The crypto currency market is in a boom right now and you’re probably wondering what you can do with your crypto currency. Markets have popped up across the web that allow users to purchase and sell NFTs using cryptocurrency! OpenSea is among 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 has become one of the largest and leading marketplaces among users of cryptocurrency due to its security and quick transactions.
So, hop on board and discover the possibilities of OpenSea, along with checking what NFTs you can view!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick review. Afterward, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Best Place To Buy Nft Art
The purpose to create OpenSea was to offer an online marketplace for artists to easily upload their commissions, without having to pay any additional charges. There are additional features that allow you to sell your art without too many issues.
In terms of registration, you won’t have to give any personal information about yourself. All you have to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as easy as that without going through many hassles when you enter into NFTs.
The most well-known cryptocurrency used within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system which is utilized for the majority of transactions. It also functions on the Polygon blockchain, which allows for low-cost and quicker trading.
There are two types of blockchains available you can pick which one you want to upload your NFT on as an seller. This is to ensure the security of your NFT and the people who want to buy it. All transactions will be made along with this blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless that lets you trade your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything the simplest domain name to an official artwork by an artist you admire. Anyone can sell, but it takes a while for anyone to become an established seller.
There’s a huge selection from the selection of NFTs available at OpenSea and you could join in with the collection! You can set up your own market there, and also find NFTs you’d like to buy for yourself.
What is an NFT?
A recent change in the crypto industry,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on the internet that the majority of young people are familiar with it but not exactly sure what it means. Let’s break down what an NFT is for any beginners in cryptocurrency.
One of the newest things that you can buy with cryptocurrency can be an NFT. An NFT is a non-fungible currency that is exclusive and cannot be substituted. This can be a piece of rareness, such as rare baseball trading cards in mint condition, or a rare vinyl record.
There’s no limit on what an NFT could be, since it’s a non-fungible thing that you sell on the internet. More straightforwardly, you can simply think of an NFT as a digital collectible which is only paid in cryptocurrency.
Minting is like calling dibs to your NFTs. It is a way of claiming ownership over that particular token/item that you posted to market, as selling it. Usually, this is recognized once you fill out the proper information regarding the NFT and finally add it on the market.
On OpenSea, it’s a simple procedure to create your own NFTs by going to the store and then create a collection! Input the appropriate and correct information regarding your NFT and select the type of settings you’d like to use for it (e.g., blockchain, payment tokens). Once that’s all done you are able to upload it if it fits the 100 MB limit.
You can watch and see the way transactions are handled from here on out to determine if OpenSea is the marketplace for you.
What NFTs can you find here?
In this moment you’re probably thinking about the kind of NFTs be purchased here, and what you could also sell if you choose to pursue that route. The kind of NFT it can be is indefinite as there’s a variety of options for how to go about it.
It is possible to sell trade cards, digital goods, game assets, domain names, and even physical assets! Find out what you think will bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what differentiates OpenSea from the others. There are no gas costs when you utilize this feature to create and market NFTs. This simply means that you’ll be able to make the highest profits once you sell because you don’t need to pay on any additional charges.
There aren’t many NFT marketplaces have this feature, so this is a great way to make a huge profit from your portfolio.
This Referral Program is a different aspect of OpenSea to take note of. Similar to traditional online markets, you can receive rewards when you refer a friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from the site you’ll earn 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, so that’s just another advantage OpenSea has over the other marketplaces.
There is an OpenSea mobile app, but it is mainly used for perusing through the marketplace. It isn’t able to purchase or sell anything as you scroll through the list.
The mobile apps from OpenSea are accessible for both iOS as well as Android. While you’re not able to buy or sell something, you can look through the options you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are available for you to use You can also convert your fiat money into cryptocurrency using these platforms. Best Place To Buy Nft Art
You can convert your fiat currency using a the credit card, or Paypal through these trusted sites to exchange it for crypto:
- Bittrex and other things!
All of them have the option of converting them into ETH which is the primary cryptocurrency used in OpenSea.
While OpenSea can be described as an NFT marketplace that is open to all kinds of crypto, wallets are nevertheless more compatible than other. Because it is based on the ETH blockchain, wallets with a connection to the same network are suitable for the site.
Here’s a list of various crypto wallets that you can utilize in OpenSea:
- Authereum and many more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each has its own limitations, such as easy registration, use on mobile devices only, and the function to buy cryptocurrency using credit cards. Best Place To Buy Nft Art
To know more about it You can go through their FAQs to get an overview of how you can begin and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces, 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 that are compatible with iOS or Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto world and NFTs.
- Allows royalties 10% to artists (low royalties).
- It is not possible to buy or sell items via our mobile apps.
- Only supports cryptocurrency as its type of payment.
- A Crypto digital wallet must be used to use this marketplace.
OpenSea is open to everyone who owns any crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. However, overall, you will quickly recover this amount if you sell regularly since there is no additional fee for it.
Frequently Asked Questions Best Place To Buy Nft Art
What is OpenSea?
OpenSea is an NFT marketplace that is designed to give artists a chance for selling their artwork online, and to accept cryptocurrency as a method of payment. It’s a great platform for artists using for selling NFTs due to its low gas costs and the low commission rate you must pay.
You can shop and browse a vast collection of digital products on this NFT marketplace, so you should take a look!
Is OpenSea real and safe?
The short answer is yes! OpenSea has been a trusted marketplace since its inception on the 1st of December in the year 2018. Since its system is built on blockchain technology and is secured, it is safe to claim that your transactions are protected and secured.
Additionally as a seller you’ll be verified when you build up your reputation. A blue checkmark is placed on your account or any collection that you have uploaded to assure any customer. The OpenSea team reviews regularly the content to ensure that users are protected.
How do I earn royalties on OpenSea?
Unfortunately, as an artist, you will be paid only 10 percent of the royalties after you have uploaded the NFT. This is thought to be reasonably low compared to other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) has been commonly utilized on this website and numerous others to cater for more cryptocurrency users. Below are the other cryptocurrency you can purchase 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 on the website. You can easily purchase 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 application?
As we mentioned earlier There is an official mobile app from OpenSea available for both iOS and Android. Install it from their app store, and begin exploring the collection now!
A desktop application for OpenSea which can be downloaded from WebCatalog. In the desktop application, you can manage multiple accounts as well as receive 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/).