The cryptocurrency market is on the rise, and you’re probably wondering where you can invest your crypto coins. Markets have popped up all over the internet, designed to sell and buy NFTs via cryptocurrency! OpenSea is among them and is worth checking out.
If you’re well-versed in cryptocurrency you’ve likely heard of OpenSea prior to this for a valid reason. It has become one of the biggest and leading marketplaces among cryptocurrency users because of its security and rapid transactions.
Now hop aboard, and let’s explore the possibilities of OpenSea, along with checking the NFTs available to view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick review. After, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Howling Howitzer OpenSea Cats In Mechs
The goal to create OpenSea was to offer an online marketplace for artists to upload their commissions, without having to pay any additional charges. It has more functions which allow you to market your artwork without any problems.
For the registration process, you don’t have to worry about giving too many details about yourself. All you have to do is connect your crypto wallet and voila! You have an account with OpenSea! It’s as simple as that and without many hassles when you enter into NFTs.
The most widely-used cryptocurrency to use in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system, and this is used for the majority of transactions. It also operates on the Polygon blockchain to ensure low-cost and quicker trading.
There are two types of blockchains that are available it is possible to choose which one you’d like to publish your NFT as an seller. This ensures the safety of your NFT as well as those who wish to purchase it. All transactions will be made by using the blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall that lets you trade your NFTs or cryptocurrency for other NFTs. You can buy anything just a domain name, to a piece of art by an artist you admire. Anyone can be a seller however, it takes time for anyone to be a reputable one.
There is a wide variety from the selection of NFTs available at OpenSea, and you can become a part of this! You can set up your own marketplace here, along with finding NFTs you want to purchase yourself.
What is an NFT?
A recent change in the cryptocurrency industry the term “NFT” has been going around so long on the internet that many millennials have heard of it but aren’t exactly sure what it actually means. Let’s take a look at what NFT is for anyone who is new in cryptocurrency.
One of the newest things you can buy is an NFT. An NFT is a non-fungible token that is unique and can’t be substituted. This can be an item of any rareness like 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 object you’re selling on the internet. More straightforwardly, you can simply think of the NFT to be a type of digital item that is paid for using cryptocurrency only.
Minting is like calling dibs to your NFTs. It is a way of claiming ownership over that particular token/item that you posted to the market place, but you’re offering it for sale. Usually, this becomes official once you fill out the proper information regarding the NFT and add it on the market.
On OpenSea it’s a straightforward procedure to create your own NFTs by going to the store and create a collection! Fill out the proper and complete information about your NFT and choose what kind of settings you’d like to use to use it with (e.g., blockchain and money transfer tokens). After that, you can finally upload it to the internet if it’s in the 100 MB limit.
You can wait and observe the way transactions are handled from now on to see if OpenSea is the right marketplace for you.
What NFTs can you get here?
So, at this point, you’re probably wondering what kind of NFTs can be found here and what you can also sell if you decide to pursue that route. The type of NFT that you can purchase isn’t limited since there’s a broad range of options for how to do it.
You could be selling digital products, trading cards games domain names, some physical items! Explore what you believe can reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that differentiates OpenSea from other companies. There are zero gas fees for using this feature when you create and market NFTs. This means you’ll be able to make the highest profits once you start selling because you won’t have to spend on extra fees.
There aren’t many NFT marketplaces provide this feature, and it can be a fantastic way to earn a high return from your NFT collection.
The Referral Program is another unique aspect of OpenSea to admire. Similar to traditional online markets, you can receive advantages by referring your friend to OpenSea! If you invite a friend to join OpenSea and buy an NFT from the site you’ll earn 2.50 percent of the purchase amount, which means you can make more money through this action.
Other NFT marketplaces don’t offer this feature and that’s another benefit OpenSea has over the other marketplaces.
There is an OpenSea mobile app, but it’s mostly used for perusing through the marketplace. You can’t buy or sell items as you browse through the listings.
The mobile apps from OpenSea are accessible on the two platforms of iOS as well as Android. Even though you can’t buy or sell something, you can at least explore the products you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are at your disposal You can also trade your fiat currency for cryptocurrency through these platforms. Howling Howitzer OpenSea Cats In Mechs
You can exchange the fiat currency you have with a your credit or debit card as well as Paypal on these reliable websites for cryptocurrency:
- Bittrex and other things!
Each of them has the option of exchange for ETH which is the standard cryptocurrency payment option in OpenSea.
Although OpenSea can be described as an NFT marketplace that is open to all types of crypto, wallets are still more compatible with it than other. Because it is based around an ETH blockchain, all wallets with a connection to that network will be suitable for the site.
Here is a list of different crypto wallets you can utilize in OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each wallet has its own restrictions like easy registration, use on mobile devices only as well as the capability to purchase cryptocurrency using credit cards. Howling Howitzer OpenSea Cats In Mechs
To learn more about it to learn more, check out their FAQs to see a rundown of how you can get started and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with advantages and drawbacks. OpenSea isn’t the only one to have this. You can view its pros and cons here:
- Mobile apps are available for iOS and Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalties of only up to 10% for artists (low royalty rates).
- It is not possible to buy or sell items on this mobile application.
- Only supports cryptocurrency as its form of payment.
- An Crypto digital wallet must be used for 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% portion of commission fees that all buyers on the marketplace. In the end, you’ll quickly regain that when you actively sell because there’s no extra charge for it.
Frequently Asked Questions Howling Howitzer OpenSea Cats In Mechs
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to offer artists a way to market their work online to receive cryptocurrency as their form of payment. It’s an ideal option for artists who want to use for selling NFTs due to its no cost of gas and low commission fees you must pay.
You can shop and browse a vast collection of digital goods in this NFT marketplace and you must check it out!
Is OpenSea legit & secure?
The short answer is yes! OpenSea has been a trusted marketplace since it was established in the year 2018. Since the system it operates on is built on a blockchain that is secure, you can declare that transactions are safe and secure.
In addition as a seller you’ll be verified when you’ve earned a reputation. A blue checkmark will appear to your account or any collection you uploaded to reassure anyone who buys from you. OpenSea’s team regularly reviews the contents to ensure users are secure.
How can I earn royalties on OpenSea?
As an artist, you will be paid only 10% of the royalties once you upload the NFT. This is considered to be a reasonable amount compared to others NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) is widely used on this site and 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 core cryptocurrencies you can make use of to access OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. You can easily purchase or sell cryptocurrency through trusted platforms with fiat money. All you need to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea have a desktop/mobile application?
As we mentioned earlier there’s an official mobile app from OpenSea available for both iOS as well as Android. You can download it through their app store and you can start exploring the collection now!
There is also a desktop application for OpenSea which can be downloaded from WebCatalog. With the desktop application, you can manage multiple accounts as well as receive notifications on updates regarding 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/).