The crypto currency market is in a boom right now and you’re probably wondering where to invest your crypto currency. Marketplaces are popping up all over the web that allow users to buy and sell NFTs with cryptocurrency! OpenSea is among them and is worth checking out.
If you’re well-versed in cryptocurrency, you’ve likely heard of OpenSea previously for a valid reason. It’s one of the biggest and most popular marketplaces for users of cryptocurrency due to its security and quick transactions.
Get 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 review. Afterward, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Dwc Vs Nft
The purpose of OpenSea was to offer a platform/marketplace for artists to easily upload their commissions, without having to pay any additional fees. It has more functions that allow you to sell your art without too many issues.
For registration, you won’t have to worry about giving any personal information about yourself. All you have to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as simple as that without going through many hassles when you enter into NFTs.
The most widely-used cryptocurrency used within the OpenSea market is Ethereum (ETH). This market is built upon 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 allows for the lowest cost and speediest trading.
There are two types of blockchains that are available, you can choose which one you’d like to publish your NFT as a seller. This will ensure the security of your NFT and the people who want to buy it. All transactions will be made using this blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything as simple as a domain name, to a piece of art by an artist you admire. Anyone can be a seller however, it takes some time before anyone can become an established seller.
There’s a huge selection in the collection on OpenSea and you can also be a part of the collection! You can create your own personal market there, and also find NFTs you’d like to buy yourself.
What is an NFT?
In a recent development for the crypto market, the term “NFT” has been going around for so long on the internet that many millennials are familiar with it , but aren’t sure exactly what it is. Let’s look at what an NFT is for any beginners in cryptocurrency.
One of the new things that you can buy with cryptocurrency is an NFT. An NFT is a non-fungible token that is very exclusive and cannot be changed. It can be an item of any rarity like mint-condition baseball trading cards or a rare vinyl record.
There is no limit to what an NFT can be since it’s a non-fungible thing that you sell on the internet. In simpler terms, you could just think of an NFT as a digital item paid via cryptocurrency only.
Minting is like calling dibs for your personal NFTs. It is a way of claiming the ownership of the particular item you uploaded on market, as putting it up for sale. Usually, this is recognized when you have filled in all the necessary information about the NFT and then submit it for sale on.
On OpenSea It’s a very simple process to mint your NFTs by visiting the store and then creating a collection to start! Input the appropriate and complete information about your NFT and choose what kind of settings you’d like to use to use it with (e.g., blockchain, payment tokens). After that, you can finally upload it, if it’s within the limit of 100MB.
You can wait and observe how the transactions go from here on out to see whether OpenSea is the marketplace for you.
What NFTs are available here?
In this moment you’re probably thinking about the kind of NFTs can be found here, and what you could sell should you decide to pursue that route. The type of NFT that you can purchase isn’t limited because there’s a wide range of ways to approach it.
You could be selling trade cards, digital goods game assets, domain names, and also physical goods! Consider what you believe will yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what differentiates OpenSea from other companies. There are no gas costs for using this feature when you make and then sell the NFTs. This simply means that you’ll be able to make the highest profits once you start selling because you won’t need to spend on extra fees.
Very few NFT marketplaces provide this feature, so this can be a fantastic way to earn a high return from your NFT collection.
The Referral Program is another distinctive feature of OpenSea to admire. Like traditional online marketplaces that offer advantages by referring a friend to OpenSea! If you encourage a friend join OpenSea and buy an NFT from there, you’ll receive 2.50 percent of the purchase amount, which allows you to earn 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 is mainly used to browse through the marketplace. You can’t buy or sell items as you scroll through the list.
The mobile apps from OpenSea are accessible for the two platforms of iOS in addition to Android. Even though you can’t buy or sell things, you can explore the products you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are at your disposal, and you can exchange your fiat money for cryptocurrency using these platforms. Dwc Vs Nft
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!
All of them have the option of exchange for ETH that is the standard crypto payment in OpenSea.
While OpenSea has been described as being an NFT marketplace that is open to all types of cryptocurrency, wallets are nonetheless more compatible than others. Since it is built mainly using an ETH blockchain, wallets with a connection to this network are appropriate for this website.
Here’s a list various crypto wallets that you can utilize in OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each has its own limitations, such as easy registration, mobile-only usage and the ability to purchase cryptocurrency using a credit card. Dwc Vs Nft
For more information about the service to learn more, check out their FAQs for an overview of how you can begin and also what other crypto wallets work 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. It is possible to read about its pros and cons 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 rates).
- You cannot buy or sell products via this mobile application.
- Only accepts cryptocurrency as a form of payment.
- An Crypto wallet is required to use this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. But overall, you can quickly recover this amount if you sell regularly since there’s no additional cost for it.
Frequently Asked Questions Dwc Vs Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to give artists a chance to market their work online, and to accept cryptocurrency as a method of payment. It’s a great platform for artists using it to sell NFTs due to its low gas fees and low commission fee rate which you are required to pay.
You can browse and shop for an array of digital goods in this NFT marketplace, so you should check it out!
Is OpenSea legitimate and secure?
The short answer is yes! OpenSea has been a trusted marketplace since it was established in the year of 2018. Because its system is built on a blockchain that is secure, you can claim that your transactions are safe and secure.
In addition as a seller you’ll be verified when you build up your reputation. A blue checkmark is placed next to your account or any collection that you have uploaded to assure every customer. OpenSea’s team regularly reviews the content to ensure users are safe.
How do I earn royalties from OpenSea?
However, as an artist, you can be paid only 10% of the royalties once you have uploaded the NFT. This is considered to be reasonably low compared with the other NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) is widely utilized on this website and other sites to provide more cryptocurrency users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can utilize to use OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. You can easily purchase or trade cryptocurrency using trusted platforms with fiat money. All you have just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea have a desktop/mobile app?
As previously mentioned there’s an official mobile app from OpenSea that is available for iOS or Android. Download it at their respective app store and then you can begin exploring the collection right now!
There is also a desktop application for OpenSea can be downloaded via WebCatalog. With the desktop application, you can manage multiple accounts and receive notifications about updates to your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).