Cryptocurrency is booming right now and you’re probably wondering where to invest your crypto coins. Marketplaces are popping up across the internet, designed to purchase and sell NFTs via cryptocurrency! OpenSea can be one, and it’s worth a look.
If you’re interested in crypto you’ve probably heard of OpenSea previously for a valid reason. It’s now one of the biggest and most popular marketplaces for users of cryptocurrency due to its safety and speedy transactions.
Get on board, and let’s see the possibilities of OpenSea and also see what NFTs you can view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Intraneural Nft Stage
The goal to create OpenSea was to provide artists with a marketplace/platform to upload their commissions without any extra charges. It also has additional functions that allow you to sell your work without having to deal with many issues.
When it comes to the registration process, you don’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 on OpenSea! It’s as easy as that, without much hassle as you step into NFTs.
The most widely-used cryptocurrency that is used within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it and is used for most processes. It is also based on the Polygon blockchain, which allows for the lowest cost and speediest trading.
With these two types of blockchains available you can pick which one you’d like to publish your NFT as seller. This is to ensure the security of your NFT, along with those who would like to buy it. Every transaction will be conducted along with this blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall where you can exchange your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything just a domain name, to a piece of art from an artist you admire. Anyone can become a seller however, it takes time before anyone can become an established one.
There’s a huge selection in the collection at OpenSea, and you can also be a part of this! You can create your own personal market on this site, as well as find NFTs you want to purchase for yourself.
What is an NFT?
In a recent development for the crypto market,”NFT,” a popular term in the crypto industry “NFT” has been going around so long on the internet that the majority of young people are familiar with it but not exactly sure what it actually means. Let’s take a look at what NFT is for anyone who is new in the field of cryptocurrency.
One of the latest ways that you can buy with cryptocurrency is an NFT. An NFT is a non-fungible token which is extremely exclusive and cannot be substituted. It can be an item of any rareness like rare baseball trading cards in mint condition or a rare vinyl record.
There’s no limit to what an NFT could be, since it’s a non-fungible thing you’re selling on the internet. It is simpler to just think of as an NFT as a digital item paid via cryptocurrency only.
Minting is similar to calling for dibs on your own NFTs. It is a way of claiming the owner of the item or token that you have uploaded to market, as you’re offering it for sale. Usually, this is recognized after you fill in the proper information regarding the NFT and submit it for sale on.
On OpenSea, it’s a simple process to mint your NFTs. All you have to do is visit the store and then making a collection to begin! Input the appropriate and complete information about your NFT and choose what kind of settings you’d like to use it with (e.g. blockchain or money transfer tokens). After you’ve completed the process 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 see whether OpenSea is the marketplace for you.
What NFTs are available here?
So, at this point you’re probably asking yourself the kind of NFTs can be found here, and what you could also sell if you decide to go that route. The kind of NFT it can be is unlimited because there’s a wide range of options for how to do it.
You could be selling trade cards, digital goods game assets domain names, also physical goods! Find out what you think will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that sets OpenSea from other companies. There’s no cost for gas when you use this feature to create and market NFTs. This is essentially a way to ensure that you be able to make the highest profits once you sell because you won’t have to spend on extra fees.
There aren’t many NFT marketplaces provide 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 admire. Like traditional online marketplaces there are benefits by referring someone else to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from the site, you’ll receive 2.50 percent of the sales amount, letting you make more money from this act.
Other NFT marketplaces do not have this kind of feature either and that’s another benefit OpenSea has over the other marketplaces.
There’s an OpenSea mobile application, however it’s mostly used to browse through the marketplace. You can’t buy or sell items as you scroll through the list.
OpenSea’s mobile apps are available for both iOS and Android. While you’re not able to buy or sell anything, you can still at least look through the options you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are to you to convert your fiat money into cryptocurrency on these platforms. Intraneural Nft Stage
You can swap the fiat currency you have with a credit card or Paypal via these reputable websites for cryptocurrency:
- Bittrex, and more!
All of them have the option of converting them into ETH, which is the most common crypto payment in OpenSea.
Although OpenSea is an NFT marketplace open to all forms of cryptocurrency, the wallets still more compatible with it than other. Because it is based around an ETH blockchain, any wallets that share this network are appropriate for the site.
Here’s a list of several crypto wallets which you can use with OpenSea:
- Authereum and many more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions, such as easy registration, only mobile usage, and the function to purchase cryptocurrency with the credit card. Intraneural Nft Stage
To learn more about it You can go through their FAQs for a rundown of how you can begin and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets every one of them has its advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and cons here:
- Mobile apps available that are compatible with iOS and Android.
- Smart contracts are used for transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto market and NFTs.
- Allows royalties of only 10% to artists (low royalty).
- It is not possible to buy or sell items on this mobile application.
- Only supports cryptocurrency as its method of payment.
- An Crypto wallet is required to use this marketplace.
OpenSea is available to anyone who owns any crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. However, overall, you will quickly recover this amount if you actively sell because there’s no additional cost for it.
Frequently Asked Questions Intraneural Nft Stage
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to offer artists a way 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 for selling NFTs because of its zero gas costs and low commission fee rate you must pay.
You can browse and shop for an array of digital goods in this NFT marketplace and you must go through it!
Is OpenSea real and is it safe?
Short answer: Yes! OpenSea has been a reliable marketplace since it was founded at the end of the year 2018. Because its system is based on a blockchain that is secure, you can claim that your transactions are secure and safe.
Furthermore as a seller you will be verified after you’ve earned a reputation. A blue checkmark is placed on your account or collection that you have uploaded to assure any customer. The OpenSea team reviews regularly the content to ensure that users are protected.
How do I earn royalties from OpenSea?
As an artist, you’ll get only 10 percent of the royalties when you upload the NFT. This is believed to be a reasonable amount compared with others NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) can be commonly used on this site as well as other sites to provide more cryptocurrency users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can utilize to access OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. It is easy to buy or sell cryptocurrency on reliable platforms using fiat currency. All you have to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea have a desktop/mobile app?
As previously mentioned there’s an official mobile app from OpenSea for both iOS or Android. Download it at their respective app store and begin exploring the collection now!
There is also a desktop application for OpenSea can be downloaded via WebCatalog. In the desktop application, you can manage multiple accounts as well as receive notifications about updates to 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/).