The crypto currency market is in a boom right now and you’re probably wondering where you can invest your crypto currency. Markets have popped up across the internet, designed to purchase and sell NFTs via cryptocurrency! OpenSea can be one, and it’s worth a look.
If you’re interested in crypto you’ve probably heard about OpenSea before for a good reason. It’s now one of the biggest and most popular marketplaces among users of cryptocurrency due to its safety and speedy transactions.
So, hop on board and discover the possibilities of OpenSea and also see 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 the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace How To Buy Using Coinbase
The goal of OpenSea was to simply provide artists with a marketplace/platform to easily upload their commissions with no additional charges. There are additional features that let you sell your art without too many problems.
For registration, you don’t need to worry about giving any personal information about yourself. All you have to do is connect your crypto wallet and voila! You have an account with OpenSea! It can be as simple as that without going through many hurdles as you walk into NFTs.
The most widely-used cryptocurrency used on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system, and this is used for most processes. It also functions with the Polygon blockchain, which allows for low-cost and quicker trading.
With these two kinds of blockchains available you can pick which one you want to upload your NFT on as a seller. This will ensure the security of your NFT as well as those who would like to purchase it. All transactions will be made by using the blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall where you can trade in your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything the simplest domain name, to a piece of art from an artist you admire. Anyone can be a seller however, it takes some time for anyone to become a reputable one.
There are a variety of NFTs from the selection at OpenSea and you could join in with this! You can create your own marketplace here, along with finding NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent advancement for the cryptocurrency industry, the term “NFT” has been going around for so long on internet that the majority of young people are familiar with it but not exactly sure what it means. Let’s break down what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the new things that you can buy with cryptocurrency includes an NFT. An NFT is a non-fungible currency that is individual and cannot be replaced. It can be an item of rareness like rare baseball trading cards in mint condition or a rare vinyl record.
There’s no limit to what an NFT could be, since it’s a non-fungible thing you’re selling on the internet. More straightforwardly, you can just consider an NFT to be a type of digital collectible paid via cryptocurrency only.
Minting is like calling the shots to your NFTs. It is a way of claiming ownership over that particular token/item you uploaded on the market place, but you’re offering it for sale. Typically, this is official when you have filled in the correct information about the NFT and then submit it for sale on.
On OpenSea, it’s a simple procedure to create your own NFTs. All you have to do is visit the store and then creating a collection to start! Complete the correct and correct information regarding your NFT and choose what kind of settings you’d like to use for it (e.g. blockchain and money transfer tokens). After that, you can finally upload it, if it’s within the 100 MB limit.
It is possible to wait and see how the transactions go from here on out to see if OpenSea is the best marketplace for you.
What NFTs can you find here?
So, at this point you’re probably asking yourself the kind of NFTs can you shop for here, and what you could also sell if you decide to pursue that route. The kind of NFT it can be isn’t limited since there’s a broad range of options for how to approach it.
It is possible to sell digital products, trading cards, game assets domain names, also physical goods! Find out what you think will bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what separates OpenSea from other companies. There are zero gas fees when you use this feature when you mint and sell NFTs. This simply means that you’ll receive the maximum profits when you sell because you won’t have to spend on extra fees.
Not many NFT marketplaces provide this feature, which is why this is a great way to earn a high return from your collection.
A Referral Program is another distinctive feature of OpenSea to be admired. Similar to traditional online markets that offer benefits by referring someone else to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from there you’ll be rewarded with 2.50 percent of the purchase amount, which means you can make more money from this act.
Other NFT marketplaces do not have this kind of feature either and that’s another advantage OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile app, but it is mainly used for perusing through the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listing.
OpenSea’s mobile apps are available for the two platforms of iOS in addition to Android. Although you aren’t able to purchase or sell anything, you can still explore the products you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are to you, and you can convert your fiat money into cryptocurrency on these platforms. How To Buy Using Coinbase
You can exchange your fiat money via the credit card, or Paypal via these reputable websites to exchange it for crypto:
- Bittrex and more!
All of them have the option to exchange for ETH which is the most common cryptocurrency payment option in OpenSea.
Although OpenSea is an NFT marketplace that is open to all kinds of crypto, wallets are nevertheless more compatible than other. Because it is based using the ETH blockchain, wallets with a connection to the same network are suitable for this website.
Here’s a list various crypto wallets that which you can use with OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations including simple registration, mobile-only usage as well as the capability to purchase cryptocurrency using a credit card. How To Buy Using Coinbase
To learn more about it You can go through their FAQs to see 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. You can read about its pros and cons here:
- Available as mobile apps that are compatible with iOS and 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 royalties of only 10% for artists (low royalty rates).
- It is not possible to buy or sell items via our mobile apps.
- Only accepts cryptocurrency as a form of payment.
- An Crypto account is needed for this marketplace.
OpenSea is accessible to everyone who has crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. In the end, you’ll quickly recover this amount if you are actively selling since there’s no extra charge for it.
Frequently Asked Questions How To Buy Using Coinbase
What is OpenSea?
OpenSea is an NFT marketplace that is designed to offer artists a way to market their work online and receive cryptocurrency as a method of payment. It’s a great option for artists who want to use it to sell NFTs due to its no cost of gas and the low commission rate which you are required to pay.
You can browse and shop for the vast array of digital goods in this NFT marketplace which is why you should definitely check it out!
Is OpenSea legitimate and secure?
The short answer is yes! OpenSea has been a reliable marketplace since its inception in the year of 2018. Because its system is based on a blockchain, it is safe to say that your transactions are safe and secure.
In addition, as a seller, you will be verified after you’ve earned a reputation. A blue checkmark will appear to your account or collection that you have uploaded to assure any customer. The team at OpenSea regularly checks the content to ensure that users are safe.
How do I earn royalties from OpenSea?
As an artist, you will receive only up to 10% of the royalties once you upload the NFT. This is believed to be quite low in comparison to the other NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) has been commonly used on this site and many others to accommodate many more cryptocurrency users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can use to access OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. You can buy and trade cryptocurrency using reliable platforms using fiat currency. All you have just connect your debit or credit card to Paypal for the transaction.
Does OpenSea has a mobile or desktop application?
As we mentioned earlier There is an official mobile app from OpenSea for both iOS as well as Android. Install it from their app store, and you can start browsing through the collection right now!
A version for desktops that OpenSea that can be downloaded through WebCatalog. In the desktop application you can manage multiple accounts and receive alerts on any updates that affect 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/).