The cryptocurrency market is on the rise and you’re probably wondering where to invest your crypto-coins. Markets have popped up all over the internet, designed to purchase and sell NFTs with cryptocurrency! OpenSea is one of them and is worth checking out.
If you’re familiar with cryptocurrency you’ve probably heard about OpenSea before for a good reason. It’s one of the largest and most popular marketplaces for users of cryptocurrency due to its security and rapid transactions.
Now hop aboard, and let’s see what you can do with OpenSea, along with checking the NFTs available to view!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick review. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace How To Buy Nft Art Finance
The purpose of OpenSea was to offer a platform/marketplace for artists to easily upload their commissions without any extra costs. It has more functions that allow you to sell your art without too many issues.
When it comes to registration, you won’t have to give any personal information about yourself. All you have to connect your crypto wallet–and voila!–you have an account with OpenSea! It can be as simple as that, without much hassle as you step into NFTs.
The most widely-used cryptocurrency that is used on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology which is utilized to carry out the majority of processes. It also operates on the Polygon blockchain to ensure lower costs and faster trading.
With these two types of blockchains it is possible to choose which one you’d like to upload your NFT on as a seller. This will ensure the security of your NFT and those who wish to purchase it. All transactions are made by using the blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall where you can exchange your NFTs or cryptocurrency 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 become a seller however it takes a while for anyone to become a reputable one.
There’s a huge selection from the selection of NFTs available at OpenSea and you could join in with this! You can create your own market on this site, as well as find NFTs you want to purchase yourself.
What is an NFT?
A recent change in the cryptocurrency industry”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that a lot of millennials are familiar with it but aren’t exactly sure what it actually means. Let’s take a look at what NFT is for those who are just beginning to get started in cryptocurrency.
One of the newest things you can buy is an NFT. The NFT is a token that is non-fungible which is extremely exclusive and cannot be replaced. This can be an item of rareness, such as rare baseball trading cards in mint condition, or a uncommon vinyl record.
There’s no limit on what an NFT can be since it’s a non-fungible object you’re selling on the internet. More straightforwardly, you can just think of the NFT to be a type of digital item that is paid for using cryptocurrency only.
Minting is like calling dibs to your NFTs. You are calling ownership over that particular token/item that you posted to the market place, but you’re selling it. Usually, this becomes official after you fill in all the necessary information about the NFT and then upload it to the marketplace.
On OpenSea, it’s a simple process to mine your NFTs by visiting the store and making a collection to begin! Input the appropriate and accurate information about your NFT and then select what type of settings you’d like to use to use it with (e.g. blockchain or payments tokens). After that, you can finally upload it to the internet if it’s in the 100 MB limit.
It is possible to wait and see how the transactions go from now to determine whether OpenSea is the best marketplace for you.
What NFTs are available here?
So, at this point you’re probably thinking about which kind of NFT can you shop for here, and what you could also sell if you choose to pursue that route. The type of NFT it can be is unlimited since there’s a broad range of ways to do it.
You can be selling digital products, trading cards game assets domain names, even physical assets! Consider what you believe will yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that separates OpenSea from other companies. There are no gas costs when you use this feature when you make and then sell the NFTs. This means you’ll be able to make the highest profits once you start selling because you won’t have to spend on extra fees.
Not many NFT marketplaces provide this feature, which is why this can be a fantastic way to receive high profit from your NFT collection.
This Referral Program is a different aspect of OpenSea to be admired. Similar to traditional online markets that offer rewards when you refer a friend to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from the site, you’ll receive 2.50 percent of the purchase amount, which means you can make more money from this act.
Other NFT marketplaces don’t offer this feature, so that’s just another benefit OpenSea has over the other marketplaces.
There is an OpenSea mobile app, but it is mainly used to browse the marketplace. Unfortunately, you can’t purchase or sell anything as you browse through the listing.
The mobile apps of OpenSea are available on the two platforms of iOS as well as 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
Various crypto exchange platforms are available to you You can also exchange your fiat money for cryptocurrency using these platforms. How To Buy Nft Art Finance
You can swap the fiat currency you have with a your credit or debit card as well as Paypal via these reputable websites to exchange it for crypto:
- Bittrex and more!
All of these have the option of converting them into ETH, which is the standard cryptocurrency payment option in OpenSea.
Although OpenSea can be described as an NFT marketplace that is open to all types of cryptocurrency, wallets are still more compatible with it than others. Since it is built around an ETH blockchain, wallets which are part of that network will be suitable for this website.
Here’s a list of several crypto wallets you can use in OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each has its own limitations including simple registration, use on mobile devices only, and the function to purchase cryptocurrency using the credit card. How To Buy Nft Art Finance
To know more about it You can go through their FAQs to see a rundown of how you can start and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets every one of them has advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and pros here:
- Mobile apps are available for iOS as well as Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalty rates of up to 10% for artists (low royalties).
- Cannot buy or sell via the mobile app.
- Only accepts cryptocurrency as a type of payment.
- An Crypto account is needed for this marketplace.
OpenSea is accessible to everyone who has any crypto currency in their crypto wallets. If you’re selling, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. However, overall, you will quickly regain that when you actively sell because there’s no extra charge for it.
Frequently Asked Questions How To Buy Nft Art Finance
What is OpenSea?
OpenSea is an NFT marketplace that seeks to give artists a chance to sell their works online and receive cryptocurrency as their form of payment. It’s an excellent platform for artists who use for selling NFTs due to its low gas costs and low commission fee rate that you have to pay.
You can shop and browse the vast array of digital goods in this NFT marketplace which is why you should definitely take a look!
Is OpenSea legit & is it safe?
Answer: Yes! OpenSea is a reputable marketplace since it was founded at the end of the year of 2018. Since the system it operates on is built on blockchain technology, it is safe to say that your transactions are secure and safe.
In addition, as a seller, you will be verified after you build up your reputation. A blue checkmark will appear next to your account or the collection you uploaded to reassure anyone who buys from you. OpenSea’s team regularly reviews the content to ensure users are safe.
How do I earn royalties on OpenSea?
Unfortunately, as an artist, you will get only 10 percent of the royalties after you upload the NFT. This is considered to be a reasonable amount compared to others NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) is commonly utilized on this website and other sites to provide 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 for 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 easily purchase or 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 has a mobile or desktop application?
As we mentioned earlier There is an official mobile application from OpenSea that is available for iOS or Android. Install it from their app store, and then you can begin exploring the collection now!
A Desktop application that OpenSea which can be downloaded from WebCatalog. In the desktop application you are able to manage multiple accounts and get notifications on updates regarding your account while you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).