The cryptocurrency market is on the rise, and you’re probably wondering where you can invest your crypto currency. Marketplaces are popping up all over the digital web designed to buy and sell NFTs with cryptocurrency! OpenSea is one of them, and it’s worth looking into.
If you’re familiar with cryptocurrency, you’ve probably heard of OpenSea prior to this for a valid reason. It has become one of the largest and most popular marketplaces for cryptocurrency users because of its security and rapid transactions.
So, hop on board and discover what you can do with OpenSea and also see 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 overview. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Free Nft Art
The purpose of OpenSea was to simply provide artists with a marketplace/platform to upload commissions without any extra fees. There are additional features that allow you to sell your work without having to deal with many difficulties.
In terms of the registration process, you don’t have to provide all of your personal details. All you have to connect your crypto wallet and voila! You have an account on OpenSea! It can be as simple as that without going through much hassle as you step into NFTs.
The most widely-used cryptocurrency that is used on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it, and this is used to carry out the majority of processes. It also functions on the Polygon blockchain, which ensures the lowest cost and speediest trading.
With these two kinds of blockchains it is possible to choose which one you want to publish your NFT as an seller. This ensures the safety of your NFT, along with the people who want to buy it. All transactions are made by using the blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall that lets you trade your cryptocurrency or NFTs for other NFTs. You can purchase anything from the simplest domain name, to a piece of art from an artist that you admire. Anyone can sell however, it takes time for anyone to become an established one.
There is a wide variety of NFTs available on OpenSea and you could join in with that! You can start your own market there, and also find NFTs you’d like to buy yourself.
What is an NFT?
In a recent advancement for the cryptocurrency industry”NFT” is a term that has been used in recent times “NFT” has been going around for so long on the internet that a lot of millennials have heard of it but aren’t exactly sure what it is. Let’s look at what an NFT is for anyone who is new in cryptocurrency.
One of the new things that you can buy with cryptocurrency includes an NFT. The NFT is a non-fungible token which is extremely unique and can’t be replaced. It can be a piece of rarity like mint-condition baseball trading cards, or a unique vinyl album.
There is no limit to what an NFT can be as it’s a non-fungible item you’re selling on the internet. In simpler terms, you could simply think of as an NFT as a digital item that is paid for using cryptocurrency only.
Minting is similar to calling for dibs on your own NFTs. It is a way of claiming ownership over that particular token/item you uploaded on the market place, but offering it for sale. Usually, this becomes official after you fill in all the necessary information about the NFT and finally add it on the market.
On OpenSea, it’s a simple process to mint your NFTs by going to the store and simply creating a collection to start! Complete the correct and correct information regarding your NFT and then select what type of settings you’d like to use for it (e.g. blockchain, money transfer tokens). Once that’s all done you are able to upload it to the internet if it’s in the limit of 100MB.
You can watch and see the way transactions are handled from now to see if OpenSea is the best marketplace for you.
What NFTs can you get here?
At this point you’re probably thinking about the kind of NFTs you shop for here and what you can sell should you decide to go down that path. The type of NFT that you can purchase is indefinite as there’s a variety of ways to go about it.
It is possible to sell digital products, trading cards, game assets domain names, also physical goods! Find out what you think will bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that differentiates OpenSea from the others. There are zero gas fees when you utilize this feature when you create and market NFTs. This simply means that you’ll get the most profit when you start selling because you don’t need to pay on any additional charges.
There aren’t many NFT marketplaces offer this feature, which is why this can be a fantastic way to make a huge profit from your NFT collection.
This Referral Program is another unique aspect of OpenSea to admire. Like traditional online marketplaces there are rewards by referring your friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from the site, you’ll receive 2.50 percent of the purchase amount, which allows you to earn more money through this action.
Other NFT marketplaces don’t have this feature and that’s another advantage OpenSea has over them.
There is an OpenSea mobile app, but it is mainly used for perusing through the marketplace. You can’t buy or sell anything as you scroll through the list.
The mobile apps from OpenSea are accessible on both iOS and Android. Even though you can’t buy or sell something, you can explore the products you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available for you to use to trade your fiat currency for cryptocurrency using these platforms. Free Nft Art
You can swap your fiat money via credit card or Paypal via these reputable websites for cryptocurrency:
- Bittrex and more!
All of them have the option of exchange for ETH that is the standard crypto payment in OpenSea.
While OpenSea is an NFT marketplace that is open to all types of cryptocurrency, the wallets nevertheless more compatible than other. Because it is based using an ETH blockchain, any wallets which are part of that network will be suitable for the site.
Here’s a list of several crypto wallets which you can use with OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each one has its own set of limitations including simple registration, only mobile usage as well as the capability to buy cryptocurrency using a credit card. Free Nft Art
To learn more about it to learn more, check out their FAQs to get the steps you can start and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets every one of them has its advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and cons here:
- Mobile apps available that are compatible with iOS or Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto market and NFTs.
- Allows royalties of only 10% to artists (low royalties).
- Cannot buy or sell on this mobile application.
- Only supports cryptocurrency as its type of payment.
- A Crypto digital wallet must be used to access this marketplace.
OpenSea is open to everyone who has any crypto currency in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. However, overall, you will quickly recover this amount if you actively sell because there is no additional fee for it.
Frequently Asked Questions Free Nft Art
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to give artists a chance to market their work online, and to accept cryptocurrency as a form of payment. It’s an excellent platform for artists who use the platform to market NFTs due to its low cost of gas and low commission fee rate that you have to pay.
You can browse and purchase a vast collection of digital goods in this NFT marketplace and you must take a look!
Is OpenSea real and safe?
The short answer is yes! OpenSea has been a reliable marketplace since it was established on the 1st of December in 2018. Since its system is built on blockchain technology that is secure, you can declare that transactions are secure and safe.
In addition as a seller you will be verified after you’ve earned a reputation. A blue checkmark will be assigned next to your account or collection that you have uploaded to assure any customer. The OpenSea team reviews regularly the content to ensure that users are secure.
How do I earn royalties on OpenSea?
As an artist, you’ll get only 10% of the royalties once you have uploaded the NFT. This is considered to be reasonably low compared with other NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) is frequently used on this site and many others to accommodate more crypto users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can utilize for OpenSea.
What are the payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. You can buy and trade cryptocurrency using reliable platforms using fiat currency. All you have to do is connect your credit card or Paypal for the transaction.
Does OpenSea have a desktop or mobile application?
As previously mentioned There is an official mobile app from OpenSea available for both iOS or Android. Install it from their app store, and begin exploring the collection now!
The desktop application for OpenSea which can be downloaded from WebCatalog. On the desktop app, you can manage multiple accounts and receive notifications about updates to 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/).