The crypto currency market is in a boom right now and you’re probably wondering where to invest your crypto-coins. Marketplaces are popping up across the internet, designed to sell and buy NFTs via cryptocurrency! OpenSea is one of them and is worth looking into.
If you’re interested in crypto you’ve probably heard about OpenSea prior to this for a valid reason. It has become one of the largest and leading marketplaces among users of cryptocurrency due to its security and quick transactions.
So, hop on board and discover the possibilities of OpenSea, along with checking what NFTs you can view!
Before you continue, you may want to watch 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.
OpenSea as an NFT Marketplace Does Nft Need A Airstone
The goal for OpenSea was to offer an online marketplace for artists to upload their commissions, without having to pay any additional fees. There are additional features 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 provide too many details about yourself. All you need to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It can be as simple as that and without many hurdles as you walk into NFTs.
The most popular cryptocurrency that is used within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it which is utilized for the majority of transactions. It is also based with the Polygon blockchain, which ensures lower costs and faster trading.
With these two types of blockchains that are available it is possible to choose which one you’d like to transfer your NFT to as a seller. This ensures the safety of your NFT as well as those who would like to purchase it. All transactions are made along with this blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall where you can exchange your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything as simple as a domain name, to a piece of art from an artist that you admire. Anyone can become a seller, but it takes a while before anyone can become an established seller.
There’s a huge selection of NFTs available on OpenSea, and you can join in with the collection! You can start your own personal market here, along with finding NFTs that you would like to purchase yourself.
What is an NFT?
In a recent development for the crypto market, the term “NFT” has been going around for so long on internet that a lot of millennials are familiar with it , but aren’t exactly sure what it is. Let’s break down what an NFT is for any beginners in the field of cryptocurrency.
One of the latest ways you can buy is an NFT. An NFT is a token that is non-fungible that is very exclusive and cannot be replaced. It can be an item of any rarity like authentic baseball cards, or a unique vinyl album.
There’s no limit to what an NFT could be, since it’s a non-fungible object you’re selling on the internet. In simpler terms, you could just imagine as an NFT being a virtual collectible that is paid for using cryptocurrency only.
Minting is similar to calling for dibs to your NFTs. You are calling ownership over that particular token/item you uploaded on market, as you’re putting it up for sale. Usually, this becomes official after you fill in the correct information about the NFT and finally add it on the market.
On OpenSea It’s a very simple process to mine your NFTs. All you have to do is visit the store and 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 or payments tokens). After you’ve completed the process then you’re able to upload it to the internet if it’s in the limit of 100MB.
You can watch and see how transactions progress from here on out to determine if OpenSea is the marketplace for you.
What NFTs are available here?
So, at this point, you’re probably wondering what kind of NFTs be purchased here, and what you could also sell if you decide to pursue that route. The type of NFT it can be is indefinite because there’s a wide range of how you can go about it.
It is possible to sell trade cards, digital goods, game assets domain names, some physical items! Find out what you think will bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what separates OpenSea from other companies. There’s no cost for gas when you use this feature to make and then sell the NFTs. This is essentially a way to ensure that you receive the maximum profits when you start selling because you don’t need to pay on additional fees.
There aren’t many NFT marketplaces provide this feature, which is why this can be a fantastic way to earn a high return from your NFT collection.
This Referral Program is another unique aspect of OpenSea to be admired. Similar to traditional online markets there are rewards when you refer your friend to OpenSea! If you invite a friend to join OpenSea and buy an NFT from there you’ll be rewarded with 2.50 percent of the sales amount, which means you can make more money from this act.
Other NFT marketplaces don’t have this kind of feature either and that’s another advantage OpenSea has over them.
There’s an OpenSea mobile app, but it’s mostly to browse through the marketplace. It isn’t able to purchase or sell anything as you browse through the listings.
The mobile apps of OpenSea are available on both iOS in addition to Android. While you’re not able to buy or sell things, you can browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available to you to convert your fiat money into cryptocurrency on these platforms. Does Nft Need A Airstone
You can convert your fiat currency using a credit card or Paypal on these reliable websites to exchange it for crypto:
- Bittrex, and many more!
Each of them has the option of converting them into ETH, which is the standard cryptocurrency payment option in OpenSea.
While OpenSea has been described as being an NFT marketplace open to all types of cryptocurrency, wallets are nonetheless more compatible than others. Since it is built mainly around an ETH blockchain, any wallets which are part of that network will be suitable for the site.
Here is a list of different crypto wallets you can use in OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each wallet has its own restrictions, such as easy registration, mobile-only usage, and the function to purchase cryptocurrency with a credit card. Does Nft Need A Airstone
To learn more about it, you can check their FAQs to see an overview of how you can get started and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and pros here:
- Mobile apps are available for 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 market and NFTs.
- Allows royalties 10% for artists (low royalty).
- Cannot buy or sell on this mobile application.
- Only supports cryptocurrency as its form of payment.
- A Crypto account is needed to use this marketplace.
OpenSea is available to anyone who has crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. In the end, you’ll quickly recover this amount if you sell regularly since there’s no extra charge for it.
Frequently Asked Questions Does Nft Need A Airstone
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to offer artists a way to market their work online and receive cryptocurrency as a method of payment. It’s an excellent platform for artists who use it to sell NFTs because of its zero gas costs and low commission fees that you have to pay.
You can browse and purchase an array of digital goods in this NFT marketplace and you must check it out!
Is OpenSea real and secure?
Short answer: Yes! OpenSea is a reputable marketplace since its inception in the year of 2018. Since the system it operates on is built on a blockchain that is secure, you can say that your transactions are secure and safe.
In addition, as a seller, you’ll be verified when you build up your reputation. A blue checkmark is placed to your account or the collection you uploaded to reassure any customer. OpenSea’s team regularly reviews the contents to ensure users are secure.
How can I earn royalties on OpenSea?
However, as an artist, you can receive only up to 10 percent of the royalties after you upload the NFT. This is believed to be a reasonable amount compared to other NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) can be commonly used on this site as well as many others to accommodate the increasing number of cryptocurrency users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can utilize for OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. You can buy and sell cryptocurrency through secure platforms that accept fiat money. All you need be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea have a desktop/mobile app?
As we mentioned earlier there’s an official mobile app from OpenSea for both iOS or Android. You can download it through their app store and begin exploring the collection now!
A version for desktops that OpenSea that can be downloaded through WebCatalog. On the desktop app you are able to manage multiple accounts and receive notifications on updates regarding 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/).