The cryptocurrency market is on the rise, and you’re probably wondering where you can invest your crypto currency. There are numerous marketplaces popping up across the web that allow users to purchase and sell NFTs using cryptocurrency! OpenSea is among them and is worth a look.
If you’re well-versed in cryptocurrency you’ve probably heard about OpenSea before for a good reason. It’s one of the biggest and most popular marketplaces for cryptocurrency enthusiasts due to its security and rapid transactions.
Get on board, and let’s explore what you can do with OpenSea and also see the NFTs that you can see!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace How Nft Tomato
The aim for OpenSea was to offer an online marketplace for artists to upload their commissions with no additional costs. There are additional features which allow you to market your artwork without any difficulties.
For registration, you don’t need to provide all of your personal details. All you need to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It can be as simple as that and without many hurdles as you walk into NFTs.
The most well-known cryptocurrency that is used on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it, and this is used for most processes. It also operates using the Polygon blockchain, which allows for lower costs and faster trading.
With these two kinds of blockchains that are available you can pick which one you want to publish your NFT as seller. This ensures the safety of your NFT as well as those who would like to buy it. Every transaction will be conducted along with this blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace where you can trade in your cryptocurrency or NFTs for other NFTs. You can purchase anything from as simple as a domain name to an official artwork from an artist that you admire. Anyone can become a seller, but it takes time for anyone to become an established seller.
There is a wide variety from the selection on OpenSea and you could join in with that! You can set up your own personal market there, and also find NFTs you want to purchase for yourself.
What is an NFT?
In a recent development for the crypto industry”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that the majority of young people are familiar with it , but aren’t sure exactly what it means. Let’s look at what an 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. The NFT is a token that is non-fungible that is very exclusive and cannot be replaced. It can be an item of rarity like mint-condition baseball trading cards or unique vinyl album.
There is no limit to what an NFT could be, since it’s a non-fungible object that you sell online. It is simpler to simply imagine as an NFT being a virtual item which is only paid in cryptocurrency.
Minting is like calling the shots to your NFTs. You’re claiming the owner of the item or token that you have uploaded to the marketplace, and you’re putting it up for sale. Typically, this is official after you fill in the proper information regarding the NFT and upload it to the marketplace.
On OpenSea, it’s a simple process to mint your NFTs. All you have to do is visit the store and simply creating a collection to start! Complete the correct and accurate information about your NFT and choose what kind of settings you’d like for it (e.g., blockchain, payments tokens). After you’ve completed the process, you can finally upload it, if it’s within the limit of 100MB.
It is possible to wait and see the way transactions are handled from now on to determine if OpenSea is the best marketplace for you.
What NFTs can you find here?
At this point you’re probably thinking about the kind of NFTs can be found here, and what you could also sell if you decide to pursue that route. The kind of NFT it is indefinite as there’s a variety of options for how to approach it.
You could be selling trade cards, digital goods 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 features is one of the things that differentiates OpenSea from the others. There are zero gas fees when you utilize this feature when you mint and sell NFTs. This means you’ll get the most profit when you start selling because you won’t have to spend on any additional charges.
There aren’t many NFT marketplaces have this feature, so this is great for you to receive high profit from your NFT collection.
This Referral Program is a different aspect of OpenSea to admire. Like traditional online marketplaces that offer rewards when you refer your friend to OpenSea! If you encourage a friend join OpenSea and buy an NFT from the site you’ll earn 2.50 percent of the sales amount, which allows you to earn more cash from this act.
Other NFT marketplaces don’t have 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. It isn’t able to purchase or sell anything while you scroll through the list.
The mobile apps from OpenSea are accessible on both iOS as well as Android. Even though you can’t buy or sell something, you can at least explore the products you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are available to you to exchange your fiat money for cryptocurrency using these platforms. How Nft Tomato
You can exchange your fiat money via credit card or Paypal on these reliable websites to exchange it for crypto:
- Bittrex and many more!
All of these have the option of converting them into ETH that is the standard cryptocurrency payment option in OpenSea.
While OpenSea can be described as an NFT marketplace that is open to all forms of crypto, wallets are nonetheless more compatible than others. Since it is built on an ETH blockchain, all wallets which are part of the same network are suitable for the site.
Here’s 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, mobile-only usage and the ability to purchase cryptocurrency with a credit card. How Nft Tomato
To know more about it You can go through their FAQs for a rundown of how you can start and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with advantages and drawbacks. 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 are utilized for transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalty rates of 10% to artists (low royalty rates).
- You cannot buy or sell products via this mobile application.
- Only accepts cryptocurrency as a form of payment.
- The use of a Crypto digital wallet must be used for this marketplace.
OpenSea is available to anyone who owns any crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. However, overall, you will quickly regain that when you sell regularly since there’s no extra charge for it.
Frequently Asked Questions How Nft Tomato
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to offer artists a way 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 that you have to pay.
You can browse and shop for an array of digital items on the NFT marketplace and you must take a look!
Is OpenSea real and is it safe?
The short answer is yes! OpenSea is a reputable marketplace since it was founded in 2018. Since its system is built on a blockchain that is secure, you can declare that transactions are safe and secure.
In addition as a seller you can become verified once you build up your reputation. A blue checkmark will be assigned to your account or collection you uploaded to reassure every customer. OpenSea’s team regularly reviews the contents to ensure users are safe.
How can I earn royalties on OpenSea?
However, as an artist, you’ll receive only up to 10% of the royalties once you upload the NFT. This is thought to be reasonably low compared with other NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) has been commonly used on this site as well as numerous others to cater for more cryptocurrency users. These are other cryptos you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of to use OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. You can buy and trade cryptocurrency using secure platforms that accept fiat money. All you have be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea have a desktop/mobile app?
As mentioned before there’s an official mobile app by OpenSea available for both iOS as well as Android. Install it from their app store and begin exploring the collection now!
There is also a Desktop application that OpenSea which can be downloaded from WebCatalog. On the desktop app you are able to manage multiple accounts as well as receive notifications on updates regarding your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).