Cryptocurrency is booming right now, and you’re probably wondering where to invest your crypto currency. Marketplaces are popping up across the web that allow users to purchase and sell NFTs with cryptocurrency! OpenSea is among them, and it’s worth a look.
If you’re interested in crypto you’ve probably heard about OpenSea previously for a valid reason. It’s one of the largest and most popular marketplaces for cryptocurrency enthusiasts due to its security and rapid transactions.
Get on board, and let’s explore the possibilities of 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 overview. Afterward, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Js.Ar Nft Developer
The goal to create OpenSea was to provide a platform/marketplace for artists to upload their commissions, without having to pay any additional costs. It also has additional functions which allow you to market your artwork without any issues.
When it comes to the registration process, you don’t have to provide any personal information about yourself. All you need to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as easy as that, without many hurdles as you walk into NFTs.
The most popular cryptocurrency used on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it, and this is used for the majority of transactions. It also operates on the Polygon blockchain, which allows for lower costs and faster trading.
With these two kinds of blockchains that are available, you can choose which one you’d like to transfer your NFT to as an seller. This ensures the safety of your NFT and the people who want to purchase it. Every transaction will be conducted using this blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace where you can trade in your NFTs or cryptocurrency for other NFTs. You can purchase anything from as simple as a domain name, to a piece of art from an artist you admire. Anyone can be a seller however, it takes time for anyone to be a reputable one.
There is a wide variety from the selection on OpenSea and you could also be a part of the collection! You can create your own market there, and also find NFTs you want to purchase yourself.
What is an NFT?
In a recent advancement for the cryptocurrency industry”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 is. 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 new things you can purchase your cryptocurrency is an NFT. An NFT is a non-fungible currency that is very individual and cannot be substituted. It can be an item of rareness, such as rare baseball trading cards in mint condition or a uncommon vinyl record.
There is no limit to what an NFT could be, since it’s a non-fungible object that you can sell on the internet. In simpler terms, you could just imagine the NFT to be a type of digital collectible which is only paid in cryptocurrency.
Minting is similar to calling for dibs for your personal NFTs. You’re claiming ownership over that particular token/item that you have uploaded to market, as you’re putting it up for sale. Typically, this is official after you fill in the proper information regarding the NFT and finally upload it to the marketplace.
On OpenSea, it’s a simple process to mine your NFTs by visiting the store and making a collection to begin! Input the appropriate and accurate information about your NFT and choose what kind of settings you’d like for it (e.g., blockchain and money transfer tokens). After you’ve completed the process then you’re able to upload it if it fits the 100 MB limit.
It is possible to wait and see how transactions progress from now on to determine if OpenSea is the best marketplace for you.
What NFTs are available here?
In this moment, you’re probably wondering which kind of NFT can be purchased here, and what you could sell should you decide to pursue that route. The kind of NFT it can be isn’t limited since there’s a broad range of ways to go about it.
It is possible to sell trade cards, digital goods game assets, domain names, and even physical assets! Consider what you believe will bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what separates OpenSea from the others. There are no gas costs when you utilize this feature when you make and then sell the NFTs. This means you’ll get the most profit when you sell because you won’t need to spend on any additional charges.
Very few NFT marketplaces provide this feature, and it is a great way to make a huge profit from your collection.
The Referral Program is another unique aspect of OpenSea to admire. Similar to traditional online markets that offer benefits when you refer your friend to OpenSea! If you invite a friend to join OpenSea and buy an NFT from there you’ll earn 2.50 percent of the sales amount, which means you can earn more money through this action.
Other NFT marketplaces don’t have the same feature and that’s another benefit OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile app, but it’s mostly for perusing through the marketplace. You can’t buy or sell items as you browse through the listings.
The mobile apps of OpenSea are available for both iOS as well as Android. Although you aren’t able to purchase or sell things, you can at least explore the products you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available for you to use You can also trade your fiat currency for cryptocurrency through these platforms. Js.Ar Nft Developer
You can exchange your fiat money via your credit or debit card as well as Paypal through these trusted sites for cryptocurrency:
- Bittrex, and more!
All of these have the option of exchange for ETH which is the most common cryptocurrency used in OpenSea.
Although OpenSea is an NFT marketplace that is open to all types of crypto, wallets are nonetheless more compatible than other. Since it is built mainly around an ETH blockchain, all wallets that share that network will be suitable for the site.
Here’s a list different crypto wallets you can utilize in OpenSea:
- Authereum and much 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 a credit card. Js.Ar Nft Developer
To know more about it to learn more, check out their FAQs to get an overview of how you can begin and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and pros here:
- Mobile apps available that are compatible with iOS and Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalty rates of 10% for artists (low royalty rates).
- Cannot buy or sell via this mobile application.
- Only accepts cryptocurrency as a method of payment.
- A Crypto digital wallet must be used to access this marketplace.
OpenSea is open to everyone who has crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. But overall, you can quickly regain that when you actively sell because there is no additional fee for it.
Frequently Asked Questions Js.Ar Nft Developer
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to provide artists a platform to market their work online, and to accept cryptocurrency as their form of payment. It’s an ideal platform for artists using it to sell NFTs because of its zero cost of gas and low commission fees which you are required to pay.
You can browse and shop for the vast array of digital items on the NFT marketplace, so you should take a look!
Is OpenSea legit & is it safe?
Answer: Yes! OpenSea has been a reliable marketplace since it was founded in the year 2018. Since its system is built on blockchain technology that is secure, you can claim that your transactions are protected and secured.
In addition as a seller you can become verified once you build up your reputation. A blue checkmark is placed to your account or any collection you’ve uploaded to ensure the safety of anyone who buys from you. The OpenSea team reviews regularly the content to ensure that users are secure.
How do I earn royalties on OpenSea?
However, as an artist, you can receive only up to 10 percent of the royalties when you upload the NFT. This is thought to be reasonably low compared to the other NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) can be frequently used on this site and numerous others to cater for the increasing number of cryptocurrency users. These are other cryptos you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize for OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. You can easily purchase or sell cryptocurrency through secure platforms that accept fiat money. All you need just connect your debit or credit card to Paypal for the transaction.
Does OpenSea has a mobile or desktop application?
As previously mentioned There is an official mobile app from OpenSea available for both iOS and Android. Install it from their app store and then you can begin exploring the collection now!
A Desktop application that OpenSea can be downloaded via WebCatalog. With the desktop application you are able to manage multiple accounts and receive notifications on updates regarding your account while you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).