The cryptocurrency market is on the rise and you’re probably wondering where you can invest your crypto coins. Markets have popped up across the digital web designed to purchase and sell NFTs using cryptocurrency! OpenSea is one of them, and it’s worth looking into.
If you’re well-versed in cryptocurrency you’ve probably heard about OpenSea prior to this for a valid reason. It’s one of the largest and most popular marketplaces for cryptocurrency users because of its safety and speedy transactions.
Get on board, and let’s see the possibilities of OpenSea and also see 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 overview. After, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Home Nft System
The purpose for OpenSea was to simply provide artists with a marketplace/platform to easily upload their commissions without any extra costs. It has more functions which allow you to market your artwork without any issues.
When it comes to registration, you won’t have to give too many details about yourself. All you need to connect your crypto wallet–and voila!–you have an account on OpenSea! It can be as simple as that without going through many hurdles as you walk 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 technology which is utilized to carry out the majority of processes. It is also based using the Polygon blockchain, which ensures the lowest cost and speediest trading.
With these two types of blockchains, you can choose which one you want to upload your NFT on as seller. This will ensure the security of your NFT and the people who want to buy it. All transactions will be made using this blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an online shopping mall that is endless that lets you trade your cryptocurrency or NFTs for other NFTs. You can buy anything as simple as a domain name, to a piece of art by an artist you admire. Anyone can sell however, it takes a while before anyone can become an established seller.
There are a variety of NFTs of NFTs available at OpenSea and you could join in with this! You can create your own marketplace there, and also find NFTs you’d like to buy yourself.
What is an NFT?
In a recent development for the cryptocurrency industry”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that the majority of young people are familiar with it but aren’t sure exactly what it is. Let’s look at what an NFT is for any beginners in cryptocurrency.
One of the latest ways you can buy can be an NFT. The NFT is a non-fungible currency that is very exclusive and cannot be substituted. It could be an item of any rareness, such as rare baseball trading cards in mint condition or a unique vinyl album.
There’s no limit to what an NFT can be as it’s a non-fungible object you’re selling online. More straightforwardly, you can simply think of as an NFT as a digital item which is only paid in cryptocurrency.
Minting is like calling the shots to your NFTs. You’re claiming ownership over that particular token/item that you have uploaded to market, as offering it for sale. Typically, this is official once you fill out all the necessary information about the NFT and then upload it to the marketplace.
On OpenSea, it’s a simple procedure to create your own NFTs. All you have to do is visit the store and then create a collection! Input the appropriate and accurate information about your NFT and then select what type of settings you’d like to use it with (e.g., blockchain and money transfer tokens). After that then you’re able to upload it if it fits the limit of 100MB.
You can wait and observe how the transactions go from now on to see if OpenSea is the right marketplace for you.
What NFTs are available here?
At this point you’re probably asking yourself the kind of NFTs can be found here and what you can also sell if you decide to go that route. The type of NFT that you can purchase is unlimited because there’s a wide range of options for how to approach it.
It is possible to sell trade cards, digital goods games domain names, even physical assets! Explore what you believe can bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what sets OpenSea from the others. There’s no cost for gas when you use this feature to create and market NFTs. This means you’ll receive the maximum profits when you start selling because you don’t need to pay on additional fees.
Very few NFT marketplaces provide this feature, which is why this is a great way to make a huge profit from your portfolio.
This Referral Program is a different aspect of OpenSea to admire. Like traditional online marketplaces that offer advantages by referring a friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from the site you’ll earn 2.50% of the sale amount, letting you earn more cash by this method.
Other NFT marketplaces don’t offer this feature This is a further benefit 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 listing.
The mobile apps of OpenSea are available on both iOS and Android. Although you aren’t able to purchase or sell something, you can at least look through the options you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available for you to use to trade your fiat currency for cryptocurrency through these platforms. Home Nft System
You can exchange the fiat currency you have with a your credit or debit card as well as Paypal on these reliable websites to exchange it for crypto:
- Bittrex and many more!
All of them have the option of exchange for ETH that is the standard cryptocurrency payment option in OpenSea.
Although OpenSea can be described as an NFT marketplace open to all types of cryptocurrency, the wallets nonetheless more compatible than other. Because it is based around the ETH blockchain, any wallets that share that network will be suitable for this website.
Here’s a list of various crypto wallets that you can utilize in OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each has its own limitations, such as easy registration, mobile-only usage and the ability to purchase cryptocurrency using the credit card. Home Nft System
To know more about it You can go through their FAQs to get the steps you can begin and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with advantages and drawbacks. OpenSea isn’t an exception to this. You can read about its pros and cons here:
- Mobile apps available for iOS and Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalties 10% for artists (low royalty).
- It is not possible to buy or sell items on the mobile app.
- Only supports cryptocurrency as its type of payment.
- The use of a Crypto wallet is required to use 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 percentage of commissions to all the sellers who are on this platform. In the end, you’ll quickly regain that when you sell regularly since there’s no additional cost for it.
Frequently Asked Questions Home Nft System
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims 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 using it to sell NFTs due to its no gas costs and low commission fee rate which you are required to pay.
You can browse and purchase an array of digital goods in this NFT marketplace and you must go through it!
Is OpenSea legit & safe?
Short answer: Yes! OpenSea is a reputable marketplace since it was founded at the end of the year 2018. Because its system is built on a blockchain that is secure, you can claim that your transactions are secure and safe.
In addition, as a seller, you can become verified once you build up your reputation. A blue checkmark is placed to your account or any collection you’ve uploaded to ensure the safety of any customer. OpenSea’s team regularly reviews the contents to ensure users are secure.
How can I earn royalties from OpenSea?
Unfortunately, as an artist, you can receive only up to 10 percent of the royalties after you upload the NFT. This is believed to be a reasonable amount compared with others NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) can be widely used on this site as well as many others to accommodate the increasing number of cryptocurrency users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can utilize to use OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. It is easy to buy or sell cryptocurrency through secure platforms that accept fiat money. All you have just connect your debit or credit card to Paypal for the transaction.
Does OpenSea has a mobile or desktop app?
As mentioned before There is an official mobile application from OpenSea for both iOS as well as Android. Download it at their respective app store and you can start exploring the collection right now!
The desktop application for OpenSea that can be downloaded through WebCatalog. In the desktop application, you can manage multiple accounts and receive notifications about updates to your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).