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 internet, designed to buy and sell NFTs with cryptocurrency! OpenSea is among them and is worth looking into.
If you’re well-versed in cryptocurrency you’ve likely heard of OpenSea prior to this for a valid reason. It’s one of the largest and most popular marketplaces among users of cryptocurrency due to its safety and speedy transactions.
So, hop on board and discover the possibilities of 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 overview. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Hac-Nft
The aim to create OpenSea was to provide a platform/marketplace for artists to easily upload their commissions with no additional costs. There are additional features that let you sell your artwork without any problems.
In terms of the registration process, you don’t have to give any personal information about yourself. All you need to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as easy as that, without many hurdles as you walk into NFTs.
The most widely-used cryptocurrency that is used within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology and is used for the majority of transactions. It also operates with the Polygon blockchain to ensure lower costs and faster trading.
With these two kinds of blockchains available, you can choose which one you would like to upload your NFT on as a seller. This will ensure the security of your NFT, along with those who wish to buy it. Every transaction will be conducted using this blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything as simple as a domain name to official art from an artist you admire. Anyone can become a seller, but it takes a while for anyone to become an established seller.
There are a variety of NFTs in the collection on OpenSea and you could become a part of this! You can create your own marketplace there, and also find NFTs you want to purchase yourself.
What is an NFT?
A recent change in the cryptocurrency industry the term “NFT” has been going around for so long on internet that a lot of millennials are familiar with it , but aren’t exactly sure what it is. Let’s break down what an NFT is for any beginners in cryptocurrency.
One of the latest ways you can buy can be an NFT. A NFT is a non-fungible token which is extremely exclusive and cannot be substituted. It could be a piece of rareness, such as authentic baseball cards, or a rare vinyl record.
There’s no limit on what an NFT can be since it’s a non-fungible object that you can sell on the internet. More straightforwardly, you can simply consider as an NFT being a virtual collectible which is only paid in cryptocurrency.
Minting is similar to calling for dibs on your own NFTs. You’re claiming ownership over that particular token/item that you posted to market, as selling it. Typically, this is official after you fill in the correct information about the NFT and then add it on the market.
On OpenSea it’s a straightforward process to mine your NFTs by visiting the store and simply create a collection! Input the appropriate and correct information regarding your NFT and choose what kind of settings you’d like to use it with (e.g., blockchain or payment tokens). After that you are able to upload it to the internet if it’s in the limit of 100MB.
You can wait and observe the way transactions are handled from now on to determine if 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 you shop for here and what kind of NFTs you can sell should you decide to go that route. The kind of NFT it is unlimited since there’s a broad range of options for how to do it.
You could be selling digital products, trading cards games domain names, also physical goods! Consider what you believe will yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what separates OpenSea from the other options. There’s no cost for gas when you use this feature to create and market NFTs. This means you’ll get the most profit when you sell because you won’t need to spend on any additional charges.
Not many NFT marketplaces offer this feature, and it is a great way to make a huge profit from your collection.
A Referral Program is a different aspect of OpenSea to take note of. Like traditional online marketplaces there are advantages when you refer a friend to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from the site, you’ll receive 2.50 percent of the purchase amount, letting you earn more money by this method.
Other NFT marketplaces don’t have this feature and that’s another advantage OpenSea has over the other marketplaces.
There’s an OpenSea mobile application, however it is mainly used for perusing through the marketplace. You can’t buy or sell anything while you browse through the listings.
The mobile apps from OpenSea are accessible for the two platforms of iOS and Android. Even though you can’t buy or sell anything, you can still at least explore the products you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are to you to exchange your fiat money for cryptocurrency using these platforms. Hac-Nft
You can swap your fiat currency using a your credit or debit card as well as Paypal via these reputable websites for cryptocurrency:
- Bittrex, and other things!
All of them have the option of exchange for ETH which is the standard cryptocurrency used in OpenSea.
While OpenSea can be described as an NFT marketplace that is open to all kinds of crypto, wallets are still more compatible with it than other. Since it is built mainly around an ETH blockchain, all wallets with a connection to that network will be suitable for this website.
Here’s a list of different crypto wallets you can use in OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each wallet has its own restrictions like easy registration, only mobile usage, and the function to purchase cryptocurrency using a credit card. Hac-Nft
For more information about the service You can go through their FAQs for the steps you can get started and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has advantages and drawbacks. OpenSea isn’t the only one to have this. You can view its pros and pros here:
- Mobile apps are available for iOS and 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 royalty rates).
- Cannot buy or sell on the mobile app.
- Only accepts cryptocurrency as a form of payment.
- An Crypto account is needed to use this marketplace.
OpenSea is open to everyone who owns any crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. But overall, you can quickly recover this amount if you are actively selling since there’s no extra charge for it.
Frequently Asked Questions Hac-Nft
What is OpenSea?
OpenSea is an NFT marketplace that aims to offer artists a way to sell their works online to receive cryptocurrency as a form of payment. It’s an ideal option for artists who want to use it to sell NFTs due to its no cost of gas and low commission fee rate that you have to pay.
You can browse and shop for an array of digital goods in this NFT marketplace which is why you should definitely check it out!
Is OpenSea real and secure?
Short answer: Yes! OpenSea has been a trusted marketplace since it was established in the year 2018. Since the system it operates on is built on blockchain technology, it is safe to declare that transactions are protected and secured.
Additionally, as a seller, you will be verified after you have built up your credibility. A blue checkmark will appear on your account or the collection that you have uploaded to assure every customer. The OpenSea team reviews regularly the contents to ensure users are protected.
How do I earn royalties from OpenSea?
As an artist, you’ll receive only up to 10% of the royalties once you upload the NFT. This is believed to be reasonably low compared to the other NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) is commonly used on this site as well as other sites to provide the increasing number of crypto users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can make use of for OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. You can easily purchase or trade cryptocurrency using reliable platforms using fiat currency. All you have be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea have a desktop or mobile app?
As mentioned before There is an official mobile app by OpenSea that is available for 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. In the desktop application you can manage multiple accounts as well as 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/).