The cryptocurrency market is on the rise and you’re probably thinking what you can do with your crypto-coins. There are numerous marketplaces popping up across the internet, designed to buy and sell NFTs using cryptocurrency! OpenSea is among them and is worth a look.
If you’re interested in crypto, you’ve likely heard of OpenSea previously for a valid reason. It has become one of the biggest and leading marketplaces among cryptocurrency users because of its safety and speedy transactions.
So, hop on board and discover what you can do with OpenSea and also see the NFTs available to view!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick review. Afterward, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Investing In Nft
The purpose of OpenSea was to offer a platform/marketplace for artists to easily upload their commissions, without having to pay any additional fees. It has more functions that let you sell your work without having to deal with many difficulties.
When it comes to registration, you won’t have to give any personal information about yourself. All you need to connect your cryptocurrency 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 popular cryptocurrency to use on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology, and this is used to carry out the majority of processes. It is also based with the Polygon blockchain, which allows for the lowest cost and speediest trading.
There are two types of blockchains that are available it is possible to choose which one you want to publish your NFT as an seller. This ensures the safety of your NFT as well as the people who want to buy it. Every transaction will be conducted using this blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace that lets you trade your NFTs or cryptocurrency for other NFTs. You can purchase anything from as simple as a domain name to official art by an artist you admire. Anyone can sell, but it takes a while for anyone to be a reputable one.
There’s a huge selection of NFTs available of NFTs available at OpenSea and you could become a part of this! You can start your own market here, along with finding NFTs you’d like to buy yourself.
What is an NFT?
A recent change in the crypto industry”NFT” is a term that has been used in recent times “NFT” has been going around for so long on the internet that the majority of young people are familiar with it but aren’t sure exactly what it actually means. Let’s look at what an NFT is for anyone who is new in cryptocurrency.
One of the newest things that you can buy with cryptocurrency is an NFT. A NFT is a non-fungible token that is individual and cannot be substituted. This can be an item of any rarity like mint-condition baseball trading cards or uncommon vinyl record.
There is no limit to what an NFT can be since it’s a non-fungible item that you sell online. It is simpler to simply consider as an NFT being a virtual item which is only paid in cryptocurrency.
Minting is similar to calling for dibs to your NFTs. You’re claiming the owner of the item or token that you posted to market, as offering it for sale. Usually, this becomes official when you have filled in all the necessary information about the NFT and finally upload it to the marketplace.
On OpenSea, it’s a simple procedure to create your own NFTs by going to the store and simply create a collection! Fill out the proper and correct information regarding your NFT and select the type of settings you’d like to use for it (e.g., blockchain, payments tokens). Once that’s all done then you’re able to upload it if it fits the 100 MB limit.
You can wait and observe how the transactions go from now on to see whether OpenSea is the right marketplace for you.
What NFTs can you get here?
In this moment you’re probably thinking about which kind of NFT you shop for here and what you can also sell if you choose to go down that path. The type of NFT it is unlimited because there’s a wide range of ways to do it.
You can be selling digital items, trading cards games, domain names, and some physical items! Consider what you believe will reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that differentiates OpenSea from the other options. There are no gas costs 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 don’t need to pay on extra fees.
There aren’t many NFT marketplaces have this feature, so this can be a fantastic way to earn a high return from your collection.
A Referral Program is another unique aspect of OpenSea to admire. Similar to traditional online markets, you can receive rewards when you refer a friend to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from there, you’ll receive 2.50% of the sale amount, which allows you to earn more cash through this action.
Other NFT marketplaces don’t offer this feature This is a further advantage OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile app, but it’s mostly to browse the marketplace. You can’t buy or sell items as you browse through the listing.
The mobile apps from OpenSea are accessible for the two platforms of iOS in addition to Android. While you’re not able to buy or sell something, you can at least explore the products you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available to you, and you can trade your fiat currency for cryptocurrency on these platforms. Investing In Nft
You can convert your fiat money via credit card or Paypal through these trusted sites for cryptocurrency:
- Bittrex, and more!
Each of them has the option of exchange for ETH which is the standard crypto payment in OpenSea.
While OpenSea can be described as an NFT marketplace that is open to all types of cryptocurrency, the wallets nonetheless more compatible than other. Since it is built using an ETH blockchain, wallets with a connection to the same network are suitable for this site.
Here’s a list of various crypto wallets that you can use in OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each wallet has its own restrictions including simple registration, mobile-only usage as well as the capability to purchase cryptocurrency with a credit card. Investing In Nft
To learn more about it to learn more, check out their FAQs to see a rundown of how you can get started and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and cons here:
- Mobile apps are available for iOS or Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalties of only 10% to artists (low royalties).
- It is not possible to buy or sell items on our mobile apps.
- Only supports cryptocurrency as its method of payment.
- An Crypto account is needed for this marketplace.
OpenSea is open to everyone who owns any crypto coins in their cryptocurrency wallets. When you are selling, 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’s no extra charge for it.
Frequently Asked Questions Investing In Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to offer artists a way to sell their works online and receive cryptocurrency as a form of payment. It’s an ideal option for artists who want to use for selling NFTs due to its low cost of gas and the low commission rate which you are required to pay.
You can browse and purchase a vast collection of digital products on this NFT marketplace and you must go through it!
Is OpenSea real and secure?
Answer: Yes! OpenSea is a reputable marketplace since it was founded in 2018. Since its system is built on a blockchain, it is safe to claim that your transactions are secure and safe.
In addition as a seller you’ll be verified when you have built up your credibility. A blue checkmark will be assigned on your account or any collection you’ve uploaded to ensure the safety of every customer. OpenSea’s team regularly reviews the content to ensure users are safe.
How do I earn royalties from OpenSea?
However, as an artist, you will be paid only 10% of the royalties once you upload the NFT. This is considered to be quite low in comparison against other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) can be commonly used on this site as well as many others to accommodate 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.
What are the payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. You can easily purchase or trade cryptocurrency using reliable platforms using fiat currency. All you need just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea have a desktop or mobile application?
As we mentioned earlier There is an official mobile app by OpenSea that is available for iOS or Android. You can download it through their app store and you can start exploring the collection right now!
A Desktop application that OpenSea can be downloaded via WebCatalog. In the desktop application, you can manage multiple accounts and get 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/).