The crypto currency market is in a boom right now and you’re probably thinking where to invest your crypto-coins. There are numerous marketplaces popping up all over the web that allow users to sell and buy NFTs using cryptocurrency! OpenSea is one of them and is worth looking into.
If you’re well-versed in cryptocurrency you’ve probably heard about OpenSea previously for a valid reason. It’s one of the largest and leading marketplaces among users of cryptocurrency due to its safety and speedy transactions.
Get on board, and discover what you can do with OpenSea as well as examining the NFTs that you can see!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Digital Nft
The purpose to create OpenSea was to offer an online marketplace for artists to upload their commissions without any extra costs. It has more functions which allow you to market your work without having to deal with many issues.
For the registration process, you don’t have to provide too many details about yourself. All you need to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It can be as simple as that, without many hassles when you enter into NFTs.
The most well-known cryptocurrency that is used on 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 most processes. It is also based with the Polygon blockchain, which ensures lower costs and faster trading.
With these two types of blockchains, you can choose which one you want to transfer your NFT to as seller. This will ensure the security of your NFT and those who wish to purchase it. All transactions are made using this blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall where you can exchange your cryptocurrency or NFTs for other NFTs. You can purchase anything from the simplest domain name to official art from an artist you admire. Anyone can become a seller, but it takes time for anyone to become an established one.
There are a variety of NFTs in the collection of NFTs available at OpenSea and you can join in with the collection! You can set up your own marketplace on this site, as well as find NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent development for the cryptocurrency industry,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that the majority of young people have heard of it but not exactly sure what it means. Let’s take a look at what NFT is for those who are just beginning to get started in cryptocurrency.
One of the newest things you can buy includes an NFT. An NFT is a token that is non-fungible which is extremely unique and can’t be changed. This can be an item of rareness like mint-condition baseball trading cards or unique vinyl album.
There’s no limit on what an NFT can be as it’s a non-fungible item you’re selling online. More straightforwardly, you can simply think of as an NFT as a digital item that is paid for using cryptocurrency only.
Minting is like calling the shots to your NFTs. You are calling the owner of the item or token that you have uploaded to the marketplace, and you’re selling it. Usually, this becomes official when you have filled in the correct information about the NFT and then upload it to the marketplace.
On OpenSea It’s a very simple procedure to create your own NFTs by going to the store and create a collection! Input the appropriate and correct information regarding your NFT and choose what kind of settings you’d like to use to use it with (e.g., blockchain, payment tokens). After that then you’re able to upload it if it fits the limit of 100MB.
You can wait and observe how transactions progress from here on out to determine whether OpenSea is the best marketplace for you.
What NFTs can you get here?
In this moment you’re probably asking yourself the kind of NFTs you shop for here and what you can also sell if you decide to pursue that route. The kind of NFT it is unlimited because there’s a wide range of ways to go about it.
You can be selling trade cards, digital goods, game assets domain names, some physical items! Find out what you think will reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what separates OpenSea from the other options. There are no gas costs when you use this feature when you mint and sell NFTs. This simply means that you’ll get the most profit when you start selling because you don’t need to pay on any additional charges.
Not many NFT marketplaces provide this feature, which is why this can be a fantastic way to receive high profit from your NFT collection.
A Referral Program is a different aspect of OpenSea to admire. Like traditional online marketplaces that offer advantages by referring a friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from the site you’ll be rewarded with 2.50% of the sale amount, letting you make more money from this act.
Other NFT marketplaces don’t have this feature and that’s another benefit OpenSea has over them.
There’s an OpenSea mobile application, however it’s mostly to browse through the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listing.
The mobile apps from OpenSea are accessible for the two platforms of iOS and Android. While you’re not able to buy or sell things, you can at least 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 through these platforms. Digital Nft
You can convert your fiat currency using a the credit card, or Paypal through these trusted sites to exchange it for crypto:
- Bittrex and other things!
All of these have the option of converting them into ETH which is the primary cryptocurrency payment option in OpenSea.
Although OpenSea can be described as an NFT marketplace open to all forms of cryptocurrency, wallets are nonetheless more compatible than others. Because it is based around an ETH blockchain, any wallets with a connection to that network will be suitable for this site.
Here’s a list different crypto wallets which you can use with OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each has its own limitations, such as easy registration, only mobile usage as well as the capability to buy cryptocurrency using credit cards. Digital Nft
To know more about it to learn more, check out their FAQs for a rundown of how you can start and what other crypto wallets are compatible 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. You can view its pros and pros here:
- Available as mobile apps that are compatible with iOS and 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 world and NFTs.
- Allows royalty rates of 10% for artists (low royalty).
- Cannot buy or sell through this mobile application.
- Only accepts cryptocurrency as a method of payment.
- A Crypto digital wallet must be used to use this marketplace.
OpenSea is accessible to everyone who has any crypto currency in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. But overall, you can easily recover that amount when you actively sell because there’s no extra charge for it.
Frequently Asked Questions Digital Nft
What is OpenSea?
OpenSea is an NFT marketplace that aims to offer artists a way to market their work online to receive cryptocurrency as a method of payment. It’s a great platform for artists using for selling NFTs due to its low gas costs and low commission fee rate which you are required to pay.
You can shop and browse an array of digital items on the NFT marketplace which is why you should definitely check it out!
Is OpenSea legit & secure?
Short answer: Yes! OpenSea is a reputable marketplace since it was established in the year of 2018. Since its system is built on blockchain technology, it is safe to declare that transactions are secure and safe.
Furthermore, as a seller, you’ll be verified when you’ve earned a reputation. A blue checkmark will appear next to your account or collection you’ve uploaded to ensure the safety of anyone who buys from you. The OpenSea team reviews regularly the content to ensure users are secure.
How can I earn royalties on OpenSea?
However, as an artist, you will receive only up to 10% of the royalties once you upload the NFT. This is thought to be quite low in comparison to the other NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) can be widely utilized on this website and many others to accommodate the increasing number of crypto users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can utilize to access OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency through trusted platforms with fiat money. All you need be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea have a desktop/mobile application?
As we mentioned earlier There is an official mobile application from OpenSea that is available for iOS and Android. You can download it through their app store, and begin exploring the collection now!
A desktop application for OpenSea can be downloaded via WebCatalog. On the desktop app you can manage multiple accounts and receive notifications on updates regarding your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).