Cryptocurrency is booming right now, and you’re probably wondering where you can invest your crypto-coins. Markets have popped up all over the web that allow users to purchase and sell NFTs via cryptocurrency! OpenSea is among them and is worth a look.
If you’re familiar with cryptocurrency, you’ve likely heard of OpenSea before for a good reason. It’s one of the largest and most popular marketplaces for cryptocurrency enthusiasts due to its security and quick transactions.
Get 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 watch 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 Best Nft Projects
The aim to create OpenSea was to simply provide an online marketplace for artists to easily upload their commissions with no additional costs. It also has additional functions that allow you to sell your artwork without any difficulties.
In terms of registration, you won’t have to give 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 without going through much hassle as you step into NFTs.
The most popular cryptocurrency that is used on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system which is utilized for most processes. It also operates on the Polygon blockchain, which ensures low-cost and quicker trading.
There are two types of blockchains available you can pick which one you would like to upload your NFT on as an seller. This will ensure the security of your NFT as well as those who wish to buy it. All transactions are made along with this blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless where you can exchange your cryptocurrency or NFTs for other NFTs. You can purchase anything from just a domain name to an official artwork by an artist you admire. Anyone can be a seller, but it takes some time for anyone to become an established one.
There is a wide variety in the collection of NFTs available at OpenSea and you could become a part of the collection! You can create your own marketplace on this site, as well as find NFTs you’d like to buy for yourself.
What is an NFT?
In a recent advancement for the crypto market the term “NFT” has been going around so long on the internet that many millennials are familiar with it but aren’t sure exactly what it means. Let’s take a look at what NFT is for anyone who is new in cryptocurrency.
One of the latest ways that you can buy with cryptocurrency includes an NFT. A NFT is a token that is non-fungible which is extremely individual and cannot be changed. This can be an item of rarity like authentic baseball cards or rare vinyl record.
There is no limit to what an NFT can be since it’s a non-fungible object that you sell on the internet. It is simpler to simply imagine the NFT to be a type of digital collectible that is paid for using cryptocurrency only.
Minting is similar to calling for dibs for your personal NFTs. It is a way of claiming the owner of the item or token you uploaded on the marketplace, and you’re offering it for sale. Typically, this is official after you fill in the proper information regarding the NFT and upload it to the marketplace.
On OpenSea it’s a straightforward process to mint your NFTs. All you have to do is visit the store and making a collection to begin! Complete the correct and accurate information about your NFT and then select what type of settings you’d like to use it with (e.g., blockchain and money transfer tokens). After that then you’re able to upload it if it fits the 100 MB limit.
You can wait and observe how the transactions go from here on out to determine if OpenSea is the marketplace for you.
What NFTs can you get here?
In this moment you’re probably thinking about the kind of NFTs be found here, and what you could also sell if you choose to go down that path. The kind of NFT it can be is indefinite as there’s a variety of how you can do it.
It is possible to sell digital products, trading cards, game assets domain names, even physical assets! Explore what you believe can yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that sets OpenSea from other companies. There’s no cost for gas when you utilize 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 additional fees.
There aren’t many NFT marketplaces have this feature, and it is great for you to make a huge profit from your portfolio.
This Referral Program is another unique aspect of OpenSea to take note of. Like traditional online marketplaces there are advantages when you refer a 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, letting you make more money through this action.
Other NFT marketplaces do not have this kind of feature either and that’s another benefit OpenSea has over them.
There is an OpenSea mobile app, but it’s mostly to browse the marketplace. It isn’t able to purchase or sell anything as you scroll through the list.
The mobile apps of OpenSea are available on the two platforms of iOS in addition to Android. While you’re not able to buy or sell things, you can look through the options you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are available at your disposal to convert your fiat money into cryptocurrency through these platforms. Best Nft Projects
You can swap the fiat currency you have with a your credit or debit card as well as Paypal via these reputable websites to exchange it for crypto:
- Bittrex and more!
All of them have the option of converting them into ETH, which is the most common crypto payment in OpenSea.
While OpenSea has been described as being an NFT marketplace that is open to all types of crypto, wallets are still more compatible with it than others. Since it is built using the ETH blockchain, wallets with a connection to that network will be suitable for the site.
Here’s a list different crypto wallets you can use in OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each one has its own set of limitations like easy registration, mobile-only usage and the ability to purchase cryptocurrency with the credit card. Best Nft Projects
For more information about the service You can go through their FAQs for a rundown of how you can start and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and pros 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.
- Ideal for those who are new to the crypto world and NFTs.
- Allows royalty rates of up to 10% for artists (low royalty rates).
- Cannot buy or sell via the mobile app.
- Only accepts cryptocurrency as a method of payment.
- The use of a Crypto account is needed to access this marketplace.
OpenSea is accessible 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 that all buyers on the marketplace. However, overall, you will quickly recover this amount if you sell regularly since there’s no additional cost for it.
Frequently Asked Questions Best Nft Projects
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to give artists a chance for selling their artwork online, and to accept cryptocurrency as a form of payment. It’s an excellent option for artists who want to use the platform to market NFTs because of its zero gas fees and low commission fee rate that you have to pay.
You can shop and browse an array of digital products on this NFT marketplace which is why you should definitely take a look!
Is OpenSea legitimate and secure?
Short answer: Yes! OpenSea has been a reliable marketplace since its inception in 2018. Because its system is based on a blockchain that is secure, you can claim that your transactions are secure and safe.
Additionally, as a seller, you will be verified after you’ve earned a reputation. A blue checkmark will appear next to your account or the collection you uploaded to reassure anyone who buys from you. The OpenSea team reviews regularly the content to ensure users are safe.
How do I earn royalties on OpenSea?
However, as an artist, you can receive only up to 10 percent of the royalties after you upload the NFT. This is considered to be quite low in comparison against others NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) is widely utilized on this website and numerous others to cater for more crypto users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can use for OpenSea.
What are the payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. You can easily purchase or sell cryptocurrency through secure platforms that accept fiat money. All you have to do is connect your credit card or Paypal for the transaction.
Does OpenSea have a desktop/mobile app?
As mentioned before, there is definitely an official mobile app from OpenSea for both iOS and Android. Download it at their respective app store, and begin exploring the collection now!
A Desktop application that OpenSea which can be downloaded from WebCatalog. In the desktop application you can manage multiple accounts and get 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/).