The cryptocurrency market is on the rise and you’re probably wondering where you can invest your crypto currency. Marketplaces are popping up all over the web that allow users to sell and buy NFTs with cryptocurrency! OpenSea is one of them and is worth checking out.
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 most popular marketplaces for cryptocurrency users because of its security and quick transactions.
Get on board, and let’s explore what you can do with OpenSea and also see the NFTs available to view!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick review. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Jack Black Nft
The goal to create OpenSea was to simply provide artists with a marketplace/platform to upload their commissions, without having to pay any additional fees. It also has additional functions that let you sell your work without having to deal with many issues.
For registration, you don’t need to give any personal information about yourself. All you need to connect your crypto wallet and voila! You have an account on OpenSea! It’s as simple as that and without many hurdles as you walk into NFTs.
The most well-known cryptocurrency to use in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it which is utilized for the majority of transactions. It is also based on the Polygon blockchain, which ensures the lowest cost and speediest trading.
With these two types of blockchains available, you can choose which one you’d like to transfer your NFT to as seller. This is to ensure the security of your NFT as well as those who would like to purchase it. All transactions are made 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 that lets you trade your cryptocurrency or NFTs for other NFTs. You can buy anything as simple as a domain name to an official artwork from an artist that you admire. Anyone can become a seller however it takes some time for anyone to be an established seller.
There’s a huge selection in the collection of NFTs available at OpenSea and you could also be a part of the collection! You can set up your own marketplace there, and also find NFTs you’d like to buy for yourself.
What is an NFT?
A recent change in the crypto industry,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that a lot of millennials are familiar with it , but aren’t exactly sure what it actually means. Let’s break down what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the latest ways you can purchase your cryptocurrency is an NFT. The NFT is a non-fungible token that is individual and cannot be changed. It could be a piece of rareness like mint-condition baseball trading cards or a uncommon vinyl record.
There’s no limit to what an NFT can be as it’s a non-fungible item that you can sell online. In simpler terms, you could simply consider as an NFT being a virtual 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 posted to the market place, but you’re putting it up for sale. Usually, this becomes official after you fill in the proper information regarding the NFT and add it on the market.
On OpenSea, it’s a simple procedure to create your own NFTs. All you have to do is visit the store and making a collection to begin! Input the appropriate and complete information about your NFT and select the type of settings you want to use it with (e.g. blockchain, money transfer tokens). After that you are able to upload it, if it’s within the 100 MB limit.
You can wait and observe how transactions progress from here on out to determine if OpenSea is the right marketplace for you.
What NFTs are available here?
So, at this point you’re probably thinking about which kind of NFT can be purchased here, and what you could sell should you decide to go that route. The kind of NFT it can be is indefinite as there’s a variety of options for how to go about it.
It is possible to sell digital items, trading cards game assets domain names, some physical items! Explore what you believe can bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that separates OpenSea from the others. There’s no cost for gas when you utilize this feature to create and market NFTs. This simply means that you’ll receive the maximum profits when you begin selling since you won’t have to spend on any additional charges.
Not many NFT marketplaces have this feature, which is why this is great for you to make a huge profit from your portfolio.
This Referral Program is a different aspect of OpenSea to admire. Similar to traditional online markets there are advantages by referring a friend to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from the site you’ll be rewarded with 2.50 percent of the purchase amount, which allows you to make more money by this method.
Other NFT marketplaces do not have this kind of feature either, so that’s just another advantage OpenSea has over them.
There’s an OpenSea mobile app, but it’s mostly for perusing through the marketplace. Unfortunately, you can’t purchase or sell anything as you browse through the listing.
OpenSea’s mobile apps are available for both iOS in addition to Android. While you’re not able to buy or sell something, you can explore the products you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are for you to use You can also convert your fiat money into cryptocurrency using these platforms. Jack Black Nft
You can convert the fiat currency you have with a your credit or debit card as well as Paypal on these reliable websites for cryptocurrency:
- Bittrex and many more!
All of these have the option of converting them into ETH that is the primary cryptocurrency payment option in OpenSea.
While OpenSea has been described as being an NFT marketplace open to all forms of crypto, wallets are nonetheless more compatible than others. Since it is built mainly using the ETH blockchain, any wallets with a connection to that network will be suitable for this website.
Here’s a list of different crypto wallets which you can use with OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each has its own limitations like easy registration, use on mobile devices only as well as the capability to purchase cryptocurrency using a credit card. Jack Black Nft
To learn more about it to learn more, check out their FAQs to get a rundown of how you can get started and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and cons here:
- Mobile apps are available for iOS as well as Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto market and NFTs.
- Allows royalty rates of up to 10% for artists (low royalty).
- It is not possible to buy or sell items through this mobile application.
- Only accepts cryptocurrency as a form of payment.
- A Crypto digital wallet must be used to use this marketplace.
OpenSea is available to anyone who has crypto coins in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. In the end, you’ll quickly regain that when you sell regularly since there’s no extra charge for it.
Frequently Asked Questions Jack Black Nft
What is OpenSea?
OpenSea is an NFT marketplace that is designed to offer artists a way for selling their artwork online to receive cryptocurrency as their form of payment. It’s an excellent platform for artists who use it to sell NFTs due to its low gas costs and low commission fee rate that you have to pay.
You can shop and browse a vast collection of digital items on the NFT marketplace and you must take a look!
Is OpenSea legitimate and safe?
The short answer is yes! OpenSea is a reputable marketplace since it was established in 2018. Because its system is based on a blockchain and is secured, it is safe to declare that transactions are safe and secure.
In addition, as a seller, you’ll be verified when you have built up your credibility. A blue checkmark will appear to your account or collection you uploaded to reassure any customer. The team at OpenSea regularly checks the contents to ensure users are protected.
How can I earn royalties on OpenSea?
However, as an artist, you will be paid only 10% of the royalties once you upload the NFT. This is thought to be a reasonable amount compared against other NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) can be frequently used on this site as well as many others to accommodate more cryptocurrency users. These are other cryptos you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can make use of to use OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. You can buy and sell cryptocurrency through 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/mobile app?
As mentioned before there’s an official mobile application from OpenSea that is available for iOS as well as Android. Download it at their respective app store, and then you can begin exploring the collection now!
The desktop application for OpenSea that can be downloaded through WebCatalog. On the desktop app you can manage multiple accounts as well as receive notifications on updates regarding 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/).