The crypto currency market is in a boom right now and you’re probably thinking what you can do with your crypto currency. Marketplaces are popping up across the web that allow users to buy and sell NFTs via cryptocurrency! OpenSea is among them, and it’s worth a look.
If you’re well-versed in cryptocurrency, you’ve likely heard of OpenSea previously for a valid reason. It’s now one of the largest and most popular marketplaces for cryptocurrency users because of its security and rapid transactions.
So, hop on board and let’s explore the possibilities of OpenSea and also see what NFTs you can view!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. After, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Does OpenSea Have A Stock
The aim to create OpenSea was to simply provide a platform/marketplace for artists to upload commissions with no additional fees. It also has additional functions that allow you to sell your work without having to deal with many issues.
When it comes to registration, you won’t have to provide too many details about yourself. All you have to do is connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It can be as simple as that without going through many hurdles as you walk into NFTs.
The most well-known cryptocurrency that is used in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it and is used for most processes. It is also based using the Polygon blockchain, which ensures low-cost and quicker trading.
There are two types of blockchains that are available it is possible to choose which one you would like to publish your NFT as a seller. This is to ensure the security of your NFT as well as those who would like to buy it. All transactions will be made along with this blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall that lets you trade your NFTs or cryptocurrency for other NFTs. You can buy anything the simplest domain name to an official artwork by an artist you admire. Anyone can sell, but it takes a while before anyone can become a reputable one.
There is a wide variety from the selection on OpenSea and you could join in with that! You can start your own market on this site, as well as find NFTs you’d like to buy for yourself.
What is an NFT?
A recent change in 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 have heard of it but aren’t sure exactly what it actually means. Let’s take a look at what NFT is for anyone who is new in cryptocurrency.
One of the newest things that you can buy with cryptocurrency is an NFT. The NFT is a non-fungible currency which is extremely individual and cannot be replaced. This can be a piece of rarity like authentic baseball cards or a rare vinyl record.
There’s no limit on what an NFT can be as it’s a non-fungible object you’re selling online. It is simpler to just think of the NFT as a digital collectible paid via cryptocurrency only.
Minting is like calling dibs to your NFTs. You are calling the ownership of the particular item that you have uploaded to the market place, but you’re offering it for sale. Typically, this is official once you fill out all the necessary information about the NFT and then add it on the market.
On OpenSea it’s a straightforward process to mint your NFTs. All you have to do is visit the store and create a collection! Input the appropriate and complete information about your NFT and select the type of settings you’d like to use it with (e.g., blockchain or payments tokens). Once that’s all done you are able to upload it if it fits the limit of 100MB.
You can wait and observe the way transactions are handled from here on out to determine if OpenSea is the marketplace for you.
What NFTs are available here?
At this point you’re probably thinking about which kind of NFT you shop for here, and what you could sell should you decide to go down that path. The type of NFT it isn’t limited since there’s a broad range of options for how to do it.
You can be selling digital items, trading cards game assets, domain names, and also physical goods! Consider what you believe will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what differentiates OpenSea from the others. There are zero gas fees for using this feature when you create and market NFTs. This simply means that you’ll receive the maximum profits when you sell because you won’t have to spend on extra fees.
There aren’t many NFT marketplaces have this feature, so this is a great way to earn a high return from your NFT collection.
The Referral Program is a different aspect of OpenSea to be admired. Like traditional online marketplaces, you can receive benefits by referring a friend to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from the site, you’ll receive 2.50 percent of the sales amount, letting you earn more money through this action.
Other NFT marketplaces don’t offer the same feature This is a further advantage OpenSea has over the other marketplaces.
There’s an OpenSea mobile app, but it is mainly used to browse the marketplace. Unfortunately, you can’t purchase or sell anything as you browse through the listings.
OpenSea’s mobile apps are available on the two platforms of iOS as well as Android. Although you aren’t able to purchase or sell things, you can explore the products you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are for you to use, and you can convert your fiat money into cryptocurrency using these platforms. Does OpenSea Have A Stock
You can swap the fiat currency you have with a your credit or debit card as well as Paypal via these reputable websites for cryptocurrency:
- Bittrex and other things!
All of them have the option to exchange for ETH that is the primary crypto payment in OpenSea.
Although OpenSea is an NFT marketplace open to all types of cryptocurrency, wallets are nonetheless more compatible than other. Because it is based on an ETH blockchain, all wallets that share this network are appropriate for this site.
Here is a list of different crypto wallets which you can use with OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each has its own limitations like easy registration, only mobile usage and the ability to buy cryptocurrency using a credit card. Does OpenSea Have A Stock
To know more about it, you can check their FAQs for a rundown of how you can get started and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all 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 cons here:
- Available as mobile apps for iOS as well as Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto market and NFTs.
- Allows royalty rates of 10% for artists (low royalty).
- You cannot buy or sell products on our mobile apps.
- Only supports cryptocurrency as its type of payment.
- An Crypto digital wallet must be used to access this marketplace.
OpenSea is open to everyone who has crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. However, overall, you will quickly regain that when you are actively selling since there’s no extra charge for it.
Frequently Asked Questions Does OpenSea Have A Stock
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to give artists a chance to sell their works online, and to accept cryptocurrency as a form of payment. It’s a great platform for artists who use it to sell NFTs due to its no gas costs and the low commission rate which you are required to pay.
You can browse and shop for the vast array of digital products on this NFT marketplace and you must go through it!
Is OpenSea legit & secure?
Short answer: Yes! OpenSea is a reputable marketplace since its inception on the 1st of December in the year 2018. Since its system is based on a blockchain, it is safe to declare that 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 on your account or any collection you’ve uploaded to ensure the safety of every customer. The OpenSea team reviews regularly the content to ensure that users are secure.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you will get only 10 percent of the royalties after you upload the NFT. This is believed to be quite low in comparison against the other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) can be frequently 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 cryptocurrencies that you can utilize for OpenSea.
What are the payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. You can buy and trade cryptocurrency using trusted platforms with fiat money. All you have just connect your debit or credit card to Paypal for the transaction.
Does OpenSea have a desktop/mobile application?
As previously mentioned, there is definitely an official mobile application from OpenSea for both iOS and Android. Install it from their app store, and begin browsing through the collection right now!
The desktop application for OpenSea which can be downloaded from WebCatalog. With the desktop application you can manage multiple accounts and receive 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/).