The cryptocurrency market is on the rise and you’re probably thinking where you can invest your crypto currency. Markets have popped up across the web that allow users to sell and buy NFTs using cryptocurrency! OpenSea is one of them and is worth looking into.
If you’re well-versed in cryptocurrency you’ve probably heard of OpenSea before for a good reason. It’s one of the largest and most popular marketplaces for cryptocurrency users because of 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 available to view!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick review. Afterward, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Ferrari Vs OpenSea
The aim to create OpenSea was to provide a platform/marketplace for artists to upload commissions with no additional costs. It also has additional functions that let you sell your art without too many difficulties.
When it comes to registration, you won’t have to provide all of your personal details. All you have to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It can be as simple as that and without many hassles when you enter into NFTs.
The most popular cryptocurrency that is used in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system and is used for most processes. It also operates using the Polygon blockchain, which ensures lower costs and faster trading.
With these two kinds of blockchains available you can pick which one you’d like to transfer your NFT to as an seller. This is to ensure the security of your NFT, along with those who wish to purchase it. Every transaction will be conducted using this blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall where you can trade in your NFTs or cryptocurrency for other NFTs. You can purchase anything from just a domain name, to a piece of art from an artist that you admire. Anyone can become a seller however, it takes time for anyone to become an established one.
There’s a huge selection in the collection of NFTs available at OpenSea and you can also be a part of this! You can set up your own market here, along with finding NFTs you’d like to buy yourself.
What is an NFT?
A recent change in the crypto market the term “NFT” has been going around for so long on internet that a lot of millennials have heard of it but aren’t sure exactly what it means. Let’s take a look at what NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the newest things that you can buy with cryptocurrency is an NFT. The NFT is a non-fungible currency that is very individual and cannot be substituted. It can be an item of any rareness like authentic baseball cards or a unique vinyl album.
There’s no limit on what an NFT can be as it’s a non-fungible item you’re selling online. In simpler terms, you could just imagine as an NFT being a virtual collectible that is paid for using cryptocurrency only.
Minting is like calling the shots on your own NFTs. You’re claiming ownership over that particular token/item that you posted to the market place, but selling it. Usually, this becomes official once you fill out all the necessary information about the NFT and submit it for sale on.
On OpenSea, it’s a simple procedure to create your own NFTs by visiting the store and then creating a collection to start! Input the appropriate and complete information about your NFT and select the type of settings you want for it (e.g., blockchain or payments tokens). After that you are able to upload it if it fits the 100 MB limit.
You can wait and observe how transactions progress from now to determine whether OpenSea is the best marketplace for you.
What NFTs are available here?
In this moment you’re probably thinking about which kind of NFT can be found here, and what you could sell should you decide to go that route. The type of NFT it is indefinite since there’s a broad range of ways to do it.
You could be selling digital items, trading cards games, domain names, and even physical assets! Explore what you believe can reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what differentiates OpenSea from other companies. There are zero gas fees for using this feature to make and then sell the NFTs. This simply means that you’ll receive the maximum profits when you sell because you won’t need to spend on extra fees.
There aren’t many NFT marketplaces have this feature, which is why this is a great way to make a huge profit from your collection.
A Referral Program is a different aspect of OpenSea to be admired. Like traditional online marketplaces that offer benefits when you refer a friend to OpenSea! If you encourage a friend join OpenSea and buy an NFT from there you’ll be rewarded with 2.50% of the sale amount, letting you earn more cash through this action.
Other NFT marketplaces do not have this feature, so that’s just another advantage OpenSea has over the other marketplaces.
There is an OpenSea mobile application, however it’s mostly to browse through the marketplace. Unfortunately, you can’t purchase or sell anything as you scroll through the list.
OpenSea’s mobile apps are available on the two platforms of iOS as well as Android. Although you aren’t able to purchase or sell something, you can at least look through the options you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are available at your disposal, and you can trade your fiat currency for cryptocurrency using these platforms. Ferrari Vs OpenSea
You can convert your fiat money via credit card or Paypal via these reputable websites to exchange it for crypto:
- Bittrex and many more!
Each of them has the option to exchange for ETH, which is the most common cryptocurrency used in OpenSea.
Although OpenSea is an NFT marketplace that is open to all forms of cryptocurrency, the wallets nevertheless more compatible than other. Because it is based using an ETH blockchain, wallets that share this network are appropriate for this website.
Here’s a list several crypto wallets you can use in OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each one has its own set of limitations like easy registration, use on mobile devices only, and the function to purchase cryptocurrency with credit cards. Ferrari Vs OpenSea
For more information about the service, you can check their FAQs to see a rundown of how you can get started and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has its advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and pros here:
- Available as mobile apps that are compatible with iOS and Android.
- Smart contracts are used for transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalties 10% for artists (low royalty rates).
- You cannot buy or sell products through our mobile apps.
- Only supports cryptocurrency as its type of payment.
- A Crypto account is needed for this marketplace.
OpenSea is available to anyone who owns any crypto coins in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. In the end, you’ll quickly regain that when you sell regularly since there’s no extra charge for it.
Frequently Asked Questions Ferrari Vs OpenSea
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to provide artists a platform to sell their works online, and to accept cryptocurrency as a method of payment. It’s an ideal option for artists who want to use the platform to market NFTs because of its zero cost of gas and low commission fee rate you must pay.
You can shop and browse an array of digital goods in this NFT marketplace which is why you should definitely take a look!
Is OpenSea legitimate and secure?
Short answer: Yes! OpenSea has been a trusted marketplace since it was established at the end of 2018. Since its system is built on a blockchain, it is safe to declare that transactions are safe and secure.
Furthermore, as a seller, you can become verified once you have built up your credibility. A blue checkmark is placed to your account or the collection you’ve uploaded to ensure the safety of any 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 can be paid only 10 percent of the royalties after you upload the NFT. This is thought to be reasonably low compared with the other NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) is commonly used on this site as well as numerous others to cater for the increasing number of cryptocurrency users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize to access OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. It is easy to buy or sell cryptocurrency on reliable platforms using fiat currency. All you need be able to connect is your credit or Paypal for the transaction.
Does OpenSea have a desktop or mobile application?
As mentioned before there’s an official mobile app from OpenSea for both iOS and Android. Download it at their respective app store and begin browsing through the collection right now!
There is also a version for desktops that OpenSea which can be downloaded from WebCatalog. With the desktop application, you can manage multiple accounts as well as receive alerts on any updates that affect 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/).