Cryptocurrency is booming right now and you’re probably thinking where to invest your crypto coins. Markets have popped up across the digital web designed to buy and sell NFTs with cryptocurrency! OpenSea is among them, and it’s worth a look.
If you’re well-versed in cryptocurrency, you’ve likely heard of OpenSea before for a good reason. It’s now one of the biggest and most popular marketplaces among cryptocurrency users because of its security and quick transactions.
Get on board, and let’s see what you can do with OpenSea as well as examining the NFTs that you can see!
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 our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace How To Get Started With Nft
The aim for OpenSea was to provide artists with a marketplace/platform to upload their commissions with no additional costs. There are additional features that let you sell your art without too many issues.
When it comes to registration, you won’t have to give too many details 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 many hassles when you enter into NFTs.
The most widely-used cryptocurrency that is used within 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 to carry out the majority of processes. It is also based using the Polygon blockchain, which ensures lower costs and faster trading.
With these two kinds of blockchains available you can pick which one you want to upload your NFT on as an seller. This will ensure the security of your NFT as well as those who wish to buy it. All transactions will be made using 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 in exchange for other NFTs. It is possible to purchase anything just a domain name to an official artwork from an artist that you admire. Anyone can sell however, it takes a while before anyone can become a reputable one.
There’s a huge selection from the selection at OpenSea and you can become a part of this! You can start your own personal market here, along with finding NFTs you want to purchase for yourself.
What is an NFT?
In a recent development for the cryptocurrency industry,”NFT” is a term that has been used in recent times “NFT” has been going around so long on the internet that the majority of young people are familiar with it , but aren’t exactly sure what it means. Let’s look at what an NFT is for anyone who is new in cryptocurrency.
One of the latest ways you can buy can be an NFT. The NFT is a non-fungible currency that is very unique and can’t be substituted. It could be an item of rareness, such as authentic baseball cards or a rare vinyl record.
There’s no limit to what an NFT can be since it’s a non-fungible thing that you can sell online. It is simpler to simply think of as an NFT as a digital item paid via cryptocurrency only.
Minting is like calling the shots on your own NFTs. It is a way of claiming ownership over that particular token/item that you posted to market, as putting it up for sale. Usually, this is recognized after you fill in the correct information about the NFT and finally submit it for sale on.
On OpenSea, it’s a simple procedure to create your own NFTs by visiting the store and creating a collection to start! Fill out the proper and complete information about your NFT and select the type of settings you want to use it with (e.g., blockchain or payments tokens). After you’ve completed the process you are able to upload it, if it’s within the 100 MB limit.
You can watch and see how the transactions go from now to see if OpenSea is the best marketplace for you.
What NFTs can you get here?
So, at this point you’re probably thinking about what kind of NFTs be found here and what you can also sell if you decide to go that route. The type of NFT it is unlimited since there’s a broad range of how you can do it.
You could be selling digital items, trading cards games, domain names, and even physical assets! Find out what you think will bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that separates OpenSea from the other options. There are no gas costs for using 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 additional fees.
Very few 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 another distinctive feature of OpenSea to be admired. Like traditional online marketplaces, you can receive benefits when you refer a friend to OpenSea! If you encourage a friend join OpenSea and buy an NFT from the site you’ll be rewarded with 2.50% of the sale amount, which allows you to make more money by this method.
Other NFT marketplaces don’t have this feature This is a further benefit OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile app, but it is mainly used for perusing through the marketplace. You can’t buy or sell anything while you browse through the listing.
OpenSea’s mobile apps are available on the two platforms of iOS and 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
Various crypto exchange platforms are at your disposal You can also exchange your fiat money for cryptocurrency on these platforms. How To Get Started With Nft
You can swap your fiat currency using a the credit card, or Paypal via these reputable websites to exchange it for crypto:
- Bittrex, and many more!
All of these have the option of converting them into ETH that is the most common crypto payment in OpenSea.
While OpenSea can be described as an NFT marketplace open to all forms of cryptocurrency, the wallets still more compatible with it than other. Because it is based on the ETH blockchain, any wallets with a connection to the same network are suitable for the site.
Here’s a list several crypto wallets you can utilize in OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each wallet has its own restrictions including simple registration, mobile-only usage and the ability to purchase cryptocurrency with the credit card. How To Get Started With Nft
To learn more about it, you can check their FAQs to get an overview of how you can begin and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and cons 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.
- Best for beginners in the crypto world and NFTs.
- Allows royalties 10% to artists (low royalty rates).
- It is not possible to buy or sell items on the mobile app.
- Only accepts cryptocurrency as a form of payment.
- An Crypto account is needed to access this marketplace.
OpenSea is accessible to everyone who has crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. But overall, you can quickly recover this amount if you are actively selling since there’s no additional cost for it.
Frequently Asked Questions How To Get Started With Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to give artists a chance for selling their artwork online, and to accept cryptocurrency as a method of payment. It’s an excellent platform for artists who use the platform to market NFTs due to its low gas fees and the low commission rate you must pay.
You can browse and shop for the vast array of digital items on the NFT marketplace, so you should go through it!
Is OpenSea legit & safe?
The short answer is yes! OpenSea has been a reliable marketplace since it was established in 2018. Since its system is built on blockchain technology and is secured, it is safe to say that your transactions are safe and secure.
In addition, as a seller, you’ll be verified when you have built up your credibility. A blue checkmark will appear on your account or any collection you’ve uploaded to ensure the safety of any customer. The OpenSea team reviews regularly the content to ensure that users are secure.
How can I earn royalties on OpenSea?
However, as an artist, you’ll get only 10% of the royalties once you upload the NFT. This is believed to be reasonably low compared against others NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) has been widely used on this site as well as many others to accommodate the increasing number of crypto users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize to access OpenSea.
What are the payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. You can buy and sell cryptocurrency through reliable platforms using fiat currency. All you need be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea have a desktop or mobile app?
As we mentioned earlier, there is definitely an official mobile app from OpenSea for both iOS as well as Android. You can download it through their app store, and then you can begin browsing through the collection right now!
There is also a version for desktops that OpenSea can be downloaded via WebCatalog. In the desktop application, you can manage multiple accounts and get notifications about updates to your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).