Cryptocurrency is booming right now and you’re probably wondering where you can invest your crypto-coins. There are numerous marketplaces popping up all over the web that allow users to sell and buy NFTs using cryptocurrency! OpenSea is one of them and is worth a look.
If you’re interested in crypto you’ve likely heard of OpenSea prior to this for a valid reason. It’s one of the biggest and most popular marketplaces for cryptocurrency users because of its security and rapid transactions.
Now hop aboard, and let’s see the possibilities of OpenSea, along with checking what NFTs you can view!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Foundation Nft Invite
The purpose of OpenSea was to provide a platform/marketplace for artists to easily upload their commissions, without having to pay any additional fees. It has more functions that let you sell your work without having to deal with many difficulties.
When it comes to registration, you won’t have to give too many details about yourself. All you have to do is connect your crypto wallet and voila! You have an account with OpenSea! It can be as simple as that and without many hurdles as you walk into NFTs.
The most widely-used cryptocurrency that is used in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system and is used for the majority of transactions. It is also based on the Polygon blockchain to ensure low-cost and quicker trading.
With these two types of blockchains that are available, you can choose which one you’d like to transfer your NFT to as an seller. This will ensure the security of your NFT as well as those who would like to purchase it. All transactions are made using this blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace where you can exchange your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything just a domain name, to a piece of art from an artist that you admire. Anyone can sell however it takes time before anyone can become an established seller.
There’s a huge selection of NFTs available at OpenSea and you could join in with the collection! You can create your own market on this site, as well as find NFTs you’d like to buy yourself.
What is an NFT?
In a recent development for the crypto industry”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that a lot of millennials have heard of it but not exactly sure what it means. Let’s take a look at what NFT is for anyone who is new in cryptocurrency.
One of the latest ways you can buy can be an NFT. A NFT is a non-fungible currency that is very individual and cannot be changed. It could be an item of rareness, such as mint-condition baseball trading cards or a rare vinyl record.
There’s no limit to what an NFT can be as it’s a non-fungible item that you can sell online. It is simpler to simply consider an NFT as a digital item which is only paid in cryptocurrency.
Minting is like calling dibs to your NFTs. You are calling the owner of the item or token that you posted to the market place, but you’re offering it for sale. Typically, this is official once you fill out the proper information regarding the NFT and finally add it on the market.
On OpenSea It’s a very simple process to mine your NFTs. All you have to do is visit the store and creating a collection to start! Fill out the proper and complete information about your NFT and choose what kind of settings you want to use it with (e.g. blockchain or payments tokens). After that you are able to upload it, if it’s within the 100 MB limit.
You can wait and observe how the transactions go from now to see if OpenSea is the marketplace for you.
What NFTs can you find here?
In this moment you’re probably asking yourself the kind of NFTs be found here and what kind of NFTs you can sell should you decide to go down that path. The kind of NFT that you can purchase is unlimited as there’s a variety of how you can do it.
You can be selling trade cards, digital goods, game assets, domain names, and also physical goods! Find out what you think will bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that sets OpenSea from the other options. There are zero gas fees for using this feature to mint and sell NFTs. This simply means that you’ll get the most profit when you begin selling since you won’t need to spend on any additional charges.
There aren’t many NFT marketplaces offer this feature, and it is great for you to receive high profit from your NFT collection.
The Referral Program is another unique aspect of OpenSea to be admired. Like traditional online marketplaces, you can receive benefits when you refer someone else to OpenSea! If you encourage a friend join OpenSea and buy an NFT from the site you’ll earn 2.50 percent of the purchase amount, which allows you to earn more money by this method.
Other NFT marketplaces do not have this feature and that’s another benefit OpenSea has over the other marketplaces.
There’s an OpenSea mobile application, however it is mainly used to browse the marketplace. It isn’t able to purchase or sell anything while you browse through the listings.
The mobile apps from OpenSea are accessible on both iOS as well as Android. Although you aren’t able to purchase or sell anything, you can still look through the options you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available at your disposal You can also exchange your fiat money for cryptocurrency on these platforms. Foundation Nft Invite
You can swap the fiat currency you have with a credit card or Paypal on these reliable websites to exchange it for crypto:
- Bittrex and many more!
All of these have the option of converting them into ETH that is the primary cryptocurrency payment option in OpenSea.
Although OpenSea is an NFT marketplace that is open to all kinds of cryptocurrency, wallets are nevertheless more compatible than other. Since it is built around an ETH blockchain, any wallets with a connection to the same network are suitable for this website.
Here’s a list different crypto wallets you can utilize in OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, only mobile usage and the ability to buy cryptocurrency using the credit card. Foundation Nft Invite
To learn more about it, you can check their FAQs for the steps you can start and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and cons here:
- Available as mobile apps for iOS and Android.
- Smart contracts can be used to perform transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalties 10% to artists (low royalties).
- It is not possible to buy or sell items on this mobile application.
- Only accepts cryptocurrency as a form of payment.
- A Crypto account is needed for this marketplace.
OpenSea is open to everyone who has crypto coins in their crypto wallets. When you are selling, 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 are actively selling since there is no additional fee for it.
Frequently Asked Questions Foundation Nft Invite
What is OpenSea?
OpenSea is an NFT marketplace that seeks to offer artists a way for selling their artwork online and receive cryptocurrency as a form of payment. It’s a great option for artists who want to use the platform to market NFTs due to its low cost of gas and low commission fees which you are required to pay.
You can browse and shop for a vast collection of digital products on this NFT marketplace which is why you should definitely check it out!
Is OpenSea legit & safe?
Short answer: Yes! OpenSea has been a trusted marketplace since it was founded at the end of the year of 2018. Since its system is built on a blockchain, it is safe to say that your transactions are safe and secure.
In addition, as a seller, you will be verified after you’ve earned a reputation. A blue checkmark will be assigned to your account or the collection that you have uploaded to assure anyone who buys from you. The OpenSea team reviews regularly the content to ensure users are protected.
How do I earn royalties on OpenSea?
Unfortunately, as an artist, you’ll receive only up to 10 percent of the royalties when you have uploaded the NFT. This is believed to be reasonably low compared to others NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) has been commonly used on this site and other sites to provide many more crypto users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of for OpenSea.
What are the payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. You can buy and sell cryptocurrency on secure platforms that accept fiat money. All you have be able to connect is your credit or Paypal for the transaction.
Does OpenSea has a mobile or desktop app?
As we mentioned earlier There is an official mobile app from OpenSea available for both iOS and Android. Download it at their respective app store and begin 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 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/).