The crypto currency market is in a boom right now and you’re probably thinking where to invest your crypto-coins. There are numerous marketplaces popping up across the digital web designed to buy and sell NFTs with cryptocurrency! OpenSea is one of them and is worth checking out.
If you’re interested in crypto you’ve probably heard about OpenSea before for a good reason. It has become one of the largest and most popular marketplaces for cryptocurrency users because of its security and rapid transactions.
So, hop on board and let’s see the possibilities of OpenSea and also see the NFTs that you can see!
Before you continue, you may want to watch 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 Not Run OpenSearch As Root
The aim to create OpenSea was to simply provide a platform/marketplace for artists to upload their commissions without any extra fees. It also has additional functions that allow you to sell your art without too many issues.
When it comes to registration, you don’t need to provide any personal information about yourself. All you have to connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as simple as that, without many hassles when you enter into NFTs.
The most well-known cryptocurrency used within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system which is utilized for most processes. It also functions with 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 would like to upload your NFT on as an seller. This is to ensure the security of your NFT and the people who want to buy it. Every transaction will be conducted along with this blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall that lets you trade your cryptocurrency or NFTs for other NFTs. You can buy anything just a domain name, to a piece of art from an artist that you admire. Anyone can sell however, it takes a while before anyone can become an established one.
There are a variety of NFTs in the collection of NFTs available at OpenSea and you could also be a part of that! You can start your own marketplace on this site, as well as find NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent advancement for the crypto market,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on the internet that a lot of millennials are familiar with it but aren’t sure exactly what it means. Let’s look at what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the newest things that you can buy with cryptocurrency includes an NFT. An NFT is a non-fungible token that is individual and cannot be changed. It could be an item of rareness, such as rare baseball trading cards in mint condition, or a uncommon vinyl record.
There is no limit to what an NFT could be, since it’s a non-fungible thing that you can sell on the internet. It is simpler to just imagine as an NFT as a digital item that is paid for using cryptocurrency only.
Minting is similar to calling for dibs to your NFTs. You’re claiming the owner of the item or token that you have uploaded to market, as you’re offering it for sale. Usually, this becomes official after you fill in the proper information regarding the NFT and add it on the market.
On OpenSea It’s a very simple process to mint your NFTs by going to the store and making a collection to begin! Input the appropriate and complete information about your NFT and choose what kind of settings you’d like to use it with (e.g., blockchain and payments tokens). Once that’s all done then you’re able to upload it, if it’s within the 100 MB limit.
You can wait and observe how transactions progress from now to determine if OpenSea is the marketplace for you.
What NFTs can you get here?
In this moment, you’re probably wondering the kind of NFTs be purchased here and what you can sell should you decide to pursue that route. The type of NFT it is unlimited because there’s a wide range of ways to approach it.
It is possible to sell digital items, trading cards game assets, domain names, and some physical items! Find out what you think will reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that separates OpenSea from the others. There are zero gas fees for using this feature when you make and then sell the NFTs. This simply means that you’ll be able to make the highest profits once you sell because you won’t need to spend on additional fees.
Not many NFT marketplaces provide this feature, so this is a great way to receive high profit from your collection.
A Referral Program is another distinctive feature of OpenSea to admire. Similar to traditional online markets that offer advantages when you refer a friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from the site you’ll earn 2.50 percent of the purchase amount, letting you make more money by this method.
Other NFT marketplaces don’t have the same feature This is a further advantage OpenSea has over them.
There is an OpenSea mobile application, however it is mainly used for perusing through the marketplace. Unfortunately, you can’t purchase or sell items as you scroll through the list.
The mobile apps of OpenSea are available on the two platforms of iOS in addition to Android. Although you aren’t able to purchase or sell anything, you can still at least browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are at your disposal You can also convert your fiat money into cryptocurrency on these platforms. Can Not Run OpenSearch As Root
You can convert the fiat currency you have with a your credit or debit card as well as Paypal via these reputable websites for cryptocurrency:
- Bittrex and other things!
Each of them has the option to exchange for ETH, which is the primary cryptocurrency payment option in OpenSea.
While OpenSea is an NFT marketplace that is open to all forms of cryptocurrency, wallets are still more compatible with it than others. Since it is built mainly on an ETH blockchain, wallets that share the same network are suitable for this site.
Here is a list of several 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 has its own limitations like easy registration, only mobile usage as well as the capability to purchase cryptocurrency with credit cards. Can Not Run OpenSearch As Root
For more information about the service, you can check their FAQs to see a rundown 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 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:
- Available as mobile apps for iOS and Android.
- Smart contracts can be used to perform transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalty rates of 10% for artists (low royalty rates).
- You cannot buy or sell products via the mobile app.
- Only accepts cryptocurrency as a type of payment.
- The use of a Crypto wallet is required to access this marketplace.
OpenSea is available to anyone who has any crypto currency in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. But overall, you can quickly recover this amount if you actively sell because there’s no extra charge for it.
Frequently Asked Questions Can Not Run OpenSearch As Root
What is OpenSea?
OpenSea is an NFT marketplace that seeks to provide artists a platform to sell their works online to receive cryptocurrency as a form of payment. It’s an ideal platform for artists using it to sell NFTs because of its zero gas costs and low commission fee rate that you have to pay.
You can browse and purchase the vast array of digital products on this NFT marketplace which is why you should definitely check it out!
Is OpenSea legit & secure?
Short answer: Yes! OpenSea has been a trusted marketplace since it was established in the year of 2018. Because its system is built on a blockchain, it is safe to say that your transactions are safe and secure.
In addition, as a seller, you will be verified after you’ve earned a reputation. A blue checkmark will appear on your account or the collection you uploaded to reassure anyone who buys from you. The OpenSea team reviews regularly the contents to ensure users are safe.
How can I earn royalties from OpenSea?
However, as an artist, you will get only 10 percent of the royalties when you have uploaded the NFT. This is considered to be a reasonable amount compared against other NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) can be frequently used on this site and many others to accommodate more cryptocurrency users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can use to access OpenSea.
What are the payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. It is easy to buy or sell cryptocurrency through secure platforms that accept fiat money. All you need just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea have a desktop/mobile app?
As previously mentioned there’s an official mobile app from OpenSea available for both iOS as well as Android. Install it from their app store and begin browsing through the collection right now!
The version for desktops that OpenSea that can be downloaded through WebCatalog. With the desktop application you can manage multiple accounts and get 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/).