The cryptocurrency market is on the rise and you’re probably thinking where you can invest your crypto currency. Marketplaces are popping up all over the web that allow users to purchase and sell NFTs via cryptocurrency! OpenSea is one of them and is worth looking into.
If you’re interested in crypto, you’ve probably heard of OpenSea previously for a valid reason. It’s one of the biggest and leading marketplaces among cryptocurrency enthusiasts due to its security and quick transactions.
So, hop on board and let’s explore what you can do with OpenSea as well as examining 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 the article for a more comprehensive review.
OpenSea as an NFT Marketplace Examples Of Nft Tokens
The goal to create OpenSea was to provide an online marketplace for artists to upload their commissions without any extra charges. It also has additional functions that allow you to sell your work without having to deal with many difficulties.
In terms of registration, you don’t need to give all of your personal details. All you have to do is connect your crypto wallet and voila! You have an account with OpenSea! It’s as easy as that, without much hassle as you step into NFTs.
The most popular cryptocurrency used within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system and is used for most processes. It also functions on the Polygon blockchain, which allows for lower costs and faster trading.
There are two types of blockchains available it is possible to choose which one you want to upload your NFT on as an seller. This ensures the safety of your NFT and the people who want to buy it. Every transaction will be conducted using this blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from the simplest domain name to official art by an artist you admire. Anyone can become a seller however it takes some time before anyone can become a reputable one.
There’s a huge selection of NFTs available at OpenSea and you could also be a part of that! You can set up your own marketplace here, along with finding NFTs you want to purchase yourself.
What is an NFT?
A recent change in the crypto industry, the term “NFT” has been going around for so long on internet that many millennials have heard of it but not exactly sure what it is. Let’s take a look at what NFT is for those who are just beginning to get started in cryptocurrency.
One of the newest things that you can buy with cryptocurrency is an NFT. An NFT is a non-fungible token that is very individual and cannot be replaced. This can be an item of rarity like authentic baseball cards or a rare vinyl record.
There is no limit to what an NFT could be, since it’s a non-fungible item that you can sell on the internet. In simpler terms, you could just consider the NFT to be a type of digital item that is paid for using cryptocurrency only.
Minting is like calling dibs on your own NFTs. You’re claiming the owner of the item or token that you posted to the marketplace, and offering it for sale. Typically, this is official once you fill out all the necessary information about the NFT and upload it to the marketplace.
On OpenSea It’s a very simple process to mine your NFTs. All you have to do is visit the store and then create a collection! Input the appropriate and complete information about your NFT and choose what kind of settings you want to use it with (e.g. blockchain and payments tokens). After that then you’re able to upload it if it fits the 100 MB limit.
It is possible to wait and see how transactions progress from now on to determine if OpenSea is the right marketplace for you.
What NFTs can you get here?
At this point you’re probably thinking about which kind of NFT you shop for here and what you can sell should you decide to go that route. The kind of NFT that you can purchase isn’t limited since there’s a broad range of ways to approach it.
You could be selling digital items, trading cards games, domain names, and even physical assets! Find out what you think will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that sets OpenSea from the others. There are no gas costs when you use this feature when you mint and sell NFTs. This is essentially a way to ensure that you get the most profit when you begin selling since you don’t need to pay on any additional charges.
Very few NFT marketplaces provide this feature, which is why this is a great way to earn a high return from your portfolio.
The Referral Program is another distinctive feature of OpenSea to take note of. Like traditional online marketplaces that offer advantages when you refer your friend to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from the site you’ll be rewarded with 2.50 percent of the purchase amount, which means you can earn more cash by this method.
Other NFT marketplaces don’t have this kind of feature either This is a further advantage OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile application, however it’s mostly used for perusing through the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listing.
The mobile apps from OpenSea are accessible on both iOS and Android. While you’re not able to buy or sell things, you can at least 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 to trade your fiat currency for cryptocurrency on these platforms. Examples Of Nft Tokens
You can swap your fiat currency using a the credit card, or Paypal through these trusted sites to exchange it for crypto:
- Bittrex and other things!
All of them have the option of converting them into ETH which is the primary cryptocurrency payment option in OpenSea.
While OpenSea is an NFT marketplace open to all types of crypto, wallets are still more compatible with it than others. Since it is built mainly around the ETH blockchain, any wallets which are part of the same network are suitable for this site.
Here’s a list of different crypto wallets you can utilize in OpenSea:
- Authereum and many more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each wallet has its own restrictions including simple registration, mobile-only usage and the ability to purchase cryptocurrency using credit cards. Examples Of Nft Tokens
To know more about it, you can check their FAQs to get the steps you can get started and which other wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets, each one has advantages and drawbacks. OpenSea isn’t an exception to this. You can read about its pros and cons here:
- Available as mobile apps for iOS and Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in the crypto market and NFTs.
- Allows royalties 10% to artists (low royalties).
- Cannot buy or sell on this mobile application.
- Only accepts cryptocurrency as a type of payment.
- An Crypto digital wallet must be used to access this marketplace.
OpenSea is available to anyone who owns any crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. But overall, you can quickly regain that when you are actively selling since there is no additional fee for it.
Frequently Asked Questions Examples Of Nft Tokens
What is OpenSea?
OpenSea is an NFT marketplace that seeks to give artists a chance to sell their works online to receive cryptocurrency as a method of payment. It’s an ideal platform for artists who use it to sell NFTs due to its no cost of gas and low commission fee rate you must pay.
You can browse and purchase the vast array of digital products on this NFT marketplace and you must check it out!
Is OpenSea legit & secure?
The short answer is yes! OpenSea is a reputable marketplace since its inception at the end of the year of 2018. Since its system is built on a blockchain, it is safe to claim that your transactions are secure and safe.
In addition, as a seller, you can become verified once you have built up your credibility. A blue checkmark is placed to your account or collection you’ve uploaded to ensure the safety of any customer. The OpenSea team reviews regularly the content to ensure that users are safe.
How do I earn royalties on OpenSea?
As an artist, you’ll receive only up to 10 percent of the royalties when you upload the NFT. This is considered to be a reasonable amount compared with the other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) can be widely utilized on this website and many others to accommodate the increasing number of crypto users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can utilize to use OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. It is easy to buy or trade cryptocurrency using secure platforms that accept fiat money. All you have be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea has a mobile or desktop application?
As mentioned before there’s an official mobile application from OpenSea for both iOS as well as Android. You can download it through their app store, and begin exploring the collection right now!
There is also a version for desktops that OpenSea that can be downloaded through WebCatalog. On the desktop app you can manage multiple accounts and get notifications on updates regarding 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/).