Cryptocurrency is booming right now and you’re probably thinking where you can invest your crypto currency. There are numerous marketplaces popping up all over the web that allow users to purchase and sell NFTs via cryptocurrency! OpenSea is among them, and it’s worth checking out.
If you’re familiar with cryptocurrency you’ve probably heard about OpenSea prior to this for a valid reason. It’s now one of the biggest and leading marketplaces among cryptocurrency users because of its security and quick transactions.
Get on board, and let’s see the possibilities of OpenSea as well as examining the NFTs available to view!
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 the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Digital Frame For Nft
The goal of OpenSea was to offer a platform/marketplace for artists to easily upload their commissions without any extra charges. There are additional features which allow you to market your artwork without any issues.
When it comes to the registration process, you don’t have to provide any personal information about yourself. All you need to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It can be as simple as that, without many hassles when you enter into NFTs.
The most popular cryptocurrency used in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system which is utilized for most processes. It also operates on the Polygon blockchain, which allows for the lowest cost and speediest trading.
With these two kinds of blockchains it is possible to choose which one you’d like to upload your NFT on as a seller. This is to ensure the security of your NFT and those who would like to buy 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 is like an endless online mall that lets you trade your cryptocurrency or NFTs for other NFTs. You can purchase anything from just a domain name to official art by an artist you admire. Anyone can become a seller, but it takes a while for anyone to become a reputable one.
There is a wide variety in the collection on OpenSea, and you can join in with this! You can set up your own marketplace there, and also find NFTs you’d like to buy yourself.
What is an NFT?
In a recent advancement for the crypto industry,”NFT” is a term that has been used in recent times “NFT” has been going around so long on the internet that the majority of young people are familiar with it , but not exactly sure what it actually means. Let’s look at what an NFT is for anyone who is new in the field of cryptocurrency.
One of the new things that you can buy with cryptocurrency can be an NFT. An NFT is a token that is non-fungible which is extremely individual and cannot be substituted. It can be an item of any rareness, such as rare baseball trading cards in mint condition, or a unique vinyl album.
There is no limit to what an NFT can be since it’s a non-fungible object you’re selling online. It is simpler to simply consider an NFT to be a type of digital collectible which is only paid in cryptocurrency.
Minting is like calling dibs to your NFTs. You are calling the ownership of the particular item you uploaded on the market place, but you’re putting it up for sale. Usually, this becomes official once you fill out 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 by going to the store and then creating a collection to start! Input the appropriate and accurate information about your NFT and then select what type of settings you want to use it with (e.g., blockchain, payment tokens). After that, you can finally upload it to the internet if it’s in the limit of 100MB.
It is possible to wait and see the way transactions are handled from now on to see if OpenSea is the right marketplace for you.
What NFTs can you get here?
At this point you’re probably asking yourself which kind of NFT be purchased here, and what you could also sell if you choose to pursue that route. The type of NFT it isn’t limited as there’s a variety of how you can do it.
You can be selling trade cards, digital goods games, domain names, and also physical goods! Consider what you believe will bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that sets OpenSea from the other options. There are no gas costs when you use this feature to make and then sell the NFTs. This simply means that you’ll receive the maximum profits when you start selling because you won’t have to spend on extra fees.
Not many NFT marketplaces offer this feature, and it is a great way to earn a high return from your collection.
A Referral Program is another unique aspect of OpenSea to be admired. Like traditional online marketplaces that offer advantages by referring someone else to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from the site you’ll earn 2.50 percent of the purchase amount, which means you can earn more money from this act.
Other NFT marketplaces don’t have the same feature This is a further benefit OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile app, but it is mainly used for perusing through the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listings.
OpenSea’s mobile apps are available for both iOS as well as Android. Even though you can’t buy or sell anything, you can still look through the options you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are at your disposal You can also exchange your fiat money for cryptocurrency on these platforms. Digital Frame For Nft
You can convert the fiat currency you have with a credit card or Paypal via these reputable websites to exchange it for crypto:
- Bittrex, and other things!
All of them have the option to exchange for ETH that is the primary cryptocurrency used in OpenSea.
While OpenSea can be described as an NFT marketplace open to all types of cryptocurrency, the wallets nevertheless more compatible than others. Since it is built around an ETH blockchain, all wallets which are part of the same network are suitable for this website.
Here is a list of several crypto wallets which you can use with OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each one has its own set of limitations including simple registration, mobile-only usage, and the function to purchase cryptocurrency using a credit card. Digital Frame For Nft
To learn more about it to learn more, check out their FAQs to get an overview of how you can get started and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets, each one has its advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and cons here:
- Mobile apps available for iOS or Android.
- Smart contracts are used for transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalties of only 10% to artists (low royalty rates).
- Cannot buy or sell via our mobile apps.
- Only accepts cryptocurrency as a type of payment.
- A Crypto account is needed to access this marketplace.
OpenSea is open to everyone who has crypto coins in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. However, overall, you will easily recover that amount when you are actively selling since there’s no additional cost for it.
Frequently Asked Questions Digital Frame For Nft
What is OpenSea?
OpenSea is an NFT marketplace that aims to provide artists a platform to market their work online to receive cryptocurrency as a form of payment. It’s an excellent platform for artists who use it to sell NFTs due to its no gas costs and low commission fees which you are required to pay.
You can shop and browse an array of digital goods in this NFT marketplace, so you should go through it!
Is OpenSea legitimate and is it safe?
The short answer is yes! OpenSea is a reputable marketplace since its inception in the year of 2018. Because its system is built on a blockchain that is secure, you can declare that transactions are safe and secure.
Furthermore as a seller you can become verified once you have built up your credibility. A blue checkmark will be assigned on your account or collection that you have uploaded to assure every customer. The team at OpenSea regularly checks the content to ensure that users are safe.
How can I earn royalties on OpenSea?
As an artist, you will receive only up to 10 percent of the royalties after you upload the NFT. This is believed to be reasonably low compared with the other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) is commonly used on this site as well as numerous others to cater for many more cryptocurrency users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can make use of for OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. You can easily purchase or sell cryptocurrency on secure platforms that accept fiat money. All you need just connect your debit or credit card to Paypal for the transaction.
Does OpenSea have a desktop or mobile application?
As mentioned before, there is definitely an official mobile app from OpenSea that is available for iOS and Android. Install it from their app store and begin browsing through the collection right now!
The Desktop application that OpenSea can be downloaded via WebCatalog. In the desktop application you can manage multiple accounts and get alerts on any updates that affect 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/).