Cryptocurrency is booming right now, and you’re probably wondering where you can invest your crypto currency. Marketplaces are popping up across the digital web designed to sell and buy NFTs via cryptocurrency! OpenSea is one of them, and it’s worth a look.
If you’re familiar with cryptocurrency, you’ve probably heard about OpenSea previously for a valid reason. It has become one of the largest and leading marketplaces among cryptocurrency users because of its security and rapid transactions.
So, hop on board and let’s explore what you can do with 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. After, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Bigtime Nft
The goal for OpenSea was to simply provide a platform/marketplace for artists to upload their commissions without any extra costs. It has more functions that allow you to sell your art without too many problems.
For registration, you don’t need to give all of your personal details. All you have to 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 popular cryptocurrency that is used within 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 using the Polygon blockchain, which allows for the lowest cost and speediest trading.
With these two types of blockchains it is possible to choose which one you would like to transfer your NFT to as a seller. This is to ensure the security of your NFT and those who wish to buy it. All transactions will be made along with this blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an online shopping mall that is endless where you can trade in your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything as simple as a domain name, to a piece of art by an artist you admire. Anyone can become a seller, but it takes a while before anyone can become an established seller.
There is a wide variety in the collection on OpenSea and you could also be a part of this! You can set up your own market there, and also find NFTs you’d like to buy yourself.
What is an NFT?
In a recent advancement for the crypto market the term “NFT” has been going around for so long on the internet that the majority of young people have heard of it but aren’t exactly sure what it means. Let’s look at what an NFT is for any beginners in the field of cryptocurrency.
One of the new things that you can buy with cryptocurrency can be an NFT. The NFT is a non-fungible currency that is individual and cannot be changed. This can be an item of any rareness, such as rare baseball trading cards in mint condition or a rare vinyl record.
There’s no limit to what an NFT could be, since it’s a non-fungible thing that you sell on the internet. It is simpler to simply think of the NFT being a virtual collectible paid via cryptocurrency only.
Minting is like calling dibs on your own NFTs. You are calling ownership over that particular token/item that you posted to the marketplace, and putting it up for sale. Usually, this is recognized after you fill in the correct information about the NFT and finally upload it to the marketplace.
On OpenSea it’s a straightforward process to mine your NFTs by visiting the store and simply create a collection! Input the appropriate and complete information about your NFT and select the type of settings you’d like to use it with (e.g. blockchain and money transfer tokens). Once that’s all done you are able to upload it if it fits the 100 MB limit.
You can watch and see how the transactions go from now to determine whether OpenSea is the right marketplace for you.
What NFTs can you find here?
In this moment, you’re probably wondering which kind of NFT can be found here and what you can sell should you decide to go down that path. The kind of NFT that you can purchase is unlimited as there’s a variety of how you can do it.
You can be selling digital items, trading cards game assets, domain names, and also physical goods! Find out what you think will yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that sets OpenSea from the other options. There’s no cost for gas for using this feature to make and then sell the NFTs. This simply means that you’ll get the most profit when you begin selling since you don’t need to pay on any additional charges.
There aren’t many NFT marketplaces have this feature, and it is great for you to receive high profit from your NFT collection.
A Referral Program is another unique aspect of OpenSea to take note of. Like traditional online marketplaces there are advantages when you refer someone else to OpenSea! If you encourage a friend join OpenSea and buy an NFT from there you’ll earn 2.50 percent of the sales amount, which means you can earn more cash from this act.
Other NFT marketplaces do not have the same feature This is a further advantage OpenSea has over them.
There’s an OpenSea mobile app, but it is mainly used to browse the marketplace. It isn’t able to purchase or sell anything as you browse through the listings.
OpenSea’s mobile apps are available on the two platforms of iOS as well as Android. While you’re not able to buy or sell something, you can look through the options you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are to you You can also exchange your fiat money for cryptocurrency on these platforms. Bigtime Nft
You can swap the fiat currency you have with a the credit card, or Paypal via these reputable websites to exchange it for crypto:
- Bittrex and more!
Each of them has the option of converting them into ETH that 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 nonetheless more compatible than other. Because it is based on the ETH blockchain, all wallets that share this network are appropriate for the site.
Here’s a list of different crypto wallets you can use in OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, mobile-only usage and the ability to purchase cryptocurrency using a credit card. Bigtime Nft
For more information about the service, you can check their FAQs to see the steps you can begin and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with advantages and disadvantages. OpenSea isn’t the only one to have this. You can view 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 market and NFTs.
- Allows royalties of only up to 10% for artists (low royalties).
- It is not possible to buy or sell items through our mobile apps.
- Only supports cryptocurrency as its method of payment.
- An Crypto account is needed to access this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. In the end, you’ll quickly regain that when you actively sell because there’s no extra charge for it.
Frequently Asked Questions Bigtime Nft
What is OpenSea?
OpenSea is an NFT marketplace that is designed to give artists a chance to market their work online and receive cryptocurrency as their form of payment. It’s a great option for artists who want to use for selling NFTs due to its low gas costs and low commission fees which you are required to pay.
You can browse and shop for a vast collection of digital goods in this NFT marketplace which is why you should definitely check it out!
Is OpenSea legitimate and secure?
The short answer is yes! OpenSea is a reputable marketplace since its inception at the end of the year of 2018. Because its system is built on a blockchain that is secure, you can 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 will be assigned on your account or any collection that you have uploaded to assure every customer. The team at OpenSea regularly checks the content to ensure users are protected.
How do I earn royalties on OpenSea?
As an artist, you’ll be paid only 10% of the royalties once you upload the NFT. This is thought to be reasonably low compared with the other NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) has been commonly used on this site and many others to accommodate the increasing number of crypto users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can utilize for OpenSea.
What are the payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. It is easy to buy or sell cryptocurrency through reliable platforms using fiat currency. All you have to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea have a desktop/mobile application?
As previously mentioned, there is definitely an official mobile app by OpenSea available for both iOS as well as Android. You can download it through their app store and then you can begin exploring the collection now!
A version for desktops that OpenSea that can be downloaded through WebCatalog. On the desktop app, you can manage multiple accounts and get 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/).