Cryptocurrency is booming right now and you’re probably thinking where to invest your crypto-coins. Marketplaces are popping up all over the internet, designed to buy and sell NFTs with cryptocurrency! OpenSea can be one and is worth looking into.
If you’re familiar with cryptocurrency, you’ve probably heard about OpenSea previously for a valid reason. It’s one of the largest and leading marketplaces among cryptocurrency users because of its safety and speedy transactions.
Now hop aboard, and let’s see what you can do with OpenSea and also see the NFTs available to view!
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 our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Complete Nft Grow Kits
The goal to create OpenSea was to offer a platform/marketplace for artists to easily upload their commissions, without having to pay any additional costs. It also has additional functions which allow you to market your art without too many difficulties.
For the registration process, you don’t have to worry about giving all of your personal details. All you have to connect your crypto wallet–and voila!–you have an account with OpenSea! It can be as simple as that, without much hassle as you step into NFTs.
The most popular cryptocurrency used on 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 is also based on the Polygon blockchain to ensure lower costs and faster trading.
With these two kinds of blockchains that are available you can pick which one you would like to publish your NFT as a seller. This will ensure the security of your NFT as well as the people who want to purchase it. Every transaction will be conducted 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 endless online mall that lets you trade your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything as simple as a domain name to official art from an artist that you admire. Anyone can be a seller, but it takes a while for anyone to become an established one.
There is a wide variety of NFTs available at OpenSea and you could become a part of the collection! You can create your own market here, along with finding NFTs you want to purchase for yourself.
What is an NFT?
A recent change in the cryptocurrency industry”NFT” is a term that has been used in recent times “NFT” has been going around so long on the internet that many millennials are familiar with it , but aren’t sure exactly what it means. Let’s look at what an NFT is for anyone who is new in cryptocurrency.
One of the latest ways you can buy can be an NFT. An NFT is a non-fungible currency which is extremely individual and cannot be changed. This can be an item of any rarity like authentic baseball cards, or a unique vinyl album.
There is no limit to what an NFT can be since it’s a non-fungible object that you sell online. It is simpler to simply imagine an NFT to be a type of digital collectible that is paid for using cryptocurrency only.
Minting is like calling the shots to your NFTs. You are calling the ownership of the particular item that you posted to the marketplace, and offering it for sale. Usually, this is recognized after you fill in the correct information about the NFT and add it on the market.
On OpenSea It’s a very simple procedure to create your own NFTs. All you have to do is visit the store and simply creating a collection to start! Input the appropriate and complete information about your NFT and then select what type of settings you want to use it with (e.g., blockchain or money transfer tokens). After that you are able to upload it to the internet if it’s in the limit of 100MB.
You can watch and see how the transactions go from now to see if OpenSea is the right marketplace for you.
What NFTs can you get here?
In this moment, you’re probably wondering which kind of NFT you shop for here, and what you could also sell if you choose to pursue that route. The type of NFT it is unlimited because there’s a wide range of how you can approach it.
You could be selling digital products, trading cards, game assets, domain names, and some physical items! Find out what you think will bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that separates OpenSea from other companies. There are no gas costs when you utilize this feature when you make and then sell the NFTs. This is essentially a way to ensure that you be able to make the highest profits once you begin selling since you won’t need to spend on additional fees.
Not many NFT marketplaces provide this feature, so this can be a fantastic way to receive high profit from your NFT collection.
A Referral Program is another distinctive feature of OpenSea to admire. Like traditional online marketplaces, you can receive advantages by referring a friend to OpenSea! If you encourage a friend join OpenSea and buy an NFT from the site you’ll be rewarded with 2.50% of the sale amount, letting you make more money by this method.
Other NFT marketplaces don’t have this feature This is a further advantage OpenSea has over the other marketplaces.
There’s an OpenSea mobile app, but it’s mostly used to browse the marketplace. It isn’t able to purchase or sell anything while you browse through the listing.
The mobile apps of OpenSea are available on the two platforms of iOS and Android. While you’re not able to buy or sell things, you can at least explore the products you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available for you to use You can also trade your fiat currency for cryptocurrency on these platforms. Complete Nft Grow Kits
You can convert your fiat currency using a credit card or Paypal on these reliable websites for cryptocurrency:
- Bittrex, and other things!
Each of them has the option to exchange for ETH which is the primary cryptocurrency used in OpenSea.
Although OpenSea is an NFT marketplace that is open to all types of cryptocurrency, the wallets nonetheless more compatible than other. Because it is based on the ETH blockchain, any wallets with a connection to the same network are suitable for the site.
Here’s a list of several crypto wallets you can use in OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each has its own limitations including simple registration, mobile-only usage, and the function to purchase cryptocurrency using a credit card. Complete Nft Grow Kits
For more information about the service to learn more, check out their FAQs to see an overview of how you can get started and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and cons here:
- Mobile apps are available for iOS or Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
- Allows royalty rates of up to 10% for artists (low royalties).
- It is not possible to buy or sell items through our mobile apps.
- Only supports cryptocurrency as its form of payment.
- A Crypto account is needed to access this marketplace.
OpenSea is available to anyone who has crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. However, overall, you will easily recover that amount when you actively sell because there is no additional fee for it.
Frequently Asked Questions Complete Nft Grow Kits
What is OpenSea?
OpenSea is an NFT marketplace that seeks to give artists a chance to market their work online and receive cryptocurrency as their form of payment. It’s an excellent option for artists who want to use it to sell NFTs due to its no cost of gas and the low commission rate which you are required to pay.
You can shop and browse a vast collection of digital products on this NFT marketplace which is why you should definitely check it out!
Is OpenSea legit & is it safe?
The short answer is yes! OpenSea is a reputable marketplace since it was founded in 2018. Since its system is based on a blockchain, it is safe to declare that transactions are safe and secure.
Furthermore as a seller you’ll be verified when you build up your reputation. A blue checkmark is placed to 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 do I earn royalties on OpenSea?
Unfortunately, as an artist, you can be paid only 10 percent of the royalties when you have uploaded the NFT. This is believed to be quite low in comparison against the other NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) has been frequently used on this site and other sites to provide more crypto users. These are other cryptos you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of to use OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. You can easily purchase or trade cryptocurrency using trusted platforms with fiat money. All you need just connect your debit or credit card to Paypal for the transaction.
Does OpenSea has a mobile or desktop app?
As we mentioned earlier there’s an official mobile app from OpenSea that is available for iOS and Android. Download it at their respective app store, and you can start exploring the collection right now!
There is also a version for desktops that OpenSea that can be downloaded through WebCatalog. In the desktop application you are able to manage multiple accounts as well as receive alerts on any updates that affect 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/).