The cryptocurrency market is on the rise, and you’re probably wondering where to invest your crypto currency. Marketplaces are popping up all over the digital web designed to buy and sell NFTs with cryptocurrency! OpenSea is among them and is worth a look.
If you’re interested in crypto, you’ve probably heard about OpenSea before for a good reason. It has become one of the biggest and leading marketplaces among cryptocurrency enthusiasts due to its security and quick transactions.
Get on board, and let’s explore the possibilities of OpenSea, along with checking the NFTs available to 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 Calms Nft
The purpose for OpenSea was to offer artists with a marketplace/platform to upload commissions without any extra costs. It has more functions that let you sell your work without having to deal with many difficulties.
In terms of 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 and without much hassle as you step into NFTs.
The most popular cryptocurrency that is used in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it, and this is used to carry out the majority of processes. It also operates using the Polygon blockchain, which allows for low-cost and quicker trading.
With these two types of blockchains available it is possible to choose which one you want to transfer your NFT to as a seller. This ensures the safety of your NFT and those who wish to buy it. All transactions are made by using the blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an online shopping mall that is endless that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything the simplest domain name to official art by an artist you admire. Anyone can be a seller however it takes time for anyone to be a reputable one.
There is a wide variety in the collection at OpenSea, and you can join in with this! You can set up your own personal market here, along with finding NFTs you want to purchase for yourself.
What is an NFT?
A recent change in the crypto market”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that a lot of millennials are familiar with it , but aren’t exactly sure what it means. Let’s take a look at what NFT is for those who are just beginning to get started in cryptocurrency.
One of the latest ways you can purchase your cryptocurrency can be an NFT. The NFT is a token that is non-fungible that is very exclusive and cannot be changed. This can be a piece of rareness like authentic baseball cards, or a rare vinyl record.
There’s no limit to what an NFT can be as it’s a non-fungible object that you can sell on the internet. It is simpler to just imagine as an NFT as a digital collectible paid via cryptocurrency only.
Minting is like calling dibs for your personal NFTs. You’re claiming the owner of the item or token that you have uploaded to market, as putting it up for sale. Typically, this is official after you fill in all the necessary information about the NFT and then upload it to the marketplace.
On OpenSea It’s a very simple process to mine your NFTs. All you have to do is visit the store and creating a collection to start! Fill out the proper and accurate information about your NFT and choose what kind of settings you’d like to use to use it with (e.g., blockchain and payment tokens). After that then you’re able to upload it if it fits the 100 MB limit.
You can wait and observe the way transactions are handled from now on to determine if OpenSea is the best marketplace for you.
What NFTs are available here?
So, at this point you’re probably asking yourself what kind of NFTs be found here and what you can also sell if you decide to go that route. The kind of NFT it isn’t limited because there’s a wide range of how you can go about it.
It is possible to sell trade cards, digital goods game assets domain names, some physical items! Explore what you believe can yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that differentiates OpenSea from other companies. There are no gas costs when you use this feature when you create and market NFTs. This means you’ll receive the maximum profits when you begin selling since you won’t need to spend on any additional charges.
Not many NFT marketplaces have this feature, so this can be a fantastic way to receive high profit from your NFT collection.
The Referral Program is another unique aspect of OpenSea to admire. Like traditional online marketplaces that offer rewards by referring someone else to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from there you’ll earn 2.50 percent of the sales amount, which allows you to make more money through this action.
Other NFT marketplaces don’t offer the same feature and that’s another advantage OpenSea has over them.
There’s an OpenSea mobile app, but it is mainly used to browse the marketplace. Unfortunately, you can’t purchase or sell anything as you browse through the listing.
The mobile apps of OpenSea are available for both iOS and Android. While you’re not able to buy or sell things, 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 to you You can also trade your fiat currency for cryptocurrency through these platforms. Calms Nft
You can swap the fiat currency you have with a your credit or debit card as well as Paypal through these trusted sites for cryptocurrency:
- Bittrex and more!
All of these have the option of converting them into ETH, which is the standard cryptocurrency used in OpenSea.
Although OpenSea has been described as being an NFT marketplace that is open to all types of cryptocurrency, the wallets still more compatible with it than others. Since it is built on an ETH blockchain, any wallets that share the same network are suitable for the site.
Here’s a list different crypto wallets you can use in OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each one has its own set of limitations, such as easy registration, only mobile usage as well as the capability to purchase cryptocurrency with the credit card. Calms Nft
To learn more about it, you can check their FAQs to see the steps you can start and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and cons here:
- Mobile apps available for iOS as well as 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 industry and NFTs.
- Allows royalties of only 10% to artists (low royalty).
- It is not possible to buy or sell items on this mobile application.
- Only accepts cryptocurrency as a type of payment.
- An Crypto digital wallet must be used to use this marketplace.
OpenSea is available to anyone who has 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. In the end, you’ll easily recover that amount when you sell regularly since there’s no extra charge for it.
Frequently Asked Questions Calms Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to give artists a chance to sell their works online and receive cryptocurrency as a form of payment. It’s an ideal platform for artists who use for selling NFTs due to its low cost of gas and low commission fees that you have to pay.
You can browse and shop for an array of digital goods in this NFT marketplace which is why you should definitely check it out!
Is OpenSea legit & secure?
Answer: Yes! OpenSea has been a trusted marketplace since its inception in the year of 2018. Because its system is built on a blockchain and is secured, it is safe to claim that your transactions are safe and secure.
In addition, as a seller, you will be verified after you have built up your credibility. A blue checkmark will appear to your account or collection you’ve uploaded to ensure the safety of any customer. OpenSea’s team regularly reviews the content to ensure users are safe.
How can I earn royalties on OpenSea?
As an artist, you will be paid only 10 percent of the royalties when you have uploaded the NFT. This is considered to be reasonably low compared with others NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) can be widely used on this site as well as other sites to provide many more cryptocurrency users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can make use of for OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. You can easily purchase or sell cryptocurrency on reliable platforms using fiat currency. All you need be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea have a desktop or mobile app?
As previously mentioned, there is definitely an official mobile application from OpenSea for both iOS and Android. Download it at their respective app store and you can start exploring the collection now!
There is also a desktop application for OpenSea can be downloaded via WebCatalog. On the desktop app you are able to manage multiple accounts and 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/).