The cryptocurrency market is on the rise, and you’re probably wondering where you can invest your crypto coins. Markets have popped up across the digital web designed to buy and sell NFTs using cryptocurrency! OpenSea is among them, and it’s worth checking out.
If you’re interested in crypto you’ve probably heard about OpenSea prior to this for a valid reason. It’s now one of the largest and leading marketplaces among users of cryptocurrency due to its security and rapid transactions.
So, hop on board 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 watch this video by TopHatCat on YouTube that gives a quick overview. After, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Derrick Frost Nft
The goal to create OpenSea was to offer artists with a marketplace/platform to upload their commissions, without having to pay any additional charges. It has more functions that let you sell your work without having to deal with many problems.
When it comes to the registration process, you don’t have to give too many details about yourself. All you need to do is connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as simple as that without going through many hassles when you enter into NFTs.
The most popular cryptocurrency used on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it and is used for the majority of transactions. It also functions with the Polygon blockchain, which allows for lower costs and faster trading.
With these two types of blockchains, you can choose which one you’d like to publish your NFT as a seller. This ensures the safety of your NFT and those who wish to purchase it. All transactions are made along with this blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall where you can trade in your NFTs or cryptocurrency for other NFTs. You can purchase anything from as simple as a domain name, to a piece of art by an artist you admire. Anyone can become a seller, but 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 set up your own personal market there, and also find NFTs you’d like to buy 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 so long on the internet that many millennials are familiar with it but aren’t sure exactly what it is. Let’s look at what an NFT is for any beginners in cryptocurrency.
One of the latest ways that you can buy with cryptocurrency can be an NFT. A NFT is a token that is non-fungible that is exclusive and cannot be changed. It could be an item of any rareness, such as mint-condition baseball trading cards, or a unique vinyl album.
There’s no limit to what an NFT could be, since it’s a non-fungible item that you sell online. 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 for your personal NFTs. You’re claiming ownership over that particular token/item you uploaded on the market place, but putting it up for sale. Typically, this is official when you have filled in the correct information about the NFT and finally submit it for sale on.
On OpenSea, it’s a simple procedure to create your own NFTs by going to the store and then creating a collection to start! Input the appropriate and complete information about your NFT and then select what type of settings you want for it (e.g., blockchain, money transfer tokens). Once that’s all done, you can finally upload it to the internet if it’s in the limit of 100MB.
You can watch and see how the transactions go from now on to determine whether OpenSea is the best marketplace for you.
What NFTs can you find here?
At this point, you’re probably wondering the kind of NFTs be found here, and what you could also sell if you choose to go that route. The type of NFT it isn’t limited since there’s a broad range of how you can do it.
You could be selling trade cards, digital goods game assets, domain names, and even physical assets! Explore what you believe can bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what separates OpenSea from the other options. There’s no cost for gas when you use this feature to create and market NFTs. This simply means that you’ll be able to make the highest profits once you begin selling since you don’t need to pay on any additional charges.
Not many NFT marketplaces offer this feature, which is why this is great for you to earn a high return from your collection.
This Referral Program is a different aspect of OpenSea to admire. Like traditional online marketplaces, you can receive rewards when you refer a friend to OpenSea! If you encourage a friend join OpenSea and buy an NFT from there you’ll be rewarded with 2.50 percent of the sales amount, which allows you to make more money from this act.
Other NFT marketplaces don’t have the same feature and that’s another benefit OpenSea has over them.
There is an OpenSea mobile app, but it is mainly used to browse through the marketplace. It isn’t able to purchase or sell anything while you browse through the listings.
OpenSea’s mobile apps are available on both iOS as well as Android. While you’re not able to buy or sell something, you can browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are to you, and you can trade your fiat currency for cryptocurrency using these platforms. Derrick Frost Nft
You can convert your fiat money via your credit or debit card as well as Paypal via these reputable websites to exchange it for crypto:
- Bittrex and more!
Each of them has the option of exchange for ETH, which is the most common crypto payment in OpenSea.
While OpenSea has been described as being an NFT marketplace open to all kinds of cryptocurrency, wallets are nonetheless more compatible than others. Since it is built mainly using the ETH blockchain, all wallets which are part of that network will be suitable for the site.
Here is a list of several crypto wallets you can use in OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each wallet has its own restrictions like easy registration, use on mobile devices only and the ability to purchase cryptocurrency with the credit card. Derrick Frost Nft
For more information about the service, you can check their FAQs to get an overview of how you can begin and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has advantages and drawbacks. OpenSea isn’t an exception to this. It is possible to read about its pros and cons here:
- Available as mobile apps that are compatible with iOS and 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 royalties 10% to artists (low royalties).
- You cannot buy or sell products on this mobile application.
- Only accepts cryptocurrency as a form of payment.
- An Crypto account is needed to use this marketplace.
OpenSea is open to everyone who has crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. In the end, you’ll easily recover that amount when you actively sell because there’s no extra charge for it.
Frequently Asked Questions Derrick Frost Nft
What is OpenSea?
OpenSea is an NFT marketplace that aims to provide artists a platform to sell their works online and receive cryptocurrency as a form of payment. It’s a great platform for artists using the platform to market NFTs because of its zero gas fees and the low commission rate that you have to pay.
You can browse and purchase an array of digital products on this NFT marketplace, so you should check it out!
Is OpenSea legitimate and secure?
The short answer is yes! OpenSea is a reputable marketplace since it was founded in the year of 2018. Because its system is built on blockchain technology and is secured, it is safe to claim that your transactions are protected and secured.
Furthermore, as a seller, you’ll be verified when you have built up your credibility. A blue checkmark is placed on your account or collection you uploaded to reassure every customer. OpenSea’s team regularly reviews the contents to ensure users are protected.
How do I earn royalties on OpenSea?
As an artist, you’ll receive only up to 10 percent of the royalties when you upload the NFT. This is believed to be a reasonable amount compared to the other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) is frequently utilized on this website and many others to accommodate the increasing number of crypto users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can utilize for OpenSea.
What are the payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. You can easily purchase or trade cryptocurrency using reliable platforms using fiat currency. All you have be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea have a desktop/mobile app?
As previously mentioned There is an official mobile application from OpenSea that is available for iOS as well as Android. Download it at their respective app store, and then you can begin exploring the collection right now!
The Desktop application that OpenSea can be downloaded via WebCatalog. With the desktop application you are able to manage multiple accounts and get notifications about updates to 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/).