The cryptocurrency market is on the rise and you’re probably wondering where to invest your crypto coins. Marketplaces are popping up across the internet, designed to sell and buy NFTs using cryptocurrency! OpenSea can be one and is worth looking into.
If you’re well-versed in cryptocurrency, you’ve probably heard of OpenSea before for a good reason. It has become one of the biggest and most popular marketplaces among cryptocurrency enthusiasts due to its security and rapid transactions.
Get on board, and let’s see what you can do with OpenSea as well as examining 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 review. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Blockparty Nft
The aim of OpenSea was to provide an online marketplace for artists to upload their commissions, without having to pay any additional fees. It also has additional functions that allow you to sell your art without too many problems.
For the registration process, you don’t have to worry about giving all of your personal details. All you have to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as easy as that, without much hassle as you step into NFTs.
The most widely-used cryptocurrency that is used in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology which is utilized for the majority of transactions. It is also based on the Polygon blockchain, which ensures low-cost and quicker trading.
There are two types of blockchains available, you can choose which one you want to transfer your NFT to as an seller. This is to ensure the security of your NFT as well as those who wish to buy it. All transactions are made by using the blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless that lets you trade your NFTs or cryptocurrency for other NFTs. You can buy anything just a domain name, to a piece of art from an artist that you admire. Anyone can be a seller, but it takes time for anyone to be a reputable one.
There are a variety of NFTs from the selection on OpenSea and you could become a part of the collection! You can set up your own market there, and also find NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent advancement for the crypto industry”NFT” is a term that has been used in recent times “NFT” has been going around so long on the internet that many millennials are familiar with it but aren’t exactly sure what it is. Let’s take a look at what NFT is for anyone who is new in cryptocurrency.
One of the latest ways you can buy includes an NFT. An NFT is a non-fungible token which is extremely unique and can’t be replaced. This can be a piece of rareness, such as authentic baseball cards or a unique vinyl album.
There’s no limit to what an NFT could be, since it’s a non-fungible object that you sell on the internet. More straightforwardly, you can just imagine the NFT being a virtual item paid via cryptocurrency only.
Minting is similar to calling for dibs for your personal NFTs. You’re claiming the owner of the item or token you uploaded on the market place, but offering it for sale. Usually, this is recognized once you fill out all the necessary information about the NFT and add it on the market.
On OpenSea It’s a very simple process to mint your NFTs. All you have to do is visit the store and simply creating a collection to start! Complete the correct and accurate information about your NFT and choose what kind of settings you want for it (e.g., blockchain and payment tokens). Once that’s all done, you can finally upload it, if it’s within the limit of 100MB.
It is possible to wait and see how the transactions go from here on out to see whether OpenSea is the right marketplace for you.
What NFTs can you find here?
At this point you’re probably asking yourself which kind of NFT can you shop for here and what you can also sell if you decide to go that route. The type of NFT that you can purchase isn’t limited as there’s a variety of ways to approach it.
You could be selling digital items, trading cards, game assets domain names, some physical items! Consider what you believe will bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that sets OpenSea from the others. There’s no cost for gas when you use this feature when you make and then sell the NFTs. This is essentially a way to ensure that you be able to make the highest profits once you start selling because you won’t need to spend on any additional charges.
Not many NFT marketplaces have this feature, which is why this is a great way to receive high profit from your NFT collection.
A Referral Program is a different aspect of OpenSea to admire. Like traditional online marketplaces there are benefits when you refer a friend to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from the site you’ll be rewarded with 2.50 percent of the sales amount, which means you can earn more cash through this action.
Other NFT marketplaces don’t have this feature and that’s another advantage OpenSea has over the other marketplaces.
There’s an OpenSea mobile application, however it is mainly used to browse the marketplace. You can’t buy or sell anything as you browse through the listings.
The mobile apps of OpenSea are available for the two platforms of iOS in addition to Android. While you’re not able to buy or sell anything, you can still at least explore the products you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are at your disposal, and you can exchange your fiat money for cryptocurrency on these platforms. Blockparty Nft
You can exchange your fiat money via credit card or Paypal on these reliable websites to exchange it for crypto:
- Bittrex, and many more!
All of these have the option to exchange for ETH which is the standard crypto payment in OpenSea.
Although OpenSea has been described as being an NFT marketplace that is open to all types of cryptocurrency, wallets are still more compatible with it than other. Because it is based around an ETH blockchain, wallets which are part of the same network are suitable for this website.
Here’s a list of several crypto wallets you can use in OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each has its own limitations like easy registration, mobile-only usage and the ability to buy cryptocurrency using the credit card. Blockparty Nft
To learn more about it to learn more, check out their FAQs to see an overview of how you can get started and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and pros here:
- Mobile apps available that are compatible with iOS or Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto market and NFTs.
- Allows royalties 10% for artists (low royalty).
- Cannot buy or sell via the mobile app.
- Only accepts cryptocurrency as a method of payment.
- A Crypto wallet is required for this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. However, overall, you will easily recover that amount when you actively sell because there’s no additional cost for it.
Frequently Asked Questions Blockparty Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to give artists a chance to sell their works online and receive cryptocurrency as a method of payment. It’s an excellent option for artists who want to use for selling NFTs due to its no gas fees and low commission fee rate which you are required to pay.
You can browse and shop for the vast array of digital products on this NFT marketplace which is why you should definitely go through it!
Is OpenSea legitimate and safe?
Short answer: Yes! OpenSea has been a reliable marketplace since it was founded in 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.
In addition as a seller you will be verified after you have built up your credibility. A blue checkmark will be assigned next to your account or collection that you have uploaded to assure any customer. The OpenSea team reviews regularly the contents to ensure users are secure.
How can I earn royalties on OpenSea?
As an artist, you’ll get only 10 percent of the royalties when you have uploaded the NFT. This is considered to be a reasonable amount compared to other NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) is widely used on this site and numerous others to cater for more crypto users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can utilize to access OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. You can easily purchase or sell cryptocurrency on reliable platforms using fiat currency. All you have be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea has a mobile or desktop app?
As previously mentioned there’s an official mobile app by OpenSea for both iOS as well as Android. You can download it through their app store and begin browsing through the collection right now!
The Desktop application that OpenSea which can be downloaded from WebCatalog. With the desktop application, you can manage multiple accounts as well as receive alerts on any updates that affect 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/).