The crypto currency market is in a boom right now and you’re probably thinking where to invest your crypto currency. There are numerous marketplaces popping up across the digital web designed to sell and buy NFTs with cryptocurrency! OpenSea can be one, and it’s worth looking into.
If you’re well-versed in cryptocurrency, you’ve probably heard about OpenSea prior to this for a valid reason. It’s now 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 go on, 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 our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Chania Nft
The aim for OpenSea was to simply provide an online marketplace for artists to upload their commissions without any extra charges. It has more functions which allow you to market your artwork without any issues.
When it comes to registration, you don’t need to give any personal information about yourself. All you need to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It can be as simple as that and without many hurdles as you walk into NFTs.
The most popular cryptocurrency that is used in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system which is utilized to carry out the majority of processes. It also operates using the Polygon blockchain to ensure low-cost and quicker trading.
There are two types of blockchains you can pick which one you want to upload your NFT on as seller. This will ensure the security of your NFT as well as the people who want to purchase it. All transactions will be made along with this blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace where you can exchange your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything as simple as a domain name to official art by an artist you admire. Anyone can be a seller however it takes time for anyone to become an established one.
There is a wide variety of NFTs available at OpenSea, and you can join in with that! You can start your own market on this site, as well as find NFTs you’d like to buy yourself.
What is an NFT?
A recent change in the crypto market,”NFT,” a popular term in the crypto industry “NFT” has been going around so long on the internet that a lot of millennials are familiar with it , but not exactly sure what it actually means. Let’s break down what an NFT is for any beginners in the field of cryptocurrency.
One of the latest ways you can buy includes an NFT. The NFT is a token that is non-fungible that is individual and cannot be substituted. It could be a piece of rarity like authentic baseball cards or a unique vinyl album.
There’s no limit to what an NFT could be, since it’s a non-fungible object that you sell online. More straightforwardly, you can just consider as an NFT being a virtual collectible 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 the marketplace, and you’re putting it up for sale. Usually, this is recognized after you fill in all the necessary information about the NFT and upload it to the marketplace.
On OpenSea, it’s a simple process to mint your NFTs. All you have to do is visit the store and then making a collection to begin! Complete the correct and accurate information about your NFT and select the type of settings you’d like for it (e.g., blockchain or payment tokens). Once that’s all done, you can finally upload it, if it’s within the 100 MB limit.
You can watch and see how transactions progress from now on to determine if OpenSea is the best marketplace for you.
What NFTs are available here?
In this moment you’re probably asking yourself what kind of NFTs you shop for here and what you can sell should you decide to go that route. The type of NFT that you can purchase is unlimited because there’s a wide range of ways to go about it.
It is possible to sell digital items, trading cards, game assets domain names, even physical assets! Consider what you believe will reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that separates OpenSea from the other options. There are zero gas fees when you utilize this feature when you make and then sell the NFTs. This means you’ll receive the maximum profits when you begin selling since you don’t need to pay on extra fees.
Very few NFT marketplaces offer this feature, so this can be a fantastic way to make a huge profit from your portfolio.
This Referral Program is another unique aspect of OpenSea to take note of. Like traditional online marketplaces there are benefits by referring a friend to OpenSea! If you invite a friend to join OpenSea and buy an NFT from the site, you’ll receive 2.50% of the sale amount, which allows you to make more money through this action.
Other NFT marketplaces don’t offer the same feature, so that’s just another benefit OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile application, however it is mainly used to browse the marketplace. It isn’t able to purchase or sell items as you scroll through the list.
The mobile apps of OpenSea are available on the two platforms of iOS and Android. Although you aren’t able to purchase or sell something, you can explore the products you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are available at your disposal, and you can exchange your fiat money for cryptocurrency on these platforms. Chania Nft
You can exchange your fiat currency using a your credit or debit card as well as Paypal through these trusted sites for cryptocurrency:
- Bittrex and more!
All of them have the option of converting them into ETH that is the standard crypto payment in OpenSea.
Although OpenSea can be described as an NFT marketplace that is open to all forms of cryptocurrency, the wallets still more compatible with it than other. Because it is based around the ETH blockchain, all wallets which are part of this network are appropriate for the site.
Here’s a list different crypto wallets you can utilize in OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each one has its own set of limitations like easy registration, mobile-only usage, and the function to buy cryptocurrency using credit cards. Chania Nft
To know more about it, you can check their FAQs for a rundown of how you can begin and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with advantages and drawbacks. OpenSea isn’t the only one to have this. You can view its pros and cons here:
- Mobile apps available that are compatible with iOS and Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalties 10% for artists (low royalty).
- You cannot buy or sell products via the mobile app.
- Only supports cryptocurrency as its type of payment.
- A Crypto wallet is required to access this marketplace.
OpenSea is accessible to everyone who has any crypto currency in their cryptocurrency 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 quickly regain that when you are actively selling since there’s no extra charge for it.
Frequently Asked Questions Chania Nft
What is OpenSea?
OpenSea is an NFT marketplace that is designed to give artists a chance for selling their artwork online and receive cryptocurrency as their form of payment. It’s an ideal option for artists who want to use the platform to market NFTs due to its no cost of gas and low commission fee rate which you are required to pay.
You can shop and browse a vast collection of digital goods in this NFT marketplace which is why you should definitely take a look!
Is OpenSea real and is it safe?
The short answer is yes! OpenSea has been a trusted marketplace since it was established on the 1st of December in the year of 2018. Because its system is built on a blockchain, it is safe to declare that transactions are secure and safe.
Furthermore, as a seller, you’ll be verified when you build up your reputation. A blue checkmark is placed next to your account or the collection that you have uploaded to assure every customer. The team at OpenSea regularly checks the content to ensure users are safe.
How can I earn royalties on OpenSea?
However, as an artist, you can get only 10% of the royalties once you upload the NFT. This is considered to be reasonably low compared to others NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) is frequently utilized on this website and many others to accommodate the increasing number of cryptocurrency users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can use to use OpenSea.
What are the payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. You can buy and sell cryptocurrency on reliable platforms using fiat currency. All you have just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea have a desktop or mobile application?
As mentioned before there’s an official mobile app by OpenSea for both iOS or Android. You can download it through 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 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/).