The crypto currency market is in a boom right now, and you’re probably wondering where you can invest your crypto coins. Marketplaces are popping up all over the internet, designed to purchase and sell NFTs via cryptocurrency! OpenSea can be one, and it’s worth looking into.
If you’re familiar with cryptocurrency, you’ve likely heard of OpenSea before for a good reason. It has become one of the largest and leading marketplaces among cryptocurrency users because of its security and quick 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 watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Best Nft Quarterbacks
The aim of OpenSea was to simply provide artists with a marketplace/platform to upload commissions with no additional fees. It has more functions that allow you to sell your art without too many issues.
For the registration process, you don’t have to provide any personal information about yourself. All you need to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as simple as that without going through many hurdles as you walk into NFTs.
The most popular cryptocurrency used on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology and is used for most processes. It also functions using the Polygon blockchain, which allows for low-cost and quicker trading.
With these two types of blockchains that are available you can pick which one you want to upload your NFT on as an seller. This ensures the safety of your NFT, along with those who would like to purchase it. Every transaction will be conducted along with this blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything just a domain name to an official artwork from an artist that you admire. Anyone can become a seller however, it takes time for anyone to be an established seller.
There’s a huge selection in the collection on OpenSea and you could also be a part of the collection! You can create your own personal market 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,”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 sure exactly what it 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 includes an NFT. A NFT is a non-fungible currency that is very individual and cannot be replaced. This can be an item of rareness, such as mint-condition baseball trading cards, or a unique vinyl album.
There’s no limit to what an NFT can be as it’s a non-fungible item you’re selling online. More straightforwardly, you can just imagine the NFT being a virtual item which is only paid in cryptocurrency.
Minting is like calling dibs on your own NFTs. You are calling the ownership of the particular item that you have uploaded to market, as offering it for sale. Usually, this is recognized when you have filled in the proper information regarding the NFT and add it on the market.
On OpenSea, it’s a simple process to mint your NFTs by going to the store and making a collection to begin! Fill out the proper and accurate information about your NFT and select the type of settings you’d like for it (e.g., blockchain or payment tokens). After that then you’re able to upload it if it fits the 100 MB limit.
It is possible to wait and see the way transactions are handled from now on to determine whether OpenSea is the best marketplace for you.
What NFTs can you get here?
At this point you’re probably thinking about the kind of NFTs can be found here, and what you could sell should you decide to go that route. The kind of NFT it is unlimited because there’s a wide range of options for how to go about it.
It is possible to sell digital items, trading cards games domain names, some physical items! Consider what you believe will reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what differentiates OpenSea from the other options. There’s no cost for gas for using this feature when you create and market NFTs. This simply means that you’ll get the most profit when you begin selling since you won’t need to spend on additional fees.
Not many NFT marketplaces have this feature, and it can be a fantastic way to make a huge profit from your portfolio.
The Referral Program is another distinctive feature of OpenSea to be admired. Like traditional online marketplaces there are advantages by referring your friend to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from the site you’ll be rewarded with 2.50 percent of the purchase amount, which means you can earn more money from this act.
Other NFT marketplaces don’t have this feature, so that’s just another benefit OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile app, but it is mainly used to browse the marketplace. You can’t buy or sell anything while you scroll through the list.
The mobile apps from OpenSea are accessible for both iOS as well as Android. Although you aren’t able to purchase or sell something, you can look through the options you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are for you to use to trade your fiat currency for cryptocurrency through these platforms. Best Nft Quarterbacks
You can swap your fiat money via credit card or Paypal through these trusted sites to exchange it for crypto:
- Bittrex and more!
All of these have the option of exchange for ETH, which is the primary cryptocurrency used in OpenSea.
Although OpenSea can be described as an NFT marketplace open to all kinds of cryptocurrency, wallets are nevertheless more compatible than other. Because it is based around the ETH blockchain, wallets which are part of the same network are suitable for the site.
Here is a list of different crypto wallets you can utilize in OpenSea:
- Authereum and more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions, such as easy registration, use on mobile devices only and the ability to buy cryptocurrency using credit cards. Best Nft Quarterbacks
For more information about the service to learn more, check out their FAQs for the steps you can start and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has its advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and pros here:
- Mobile apps available for iOS or Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalties of only 10% to artists (low royalties).
- You cannot buy or sell products via this mobile application.
- Only accepts cryptocurrency as a method of payment.
- The use of a Crypto digital wallet must be used to access this marketplace.
OpenSea is accessible to everyone who has crypto coins in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. However, overall, you will easily recover that amount when you are actively selling since there is no additional fee for it.
Frequently Asked Questions Best Nft Quarterbacks
What is OpenSea?
OpenSea is an NFT marketplace that is designed to provide artists a platform to sell their works online and receive cryptocurrency as a form of payment. It’s an excellent option for artists who want to use for selling NFTs because of its zero gas costs and low commission fee rate that you have to pay.
You can browse and shop for an array of digital products on this NFT marketplace, so you should go through it!
Is OpenSea legitimate and safe?
Answer: Yes! OpenSea is a reputable marketplace since its inception on the 1st of December in the year of 2018. Since its system is based on a blockchain and is secured, it is safe to say that your transactions are protected and secured.
Furthermore, as a seller, you will be verified after you’ve earned a reputation. A blue checkmark will be assigned on your account or any collection you’ve uploaded to ensure the safety of any customer. The team at OpenSea regularly checks the content to ensure users are safe.
How do I earn royalties on OpenSea?
Unfortunately, as an artist, you’ll be paid only 10 percent of the royalties when you upload the NFT. This is considered to be reasonably low compared with other NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) is commonly utilized on this website and numerous others to cater for many more cryptocurrency users. These are other cryptos you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can make use of to access OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency on reliable platforms using fiat currency. All you need to do is connect your credit card 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 or Android. Download it at their respective app store and then you can begin exploring the collection right now!
The desktop application for OpenSea that can be downloaded through WebCatalog. In the desktop application you are able to manage multiple accounts and get notifications about updates to 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/).