The cryptocurrency market is on the rise and you’re probably wondering where you can invest your crypto-coins. There are numerous marketplaces popping up across the web that allow users to purchase and sell NFTs with cryptocurrency! OpenSea is one of them and is worth checking out.
If you’re interested in crypto you’ve probably heard of OpenSea prior to this for a valid reason. It has become one of the biggest and most popular marketplaces for cryptocurrency users because of its security and quick transactions.
Now hop aboard, and let’s explore the possibilities of OpenSea and also see the NFTs available to view!
Before you continue, 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 our article for a more comprehensive review.
OpenSea as an NFT Marketplace How To Fix 504 Error
The goal for OpenSea was to simply provide an online marketplace for artists to upload their commissions without any extra costs. There are additional features that let you sell your artwork without any difficulties.
In terms of 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 on OpenSea! It’s as simple as that without going through many hurdles as you walk into NFTs.
The most widely-used cryptocurrency that is used within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system and is used for most processes. It is also based with 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 upload your NFT on as seller. This is to ensure the security of your NFT and those who wish to purchase it. All transactions will be made by using the blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace where you can trade in your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything just a domain name, to a piece of art from an artist that you admire. Anyone can become a seller however it takes some time for anyone to become an established seller.
There is a wide variety in the collection on OpenSea, and you can also be a part of this! You can start your own market here, along with finding NFTs you want to purchase 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 a lot of millennials have heard of it but not exactly sure what it means. Let’s look at what an NFT is for any beginners in cryptocurrency.
One of the newest things you can purchase your cryptocurrency can be an NFT. The NFT is a token that is non-fungible that is individual and cannot be substituted. This can be an item of any rareness, such as rare baseball trading cards in mint condition, or a uncommon vinyl record.
There is no limit to what an NFT can be as it’s a non-fungible thing that you sell on the internet. It is simpler to simply think of the NFT as a digital item that is paid for using cryptocurrency only.
Minting is like calling the shots to your NFTs. You are calling ownership over that particular token/item that you posted to market, as you’re offering it for sale. Typically, this is official when you have filled in the correct information about the NFT and upload it to the marketplace.
On OpenSea it’s a straightforward process to mint your NFTs. All you have to do is visit the store and then making a collection to begin! Fill out the proper and accurate information about your NFT and then select what type of settings you’d like for it (e.g., blockchain and money transfer tokens). After that then you’re able to upload it to the internet if it’s in the limit of 100MB.
You can wait and observe how the transactions go from now to see whether OpenSea is the right marketplace for you.
What NFTs are available here?
In this moment you’re probably asking yourself which kind of NFT can you shop for here and what kind of NFTs you can sell should you decide to pursue that route. The kind of NFT that you can purchase is unlimited because there’s a wide range of options for how to approach it.
You can be selling digital products, trading cards, game assets, domain names, and even physical assets! Find out what you think will yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that sets OpenSea from other companies. There are no gas costs when you use this feature when you mint and sell NFTs. This simply means that you’ll receive the maximum profits when you begin selling since you won’t have to spend on additional fees.
There aren’t many NFT marketplaces offer this feature, which is why this is a great way to receive high profit from your NFT collection.
This Referral Program is another unique aspect of OpenSea to admire. Like traditional online marketplaces there are benefits when you refer your friend to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from the site you’ll earn 2.50 percent of the sales amount, letting you make more money from this act.
Other NFT marketplaces don’t have the same feature This is a further advantage OpenSea has over the other marketplaces.
There’s an OpenSea mobile app, but it is mainly used to browse through the marketplace. It isn’t able to purchase or sell anything as you scroll through the list.
The mobile apps of OpenSea are available on both iOS as well as Android. Even though you can’t buy or sell things, you can at least explore the products you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are at your disposal, and you can convert your fiat money into cryptocurrency on these platforms. How To Fix 504 Error
You can swap 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 other things!
Each of them has the option of converting them into ETH which is the primary crypto payment in OpenSea.
While OpenSea has been described as being an NFT marketplace open to all forms of crypto, wallets are nevertheless more compatible than other. Since it is built mainly using an ETH blockchain, all wallets that share this network are appropriate for the site.
Here is a list of different crypto wallets which you can use with OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each has its own limitations including simple registration, only mobile usage, and the function to purchase cryptocurrency with credit cards. How To Fix 504 Error
To know more about it, you can check their FAQs to get the steps you can get started and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and cons here:
- Mobile apps available for iOS and Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto market and NFTs.
- Allows royalties of only 10% to artists (low royalties).
- You cannot buy or sell products on this mobile application.
- Only supports cryptocurrency as its method of payment.
- The use of a Crypto account is needed to use this marketplace.
OpenSea is accessible to everyone who has crypto coins in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. However, overall, you will easily recover that amount when you are actively selling since there’s no additional cost for it.
Frequently Asked Questions How To Fix 504 Error
What is OpenSea?
OpenSea is an NFT marketplace that is designed to provide artists a platform for selling their artwork online, and to accept cryptocurrency as a method of payment. It’s an ideal platform for artists who use it to sell NFTs due to its no gas fees and the low commission rate that you have to pay.
You can browse and purchase a vast collection of digital products on this NFT marketplace and you must go through it!
Is OpenSea real and secure?
The short answer is yes! OpenSea has been a reliable marketplace since it was founded on the 1st of December in 2018. Because its system is based on a blockchain and is secured, it is safe to declare that transactions are protected and secured.
Furthermore, as a seller, you will be verified after you have built up your credibility. A blue checkmark will appear on your account or any collection that you have uploaded to assure any customer. The team at OpenSea regularly checks the content to ensure users are secure.
How do I earn royalties on OpenSea?
As an artist, you will receive only up to 10 percent of the royalties after you have uploaded the NFT. This is believed to be reasonably low compared with other NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) is frequently used on this site and other sites to provide many more cryptocurrency users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize to access OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. You can easily purchase or sell cryptocurrency on secure platforms that accept fiat money. All you have be able to connect is your credit or Paypal for the transaction.
Does OpenSea has a mobile or desktop application?
As mentioned before, there is definitely an official mobile application from OpenSea available for both iOS as well as Android. Download it at their respective app store, and then you can begin exploring the collection now!
The Desktop application that OpenSea that can be downloaded through WebCatalog. On the desktop app you can manage multiple accounts as well as receive alerts on any updates that affect 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/).