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 across the internet, designed to sell and buy NFTs via cryptocurrency! OpenSea is one of them and is worth looking into.
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 leading marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.
Now hop aboard, and let’s explore the possibilities of OpenSea as well as examining what NFTs you can view!
Before you continue, you may want to watch 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 Edu And Nft
The purpose for OpenSea was to provide artists with a marketplace/platform to upload their commissions without any extra fees. It also has additional functions which allow you to market your artwork without any problems.
For registration, you won’t have to provide any personal information about yourself. All you need to do is connect your crypto wallet and voila! You have an account on OpenSea! It’s as simple as that, without many hurdles as you walk into NFTs.
The most well-known cryptocurrency that is used on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system, and this is used for the majority of transactions. It is also based with the Polygon blockchain, which ensures low-cost and quicker trading.
There are two types of blockchains that are available, you can choose which one you would like to transfer your NFT to as a seller. This ensures the safety of your NFT and those who would like 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 marketplace that lets you trade your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything as simple as a domain name to an official artwork by an artist you admire. Anyone can sell, but it takes a while for anyone to become an established one.
There is a wide variety from the selection of NFTs available at OpenSea, and you can also be a part of the collection! You can create 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 the majority of young people have heard of it but not exactly sure what it is. Let’s break down what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the new things you can buy can be an NFT. A NFT is a non-fungible token that is very individual and cannot be substituted. This can be a piece of rareness like mint-condition baseball trading cards or unique vinyl album.
There’s no limit to what an NFT could be, since it’s a non-fungible item that you sell online. It is simpler to just think of as an NFT as a digital collectible paid via cryptocurrency only.
Minting is like calling dibs to your NFTs. You’re claiming ownership over that particular token/item that you have uploaded to the market place, but offering it for sale. Usually, this is recognized when you have filled in the proper information regarding the NFT and then submit it for sale on.
On OpenSea, it’s a simple process to mine your NFTs by visiting the store and creating a collection to start! Input the appropriate and accurate information about your NFT and then select what type of settings you’d like to use to use it with (e.g. blockchain or payment tokens). Once that’s all done, you can finally upload it if it fits the limit of 100MB.
You can wait and observe how transactions progress from now on to see whether OpenSea is the marketplace for you.
What NFTs can you get here?
So, at this point you’re probably thinking about which kind of NFT be purchased here and what kind of NFTs you can sell should you decide to go down that path. The kind of NFT it can be is indefinite because there’s a wide range of options for how to do it.
You can 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 features is one of the things that differentiates OpenSea from other companies. There are no gas costs when you utilize this feature to make and then sell the NFTs. This is essentially a way to ensure that you receive the maximum profits when you begin selling since you won’t have to spend on extra fees.
There aren’t many NFT marketplaces have this feature, which is why this is a great way to earn a high return from your portfolio.
A Referral Program is a different aspect of OpenSea to take note of. Like traditional online marketplaces that offer advantages by referring your friend to OpenSea! If you encourage a friend join OpenSea and buy an NFT from there you’ll earn 2.50 percent of the sales amount, letting you make more money from this act.
Other NFT marketplaces do not have this kind of feature either and that’s another benefit OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile app, but it is mainly used to browse through the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listings.
The mobile apps from OpenSea are accessible for both iOS in addition to Android. Even though you can’t buy or sell things, you can at least look through the options you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available to you, and you can trade your fiat currency for cryptocurrency through these platforms. Edu And Nft
You can swap your fiat money via your credit or debit card as well as Paypal via these reputable websites to exchange it for crypto:
- Bittrex and more!
All of them have the option of exchange for ETH that is the primary cryptocurrency payment option in OpenSea.
While OpenSea can be described as an NFT marketplace that is open to all types of cryptocurrency, the wallets nonetheless more compatible than others. Because it is based around the ETH blockchain, all wallets that share this network are appropriate for the site.
Here’s a list of several crypto wallets you can use in OpenSea:
- Authereum and more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations, such as easy registration, mobile-only usage, and the function to buy cryptocurrency using the credit card. Edu And Nft
For more information about the service to learn more, check out their FAQs to see an overview of how you can begin and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has its 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 that are compatible with iOS as well as Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
- Allows royalty rates of up to 10% for artists (low royalty rates).
- It is not possible to buy or sell items via our mobile apps.
- Only accepts cryptocurrency as a method of payment.
- The use of a Crypto wallet is required to use this marketplace.
OpenSea is available to anyone who has crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. But overall, you can quickly regain that when you are actively selling since there’s no extra charge for it.
Frequently Asked Questions Edu And Nft
What is OpenSea?
OpenSea is an NFT marketplace that aims to give artists a chance to market their work online and receive cryptocurrency as a form of payment. It’s an excellent option for artists who want to use it to sell NFTs due to its no cost of gas and the low commission rate you must pay.
You can browse and purchase the vast array of digital items on the NFT marketplace which is why you should definitely take a look!
Is OpenSea real and safe?
Short answer: Yes! OpenSea has been a reliable marketplace since its inception at the end of the year of 2018. Since the system it operates on is based on a blockchain and is secured, it is safe to 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 will appear on your account or the collection that you have uploaded to assure every customer. The team at OpenSea regularly checks the content to ensure users are safe.
How do I earn royalties from OpenSea?
However, as an artist, you’ll be paid only 10 percent of the royalties when you upload the NFT. This is thought to be a reasonable amount compared against others NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) can be commonly used on this site as well as numerous others to cater for more crypto users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can utilize to access OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. You can buy and sell cryptocurrency through trusted platforms with 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 mentioned before, there is definitely an official mobile app from OpenSea for both iOS as well as Android. Install it from their app store and you can start browsing through the collection right now!
The version for desktops that OpenSea can be downloaded via WebCatalog. On the desktop app, you can manage multiple accounts as well as 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/).