The crypto currency market is in a boom right now and you’re probably wondering where you can invest your crypto coins. There are numerous marketplaces popping up across the digital web designed to sell and buy NFTs with cryptocurrency! OpenSea is among them, and it’s worth checking out.
If you’re well-versed in cryptocurrency, you’ve likely heard of OpenSea before for a good reason. It’s now one of the largest and most popular marketplaces for cryptocurrency enthusiasts due to its security and rapid transactions.
Now hop aboard, and let’s see what you can do with OpenSea, along with checking the NFTs available to view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick review. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Ehat Is Nft
The goal of OpenSea was to simply provide a platform/marketplace for artists to upload commissions, without having to pay any additional charges. It also has additional functions that allow you to sell your work without having to deal with many difficulties.
For the registration process, you don’t have to provide any personal information about yourself. All you have to connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as easy as that without going through many hassles when you enter into NFTs.
The most well-known cryptocurrency that is used in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology which is utilized for the majority of transactions. It is also based on the Polygon blockchain, which ensures low-cost and quicker trading.
There are two types of blockchains, you can choose which one you want to publish your NFT as a seller. This will ensure the security of your NFT as well as those who wish to purchase it. All transactions will be made by using the blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace where you can trade in your cryptocurrency or NFTs for other NFTs. You can buy anything as simple as a domain name to an official artwork by an artist you admire. Anyone can sell, but it takes a while before anyone can become an established seller.
There’s a huge selection of NFTs available at OpenSea and you can also be a part of that! You can create your own personal market there, and also find NFTs you want to purchase 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 for so long on the internet that the majority of young people are familiar with it but aren’t sure exactly what it means. Let’s look at what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the latest ways you can buy can be an NFT. A NFT is a token that is non-fungible that is very unique and can’t be substituted. This can be an item of any rareness, such as rare baseball trading cards in mint condition or unique vinyl album.
There’s no limit on what an NFT could be, since it’s a non-fungible thing you’re selling on the internet. It is simpler to simply imagine an NFT as a digital item that is paid for using cryptocurrency only.
Minting is like calling dibs to your NFTs. You are calling ownership over that particular token/item you uploaded on the marketplace, and selling it. Typically, this is official once you fill out the correct information about the NFT and then upload it to the marketplace.
On OpenSea It’s a very simple process to mint your NFTs. All you have to do is visit the store and then making a collection to begin! Input the appropriate and accurate information about your NFT and choose what kind of settings you want for it (e.g., blockchain, payment tokens). After you’ve completed the process you are able to upload it, if it’s within the limit of 100MB.
It is possible to wait and see how the transactions go from now on to determine if OpenSea is the best marketplace for you.
What NFTs can you find here?
In this moment, you’re probably wondering what kind of NFTs you shop for here and what you can sell should you decide to go that route. The kind of NFT it is indefinite since there’s a broad range of how you can do it.
You can be selling digital products, trading cards, game assets domain names, even physical assets! Consider what you believe will reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that sets OpenSea from the other options. There are no gas costs when you utilize this feature to create and market NFTs. This means you’ll be able to make the highest profits once you start selling because you don’t need to pay on extra fees.
Very few NFT marketplaces offer this feature, so this can be a fantastic way to make a huge profit from your portfolio.
This Referral Program is another unique aspect of OpenSea to admire. Like traditional online marketplaces there are advantages by referring someone else to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from there, you’ll receive 2.50 percent of the purchase amount, letting you make more money by this method.
Other NFT marketplaces don’t offer this feature, so that’s just another benefit OpenSea has over them.
There is an OpenSea mobile app, but it’s mostly used to browse the marketplace. You can’t buy or sell anything as you scroll through the list.
The mobile apps of OpenSea are available for the two platforms of iOS as well as Android. Although you aren’t able to purchase or sell anything, you can still at least browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are at your disposal to trade your fiat currency for cryptocurrency using these platforms. Ehat Is Nft
You can swap your fiat currency using a your credit or debit card as well as Paypal on these reliable websites for cryptocurrency:
- Bittrex, and many more!
All of them have the option to exchange for ETH which is the primary cryptocurrency used in OpenSea.
While OpenSea is an NFT marketplace that is open to all forms of cryptocurrency, the wallets nonetheless more compatible than other. Since it is built using the ETH blockchain, any wallets with a connection to this network are appropriate for this website.
Here’s a list of different crypto wallets which you can use with OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations, such as easy registration, use on mobile devices only and the ability to purchase cryptocurrency with the credit card. Ehat Is Nft
For more information about the service, you can check their FAQs to see an overview of how you can start and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets every one of them has advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and pros here:
- Mobile apps are available for iOS as well as Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto market and NFTs.
- Allows royalties of only 10% to artists (low royalty rates).
- You cannot buy or sell products on the mobile app.
- Only supports cryptocurrency as its type of payment.
- An Crypto account is needed to access this marketplace.
OpenSea is available to anyone who owns any crypto coins in their crypto wallets. When you are a seller, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. However, overall, you will quickly regain that when you sell regularly since there’s no additional cost for it.
Frequently Asked Questions Ehat Is Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to offer artists a way for selling their artwork online and receive cryptocurrency as their form of payment. It’s an ideal option for artists who want to use it to sell NFTs due to its no gas fees and low commission fees that you have to pay.
You can browse and shop for an array of digital items on the NFT marketplace, so you should take a look!
Is OpenSea real and safe?
Answer: Yes! OpenSea has been a reliable marketplace since it was founded at the end of the year of 2018. Because its system is built on a blockchain that is secure, you can say that your transactions are safe and secure.
Furthermore, as a seller, you can become verified once you build up your reputation. A blue checkmark will be assigned next to your account or the collection that you have uploaded to assure any customer. OpenSea’s team regularly reviews the content to ensure users are protected.
How do I earn royalties from OpenSea?
However, as an artist, you’ll get only 10% of the royalties once you upload the NFT. This is believed to be quite low in comparison against others NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) is widely utilized on this website and other sites to provide the increasing number of cryptocurrency users. These are other cryptos you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can use to use OpenSea.
What are the payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. You can easily purchase or trade cryptocurrency using secure platforms that accept fiat money. All you have just connect your debit or credit card to Paypal for the transaction.
Does OpenSea have a desktop or mobile application?
As we mentioned earlier, there is definitely an official mobile application from OpenSea that is available for iOS and Android. You can download it through their app store, and then you can begin browsing through the collection right now!
There is also a desktop application for OpenSea which can be downloaded from WebCatalog. With the desktop application you can manage multiple accounts and get 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/).