The crypto currency market is in a boom right now and you’re probably wondering where you can invest your crypto coins. Marketplaces are popping up all over the digital web designed to buy and sell NFTs using cryptocurrency! OpenSea is one of them, and it’s worth a look.
If you’re interested in crypto you’ve likely heard of OpenSea before for a good reason. It’s now one of the largest and most popular marketplaces among users of cryptocurrency due to its security and rapid transactions.
So, hop on board and let’s explore the possibilities of OpenSea and also see what NFTs you can view!
Before you go on, you may want to watch 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 Create Nft Art
The aim for OpenSea was to provide a platform/marketplace for artists to upload commissions, without having to pay any additional fees. It also has additional functions that let you sell your work without having to deal with many difficulties.
When it comes to the registration process, you don’t have to worry about giving 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 without going through much hassle as you step into NFTs.
The most widely-used cryptocurrency that is used within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it which is utilized for the majority of transactions. It also functions using the Polygon blockchain, which allows for low-cost and quicker trading.
There are two types of blockchains available, you can choose which one you would like to transfer your NFT to as an seller. This will ensure the security of your NFT as well as those who would like to purchase it. All transactions are made using this blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless where you can exchange your NFTs or cryptocurrency for other NFTs. You can buy anything as simple as a domain name to an official artwork from an artist that you admire. Anyone can be a seller however, it takes a while for anyone to become an established one.
There is a wide variety in the collection at OpenSea, and you can become a part of this! You can start your own marketplace there, and also find NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent advancement for the crypto market,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that the majority of young people are familiar with it , but aren’t exactly sure what it is. Let’s break down what an NFT is for any beginners in cryptocurrency.
One of the latest ways you can buy includes an NFT. The NFT is a non-fungible currency which is extremely exclusive and cannot be replaced. This can be an item of rareness like rare baseball trading cards in mint condition, or a rare vinyl record.
There’s no limit to what an NFT can be as it’s a non-fungible thing you’re selling on the internet. More straightforwardly, you can simply consider an NFT to be a type of digital item that is paid for using cryptocurrency only.
Minting is like calling the shots on your own NFTs. It is a way of claiming the owner of the item or token that you posted to the market place, but you’re selling it. Usually, this becomes official when you have filled in the correct information about the NFT and finally add it on the market.
On OpenSea, it’s a simple procedure to create your own NFTs by going to the store and creating a collection to start! Complete the correct and accurate information about your NFT and then select what type of settings you’d like to use for it (e.g., blockchain, payments tokens). Once that’s all done you are able to upload it if it fits the limit of 100MB.
You can watch and see the way transactions are handled from here on out to determine if OpenSea is the best marketplace for you.
What NFTs are available here?
So, at this point you’re probably thinking about which kind of NFT can you shop for here and what kind of NFTs you can also sell if you choose to go that route. The type of NFT that you can purchase isn’t limited since there’s a broad range of ways to go about it.
It is possible to sell digital items, trading cards, game assets, domain names, and also physical goods! 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 sets OpenSea from the others. There are no gas costs when you utilize this feature when you create and market NFTs. This simply means that you’ll receive the maximum profits when you start selling because you won’t need to spend on any additional charges.
Not many NFT marketplaces have this feature, which is why this is a great way to earn a high return from your collection.
The Referral Program is another unique aspect of OpenSea to admire. Like traditional online marketplaces, you can receive rewards 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% of the sale amount, which allows you to earn more cash through this action.
Other NFT marketplaces don’t offer the same feature and that’s another advantage OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile app, but it’s mostly to browse the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listing.
OpenSea’s mobile apps are available for the two platforms of iOS and Android. While you’re not able to buy or sell anything, you can still at least browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are to you You can also exchange your fiat money for cryptocurrency using these platforms. Create Nft Art
You can exchange your fiat currency using a the credit card, or Paypal on these reliable websites for cryptocurrency:
- Bittrex, and more!
Each of them has the option of exchange for ETH that is the most common crypto payment in OpenSea.
While OpenSea is an NFT marketplace open to all forms of cryptocurrency, the wallets still more compatible with it than others. Because it is based using an ETH blockchain, wallets with a connection to this network are appropriate for this website.
Here’s a list of various crypto wallets that you can utilize in OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, mobile-only usage and the ability to purchase cryptocurrency with a credit card. Create Nft Art
For more information about the service You can go through their FAQs to see the steps you can get started and 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 an exception to this. It is possible to read about its pros and pros here:
- Mobile apps available for iOS as well as 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 market and NFTs.
- Allows royalties up to 10% for artists (low royalty).
- It is not possible to buy or sell items on the mobile app.
- Only accepts cryptocurrency as a form of payment.
- The use of a Crypto wallet is required to access this marketplace.
OpenSea is available to anyone who has crypto coins in their cryptocurrency wallets. When you are selling, 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 is no additional fee for it.
Frequently Asked Questions Create Nft Art
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to offer artists a way for selling their artwork online, and to accept cryptocurrency as a method of payment. It’s a great platform for artists who use the platform to market NFTs due to its no gas fees and low commission fee rate that you have to pay.
You can browse and shop for an array of digital goods in this NFT marketplace which is why you should definitely go through it!
Is OpenSea legit & secure?
Answer: Yes! OpenSea has been a reliable marketplace since it was founded on the 1st of December in 2018. Since its system is based on a blockchain that is secure, you can say that your transactions are protected and secured.
Additionally, as a seller, you can become verified once you have built up your credibility. A blue checkmark will be assigned next to your account or the collection you’ve uploaded to ensure the safety of anyone who buys from you. The OpenSea team reviews regularly the contents to ensure users are protected.
How can I earn royalties from OpenSea?
Unfortunately, as an artist, you will receive only up to 10 percent of the royalties when you upload the NFT. This is considered to be reasonably low compared with the other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) can be commonly used on this site as well as many others to accommodate many more crypto users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can utilize for OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. You can buy and sell cryptocurrency on secure platforms that accept fiat money. All you need be able to connect is your credit or Paypal for the transaction.
Does OpenSea have a desktop/mobile app?
As mentioned before there’s an official mobile app by OpenSea available for both iOS or Android. You can download it through their app store and then you can begin exploring the collection right now!
The Desktop application that OpenSea that can be downloaded through WebCatalog. With the desktop application, you can manage multiple accounts as well as receive notifications about updates to your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).