The crypto currency market is in a boom right now, and you’re probably wondering where to invest your crypto currency. Marketplaces are popping up across the digital web designed to purchase and sell NFTs with cryptocurrency! OpenSea is among them and is worth checking out.
If you’re interested in crypto you’ve probably heard about OpenSea before for a good reason. It’s one of the biggest and most popular marketplaces among users of cryptocurrency due to its security and quick transactions.
Now hop aboard, and let’s see what you can do with OpenSea, along with checking 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 review. Afterward, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Can Nfts Be Copied
The purpose of OpenSea was to provide an online marketplace for artists to easily upload their commissions without any extra charges. It also has additional functions that let you sell your artwork without any problems.
For registration, you don’t need to worry about giving all of your personal details. All you need to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as easy as that and without many hurdles as you walk into NFTs.
The most well-known cryptocurrency that is used in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology, and this is used for most processes. It also operates on the Polygon blockchain, which allows for lower costs and faster trading.
There are two types of blockchains you can pick which one you’d like to publish your NFT as seller. This will ensure the security of your NFT as well as those who would like to buy it. All transactions are made along with this blockchain, which is why you need to think about 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. You can buy anything just a domain name, to a piece of art from an artist you admire. Anyone can be a seller however it takes time for anyone to become an established seller.
There is a wide variety of NFTs available of NFTs available at OpenSea and you can also be a part of that! You can start your own personal market there, and also find NFTs you want to purchase for yourself.
What is an NFT?
A recent change in the cryptocurrency industry,”NFT,” a popular term in the crypto industry “NFT” has been going around so long on the internet that the majority of young people have heard of it but aren’t exactly sure what it is. Let’s look at what an NFT is for anyone who is new in the field of cryptocurrency.
One of the latest ways you can purchase your cryptocurrency is an NFT. An NFT is a token that is non-fungible which is extremely exclusive and cannot be changed. It can be an item of any rareness, such as mint-condition baseball trading cards, or a unique vinyl album.
There’s no limit on what an NFT could be, since it’s a non-fungible object you’re selling on the internet. It is simpler to simply imagine as an NFT as a digital item which is only paid in cryptocurrency.
Minting is like calling the shots on your own NFTs. It is a way of claiming the ownership of the particular item that you have uploaded to market, as you’re offering it for sale. Typically, this is official when you have filled in all the necessary information about the NFT and finally add it on the market.
On OpenSea It’s a very simple process to mine your NFTs by visiting the store and simply creating a collection to start! Fill out the proper and accurate information about your NFT and then select what type of settings you’d like to use to use it with (e.g. blockchain, payment tokens). Once that’s all done, you can finally upload it, if it’s within the 100 MB limit.
You can wait and observe the way transactions are handled from now on to see if OpenSea is the best marketplace for you.
What NFTs can you find here?
At this point you’re probably asking yourself what kind of NFTs you shop for here and what you can also sell if you decide to go down that path. The kind of NFT it is indefinite as there’s a variety of ways to do it.
It is possible to sell trade cards, digital goods games, domain names, and also physical goods! Consider what you believe will yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that differentiates OpenSea from the others. There are no gas costs for using this feature when you mint and sell NFTs. This is essentially a way to ensure that you receive the maximum profits when you sell because you won’t need to spend on any additional charges.
Not many NFT marketplaces provide this feature, and it is great for you to earn a high return from your collection.
This Referral Program is another distinctive feature of OpenSea to be admired. Similar to traditional online markets that offer advantages 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 earn 2.50 percent of the purchase amount, which means you can earn more cash from this act.
Other NFT marketplaces do not have the same feature and that’s another benefit OpenSea has over them.
There is an OpenSea mobile app, but 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 from OpenSea are accessible on both iOS in addition to 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
Numerous cryptocurrency exchange platforms are available to you, and you can convert your fiat money into cryptocurrency on these platforms. Can Nfts Be Copied
You can convert the fiat currency you have with a credit card or Paypal on these reliable websites for cryptocurrency:
- Bittrex, and other things!
All of these have the option of exchange for ETH that is the standard crypto payment in OpenSea.
Although OpenSea is an NFT marketplace open to all kinds of crypto, wallets are still more compatible with it than other. Because it is based around an ETH blockchain, any wallets with a connection to the same network are suitable for this site.
Here’s a list of different crypto wallets you can utilize in OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations like easy registration, mobile-only usage as well as the capability to buy cryptocurrency using the credit card. Can Nfts Be Copied
To learn more about it You can go through their FAQs to see a rundown of how you can start and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all 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 cons here:
- Mobile apps are available that are compatible with iOS as well as Android.
- Smart contracts are used for transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto market and NFTs.
- Allows royalties of only up to 10% for artists (low royalty rates).
- You cannot buy or sell products through our mobile apps.
- Only accepts cryptocurrency as a method of payment.
- The use of a Crypto account is needed to access this marketplace.
OpenSea is open to everyone who owns any crypto coins in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. However, overall, you will quickly recover this amount if you sell regularly since there’s no extra charge for it.
Frequently Asked Questions Can Nfts Be Copied
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 method of payment. It’s a great platform for artists using it to sell NFTs because of its zero gas costs and low commission fees that you have to pay.
You can browse and shop for the vast array of digital goods in this NFT marketplace and you must check it out!
Is OpenSea legitimate and safe?
Short answer: Yes! OpenSea has been a trusted marketplace since it was founded on the 1st of December in 2018. Because its system is based on a blockchain, it is safe to say 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 is placed next to your account or any collection that you have uploaded to assure anyone who buys from you. The OpenSea team reviews regularly the contents to ensure users are protected.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you’ll be paid only 10% of the royalties once you upload the NFT. This is considered to be reasonably low compared against others NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) has been commonly utilized on this website and numerous others to cater for the increasing number of crypto users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can use to use OpenSea.
What are the payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. You can buy and sell cryptocurrency through trusted platforms with fiat money. All you need be able to connect is your credit or Paypal for the transaction.
Does OpenSea has a mobile or desktop application?
As previously mentioned, there is definitely an official mobile app by OpenSea for both iOS and Android. Install it from their app store, and then you can begin exploring the collection now!
The desktop application for OpenSea that can be downloaded through WebCatalog. In the desktop application, you can manage multiple accounts as well as receive notifications on updates regarding 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/).