The crypto currency market is in a boom right now and you’re probably thinking what you can do with your crypto-coins. There are numerous marketplaces popping up all over the internet, designed to purchase and sell NFTs with cryptocurrency! OpenSea is one of 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 has become one of the biggest and leading marketplaces among users of cryptocurrency due to its safety and speedy transactions.
Get on board, and let’s explore what you can do with OpenSea and also see the NFTs available to view!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace How To Buy Nft Art
The purpose of OpenSea was to simply provide a platform/marketplace for artists to easily upload their commissions with no additional costs. It also has additional functions which allow you to market your work without having to deal with many difficulties.
When it comes to the registration process, you don’t have to worry about giving all of your personal details. All you have to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It can be as simple as that, without many hassles when you enter 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, and this is used for most processes. It also functions using the Polygon blockchain to ensure low-cost and quicker trading.
There are two types of blockchains available you can pick which one you want to publish your NFT as a seller. This will ensure the security of your NFT, along with the people who want to purchase it. Every transaction will be conducted by using the blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall where you can exchange your cryptocurrency or NFTs for other NFTs. You can purchase anything from just a domain name to an official artwork from an artist that you admire. Anyone can become a seller however it takes some time for anyone to be a reputable one.
There are a variety of NFTs from the selection at OpenSea, and you can join in with this! You can start your own marketplace here, along with finding NFTs you’d like to buy 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 actually means. Let’s look at what an NFT is for anyone who is new in cryptocurrency.
One of the latest ways you can buy is an NFT. The NFT is a non-fungible currency that is unique and can’t be replaced. This can be an item of any rarity like authentic baseball cards, or a rare vinyl record.
There’s no limit to what an NFT can be since it’s a non-fungible item that you can sell on the internet. In simpler terms, you could simply consider an NFT being a virtual item which is only paid in cryptocurrency.
Minting is similar to calling for dibs to your NFTs. You’re claiming the owner of the item or token that you posted to the marketplace, and you’re selling it. Usually, this becomes official after you fill in the correct information about the NFT and finally add it on the market.
On OpenSea, it’s a simple procedure to create your own NFTs by visiting the store and simply making a collection to begin! Complete the correct and complete information about your NFT and select the type of settings you want for it (e.g., blockchain or money transfer tokens). After that you are able to upload it, if it’s within the 100 MB limit.
You can wait and observe the way transactions are handled from now to see whether OpenSea is the marketplace for you.
What NFTs can you get here?
In this moment you’re probably asking yourself the kind of NFTs can be purchased here, and what you could also sell if you choose to go that route. The kind of NFT it is unlimited because there’s a wide range of ways to approach it.
You can be selling trade cards, digital goods games, domain names, and even physical assets! Explore what you believe can reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what differentiates OpenSea from the other options. There are no gas costs when you use this feature to make and then sell the NFTs. This simply means that you’ll be able to make the highest profits once you start selling because you don’t need to pay on extra fees.
There aren’t many NFT marketplaces provide this feature, so this is great for you to earn a high return from your portfolio.
This Referral Program is another distinctive feature of OpenSea to be admired. Like traditional online marketplaces that offer benefits by referring a friend to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from there you’ll be rewarded with 2.50% of the sale amount, letting you earn more money by this method.
Other NFT marketplaces do not have this kind of feature either This is a further advantage OpenSea has over them.
There’s an OpenSea mobile app, but it is mainly used to browse the marketplace. Unfortunately, you can’t purchase or sell anything as you scroll through the list.
The mobile apps from OpenSea are accessible for both iOS and Android. Although you aren’t able to purchase or sell anything, you can still browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are at your disposal You can also trade your fiat currency for cryptocurrency through these platforms. How To Buy Nft Art
You can convert your fiat currency using a credit card or Paypal via these reputable websites to exchange it for crypto:
- Bittrex, and more!
All of them have the option of converting them into ETH that is the primary cryptocurrency payment option in OpenSea.
While OpenSea is an NFT marketplace that is open to all kinds of cryptocurrency, wallets are still more compatible with it than other. Since it is built around an ETH blockchain, any wallets that share the same network are suitable for this site.
Here’s a list different crypto wallets you can use in OpenSea:
- Authereum and many more!
Note: The 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 ability to purchase cryptocurrency with a credit card. How To Buy Nft Art
To learn more about it to learn more, check out their FAQs to get the steps you can start and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has its advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and cons here:
- Mobile apps available for iOS as well as Android.
- Smart contracts are utilized for 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 10% to artists (low royalty rates).
- You cannot buy or sell products through the mobile app.
- Only accepts cryptocurrency as a form of payment.
- An Crypto digital wallet must be used to access this marketplace.
OpenSea is open to everyone who owns any crypto coins in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. However, overall, you will quickly regain that when you sell regularly since there’s no extra charge for it.
Frequently Asked Questions How To Buy Nft Art
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to provide artists a platform to sell their works online, and to accept cryptocurrency as a method of payment. It’s an ideal option for artists who want to use the platform to market NFTs because of its zero gas costs and the low commission rate which you are required to pay.
You can browse and purchase the vast array of digital items on the NFT marketplace and you must go through it!
Is OpenSea legitimate and safe?
Short answer: Yes! OpenSea has been a trusted marketplace since it was founded on the 1st of December in the year 2018. Since its system is based on a blockchain, it is safe to declare that transactions are protected and secured.
In addition as a seller you can become verified once you have built up your credibility. A blue checkmark will be assigned next to your account or the collection that you have uploaded to assure every customer. The OpenSea team reviews regularly the content to ensure users are secure.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you’ll receive only up to 10 percent of the royalties after you have uploaded the NFT. This is thought to be reasonably low compared with other NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) is commonly utilized on this website and many others to accommodate the increasing number of crypto users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can utilize for OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency through reliable platforms using fiat currency. All you need just connect your debit or credit card to Paypal for the transaction.
Does OpenSea has a mobile or desktop application?
As previously mentioned There is an official mobile application from OpenSea that is available for iOS as well as Android. Install it from their app store and then you can begin exploring the collection right now!
A desktop application for OpenSea that can be downloaded through WebCatalog. On the desktop app you can manage multiple accounts and 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/).