The cryptocurrency market is on the rise and you’re probably thinking where to invest your crypto coins. Markets have popped up all over the digital web designed to buy and sell NFTs using cryptocurrency! OpenSea is among them, and it’s worth looking into.
If you’re familiar with cryptocurrency you’ve likely heard of OpenSea prior to this for a valid reason. It’s now one of the biggest and leading marketplaces among users of cryptocurrency due to its security and quick transactions.
Now hop aboard, and let’s see what you can do with OpenSea as well as examining the NFTs available to view!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick review. Afterward, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Ebay Nft
The goal to create OpenSea was to offer an online marketplace for artists to easily upload their commissions with no additional costs. There are additional features which allow you to market your work without having to deal with many problems.
When it comes to registration, you won’t have to worry about giving too many details about yourself. All you need to do is connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as simple as that, without many hassles when you enter into NFTs.
The most popular cryptocurrency used within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it and is used to carry out the majority of processes. It also operates on the Polygon blockchain, which ensures lower costs and faster trading.
There are two types of blockchains that are available you can pick which one you would like to upload your NFT on as seller. This is to ensure the security of your NFT and the people who want to purchase it. All transactions will be made by using the blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an online shopping mall that is endless where you can trade in your NFTs or cryptocurrency for other NFTs. You can buy anything as simple as a domain name, to a piece of art from an artist that you admire. Anyone can be a seller, but it takes some time for anyone to become an established seller.
There are a variety of NFTs from the selection at OpenSea and you can also be a part of this! You can create your own market on this site, as well as find NFTs you’d like to buy for yourself.
What is an NFT?
In a recent advancement for the crypto market,”NFT,” a popular term in the crypto industry “NFT” has been going around so long on the internet that the majority of young people are familiar with it but not exactly sure what it is. Let’s look at what an NFT is for anyone who is new in the field of cryptocurrency.
One of the new things you can purchase your cryptocurrency is an NFT. A NFT is a token that is non-fungible that is individual and cannot be replaced. This can be an item of any rareness, such as mint-condition baseball trading cards or uncommon vinyl record.
There’s no limit to what an NFT can be as it’s a non-fungible item you’re selling online. In simpler terms, you could just think of as an NFT being a virtual item that is paid for using cryptocurrency only.
Minting is like calling dibs to your NFTs. You’re claiming ownership over that particular token/item you uploaded on market, as selling it. Usually, this becomes official after you fill in the proper information regarding the NFT and then upload it to the marketplace.
On OpenSea, it’s a simple process to mint your NFTs by going to the store and then creating a collection to start! Complete the correct and correct information regarding your NFT and select the type of settings you want to use it with (e.g., blockchain, payments tokens). Once that’s all done you are able to upload it, if it’s within the limit of 100MB.
You can wait and observe how transactions progress from now to see whether OpenSea is the best marketplace for you.
What NFTs can you get here?
So, at this point you’re probably thinking about what kind of NFTs can be found here, and what you could also sell if you decide to go down that path. The type of NFT that you can purchase is indefinite as there’s a variety of how you can approach it.
You could be selling digital items, trading cards games, domain names, and also physical goods! Find out what you think will reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that differentiates OpenSea from the others. There’s no cost for gas when you utilize this feature to create and market NFTs. This simply means that you’ll receive the maximum profits when you begin selling since you won’t need to spend on any additional charges.
There aren’t many NFT marketplaces have this feature, so this is great for you to earn a high return from your NFT collection.
This Referral Program is a different aspect of OpenSea to be admired. Like traditional online marketplaces there are benefits when you refer your friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from there you’ll earn 2.50% of the sale amount, which allows you to earn more money through this action.
Other NFT marketplaces do not have this feature and that’s another benefit OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile app, but it’s mostly to browse through the marketplace. You can’t buy or sell anything as you browse through the listings.
The mobile apps from OpenSea are accessible on both iOS and Android. While you’re not able to buy or sell things, you can browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available at your disposal, and you can convert your fiat money into cryptocurrency through these platforms. Ebay Nft
You can swap your fiat money via credit card or Paypal on these reliable websites for cryptocurrency:
- Bittrex and other things!
All of these have the option to exchange for ETH, which is the standard cryptocurrency used in OpenSea.
While OpenSea is an NFT marketplace open to all kinds of cryptocurrency, the wallets nevertheless more compatible than other. Because it is based using an ETH blockchain, any wallets which are part of the same network are suitable for this website.
Here’s a list various crypto wallets that which you can use with OpenSea:
- Authereum and many more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each has its own limitations like easy registration, mobile-only usage and the ability to buy cryptocurrency using the credit card. Ebay Nft
For more information about the service, you can check their FAQs for the steps you can get started 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 drawbacks. OpenSea isn’t an exception to this. You can read about its pros and pros here:
- Mobile apps are available for iOS as well as Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalty rates of up to 10% for artists (low royalty rates).
- Cannot buy or sell via this mobile application.
- Only supports cryptocurrency as its method of payment.
- The use of a Crypto digital wallet must be used to use this marketplace.
OpenSea is available to anyone who has crypto coins in their crypto wallets. When you are 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 are actively selling since there is no additional fee for it.
Frequently Asked Questions Ebay Nft
What is OpenSea?
OpenSea is an NFT marketplace that aims to give artists a chance for selling their artwork online, and to accept cryptocurrency as a method of payment. It’s an excellent option for artists who want to use the platform to market NFTs due to its low gas fees and low commission fee rate that you have to pay.
You can browse and shop for the vast array of digital items on the NFT marketplace which is why you should definitely take a look!
Is OpenSea real and is it safe?
Short answer: Yes! OpenSea is a reputable marketplace since its inception at the end of the year of 2018. Since the system it operates on is built on blockchain technology and is secured, it is safe to claim that your transactions are safe and secure.
Additionally as a seller you will be verified after you have built up your credibility. A blue checkmark will be assigned next to your account or collection you uploaded to reassure every customer. OpenSea’s team regularly reviews the contents to ensure users are safe.
How do I earn royalties from OpenSea?
However, as an artist, you will be paid only 10% of the royalties once you have uploaded the NFT. This is believed to be quite low in comparison against other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) is widely utilized on this website and numerous others to cater for the increasing number of cryptocurrency users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can utilize to use OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency on trusted platforms with fiat money. All you have to do is connect your credit card or Paypal for the transaction.
Does OpenSea has a mobile or desktop application?
As previously mentioned there’s an official mobile app by OpenSea available for both iOS and Android. Download it at their respective app store and you can start exploring the collection now!
A Desktop application that OpenSea can be downloaded via WebCatalog. With the desktop application, you can manage multiple accounts as well as 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/).