The cryptocurrency market is on the rise and you’re probably thinking where you can invest your crypto-coins. Marketplaces are popping up across the digital web designed to purchase and sell NFTs using cryptocurrency! OpenSea is one of them and is worth a look.
If you’re familiar with cryptocurrency, you’ve probably heard of OpenSea before for a good reason. It has become one of the largest and most popular marketplaces among users of cryptocurrency due to its safety and speedy transactions.
Get on board, and let’s see what you can do with OpenSea, along with checking what NFTs you can view!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. Afterward, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Inwestycja W Nft
The aim to create OpenSea was to simply provide artists with a marketplace/platform to easily upload their commissions without any extra costs. It also has additional functions which allow you to market your artwork without any difficulties.
In terms of registration, you don’t need to give any personal information about yourself. All you have to connect your crypto wallet–and voila!–you have an account with OpenSea! It can be as simple as that without going through much hassle as you step into NFTs.
The most widely-used cryptocurrency used on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology which is utilized to carry out the majority of processes. It also functions using the Polygon blockchain, which allows for lower costs and faster trading.
There are two types of blockchains available you can pick which one you would like to upload your NFT on as seller. This is to ensure the security of your NFT as well as those who wish to purchase it. Every transaction will be conducted along with this blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything as simple as a domain name to official art from an artist you admire. Anyone can sell however, it takes some time for anyone to be a reputable one.
There’s a huge selection in the collection at OpenSea, and you can also be a part of the collection! You can start your own marketplace there, and also find NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent advancement for the crypto industry, the term “NFT” has been going around so long on the internet that many millennials have heard of it but aren’t exactly sure what it means. Let’s break down what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the latest ways you can purchase your cryptocurrency includes an NFT. An NFT is a token that is non-fungible that is very individual and cannot be replaced. This can be a piece of rarity like authentic baseball cards or a unique vinyl album.
There is no limit to what an NFT can be as it’s a non-fungible object that you sell on the internet. In simpler terms, you could just think of an NFT to be a type of digital collectible paid via cryptocurrency only.
Minting is like calling the shots to your NFTs. You’re claiming the ownership of the particular item that you have uploaded to the marketplace, and you’re offering it for sale. Typically, this is official once you fill out the correct information about the NFT and then upload it to the marketplace.
On OpenSea, it’s a simple process to mint your NFTs by visiting the store and simply making a collection to begin! Complete the correct and accurate information about your NFT and choose what kind of settings you’d like to use it with (e.g., blockchain and payments tokens). After that you are able to upload it if it fits the 100 MB limit.
It is possible to wait and see the way transactions are handled from here on out to determine whether OpenSea is the best marketplace for you.
What NFTs are available here?
At this point, you’re probably wondering what kind of NFTs can be found here, and what you could sell should you decide to pursue that route. The type of NFT that you can purchase is unlimited because there’s a wide range of how you can do it.
You can be selling trade cards, digital goods game assets domain names, even physical assets! Consider what you believe will reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what separates OpenSea from the other options. There’s no cost for gas for using this feature when you mint and sell NFTs. This simply means that you’ll get the most profit when you start selling because you won’t have to spend on any additional charges.
Not many NFT marketplaces offer this feature, so this is great for you to receive high profit from your NFT collection.
The Referral Program is a different aspect of OpenSea to be admired. Similar to traditional online markets there are advantages when you refer someone else to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from the site, you’ll receive 2.50 percent of the sales amount, which means you can earn more money from this act.
Other NFT marketplaces don’t offer this kind of feature either This is a further advantage OpenSea has over the other marketplaces.
There is an OpenSea mobile app, but it’s mostly used to browse the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listings.
The mobile apps of OpenSea are available on the two platforms of iOS in addition to Android. Even though you can’t buy or sell things, you can at least browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available for you to use, and you can convert your fiat money into cryptocurrency through these platforms. Inwestycja W Nft
You can exchange your fiat currency using a your credit or debit card as well as Paypal through these trusted sites for cryptocurrency:
- Bittrex and many more!
All of these have the option of exchange for ETH that is the primary cryptocurrency used in OpenSea.
Although OpenSea has been described as being an NFT marketplace that is open to all forms of cryptocurrency, wallets are nonetheless more compatible than others. Because it is based around the ETH blockchain, any wallets with a connection to the same network are suitable for this site.
Here’s a list different crypto wallets you can use in OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations including simple registration, mobile-only usage as well as the capability to buy cryptocurrency using credit cards. Inwestycja W Nft
To learn more about it to learn more, check out their FAQs for an overview of how you can start and which other wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with advantages and drawbacks. OpenSea isn’t an exception to this. It is possible to read about its pros and cons here:
- Mobile apps 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).
- It is not possible to buy or sell items through this mobile application.
- Only accepts cryptocurrency as a form of payment.
- An Crypto account is needed for this marketplace.
OpenSea is accessible to everyone who has crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. But overall, you can easily recover that amount when you actively sell because there’s no extra charge for it.
Frequently Asked Questions Inwestycja W Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to offer artists a way for selling their artwork online to receive cryptocurrency as a form of payment. It’s an ideal platform for artists using it to sell NFTs due to its no gas fees and low commission fee rate you must pay.
You can shop and browse an array of digital products on this NFT marketplace and you must take a look!
Is OpenSea real and is it safe?
Short answer: Yes! OpenSea is a reputable marketplace since it was founded in the year 2018. Since its system is built on blockchain technology that is secure, you can say that your transactions are secure and safe.
Additionally, as a seller, you will be verified after you’ve earned a reputation. A blue checkmark is placed on your account or collection you’ve uploaded to ensure the safety of any customer. The OpenSea team reviews regularly the content to ensure users are secure.
How can I earn royalties on OpenSea?
As an artist, you can be paid only 10 percent of the royalties when you upload the NFT. This is considered to be reasonably low compared with the other NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) is frequently utilized on this website and numerous others to cater for more crypto users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can use for OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. You can buy and sell cryptocurrency on trusted platforms with fiat money. All you need to do is connect your credit card or Paypal for the transaction.
Does OpenSea have a desktop/mobile application?
As previously mentioned there’s an official mobile app from OpenSea that is available for iOS as well as Android. Download it at their respective app store and you can start exploring the collection now!
A desktop application for OpenSea can be downloaded via WebCatalog. On the desktop app you are able to manage multiple accounts and receive 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/).