The cryptocurrency market is on the rise and you’re probably wondering where you can invest your crypto coins. There are numerous marketplaces popping up across the web that allow users to sell and buy NFTs via cryptocurrency! OpenSea is among them and is worth looking into.
If you’re familiar with cryptocurrency, you’ve probably heard of OpenSea before for a good reason. It’s now one of the largest and most popular marketplaces for cryptocurrency users because of its security and rapid transactions.
Get on board, and let’s explore what you can do with OpenSea as well as examining the NFTs that you can see!
Before you continue, 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 the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Can An Nft System Be Flat
The purpose for OpenSea was to provide a platform/marketplace for artists to upload their commissions with no additional fees. It also has additional functions that allow you to sell your work without having to deal with many problems.
When it comes to the registration process, you don’t have to worry about giving any personal information about yourself. All you need to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as easy as that without going through many hurdles as you walk into NFTs.
The most popular cryptocurrency to use on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system which is utilized for most processes. It also operates with the Polygon blockchain to ensure the lowest cost and speediest trading.
With these two types of blockchains available it is possible to choose which one you would like to publish your NFT as a seller. This ensures the safety of your NFT as well as the people who want to purchase it. All transactions will be made by using the blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless where you can trade in your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything as simple as a domain name, to a piece of art from an artist that you admire. Anyone can sell however it takes a while for anyone to become a reputable one.
There’s a huge selection from the selection on OpenSea, and you can join in with this! You can start your own personal market there, and also find NFTs that you would like to purchase yourself.
What is an NFT?
In a recent development for the cryptocurrency industry,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that a lot of millennials are familiar with it but aren’t sure exactly what it means. Let’s break down what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the newest things that you can buy with cryptocurrency includes an NFT. The NFT is a token that is non-fungible that is unique and can’t be substituted. It could be an item of any rareness like mint-condition baseball trading cards, or a rare vinyl record.
There is no limit to what an NFT can be as it’s a non-fungible item that you can sell online. More straightforwardly, you can simply consider as an NFT being a virtual item that is paid for using cryptocurrency only.
Minting is like calling dibs for your personal NFTs. It is a way of claiming the ownership of the particular item you uploaded on market, as offering it for sale. Usually, this is recognized when you have filled in the correct information about the NFT and then submit it for sale on.
On OpenSea, it’s a simple procedure to create your own NFTs by visiting the store and then create a collection! Complete the correct and complete information about your NFT and select the type of settings you want for it (e.g., blockchain, money transfer tokens). After that, you can finally upload it to the internet if it’s in the 100 MB limit.
It is possible to wait and see how the transactions go from now to determine if OpenSea is the best marketplace for you.
What NFTs can you get here?
In this moment you’re probably asking yourself the kind of NFTs can be purchased here and what kind of NFTs you can also sell if you choose to go down that path. The type of NFT it can be isn’t limited because there’s a wide range of how you can go about it.
It is possible to sell digital items, trading cards game assets domain names, even physical assets! Explore what you believe can reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what separates OpenSea from other companies. There’s no cost for gas when you utilize this feature to make and then sell the NFTs. This means you’ll receive the maximum profits when you sell because you won’t need to spend on extra fees.
Not many NFT marketplaces provide this feature, and it is great for you to make a huge profit from your portfolio.
A Referral Program is another distinctive feature of OpenSea to take note of. Similar to traditional online markets there are advantages when you refer your friend to OpenSea! If you invite a friend to join OpenSea and buy 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 do not have this kind of feature either, so that’s just another advantage OpenSea has over the other marketplaces.
There is an OpenSea mobile application, however it’s mostly used to browse through the marketplace. It isn’t able to purchase or sell anything while you scroll through the list.
The mobile apps of OpenSea are available for both iOS and Android. Even though you can’t buy or sell something, you can browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available at your disposal to exchange your fiat money for cryptocurrency on these platforms. Can An Nft System Be Flat
You can swap the fiat currency you have with a credit card or Paypal via these reputable websites to exchange it for crypto:
- Bittrex and other things!
All of them have the option of exchange for ETH which is the primary cryptocurrency payment option in OpenSea.
Although OpenSea is an NFT marketplace open to all kinds of crypto, wallets are still more compatible with it than others. Since it is built mainly around an ETH blockchain, wallets with a connection to the same network are suitable for the site.
Here’s a list of various crypto wallets that you can utilize in OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each wallet has its own restrictions like easy registration, use on mobile devices only as well as the capability to purchase cryptocurrency using the credit card. Can An Nft System Be Flat
To know more about it, you can check their FAQs for an overview of how you can begin and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets every one of them has its advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and pros 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 backing of blockchain.
- The best option for beginners to the crypto world and NFTs.
- Allows royalty rates of 10% for artists (low royalty rates).
- You cannot buy or sell products on this mobile application.
- Only supports cryptocurrency as its type of payment.
- An Crypto wallet is required to use this marketplace.
OpenSea is open to everyone who has any crypto currency in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. In the end, you’ll easily recover that amount when you actively sell because there’s no extra charge for it.
Frequently Asked Questions Can An Nft System Be Flat
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to offer artists a way to sell their works online and receive cryptocurrency as their form of payment. It’s an excellent option for artists who want to use the platform to market NFTs because of its zero gas fees and the low commission rate that you have to pay.
You can browse and purchase an array of digital products on this NFT marketplace which is why you should definitely take a look!
Is OpenSea real and secure?
Short answer: Yes! OpenSea has been a trusted marketplace since it was founded at the end of the year 2018. Since its system is based on a blockchain and is secured, it is safe to declare that transactions are protected and secured.
In addition as a seller you will be verified after you’ve earned a reputation. A blue checkmark is placed to your account or any collection you’ve uploaded to ensure the safety of anyone who buys from you. The team at OpenSea regularly checks the contents to ensure users are secure.
How can I earn royalties from OpenSea?
However, as an artist, you’ll receive only up to 10 percent of the royalties when you have uploaded the NFT. This is thought to be a reasonable amount compared with the other NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) has been widely used on this site as well as numerous others to cater for the increasing number of crypto users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can make use of to use OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. It is easy to buy or sell cryptocurrency on reliable platforms using fiat currency. All you need to do is connect your credit card or Paypal for the transaction.
Does OpenSea have a desktop or mobile app?
As we mentioned earlier there’s 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 now!
A desktop application for OpenSea that can be downloaded through WebCatalog. With the desktop application, you can manage multiple accounts and receive notifications about updates to your account while you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).