Cryptocurrency is booming right now, and you’re probably wondering where to invest your crypto coins. There are numerous marketplaces popping up all over the digital web designed to buy and sell NFTs via cryptocurrency! OpenSea is among them, and it’s worth checking out.
If you’re familiar with cryptocurrency, you’ve probably heard of OpenSea prior to this for a valid reason. It’s now one of the largest and leading marketplaces among users of cryptocurrency due to its security and rapid transactions.
So, hop on board and let’s see the possibilities of OpenSea as well as examining the NFTs available to view!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick review. After, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace I Hate Nfts
The goal of OpenSea was to provide an online marketplace for artists to easily upload their commissions, without having to pay any additional fees. There are additional features which allow you to market your art without too many problems.
For registration, you won’t have to worry about giving all of your personal details. All you need to do is connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as simple as that and without many hassles when you enter into NFTs.
The most widely-used cryptocurrency to use on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it which is utilized for the majority of transactions. It is also based on the Polygon blockchain to ensure lower costs and faster trading.
There are two types of blockchains that are available it is possible to choose which one you’d like to transfer your NFT to as an seller. This will ensure the security of your NFT, along with those who wish 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’s an endless online mall where you can exchange your NFTs or cryptocurrency for other NFTs. You can buy anything just a domain name to official art by an artist you admire. Anyone can sell however, it takes time for anyone to become an established one.
There are a variety of NFTs from the selection on OpenSea and you could also be a part of this! You can create your own personal market there, and also find NFTs you’d like to buy for yourself.
What is an NFT?
A recent change in the crypto market,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that the majority of young people are familiar with it but not exactly sure what it is. Let’s break down what an NFT is for any beginners in the field of cryptocurrency.
One of the newest things that you can buy with cryptocurrency can be an NFT. An NFT is a token that is non-fungible which is extremely unique and can’t be replaced. It can be an item of rareness, such as mint-condition baseball trading cards or a rare vinyl record.
There is no limit to what an NFT could be, since it’s a non-fungible object you’re selling online. More straightforwardly, you can simply imagine an NFT to be a type of digital collectible that is paid for using cryptocurrency only.
Minting is similar to calling for dibs on your own NFTs. You’re claiming the owner of the item or token you uploaded on the marketplace, and you’re putting it up for sale. Typically, this is official 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 procedure to create your own NFTs. All you have to do is visit the store and simply create a collection! Fill out the proper and complete information about your NFT and choose what kind of settings you’d like to use it with (e.g., blockchain or payment tokens). After that then you’re able to upload it if it fits the 100 MB limit.
You can wait and observe the way transactions are handled from here on out to see whether OpenSea is the marketplace for you.
What NFTs can you get here?
So, at this point you’re probably thinking about what kind of NFTs can you shop for here and what you can also sell if you decide to go that route. The type of NFT it can be isn’t limited since there’s a broad range of options for how to go about it.
You could be selling digital items, trading cards, game assets domain names, some physical items! Explore what you believe can bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that differentiates OpenSea from the others. There are zero gas fees when you use this feature to make and then sell the NFTs. This simply means that you’ll receive the maximum profits when you begin selling since you don’t need to pay on any additional charges.
There aren’t many NFT marketplaces offer this feature, and it can be a fantastic way to receive high profit from your NFT collection.
The Referral Program is another unique aspect of OpenSea to be admired. Similar to traditional online markets there are benefits by referring a friend to OpenSea! If you invite a friend to join OpenSea and buy 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 the same feature, so that’s just another benefit OpenSea has over the other marketplaces.
There is an OpenSea mobile app, but it’s mostly used to browse the marketplace. It isn’t able to purchase or sell items as you browse through the listings.
OpenSea’s mobile apps are available for both iOS in addition to Android. While you’re not able to buy or sell something, you can at least browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available at your disposal, and you can convert your fiat money into cryptocurrency through these platforms. I Hate Nfts
You can swap the fiat currency you have with a your credit or debit card as well as Paypal through these trusted sites to exchange it for crypto:
- Bittrex, and other things!
All of these have the option of exchange for ETH which is the primary cryptocurrency payment option in OpenSea.
Although OpenSea can be described as an NFT marketplace that is open to all types of cryptocurrency, the wallets nevertheless more compatible than others. Since it is built mainly using the ETH blockchain, any wallets which are part of the same network are suitable for the site.
Here is a list of various crypto wallets that you can use in OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions, such as easy registration, use on mobile devices only as well as the capability to purchase cryptocurrency with the credit card. I Hate Nfts
To learn more about it to learn more, check out their FAQs to see an overview of how you can start and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets every one of them 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 that are compatible with iOS or Android.
- Smart contracts are used for transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalty rates of up to 10% for artists (low royalties).
- It is not possible to buy or sell items via our mobile apps.
- Only accepts cryptocurrency as a type of payment.
- An Crypto digital wallet must be used for this marketplace.
OpenSea is open to everyone who has crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. In the end, you’ll easily recover that amount when you sell regularly since there is no additional fee for it.
Frequently Asked Questions I Hate Nfts
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 a form of payment. It’s an ideal option for artists who want to use the platform to market NFTs due to its no gas costs and the low commission rate that you have to pay.
You can browse and shop for an array of digital products on this NFT marketplace and you must go through it!
Is OpenSea legit & is it safe?
Answer: Yes! OpenSea is a reputable marketplace since it was founded at the end of the year 2018. Since the system it operates on is built on blockchain technology and is secured, it is safe to say that your transactions are safe and secure.
Furthermore, as a seller, you will be verified after you’ve earned a reputation. A blue checkmark will appear on your account or any collection you’ve uploaded to ensure the safety of anyone who buys from you. The OpenSea team reviews regularly the content to ensure users are protected.
How can I earn royalties from OpenSea?
However, as an artist, you can receive only up to 10 percent of the royalties when you have uploaded the NFT. This is considered to be reasonably low compared against other NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) is commonly utilized on this website and numerous others to cater for many more crypto users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can use to use OpenSea.
What are the payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. You can easily purchase 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 transaction.
Does OpenSea has a mobile or desktop application?
As we mentioned earlier there’s an official mobile application from OpenSea for both iOS and Android. You can download it through their app store and begin exploring the collection now!
The desktop application for OpenSea which can be downloaded from WebCatalog. In the desktop application you can manage multiple accounts and receive notifications on updates regarding 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/).