Cryptocurrency is booming right now and you’re probably wondering where to invest your crypto-coins. Marketplaces are popping up all over the web that allow users to sell and buy NFTs via cryptocurrency! OpenSea is among them, and it’s worth looking into.
If you’re interested in crypto you’ve probably heard of OpenSea previously for a valid reason. It’s now one of the biggest and leading marketplaces among cryptocurrency enthusiasts due to its security and quick transactions.
Now hop aboard, and let’s see what you can do with OpenSea as well as examining the NFTs available to view!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick review. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Buy And Sell Nft
The purpose of OpenSea was to provide artists with a marketplace/platform to upload their commissions with no additional costs. It has more functions that allow you to sell your art without too many issues.
When it comes to the registration process, you don’t have to provide all of your personal details. All you need to do is connect your crypto wallet and voila! You have an account on OpenSea! It can be as simple as that and without many hassles when you enter into NFTs.
The most widely-used cryptocurrency that is used on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology which is utilized for most processes. It also functions using the Polygon blockchain, which allows for the lowest cost and speediest trading.
There are two types of blockchains that are available, you can choose which one you’d like to publish your NFT as a seller. This will ensure the security of your NFT and those who wish to buy it. All transactions will be made by using the blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything the simplest domain name to official art by an artist you admire. Anyone can become a seller however, it takes some time before anyone can become a reputable one.
There are a variety of NFTs of NFTs available of NFTs available at OpenSea and you could become a part of the collection! You can set up your own personal market on this site, as well as find NFTs you want to purchase for yourself.
What is an NFT?
A recent change in the crypto industry the term “NFT” has been going around so long on the internet that a lot of 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 new things you can purchase your cryptocurrency can be an NFT. A NFT is a non-fungible currency which is extremely unique and can’t be changed. It could be an item of any rareness, such as mint-condition baseball trading cards or rare vinyl record.
There’s no limit to what an NFT can be since it’s a non-fungible item you’re selling on the internet. More straightforwardly, you can simply imagine as an NFT being a virtual item which is only paid in cryptocurrency.
Minting is similar to calling for dibs to your NFTs. You’re claiming ownership over that particular token/item that you have uploaded to market, as you’re offering it for sale. Usually, this is recognized once you fill out the proper information regarding the NFT and add it on the market.
On OpenSea, it’s a simple process to mine your NFTs. All you have to do is visit the store and create a collection! Input the appropriate and correct information regarding your NFT and choose what kind of settings you want for it (e.g. blockchain or money transfer tokens). After you’ve completed the process you are able to upload it, if it’s within the limit of 100MB.
You can wait and observe how transactions progress from now to determine whether OpenSea is the right marketplace for you.
What NFTs are available here?
So, at this point you’re probably thinking about the kind of NFTs be purchased here, and what you could also sell if you decide to pursue that route. The kind of NFT it can be is indefinite since there’s a broad range of options for how to approach it.
It is possible to sell digital products, trading cards game assets domain names, some physical items! Find out what you think will reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what differentiates OpenSea from the others. There’s no cost for gas when you utilize this feature when you create and market NFTs. This is essentially a way to ensure that you receive the maximum profits when you begin selling since you won’t have to spend on additional fees.
There aren’t many NFT marketplaces have this feature, which is why this is great for you to make a huge profit from your NFT collection.
The Referral Program is a different aspect of OpenSea to admire. Like traditional online marketplaces there are rewards when you refer a friend to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from the site you’ll be rewarded with 2.50% of the sale amount, which means you can earn more cash from this act.
Other NFT marketplaces don’t have the same feature and that’s another advantage OpenSea has over them.
There’s an OpenSea mobile application, however it is mainly used to browse the marketplace. Unfortunately, you can’t purchase or sell anything as you browse through the listing.
OpenSea’s mobile apps are available on the two platforms of iOS and Android. Although you aren’t able to purchase or sell something, you can at least browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are available at your disposal You can also exchange your fiat money for cryptocurrency using these platforms. Buy And Sell Nft
You can convert the fiat currency you have with a your credit or debit card as well as Paypal via these reputable websites to exchange it for crypto:
- Bittrex and other things!
Each of them has the option to exchange for ETH that is the most common crypto payment in OpenSea.
Although OpenSea has been described as being an NFT marketplace that is open to all kinds of cryptocurrency, the wallets still more compatible with it than other. Since it is built using an ETH blockchain, any wallets that share the same network are suitable for this site.
Here’s a list various crypto wallets that you can utilize in OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each wallet has its own restrictions, such as easy registration, mobile-only usage and the ability to purchase cryptocurrency with credit cards. Buy And Sell Nft
To learn more about it, you can check their FAQs for an overview of how you can get started and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has advantages and drawbacks. OpenSea isn’t an exception to this. It is possible to read about its pros and cons here:
- Mobile apps available that are compatible with iOS as well as Android.
- Smart contracts can be used to perform transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalties of only up to 10% for artists (low royalty).
- You cannot buy or sell products through the mobile app.
- Only supports cryptocurrency as its form of payment.
- The use of a Crypto digital wallet must be used for this marketplace.
OpenSea is open to everyone who has any crypto currency in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. But overall, you can quickly regain that when you actively sell because there’s no extra charge for it.
Frequently Asked Questions Buy And Sell 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 a great platform for artists who use the platform to market NFTs due to its no cost of gas and low commission fees which you are required to pay.
You can shop and browse an array of digital items on the NFT marketplace and you must check it out!
Is OpenSea real and safe?
Answer: Yes! OpenSea is a reputable marketplace since it was established in the year of 2018. Since the system it operates on is based on a blockchain that is secure, you can say that your transactions are secure and safe.
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’ve uploaded to ensure the safety of every customer. The team at OpenSea regularly checks the content to ensure that users are protected.
How do I earn royalties on OpenSea?
However, as an artist, you can receive only up to 10 percent of the royalties after you upload the NFT. This is believed to be a reasonable amount compared with others NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) is commonly used on this site and numerous others to cater for many more crypto users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can utilize for OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency on secure platforms that accept fiat money. All you have to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea have a desktop or mobile app?
As we mentioned earlier there’s an official mobile application from OpenSea for both iOS and Android. Download it at their respective app store and then you can begin exploring the collection right now!
A version for desktops that OpenSea can be downloaded via WebCatalog. In the desktop application, you can manage multiple accounts as well as receive notifications on updates regarding your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).