Cryptocurrency is booming right now and you’re probably thinking where you can invest your crypto-coins. There are numerous marketplaces popping up across the digital web designed to buy and sell NFTs using cryptocurrency! OpenSea can be one and is worth checking out.
If you’re familiar with cryptocurrency, you’ve probably heard of OpenSea prior to this for a valid reason. It’s now one of the biggest and most popular marketplaces among cryptocurrency users because of its safety and speedy transactions.
Get on board, and discover what you can do with OpenSea as well as examining what NFTs you can view!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick review. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Highest Nft
The aim for OpenSea was to offer a platform/marketplace for artists to easily upload their commissions without any extra costs. It also has additional functions that let you sell your art without too many issues.
In terms of registration, you don’t need to give any personal information about yourself. All you need to connect your crypto wallet and voila! You have an account with OpenSea! It can be as simple as that, without many hassles when you enter into NFTs.
The most well-known cryptocurrency to use 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 is also based using the Polygon blockchain, which allows for low-cost and quicker trading.
With these two types of blockchains that are available it is possible to choose which one you would like to publish your NFT as an seller. This ensures the safety of your NFT as well as those who wish to purchase it. Every transaction will be conducted 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 where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything just a domain name, to a piece of art from an artist you admire. Anyone can become a seller however it takes time before anyone can become a reputable one.
There’s a huge selection from the selection of NFTs available at OpenSea and you can become a part of this! You can create your own market there, and also find NFTs you want to purchase yourself.
What is an NFT?
In a recent development for the crypto market”NFT” is a term that has been used in recent times “NFT” has been going around for so long on the internet that many millennials have heard of it but aren’t sure exactly what it is. Let’s take a look at what NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the latest ways you can buy includes an NFT. An NFT is a token that is non-fungible which is extremely unique and can’t be replaced. It could be an item of rareness like mint-condition baseball trading cards or a uncommon vinyl record.
There’s no limit on what an NFT can be since it’s a non-fungible object that you sell online. More straightforwardly, you can just imagine the NFT as a digital item that is paid for using cryptocurrency only.
Minting is like calling the shots on your own NFTs. You are calling ownership over that particular token/item that you have uploaded to the market place, but you’re putting it up for sale. Usually, this becomes official after you fill in the proper information regarding the NFT and finally add it on the market.
On OpenSea it’s a straightforward process to mint your NFTs by going to the store and simply create a collection! Input the appropriate and accurate information about your NFT and select the type of settings you’d like for it (e.g., blockchain, payments tokens). After you’ve completed the process then you’re able to upload it to the internet if it’s in the 100 MB limit.
You can wait and observe the way transactions are handled from now to determine whether OpenSea is the marketplace for you.
What NFTs are available here?
At this point, you’re probably wondering what kind of NFTs can be purchased here and what you can also sell if you choose to go down that path. The type of NFT it can be is indefinite because there’s a wide range of ways to go about it.
You could be selling digital products, trading cards, game assets, domain names, and also physical goods! Find out what you think will reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what separates OpenSea from the others. There are zero gas fees when you use this feature when you create and market NFTs. This is essentially a way to ensure that you be able to make the highest profits once you begin selling since you don’t need to pay on any additional charges.
Not many NFT marketplaces provide this feature, so this is great for you to earn a high return from your collection.
This Referral Program is another distinctive feature of OpenSea to be admired. Like traditional online marketplaces, you can receive benefits when you refer a friend to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from there you’ll earn 2.50 percent of the purchase amount, which allows you to earn more money from this act.
Other NFT marketplaces don’t offer the same feature, so that’s just another advantage OpenSea has over them.
There is an OpenSea mobile app, but it’s mostly used for perusing through the marketplace. You can’t buy or sell items as you browse through the listing.
The mobile apps from OpenSea are accessible for the two platforms of iOS as well as Android. While you’re not able to buy or sell anything, you can still browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are to you You can also convert your fiat money into cryptocurrency through these platforms. Highest Nft
You can exchange your fiat money via credit card or Paypal through these trusted sites for cryptocurrency:
- Bittrex, and other things!
All of these have the option to exchange for ETH which is the primary cryptocurrency used in OpenSea.
While OpenSea has been described as being an NFT marketplace that is open to all forms of cryptocurrency, the wallets nonetheless more compatible than other. Since it is built around the ETH blockchain, wallets which are part of that network will be suitable for this site.
Here is a list of various crypto wallets that which you can use with OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each has its own limitations like easy registration, mobile-only usage as well as the capability to purchase cryptocurrency using credit cards. Highest Nft
To know more about it to learn more, check out their FAQs to get the steps you can begin and also 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 disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and cons here:
- Available as mobile apps that are compatible with iOS as well as 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 up to 10% for artists (low royalties).
- It is not possible to buy or sell items on our mobile apps.
- Only accepts cryptocurrency as a method of payment.
- The use of a Crypto account is needed for this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. In the end, you’ll quickly recover this amount if you sell regularly since there’s no additional cost for it.
Frequently Asked Questions Highest Nft
What is OpenSea?
OpenSea is an NFT marketplace that is designed to give artists a chance for selling their artwork online and receive cryptocurrency as their form of payment. It’s a great platform for artists using for selling NFTs due to its low gas fees and the low commission rate you must pay.
You can browse and shop for the vast array of digital goods in this NFT marketplace, so you should check it out!
Is OpenSea real and secure?
Short answer: Yes! OpenSea has been a reliable marketplace since its inception at the end of the year 2018. Because its system is built on a blockchain that is secure, you can declare that transactions are protected and secured.
Furthermore as a seller you’ll be verified when you’ve earned a reputation. A blue checkmark will be assigned next to your account or any collection you uploaded to reassure any customer. The team at OpenSea regularly checks the content to ensure users are protected.
How do I earn royalties on OpenSea?
Unfortunately, as an artist, you will receive only up to 10 percent of the royalties when you upload the NFT. This is thought to be quite low in comparison with the other NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) can be widely utilized on this website and numerous others to cater for more cryptocurrency users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can make use of to use OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. It is easy to buy or trade cryptocurrency using secure platforms that accept fiat money. All you have to do is connect your credit card or Paypal for the transaction.
Does OpenSea has a mobile or desktop application?
As we mentioned earlier there’s an official mobile app by OpenSea that is available for iOS and Android. Install it from their app store, and begin browsing through the collection right now!
A Desktop application that OpenSea that can be downloaded through WebCatalog. In the desktop application 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/).