Cryptocurrency is booming right now and you’re probably wondering where to invest your crypto coins. There are numerous marketplaces popping up all over the web that allow users to purchase and sell NFTs via cryptocurrency! OpenSea is one of them and is worth a look.
If you’re well-versed in cryptocurrency you’ve probably heard about OpenSea prior to this for a valid reason. It’s now one of the biggest and most popular marketplaces for cryptocurrency users because of its security and rapid transactions.
Get on board, and let’s see what you can do with OpenSea and also see 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’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Best Nft Tokens 2021
The aim to create OpenSea was to provide a platform/marketplace for artists to upload their commissions without any extra fees. There are additional features which allow you to market your art without too many problems.
When it comes to the registration process, you don’t have to give too many details about yourself. All you need to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as easy as that and without many hassles when you enter into NFTs.
The most well-known cryptocurrency to use in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system and is used to carry out the majority of processes. It also operates on the Polygon blockchain, which ensures lower costs and faster trading.
There are two types of blockchains it is possible to choose which one you’d like to upload your NFT on as a seller. This is to ensure the security of your NFT, along with those who wish to buy it. All transactions will be made using this blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything just a domain name to an official artwork from an artist you admire. Anyone can be a seller, but it takes some time for anyone to be an established seller.
There is a wide variety of NFTs available at OpenSea and you can also be a part of this! You can set up your own personal market on this site, as well as find NFTs that you would like to purchase for yourself.
What is an NFT?
A recent change in the crypto market the term “NFT” has been going around so long on the internet that many millennials have heard of it but aren’t exactly sure what it actually means. Let’s break down what an NFT is for anyone who is new in cryptocurrency.
One of the latest ways you can purchase your cryptocurrency includes an NFT. A NFT is a token that is non-fungible which is extremely exclusive and cannot be changed. This can be an item of rareness, such as authentic baseball cards, or a rare vinyl record.
There is no limit to what an NFT can be since it’s a non-fungible thing that you can sell on the internet. It is simpler to simply imagine as an NFT to be a type of digital collectible which is only paid in cryptocurrency.
Minting is like calling the shots on your own NFTs. You are calling the ownership of the particular item that you posted to the market place, but putting it up for sale. Usually, this is recognized once you fill out the proper information regarding the NFT and then upload it to the marketplace.
On OpenSea It’s a very simple process to mine your NFTs. All you have to do is visit the store and simply making a collection to begin! Complete the correct and complete information about your NFT and then select what type of settings you’d like for it (e.g., blockchain and money transfer tokens). After that you are able to upload it if it fits the 100 MB limit.
You can watch and see how the transactions go from now on to see if OpenSea is the right marketplace for you.
What NFTs are available here?
At this point, you’re probably wondering what kind of NFTs you shop for here and what you can also sell if you choose to go that route. The type of NFT that you can purchase is unlimited because there’s a wide range of options for how to go about it.
You could be selling digital products, trading cards, game assets domain names, some physical items! Find out what you think will yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that sets OpenSea from the other options. 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 start selling because you won’t need to spend on additional fees.
Very few NFT marketplaces provide this feature, which is why this is a great way to make a huge profit from your NFT collection.
This Referral Program is another unique aspect of OpenSea to be admired. Like traditional online marketplaces that offer benefits by referring a friend 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 earn more money by this method.
Other NFT marketplaces do not have this feature and that’s another advantage OpenSea has over them.
There’s an OpenSea mobile app, but it’s mostly used to browse through the marketplace. Unfortunately, you can’t purchase or sell anything as you browse through the listing.
The mobile apps of OpenSea are available on both iOS as well as Android. Even though you can’t buy or sell anything, you can still explore the products you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are to you You can also exchange your fiat money for cryptocurrency through these platforms. Best Nft Tokens 2021
You can convert your fiat money via credit card or Paypal through these trusted sites for cryptocurrency:
- Bittrex, and other things!
Each of them has the option of exchange for ETH that is the standard crypto payment in OpenSea.
Although OpenSea is an NFT marketplace that is open to all kinds of cryptocurrency, wallets are still more compatible with it than other. Since it is built using an ETH blockchain, all wallets with a connection to this network are appropriate for this site.
Here’s a list various crypto wallets that you can use in OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each has its own limitations, such as easy registration, use on mobile devices only and the ability to purchase cryptocurrency with a credit card. Best Nft Tokens 2021
To know more about it to learn more, check out their FAQs for an overview of how you can start and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets every one of them has its advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and pros here:
- Mobile apps available for iOS as well as Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto world and NFTs.
- Allows royalties of only up to 10% for artists (low royalties).
- Cannot buy or sell on the mobile app.
- Only supports cryptocurrency as its type of payment.
- A Crypto digital wallet must be used to access this marketplace.
OpenSea is available to anyone who owns any crypto coins in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. In the end, you’ll quickly regain that when you sell regularly since there is no additional fee for it.
Frequently Asked Questions Best Nft Tokens 2021
What is OpenSea?
OpenSea is an NFT marketplace that is designed to offer artists a way to market their work online, and to accept cryptocurrency as a form of payment. It’s an excellent option for artists who want to use it to sell NFTs due to its no gas costs and the low commission rate you must pay.
You can browse and shop for a vast collection of digital goods in this NFT marketplace and you must check it out!
Is OpenSea real and secure?
Answer: Yes! OpenSea has been a reliable marketplace since it was established on the 1st of December in the year of 2018. Because its system is based on a blockchain and is secured, it is safe to claim that your transactions are secure and safe.
Furthermore as a seller you will be verified after you have built up your credibility. A blue checkmark is placed to your account or the collection that you have uploaded to assure every customer. The OpenSea team reviews regularly the contents to ensure users are secure.
How do I earn royalties on OpenSea?
As an artist, you’ll receive only up to 10 percent of the royalties after you have uploaded 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 frequently used on this site as well as other sites to provide the increasing number of cryptocurrency users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize to access OpenSea.
How do I pay for OpenSea? What are my 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 secure platforms that accept fiat money. All you need just connect your debit or credit card to Paypal for the transaction.
Does OpenSea have a desktop or mobile app?
As mentioned before there’s an official mobile app from OpenSea available for both iOS and Android. Download it at their respective app store, and begin browsing through the collection right now!
A desktop application for OpenSea can be downloaded via WebCatalog. In the desktop application you can manage multiple accounts and receive notifications about updates to your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).