The cryptocurrency market is on the rise and you’re probably thinking what you can do with your crypto currency. Markets have popped up all over the internet, designed to purchase and sell NFTs using cryptocurrency! OpenSea can be one and is worth looking into.
If you’re familiar with cryptocurrency, you’ve probably heard of OpenSea previously for a valid reason. It has become one of the largest and most popular marketplaces among users of cryptocurrency due to its safety and speedy transactions.
Now hop aboard, and let’s see the possibilities of OpenSea and also see what NFTs you can view!
Before you go on, you may want to check out 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 of OpenSea.
OpenSea as an NFT Marketplace Best Wallet For Nft
The purpose of OpenSea was to simply provide a platform/marketplace for artists to upload commissions without any extra costs. There are additional features that allow you to sell your work without having to deal with many issues.
When it comes to the registration process, you don’t have to give any personal information about yourself. All you have to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It can be as simple as that, without much hassle as you step into NFTs.
The most popular cryptocurrency to use within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology which is utilized for most processes. It also functions with the Polygon blockchain to ensure lower costs and faster trading.
With these two kinds of blockchains you can pick which one you would like to upload your NFT on as an seller. This ensures the safety of your NFT, along with the people who want to purchase it. All transactions will be made by using the blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything just a domain name to official art from an artist that you admire. Anyone can be a seller however it takes some time for anyone to be an established seller.
There are a variety of NFTs in the collection at OpenSea and you could become a part of the collection! You can start your own personal market there, and also find NFTs you’d like to buy for yourself.
What is an NFT?
In a recent development for the crypto industry the term “NFT” has been going around for so long on internet that a lot of millennials have heard of it but not exactly sure what it is. Let’s take a look at what 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. The NFT is a token that is non-fungible that is exclusive and cannot be substituted. This can be an item of rareness, such as rare baseball trading cards in mint condition, or a rare vinyl record.
There’s no limit on what an NFT can be as it’s a non-fungible thing that you sell on the internet. More straightforwardly, you can simply imagine an NFT being a virtual item that is paid for using cryptocurrency only.
Minting is like calling the shots to your NFTs. It is a way of claiming the ownership of the particular item that you have uploaded to the marketplace, and you’re selling it. Typically, this is official once you fill out the proper information regarding the NFT and then submit it for sale on.
On OpenSea it’s a straightforward process to mint your NFTs. All you have to do is visit the store and create a collection! Complete the correct and accurate information about your NFT and choose what kind of settings you’d like to use for it (e.g., blockchain, money transfer tokens). After you’ve completed the process then you’re able to upload it if it fits the limit of 100MB.
You can watch and see how transactions progress from now on to determine if OpenSea is the best marketplace for you.
What NFTs can you find here?
At this point you’re probably thinking about the kind of NFTs can be purchased here and what kind of NFTs you can sell should you decide to pursue that route. The kind of NFT it can be is unlimited because there’s a wide range of how you can do it.
You can be selling digital products, trading cards game assets domain names, even physical assets! Find out what you think will reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what differentiates OpenSea from the others. There are zero gas fees when you use this feature when you create and market NFTs. This means you’ll receive the maximum profits when you sell because you don’t need to pay on extra fees.
Very few NFT marketplaces provide this feature, and it is great for you to make a huge profit from your NFT collection.
A Referral Program is another distinctive feature of OpenSea to take note of. Similar to traditional online markets there are rewards by referring someone else to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from there you’ll earn 2.50% of the sale amount, letting you make more money through this action.
Other NFT marketplaces don’t offer this kind of feature either and that’s another benefit OpenSea has over the other marketplaces.
There’s an OpenSea mobile application, however it’s mostly to browse through the marketplace. You can’t buy or sell items as you browse through the listings.
The mobile apps from OpenSea are accessible on both iOS in addition to Android. Even though you can’t buy or sell something, you can at least look through the options you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available at your disposal, and you can trade your fiat currency for cryptocurrency through these platforms. Best Wallet For Nft
You can swap the fiat currency you have with a your credit or debit card as well as Paypal through these trusted sites to exchange it for crypto:
- Bittrex, and more!
Each of them has the option to exchange for ETH which is the standard crypto payment in OpenSea.
Although OpenSea can be described as an NFT marketplace that is open to all types of crypto, wallets are nonetheless more compatible than other. Because it is based using an ETH blockchain, wallets which are part of that network will be suitable for this website.
Here is a list of several crypto wallets you can use in OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each one has its own set of limitations including simple registration, only mobile usage as well as the capability to purchase cryptocurrency using the credit card. Best Wallet For Nft
For more information about the service, you can check their FAQs to see a rundown of how you can get started and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with its advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and pros here:
- Mobile apps are available for iOS or Android.
- Smart contracts are used for transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto industry and NFTs.
- Allows royalties 10% for artists (low royalty).
- You cannot buy or sell products via our mobile apps.
- Only supports cryptocurrency as its method of payment.
- A Crypto wallet is required for this marketplace.
OpenSea is open to everyone who has crypto coins in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. But overall, you can quickly regain that when you are actively selling since there’s no extra charge for it.
Frequently Asked Questions Best Wallet For Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to provide artists a platform for selling their artwork online and receive cryptocurrency as their form of payment. It’s an excellent platform for artists who use for selling NFTs due to its low gas costs and the low commission rate that you have to pay.
You can browse and purchase a vast collection of digital goods in this NFT marketplace, so you should check it out!
Is OpenSea legit & is it safe?
Short answer: Yes! OpenSea is a reputable marketplace since its inception in the year 2018. Since the system it operates on is built on a blockchain that is secure, you can claim that your transactions are protected and secured.
Furthermore as a seller you’ll be verified when you have built up your credibility. A blue checkmark is placed to your account or any collection you uploaded to reassure any customer. The team at OpenSea regularly checks the contents to ensure users are protected.
How do I earn royalties on OpenSea?
Unfortunately, as an artist, you’ll be paid only 10 percent of the royalties when you have uploaded the NFT. This is believed to be a reasonable amount compared to other NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) is widely utilized on this website and other sites to provide more cryptocurrency users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can use for OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. It is easy to buy or sell cryptocurrency on reliable platforms using fiat currency. All you have to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea has a mobile or desktop application?
As previously mentioned There is an official mobile application from OpenSea that is available for iOS or Android. You can download it through their app store and you can start exploring the collection right now!
There is also a desktop application for OpenSea that can be downloaded through WebCatalog. With the desktop application you can manage multiple accounts as well as receive notifications on updates regarding your account when you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).