The crypto currency market is in a boom right now and you’re probably wondering where you can invest your crypto-coins. Marketplaces are popping up across the internet, designed to buy and sell NFTs via cryptocurrency! OpenSea is among them and is worth looking into.
If you’re familiar with cryptocurrency you’ve probably heard of OpenSea prior to this for a valid reason. It has become one of the biggest and leading marketplaces among users of cryptocurrency due to its security and rapid transactions.
Get on board, and let’s see what you can do with 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 overview. After, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Igot Nft
The aim of OpenSea was to offer artists with a marketplace/platform to easily upload their commissions without any extra fees. It has more functions which allow you to market your work without having to deal with many problems.
In terms of registration, you don’t need 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 on OpenSea! It’s as easy as that and without many hurdles as you walk into NFTs.
The most popular cryptocurrency to use in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology and is used for most processes. It is also based 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 would like to upload your NFT on as an seller. This ensures the safety of your NFT, along with the people who want 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 that lets you trade your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything as simple as a domain name to an official artwork from an artist that you admire. Anyone can sell, but it takes some time before anyone can become an established seller.
There are a variety of NFTs in the collection on OpenSea and you could join in with that! You can set up your own market here, along with finding NFTs you want to purchase for yourself.
What is an NFT?
A recent change in the crypto industry the term “NFT” has been going around for so long on internet that many millennials have heard of it but aren’t sure exactly what it is. Let’s look at what an NFT is for anyone who is new in cryptocurrency.
One of the new things you can purchase your cryptocurrency can be an NFT. The NFT is a non-fungible token that is very unique and can’t be replaced. This can be an item of rareness, such as authentic baseball cards or a unique vinyl album.
There’s no limit to what an NFT can be since it’s a non-fungible thing that you sell online. In simpler terms, you could simply think of as an NFT to be a type of digital item which is only paid in cryptocurrency.
Minting is similar to calling for dibs for your personal NFTs. It is a way of claiming the ownership of the particular item that you posted to 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 upload it to the marketplace.
On OpenSea it’s a straightforward process to mine your NFTs. All you have to do is visit the store and simply making a collection to begin! Input the appropriate and correct information regarding your NFT and choose what kind of settings you want for it (e.g. blockchain or payments tokens). After you’ve completed the process then you’re able to upload it if it fits the 100 MB limit.
It is possible to wait and see the way transactions are handled from now to determine whether OpenSea is the right marketplace for you.
What NFTs can you find here?
At this point, you’re probably wondering which kind of NFT you shop for here and what kind of NFTs you can also sell if you decide to pursue that route. The type of NFT it can be is indefinite as there’s a variety of options for how to do it.
It is possible to sell trade cards, digital goods, game assets domain names, some physical items! Explore what you believe can yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that separates OpenSea from other companies. There are no gas costs for using this feature when you make and then sell the NFTs. This means you’ll get the most profit when you begin selling since you don’t need to pay on extra fees.
There aren’t many NFT marketplaces offer this feature, so this can be a fantastic way to earn a high return from your portfolio.
A Referral Program is another unique aspect of OpenSea to take note of. Similar to traditional online markets there are rewards by referring someone else to OpenSea! If you encourage a friend join OpenSea and buy an NFT from there, you’ll receive 2.50 percent of the purchase amount, letting you make more money from this act.
Other NFT marketplaces don’t offer this kind of feature either and that’s another benefit OpenSea has over the other marketplaces.
There’s an OpenSea mobile app, but it’s mostly to browse the marketplace. It isn’t able to purchase or sell anything as you browse through the listing.
OpenSea’s mobile apps are available for 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 while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are for you to use to trade your fiat currency for cryptocurrency using these platforms. Igot Nft
You can exchange your fiat currency using a your credit or debit card as well as 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 which is the most common cryptocurrency used in OpenSea.
While OpenSea is an NFT marketplace open to all types of crypto, wallets are still more compatible with it than other. Since it is built using the ETH blockchain, wallets with a connection to the same network are suitable for this site.
Here is a list of different crypto wallets you can use in OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, mobile-only usage, and the function to purchase cryptocurrency with a credit card. Igot Nft
To learn more about it You can go through their FAQs to get the steps you can start and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and pros here:
- Mobile apps are available for iOS or Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto industry and NFTs.
- Allows royalties of only 10% to artists (low royalty).
- You cannot buy or sell products through the mobile app.
- Only supports cryptocurrency as its type of payment.
- An Crypto account is needed to use this marketplace.
OpenSea is open to everyone who has crypto coins in their crypto wallets. When you are a seller, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. However, overall, you will quickly recover this amount if you sell regularly since there’s no extra charge for it.
Frequently Asked Questions Igot Nft
What is OpenSea?
OpenSea is an NFT marketplace that is designed to provide artists a platform for selling their artwork online and receive cryptocurrency as a form of payment. It’s a great option for artists who want to use for selling NFTs due to its low cost of gas and low commission fee rate you must pay.
You can browse and shop for a vast collection of digital products on this NFT marketplace and you must check it out!
Is OpenSea legitimate and safe?
Short answer: Yes! OpenSea has been a trusted marketplace since its inception in the year of 2018. Since its system is built on a blockchain, it is safe to say that your transactions are safe and secure.
Additionally, as a seller, you will be verified after you build up your reputation. A blue checkmark will be assigned on your account or any collection you uploaded to reassure anyone who buys from you. OpenSea’s team regularly reviews the content to ensure that users are secure.
How do I earn royalties from OpenSea?
As an artist, you can get only 10% of the royalties once you have uploaded the NFT. This is thought to be reasonably low compared with others NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) has been widely utilized on this website and many others to accommodate many more cryptocurrency 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.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. It is easy to buy or sell cryptocurrency through secure platforms that accept fiat money. All you need be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea has a mobile or desktop app?
As we mentioned earlier, there is definitely an official mobile app from OpenSea available for both iOS and Android. Download it at their respective app store and then you can begin exploring the collection now!
A Desktop application that OpenSea that can be downloaded through WebCatalog. In the desktop application you can manage multiple accounts and get alerts on any updates that affect 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/).