The crypto currency market is in a boom right now and you’re probably thinking where to invest your crypto currency. Marketplaces are popping up all over the digital web designed to sell and buy NFTs with cryptocurrency! OpenSea is among them and is worth a look.
If you’re well-versed in cryptocurrency you’ve likely heard of OpenSea before for a good reason. It has become one of the biggest and leading marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.
So, hop on board and let’s explore the possibilities of OpenSea, along with checking the NFTs that you can see!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Document Nft
The goal for OpenSea was to offer artists with a marketplace/platform to upload their commissions, without having to pay any additional costs. There are additional features that allow you to sell your art without too many difficulties.
For registration, you don’t need to give any personal information about yourself. All you need to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as simple as that and without much hassle as you step into NFTs.
The most widely-used cryptocurrency to use on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system which is utilized for the majority of transactions. It is also based on the Polygon blockchain to ensure lower costs and faster trading.
With these two kinds of blockchains available you can pick which one you want to publish your NFT as an seller. This is to ensure the security of your NFT and the people who want to buy it. All transactions are made along with this blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall where you can trade in your cryptocurrency or NFTs in exchange 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 sell, but it takes some time for anyone to be an established one.
There’s a huge selection of NFTs available at OpenSea and you can join in with this! You can start 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 market,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that a lot of millennials are familiar with it but not exactly sure what it is. Let’s take a look at what NFT is for any beginners in cryptocurrency.
One of the newest things you can buy is an NFT. The NFT is a non-fungible currency which is extremely unique and can’t be changed. It can be a piece of rareness, such as rare baseball trading cards in mint condition, or a uncommon 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 just consider an NFT to be a type of digital collectible that is paid for using cryptocurrency only.
Minting is like calling the shots to your NFTs. You are calling the ownership of the particular item you uploaded on the marketplace, and selling it. Typically, this is official once you fill out the correct information about the NFT and finally add it on the market.
On OpenSea it’s a straightforward procedure to create your own NFTs. All you have to do is visit the store and then making a collection to begin! Fill out the proper and accurate information about your NFT and select the type of settings you want to use it with (e.g., blockchain and money transfer tokens). After you’ve completed the process you are able to upload it, if it’s within the 100 MB limit.
It is possible to wait and see how transactions progress from here on out to see if OpenSea is the right marketplace for you.
What NFTs can you get here?
At this point you’re probably thinking about what kind of NFTs be purchased here and what you can also sell if you decide to pursue that route. The kind of NFT that you can purchase is indefinite as there’s a variety of options for how to do it.
You could be selling digital items, trading cards game assets domain names, even physical assets! 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 differentiates OpenSea from the other options. There are no gas costs for using this feature to create and market NFTs. This means you’ll be able to make the highest profits once you sell because you won’t have to spend on any additional charges.
Very few NFT marketplaces provide this feature, which is why this is great for you to earn a high return from your NFT collection.
A Referral Program is another distinctive feature of OpenSea to admire. Like traditional online marketplaces that offer benefits by referring your friend to OpenSea! If you invite a friend to join OpenSea and buy an NFT from the site you’ll be rewarded with 2.50% of the sale amount, which allows you to earn more cash by this method.
Other NFT marketplaces do not have the same feature, so that’s just another benefit OpenSea has over the other marketplaces.
There’s an OpenSea mobile app, but it’s mostly used to browse the marketplace. It isn’t able to purchase or sell items as you browse through the listing.
The mobile apps from OpenSea are accessible for both iOS and Android. While you’re not able to buy or sell something, you can at least look through the options you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are to you to convert your fiat money into cryptocurrency on these platforms. Document Nft
You can swap your fiat money via your credit or debit card as well as Paypal on these reliable websites for cryptocurrency:
- Bittrex, and many more!
All of them have the option to exchange for ETH which is the most common crypto payment in OpenSea.
While OpenSea is an NFT marketplace open to all forms of crypto, wallets are nevertheless more compatible than others. Because it is based using an ETH blockchain, all wallets which are part of the same network are suitable for the site.
Here is a list of several crypto wallets you can utilize in OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each one has its own set of limitations, such as easy registration, only mobile usage and the ability to purchase cryptocurrency with a credit card. Document Nft
To know more about it to learn more, check out their FAQs to see an overview of how you can begin and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and pros here:
- Available as mobile apps that are compatible with iOS as well as Android.
- Smart contracts can be used to perform transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalty rates of 10% for artists (low royalties).
- It is not possible to buy or sell items via this mobile application.
- Only supports cryptocurrency as its type of payment.
- The use of a Crypto wallet is required to use this marketplace.
OpenSea is open to everyone who owns any crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. In the end, you’ll quickly recover this amount if you actively sell because there’s no extra charge for it.
Frequently Asked Questions Document Nft
What is OpenSea?
OpenSea is an NFT marketplace that aims to provide artists a platform for selling their artwork online to receive cryptocurrency as their form of payment. It’s an ideal option for artists who want to use for selling NFTs because of its zero cost of gas and low commission fees you must pay.
You can shop and browse the vast array of digital items on the NFT marketplace and you must take a look!
Is OpenSea legit & safe?
Short answer: Yes! OpenSea has been a trusted marketplace since it was founded at the end of 2018. Since its system is built on blockchain technology and is secured, it is safe to declare that transactions are protected and secured.
Additionally 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 uploaded to reassure every customer. The OpenSea team reviews regularly the contents to ensure users are safe.
How can I earn royalties from OpenSea?
As an artist, you can be paid only 10 percent of the royalties after you have uploaded the NFT. This is considered to be reasonably low compared with other NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) has been frequently used on this site and many others to accommodate the increasing number of crypto users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of to use OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. You can easily purchase or sell cryptocurrency through reliable platforms using fiat currency. All you have just connect your debit or credit card to Paypal for the transaction.
Does OpenSea has a mobile or desktop app?
As previously mentioned there’s an official mobile application from OpenSea available for both iOS and Android. Install it from their app store, and then you can begin browsing through the collection right now!
There is also a desktop application for OpenSea that can be downloaded through WebCatalog. In the desktop application you can manage multiple accounts and receive alerts on any updates that affect your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).