Cryptocurrency is booming right now, and you’re probably wondering where to invest your crypto-coins. There are numerous marketplaces popping up all over the web that allow users to sell and buy NFTs with cryptocurrency! OpenSea is among them, and it’s worth checking out.
If you’re well-versed in cryptocurrency, you’ve probably heard about OpenSea previously for a valid reason. It’s one of the biggest and most popular marketplaces for users of cryptocurrency due to its security and rapid transactions.
Get on board, and let’s explore the possibilities of OpenSea, along with checking what NFTs you can view!
Before you continue, 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 Hbase Nft
The purpose to create OpenSea was to simply provide artists with a marketplace/platform to upload commissions with no additional costs. There are additional features which allow you to market your art without too many difficulties.
For registration, you don’t need to give too many details about yourself. All you need to connect your crypto wallet and voila! You have an account on OpenSea! It’s as easy as that and without many hassles when you enter into NFTs.
The most popular cryptocurrency used within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it, and this is used for most processes. It is also based with the Polygon blockchain to ensure low-cost and quicker trading.
There are two types of blockchains available you can pick which one you would like to upload your NFT on as an seller. This will ensure the security of your NFT as well as the people who want to purchase it. All transactions are made using this blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless that lets you trade your NFTs or cryptocurrency for other NFTs. You can buy anything just a domain name to an official artwork from an artist you admire. Anyone can sell, but it takes a while for anyone to be an established seller.
There are a variety of NFTs from the selection at OpenSea and you could also be a part of the collection! You can set up your own personal market there, and also find NFTs you want to purchase for yourself.
What is an NFT?
A recent change in the crypto industry, the term “NFT” has been going around for so long on the internet that a lot of millennials are familiar with it , but aren’t sure exactly what it means. Let’s look at what an NFT is for anyone who is new in the field of cryptocurrency.
One of the new things you can buy is an NFT. The NFT is a non-fungible token that is very exclusive and cannot be changed. It can be a piece of rareness like mint-condition baseball trading cards or rare vinyl record.
There’s no limit to what an NFT can be since it’s a non-fungible object you’re selling online. It is simpler to just consider the NFT to be a type of digital item paid via cryptocurrency only.
Minting is similar to calling for dibs to your NFTs. You’re claiming ownership over that particular token/item that you have uploaded to market, as you’re putting it up for sale. Usually, this is recognized after you fill in all the necessary information about the NFT and then upload it to the marketplace.
On OpenSea It’s a very simple process to mine your NFTs by visiting the store and then create a collection! Fill out the proper and correct information regarding your NFT and then select what type of settings you want to use it with (e.g. blockchain and payment tokens). After you’ve completed the process, you can finally upload it, if it’s within the 100 MB limit.
You can wait and observe the way transactions are handled from now on to see whether OpenSea is the marketplace for you.
What NFTs are available here?
In this moment, you’re probably wondering what kind of NFTs can be found here and what you can also sell if you choose to pursue that route. The type of NFT it is unlimited since there’s a broad range of how you can approach it.
You can be selling digital products, trading cards, game assets domain names, also physical goods! Consider what you believe will reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that sets OpenSea from other companies. There are no gas costs when you use this feature when you mint and sell NFTs. This is essentially a way to ensure that you receive the maximum profits when you sell because you won’t have to spend on any additional charges.
There aren’t many NFT marketplaces offer this feature, and it can be a fantastic way to earn a high return from your portfolio.
The Referral Program is another unique aspect of OpenSea to admire. Like traditional online marketplaces, you can receive benefits by referring a friend to OpenSea! If you refer a friend to join OpenSea and buy an NFT from the site you’ll be rewarded with 2.50% of the sale amount, letting you earn more cash by this method.
Other NFT marketplaces don’t offer this kind of feature either This is a further advantage OpenSea has over them.
There is an OpenSea mobile application, however it is mainly used to browse the marketplace. You can’t buy or sell anything while you browse through the listing.
The mobile apps of OpenSea are available for the two platforms of iOS and Android. Even though you can’t buy or sell things, you can look through the options you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are at your disposal You can also convert your fiat money into cryptocurrency on these platforms. Hbase Nft
You can swap your fiat currency using a credit card or 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 payment option in OpenSea.
Although OpenSea can be described as an NFT marketplace that is open to all forms of cryptocurrency, the wallets nonetheless more compatible than other. Because it is based around an ETH blockchain, all wallets that share the same network are suitable for this site.
Here is a list of different crypto wallets which you can use with OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each has its own limitations including simple registration, use on mobile devices only, and the function to buy cryptocurrency using credit cards. Hbase Nft
To know more about it, you can check their FAQs to get the steps you can begin and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with advantages and drawbacks. OpenSea isn’t the only one to have this. You can view its pros and pros here:
- Mobile apps available for iOS as well as Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto market and NFTs.
- Allows royalties of only up to 10% for artists (low royalties).
- Cannot buy or sell on the mobile app.
- Only supports cryptocurrency as its type of payment.
- The use of a Crypto account is needed for this marketplace.
OpenSea is open to everyone who owns any crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. But overall, you can quickly recover this amount if you actively sell because there is no additional fee for it.
Frequently Asked Questions Hbase Nft
What is OpenSea?
OpenSea is an NFT marketplace that seeks to provide artists a platform to sell their works online and receive cryptocurrency as a form of payment. It’s a great platform for artists who use the platform to market NFTs due to its no cost of gas and low commission fee rate you must pay.
You can browse and purchase an array of digital goods in this NFT marketplace and you must check it out!
Is OpenSea legitimate and safe?
Short answer: Yes! OpenSea has been a trusted marketplace since it was founded in the year of 2018. Because its system is built on blockchain technology and is secured, it is safe to claim that your transactions are safe and secure.
Additionally, as a seller, you’ll be verified when you build up your reputation. A blue checkmark will be assigned next to your account or any collection you’ve uploaded to ensure the safety of every customer. The OpenSea team reviews regularly the content to ensure that users are secure.
How do I earn royalties from OpenSea?
As an artist, you’ll receive only up to 10% of the royalties once you have uploaded the NFT. This is considered to be reasonably low compared against other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) is widely utilized on this website and numerous others to cater for more cryptocurrency users. These are other cryptos you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can utilize for OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. It is easy to buy or trade cryptocurrency using trusted platforms with fiat money. All you have to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea has a mobile or desktop application?
As previously mentioned there’s an official mobile app from OpenSea that is available for iOS or Android. Download it at their respective app store and you can start browsing through the collection right now!
A version for desktops that OpenSea that can be downloaded through WebCatalog. With the desktop application, you can manage multiple accounts as well as receive notifications about updates to 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/).