Cryptocurrency is booming right now, and you’re probably wondering where you can invest your crypto coins. Markets have popped up all over the internet, designed to purchase and sell NFTs via cryptocurrency! OpenSea is one of them and is worth checking out.
If you’re interested in crypto, you’ve probably heard of OpenSea previously for a valid reason. It has become one of the largest and most popular marketplaces for cryptocurrency users because of its security and quick transactions.
Get on board, and let’s see what you can do with OpenSea and also see the NFTs that you can see!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Halsey Nft
The purpose of OpenSea was to offer a platform/marketplace for artists to upload their commissions, without having to pay any additional charges. There are additional features that let you sell your art without too many issues.
For registration, you don’t need to give any personal information about yourself. All you have to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as simple as that and without much hassle as you step 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 most processes. It also functions with the Polygon blockchain, which allows for the lowest cost and speediest trading.
With these two kinds of blockchains available, you can choose which one you would like to publish your NFT as an seller. This is to ensure the security of your NFT, along with those who would like to buy it. All transactions will be made using this blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an online shopping mall that is endless where you can trade in 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 become a seller however, it takes time for anyone to become an established one.
There’s a huge selection from the selection at OpenSea and you can also be a part of this! You can set up your own personal market on this site, as well as find NFTs you want to purchase yourself.
What is an NFT?
In a recent advancement for the crypto industry, the term “NFT” has been going around so long on the internet that a lot of millennials have heard of it but aren’t exactly sure what it means. Let’s break down what an NFT is for anyone who is new in cryptocurrency.
One of the new things you can purchase your cryptocurrency is an NFT. A NFT is a non-fungible currency that is very exclusive and cannot be changed. This can be an item of any rareness, such as rare baseball trading cards in mint condition or rare vinyl record.
There is no limit to what an NFT could be, since it’s a non-fungible thing that you sell on the internet. In simpler terms, you could just consider the NFT as a digital item paid via cryptocurrency only.
Minting is similar to calling for dibs to your NFTs. It is a way of claiming the owner of the item or token that you posted to the market place, but selling it. Typically, this is official once you fill out the correct information about the NFT and then add it on the market.
On OpenSea it’s a straightforward process to mint your NFTs. All you have to do is visit the store and making a collection to begin! Complete the correct and correct information regarding your NFT and choose what kind of settings you want to use it with (e.g., blockchain, payments tokens). After you’ve completed the process you are able to upload it if it fits the 100 MB limit.
It is possible to wait and see the way transactions are handled from now to see whether OpenSea is the marketplace for you.
What NFTs can you get here?
At this point you’re probably asking yourself what kind of NFTs you shop for here, and what you could also sell if you choose to go down that path. The kind of NFT it isn’t limited since there’s a broad range of ways to approach it.
It is possible to sell digital items, trading cards games, domain names, and also physical goods! Explore what you believe can reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that differentiates OpenSea from the other options. There are no gas costs when you utilize this feature to make and then sell the NFTs. This is essentially a way to ensure that you get the most profit when you start selling because you won’t need to spend on additional fees.
Not many NFT marketplaces offer this feature, which is why this is great for you to earn a high return from your portfolio.
A Referral Program is another unique aspect of OpenSea to take note of. Similar to traditional online markets there are rewards when you refer someone else to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from the site you’ll earn 2.50 percent of the purchase amount, which means you can earn more money through this action.
Other NFT marketplaces don’t have the same feature, so that’s just another benefit OpenSea has over the other marketplaces.
There is an OpenSea mobile application, however it’s mostly used for perusing through the marketplace. It isn’t able to purchase or sell anything as you browse through the listing.
The mobile apps of OpenSea are available for both iOS as well as Android. While you’re not able to buy or sell anything, you can still explore the products you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available to you, and you can exchange your fiat money for cryptocurrency using these platforms. Halsey Nft
You can convert the fiat currency you have with a your credit or debit card as well as Paypal via these reputable websites for cryptocurrency:
- Bittrex, and other things!
Each of them has the option of exchange for ETH which is the most common crypto payment in OpenSea.
Although OpenSea has been described as being an NFT marketplace that is open to all forms of crypto, wallets are nevertheless more compatible than others. Since it is built mainly around the ETH blockchain, all wallets which are part of the same network are suitable for this website.
Here’s a list several crypto wallets you can use in OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each wallet has its own restrictions like easy registration, mobile-only usage as well as the capability to purchase cryptocurrency with the credit card. Halsey Nft
For more information about the service You can go through their FAQs to get the steps you can get started and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has advantages and drawbacks. OpenSea isn’t the only one to have this. You can read about its pros and pros 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.
- Best for beginners in the crypto market and NFTs.
- Allows royalties of only 10% for artists (low royalty).
- Cannot buy or sell on our mobile apps.
- Only accepts cryptocurrency as a method of payment.
- A Crypto account is needed to access this marketplace.
OpenSea is open to everyone who owns any crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. But overall, you can quickly recover this amount if you sell regularly since there’s no extra charge for it.
Frequently Asked Questions Halsey Nft
What is OpenSea?
OpenSea is an NFT marketplace that aims to provide artists a platform for selling their artwork online, and to accept cryptocurrency as their form of payment. It’s an excellent platform for artists using for selling NFTs due to its no gas costs and low commission fee rate which you are required to pay.
You can browse and shop for a vast collection of digital items on the NFT marketplace which is why you should definitely take a look!
Is OpenSea legitimate and secure?
The short answer is yes! OpenSea is a reputable marketplace since it was established in 2018. Because its system is built on blockchain technology that is secure, you can say that your transactions are safe and secure.
Additionally, as a seller, you will be verified after you build up your reputation. A blue checkmark will be assigned next to your account or any collection you uploaded to reassure every customer. The team at OpenSea regularly checks the content to ensure users are safe.
How can I earn royalties on OpenSea?
However, as an artist, you will get only 10% of the royalties once you upload the NFT. This is believed to be reasonably low compared against others NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) is frequently used on this site and numerous others to cater for more crypto users. These are other cryptos you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can utilize for OpenSea.
What are the payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. You can buy and sell cryptocurrency on reliable platforms using fiat currency. All you have just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea has a mobile or desktop application?
As we mentioned earlier There is an official mobile app by OpenSea for both iOS and Android. Download it at their respective app store, and you can start browsing through the collection right now!
A Desktop application that OpenSea can be downloaded via WebCatalog. In the desktop application you can manage multiple accounts and receive alerts on any updates that affect your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).