The cryptocurrency market is on the rise and you’re probably wondering where to invest your crypto-coins. Markets have popped up across the internet, designed to sell and buy NFTs with cryptocurrency! OpenSea can be one and is worth looking into.
If you’re familiar with cryptocurrency you’ve probably heard of OpenSea before for a good reason. It’s now one of the biggest and most popular marketplaces for users of cryptocurrency due to its security and rapid transactions.
So, hop on board and let’s see what you can do with OpenSea as well as examining the NFTs available to view!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. After, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace How To Invest In Nft Technology
The aim to create OpenSea was to offer artists with a marketplace/platform to easily upload their commissions, without having to pay any additional fees. There are additional features that allow you to sell your artwork without any difficulties.
When it comes to registration, you won’t have to provide all of your personal details. All you need to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as easy as that and without much hassle as you step into NFTs.
OpenSea: Blockchain
The most well-known cryptocurrency to use in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system and is used for the majority of transactions. It also functions with the Polygon blockchain, which ensures the lowest cost and speediest trading.
There are two types of blockchains that are available, you can choose which one you’d like to upload your NFT on as seller. This ensures the safety of your NFT as well as those who would like to buy it. All transactions will be made by using the blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an online shopping mall that is endless that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything the simplest domain name to an official artwork from an artist you admire. Anyone can be a seller however it takes time for anyone to become a reputable one.
There is a wide variety of NFTs available at OpenSea and you can also be a part of this! You can create your own personal market here, along with finding NFTs that you would like to purchase yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
A recent change in the crypto market,”NFT,” a popular term in the crypto industry “NFT” has been going around so long on the internet that many millennials are familiar with it but aren’t 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 latest ways you can purchase your cryptocurrency includes an NFT. A NFT is a non-fungible token that is exclusive and cannot be replaced. It can be an item of rareness like mint-condition baseball trading cards or a rare vinyl record.
There’s no limit to what an NFT could be, since it’s a non-fungible object that you can sell online. More straightforwardly, you can simply consider as an NFT being a virtual item which is only paid in cryptocurrency.
Minting NFTs
Minting is like calling dibs on your own NFTs. You are calling the owner of the item or token you uploaded on the market place, but putting it up for sale. Usually, this is recognized when you have filled in all the necessary information about the NFT and add it on the market.
On OpenSea It’s a very simple process to mine your NFTs by visiting the store and then making a collection to begin! Complete the correct and complete information about your NFT and select the type of settings you’d like to use for it (e.g., blockchain and payments tokens). After that then you’re able to upload it to the internet if it’s in the 100 MB limit.
It is possible to wait and see how transactions progress from here on out to determine if OpenSea is the marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs can you find here?
So, at this point you’re probably thinking about what kind of NFTs you shop for here and what kind of NFTs you can also sell if you decide to pursue that route. The kind of NFT that you can purchase is indefinite since there’s a broad range of how you can do it.
It is possible to sell digital products, trading cards games domain names, also physical goods! Explore what you believe can bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what separates OpenSea from other companies. There are no gas costs when you utilize this feature to create and market NFTs. This is essentially a way to ensure that you get the most profit when you begin selling since you won’t need to spend on any additional charges.
Not many NFT marketplaces provide this feature, so this can be a fantastic way to earn a high return from your portfolio.
Referral Program
The Referral Program is another distinctive feature of OpenSea to be admired. Like traditional online marketplaces, you can receive advantages by referring your friend to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from there, you’ll receive 2.50 percent of the purchase amount, letting you earn more cash from this act.
Other NFT marketplaces don’t have this kind of feature either and that’s another advantage OpenSea has over them.
> > Click Here to Explore OpenSea < <
Mobile Application
There is an OpenSea mobile application, however it is mainly used to browse the marketplace. It isn’t able to purchase or sell anything while you browse through the listing.
OpenSea’s mobile apps are available for both iOS in addition to Android. Although you aren’t able to purchase or sell anything, you can still look through the options you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are for you to use, and you can convert your fiat money into cryptocurrency through these platforms. How To Invest In Nft Technology
You can convert the fiat currency you have with a the credit card, or Paypal via these reputable websites for cryptocurrency:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex and more!
All of these have the option of exchange for ETH which is the most common cryptocurrency used in OpenSea.
Crypto Wallets
While OpenSea is an NFT marketplace that is open to all types of crypto, wallets are still more compatible with it than other. Because it is based on the ETH blockchain, any wallets which are part of that network will be suitable for this website.
Here’s a list of several crypto wallets which you can use with OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and many more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, only mobile usage, and the function to purchase cryptocurrency using credit cards. How To Invest In Nft Technology
To learn more about it, you can check their FAQs for a rundown of how you can begin and which other wallets are compatible with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
Like all crypto markets, each one has advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and cons here:
Pros
- Mobile apps are available for iOS and Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto world and NFTs.
Cons
- Allows royalty rates of 10% to artists (low royalty).
- Cannot buy or sell via our mobile apps.
- Only supports cryptocurrency as its type of payment.
- A Crypto digital wallet must be used for this marketplace.
Pricing
OpenSea is open to everyone who has crypto coins in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. But overall, you can quickly recover this amount if you sell regularly since there’s no extra charge for it.
Frequently Asked Questions How To Invest In Nft Technology
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to provide artists a platform to market their work online, and to accept cryptocurrency as their form of payment. It’s a great option for artists who want to use it to sell NFTs because of its zero gas fees and the low commission rate that you have to pay.
You can shop and browse the vast array of digital items on the NFT marketplace and you must go through it!
Is OpenSea real and is it safe?
The short answer is yes! OpenSea is a reputable marketplace since its inception at the end of the year 2018. Since 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 can become verified once you’ve earned a reputation. A blue checkmark will appear on your account or the collection that you have uploaded to assure every customer. OpenSea’s team regularly reviews the content to ensure that users are safe.
How can I earn royalties on OpenSea?
Unfortunately, as an artist, you can be paid only 10 percent of the royalties after you have uploaded the NFT. This is thought to be reasonably low compared with the other NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) can be widely used on this site and numerous others to cater for many more crypto users. These are other cryptos that you can buy on the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the core cryptocurrencies you can make use of for OpenSea.
What are the payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. It is easy to buy or trade cryptocurrency using secure platforms that accept fiat money. All you have just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea has a mobile or desktop app?
As we mentioned earlier, there is definitely an official mobile application from OpenSea for both iOS and Android. You can download it through their app store, and then you can begin exploring the collection now!
There is also a Desktop application that OpenSea can be downloaded via WebCatalog. On the desktop app, you can manage multiple accounts and receive 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/).
