Cryptocurrency is booming right now and you’re probably wondering where you can invest your crypto coins. Markets have popped up across the digital web designed to sell and buy NFTs using cryptocurrency! OpenSea is among them, and it’s worth checking out.
If you’re familiar with cryptocurrency, you’ve likely heard of OpenSea prior to this for a valid reason. It’s now one of the largest and leading marketplaces among cryptocurrency enthusiasts due to its security and quick transactions.
Get on board, and let’s see what you can do with OpenSea and also see 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. After, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Indoor Nft System
The purpose for OpenSea was to provide an online marketplace for artists to upload commissions without any extra charges. It also has additional functions which allow you to market your artwork without any difficulties.
When it comes to registration, you won’t have to give all of your personal details. 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 going through many hurdles as you walk into NFTs.
The most popular cryptocurrency used in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system which is utilized for most processes. It also functions on the Polygon blockchain, which ensures low-cost and quicker trading.
There are two types of blockchains you can pick which one you would like to transfer your NFT to as an seller. This ensures the safety of your NFT, along with those who wish to purchase it. All transactions will be made using this blockchain, which is why you need to think about where to 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. You can purchase anything from just a domain name to official art from an artist that you admire. Anyone can be a seller however it takes time for anyone to be a reputable one.
There is a wide variety of NFTs available on OpenSea and you can also be a part of this! You can create your own marketplace on this site, as well as find NFTs that you would like to purchase yourself.
What is an NFT?
A recent change in the cryptocurrency industry,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that many millennials are familiar with it , but aren’t exactly sure what it means. Let’s take a look at what NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the newest things you can buy includes an NFT. A NFT is a non-fungible currency which is extremely exclusive and cannot be changed. This can be an item of rareness, such as authentic baseball cards or a unique vinyl album.
There is no limit to what an NFT can be as it’s a non-fungible thing that you can sell on the internet. In simpler terms, you could just imagine the NFT being a virtual item which is only paid in cryptocurrency.
Minting is like calling the shots to your NFTs. You are calling ownership over that particular token/item you uploaded on the market place, but offering it for sale. Usually, this becomes official when you have filled in the correct information about the NFT and finally submit it for sale on.
On OpenSea It’s a very simple process to mint your NFTs by going to the store and then creating a collection to start! Fill out the proper and accurate information about your NFT and select the type of settings you’d like for it (e.g., blockchain or money transfer tokens). Once that’s all done you are able to upload it to the internet if it’s in the 100 MB limit.
You can watch and see the way transactions are handled from now on to determine whether OpenSea is the marketplace for you.
What NFTs can you get here?
At this point, you’re probably wondering the kind of NFTs be purchased here, and what you could sell should you decide to go that route. The kind of NFT it isn’t limited as there’s a variety of ways to go about it.
It is possible to sell trade cards, digital goods game assets domain names, even physical assets! Consider what you believe will bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that separates OpenSea from the other options. There are zero gas fees when you utilize this feature to create and market NFTs. This means you’ll get the most profit when you sell because you won’t need to spend on any additional charges.
Not many NFT marketplaces offer this feature, which is why this is a great way to receive high profit from your collection.
The Referral Program is another unique aspect of OpenSea to take note of. Like traditional online marketplaces that offer advantages when you refer your friend to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from the site you’ll earn 2.50 percent of the purchase amount, letting you earn more money through this action.
Other NFT marketplaces don’t have the same feature, so that’s just another benefit OpenSea has over the other marketplaces.
There’s an OpenSea mobile application, however it is mainly used to browse the marketplace. It isn’t able to purchase or sell anything while you scroll through the list.
OpenSea’s mobile apps are available on both iOS and Android. While you’re not able to buy or sell things, you can look through the options you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available to you You can also exchange your fiat money for cryptocurrency through these platforms. Indoor Nft System
You can swap your fiat money via credit card or Paypal via these reputable websites for cryptocurrency:
- Bittrex and many more!
All of these have the option of exchange for ETH, which is the standard cryptocurrency used in OpenSea.
While OpenSea has been described as being an NFT marketplace that is open to all types of crypto, wallets are nevertheless more compatible than others. Since it is built mainly using the ETH blockchain, wallets that share the same network are suitable for the site.
Here’s a list of several crypto wallets you can use in OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each has its own limitations including simple registration, mobile-only usage, and the function to purchase cryptocurrency using a credit card. Indoor Nft System
For more information about the service You can go through their FAQs to see the steps you can start and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets, each one has advantages and drawbacks. OpenSea isn’t an exception to this. You can read about its pros and cons here:
- Mobile apps available for iOS and Android.
- Smart contracts can be used to perform transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalties of only 10% for artists (low royalties).
- You cannot buy or sell products on the mobile app.
- Only accepts cryptocurrency as a type of payment.
- A Crypto digital wallet must be used to access this marketplace.
OpenSea is available to anyone who has crypto coins in their crypto wallets. When you are a seller, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. But overall, you can quickly regain that when you are actively selling since there is no additional fee for it.
Frequently Asked Questions Indoor Nft System
What is OpenSea?
OpenSea is an NFT marketplace that aims to provide artists a platform for selling their artwork online to receive cryptocurrency as their form of payment. It’s an ideal platform for artists who use it to sell NFTs due to its no cost of gas and the low commission rate you must pay.
You can browse and shop for the vast array of digital products on this 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 it was established at the end of the year of 2018. Since the system it operates on is built on blockchain technology and is secured, it is safe to claim that your transactions are protected and secured.
Additionally as a seller you will be verified after you have built up your credibility. A blue checkmark will be assigned to your account or collection you uploaded to reassure anyone who buys from you. The team at OpenSea regularly checks the content to ensure that users are safe.
How do I earn royalties on OpenSea?
As an artist, you can receive only up to 10% of the royalties once you have uploaded the NFT. This is believed to be a reasonable amount compared with the other NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) is frequently used on this site and other sites to provide many more crypto users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can use for OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. You can easily purchase or sell cryptocurrency through reliable platforms using fiat currency. All you have to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea have a desktop or mobile app?
As previously mentioned, there is definitely an official mobile app by OpenSea for both iOS as well as Android. Install it from their app store, and you can start browsing through the collection right now!
There is also a version for desktops 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 from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).