, game assets domain names, some physical items! Find out what you think will bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what sets OpenSea from the others. There are zero gas fees when you utilize this feature to create and market NFTs. This means you’ll receive the maximum profits when you begin selling since you won’t have to spend on extra fees.
There aren’t many NFT marketplaces offer this feature, and it can be a fantastic way to earn a high return from your portfolio.
The Referral Program is another distinctive feature of OpenSea to be admired. Similar to traditional online markets, you can receive rewards when you refer someone else to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from the site, you’ll receive 2.50 percent of the purchase amount, which allows you to make more money from this act.
Other NFT marketplaces don’t offer this feature, so that’s just another benefit OpenSea has over them.
There’s an OpenSea mobile app, but it is mainly used to browse through the marketplace. Unfortunately, you can’t 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 at least browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are to you, and you can trade your fiat currency for cryptocurrency on these platforms. Best Nft Marketplace
You can swap your fiat money via your credit or debit card as well as Paypal on these reliable websites for cryptocurrency:
- Bittrex, and other things!
Each of them has the option of converting them into ETH that is the primary cryptocurrency payment option in OpenSea.
While OpenSea is an NFT marketplace that is open to all types of cryptocurrency, wallets are nevertheless more compatible than others. Because it is based on the ETH blockchain, any wallets that share this network are appropriate for the site.
Here’s a list of different crypto wallets which you can use with OpenSea:
- Authereum and more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations, such as easy registration, mobile-only usage as well as the capability to purchase cryptocurrency with the credit card. Best Nft Marketplace
To know more about it You can go through their FAQs for an overview of how you can get started and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has its advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and pros 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.
- The best option for beginners to the crypto market and NFTs.
- Allows royalties of only 10% for artists (low royalty rates).
- You cannot buy or sell products through this mobile application.
- Only accepts cryptocurrency as a method of payment.
- A Crypto account is needed to use this marketplace.
OpenSea is available to anyone who has crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. In the end, you’ll easily recover that amount when you sell regularly since there is no additional fee for it.
Frequently Asked Questions Best Nft Marketplace
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to offer artists a way to sell their works online, and to accept cryptocurrency as a method of payment. It’s a great option for artists who want to use for selling NFTs due to its no cost of gas and the low commission rate you must pay.
You can shop and browse a vast collection 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 reliable marketplace since it was founded on the 1st of December in the year of 2018. Because its system is based on a blockchain, it is safe to declare that transactions are safe and secure.
In addition, as a seller, you’ll be verified when you build up your reputation. A blue checkmark will be assigned to your account or the collection you uploaded to reassure any customer. The OpenSea team reviews regularly the content to ensure users are secure.
How can I earn royalties from OpenSea?
Unfortunately, as an artist, you’ll receive only up to 10 percent of the royalties when you upload the NFT. This is believed to be a reasonable amount compared against other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) has been widely used on this site as well as numerous others to cater for many more cryptocurrency users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can use to access OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. You can buy and sell cryptocurrency through reliable platforms using fiat currency. All you need be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea has a mobile or desktop app?
As we mentioned earlier there’s an official mobile app from OpenSea that is available for iOS and Android. Install it from their app store and you can start browsing through the collection right now!
The desktop application for OpenSea can be downloaded via WebCatalog. On the desktop app you are able to 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/).