The cryptocurrency market is on the rise and you’re probably thinking where to invest your crypto currency. Markets have popped up all over the internet, designed to purchase and sell NFTs with cryptocurrency! OpenSea can be one, and it’s worth checking out.
If you’re interested in crypto you’ve probably heard of OpenSea before for a good reason. It’s one of the largest and most popular marketplaces for cryptocurrency enthusiasts due to its security and quick transactions.
Now hop aboard, and let’s explore what you can do with OpenSea and also see the NFTs available to view!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick review. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Difference Between Neft And Rtgs
The aim for OpenSea was to simply provide an online marketplace for artists to easily upload their commissions, without having to pay any additional charges. It has more functions which allow you to market your art without too many problems.
When it comes to registration, you won’t have to worry about giving any personal information about yourself. All you need to connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as easy as that and without many hurdles as you walk into NFTs.
The most widely-used cryptocurrency used within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system and is used for most processes. It is also based on the Polygon blockchain to ensure lower costs and faster trading.
With these two kinds of blockchains available, you can choose which one you want to transfer your NFT to as seller. This ensures the safety of your NFT as well as those who would like to purchase it. All transactions are made using this blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall where you can trade in your cryptocurrency or NFTs for other NFTs. You can purchase anything from the simplest domain name, to a piece of art from an artist that you admire. Anyone can be a seller, but it takes some time before anyone can become an established seller.
There is a wide variety in the collection on OpenSea and you can join in with the collection! You can create your own market there, and also find NFTs you’d like to buy for yourself.
What is an NFT?
A recent change in the crypto industry, the term “NFT” has been going around for so long on internet that many millennials are familiar with it but aren’t exactly sure what it means. Let’s look at what an NFT is for any beginners in cryptocurrency.
One of the new things you can purchase your cryptocurrency includes an NFT. The NFT is a non-fungible token that is unique and can’t be changed. It could be a piece of rareness like authentic baseball cards or a uncommon vinyl record.
There’s no limit to what an NFT can be since it’s a non-fungible thing that you sell on the internet. More straightforwardly, you can just think of as an NFT to be a type of digital item that is paid for using cryptocurrency only.
Minting is similar to calling for dibs for your personal NFTs. It is a way of claiming the ownership of the particular item you uploaded on the marketplace, and selling it. Usually, this becomes official once you fill out the proper information regarding the NFT and finally upload it to the marketplace.
On OpenSea it’s a straightforward procedure to create your own NFTs by going to the store and then making a collection to begin! Input the appropriate and correct information regarding your NFT and select the type of settings you want for it (e.g. blockchain and payment tokens). Once that’s all done, you can finally upload it if it fits the 100 MB limit.
You can wait and observe how the transactions go from here on out to see whether OpenSea is the right marketplace for you.
What NFTs can you get here?
At this point you’re probably asking yourself what kind of NFTs be purchased here and what kind of NFTs you can also sell if you choose to go down that path. The kind of NFT it can be is indefinite as there’s a variety of options for how to do it.
It is possible to sell digital products, trading cards game assets, domain names, and also physical goods! Explore what you believe can bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that differentiates OpenSea from the other options. There’s no cost for gas when you utilize this feature to mint and sell NFTs. This simply means that you’ll get the most profit when you begin selling since you won’t have to spend on any additional charges.
Very few NFT marketplaces have this feature, so this is great for you to make a huge profit from your portfolio.
The Referral Program is another unique aspect of OpenSea to be admired. Like traditional online marketplaces there are rewards when you refer a friend to OpenSea! If you invite a friend to join OpenSea and buy an NFT from there, you’ll receive 2.50 percent of the sales amount, which allows you to make more money through this action.
Other NFT marketplaces do not have the same feature, so that’s just another advantage OpenSea has over the other marketplaces.
There is an OpenSea mobile application, however it is mainly used for perusing through the marketplace. It isn’t able to purchase or sell items as you browse through the listing.
OpenSea’s mobile apps are available on both iOS and Android. While you’re not able to buy or sell something, you can browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are at your disposal You can also trade your fiat currency for cryptocurrency through these platforms. Difference Between Neft And Rtgs
You can exchange your fiat currency using a credit card or Paypal on these reliable websites for cryptocurrency:
- Bittrex and more!
All of them have the option of converting them into ETH, which is the primary cryptocurrency payment option in OpenSea.
Although OpenSea is an NFT marketplace that is open to all forms of cryptocurrency, the wallets nonetheless more compatible than other. Because it is based using an ETH blockchain, any wallets which are part of this network are appropriate for the site.
Here’s a list of various crypto wallets that you can use in OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each wallet has its own restrictions, such as easy registration, use on mobile devices only as well as the capability to buy cryptocurrency using a credit card. Difference Between Neft And Rtgs
For more information about the service You can go through their FAQs to get the steps you can begin and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has 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 as well as Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto market and NFTs.
- Allows royalties of only 10% to artists (low royalty rates).
- Cannot buy or sell through the mobile app.
- 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. When you are selling, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. In the end, you’ll quickly regain that when you actively sell because there’s no extra charge for it.
Frequently Asked Questions Difference Between Neft And Rtgs
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to give artists a chance to market their work online to receive cryptocurrency as their form of payment. It’s an excellent option for artists who want to use for selling NFTs due to its low gas costs and the low commission rate which you are required to pay.
You can browse and shop for the vast array of digital items on the NFT marketplace, so you should go through it!
Is OpenSea real and is it safe?
The short answer is yes! OpenSea has been a reliable marketplace since its inception at the end of the year of 2018. Because its system is built on a blockchain and is secured, it is safe to say that your transactions are protected and secured.
In addition, as a seller, you will be verified after you’ve earned a reputation. A blue checkmark will appear next to your account or the collection you’ve uploaded to ensure the safety of anyone who buys from you. OpenSea’s team regularly reviews the content to ensure that users are secure.
How can I earn royalties on 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 the other NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) can be widely used on this site and many others to accommodate many more crypto users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can use to use OpenSea.
What are the payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. You can buy and trade cryptocurrency using reliable platforms using fiat currency. All you have just connect your debit or credit card to Paypal for the transaction.
Does OpenSea have a desktop or mobile app?
As previously mentioned There is an official mobile app by OpenSea available for both iOS or Android. Download it at their respective app store, and you can start browsing through the collection right now!
The desktop application for OpenSea can be downloaded via WebCatalog. On the desktop app you can manage multiple accounts and get 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/).