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 internet, designed to sell and buy NFTs via cryptocurrency! OpenSea is among them, and it’s worth looking into.
If you’re interested in crypto, you’ve probably heard about OpenSea previously for a valid reason. It’s now one of the largest and leading marketplaces among users of cryptocurrency due to its security and rapid transactions.
Get on board, and let’s see what you can do with OpenSea and also see the NFTs that you can see!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick review. After, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace K Camp Nft
The purpose to create OpenSea was to provide artists with a marketplace/platform to upload their commissions without any extra costs. It has more functions that allow you to sell your art without too many issues.
For registration, you don’t need to provide all of your personal details. All you need to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as simple as that, without much hassle as you step into NFTs.
The most widely-used cryptocurrency to use on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology which is utilized for the majority of transactions. It also functions with the Polygon blockchain, which allows for lower costs and faster trading.
With these two types of blockchains you can pick which one you would like to upload your NFT on as seller. This is to ensure the security of your NFT and the people who want to buy it. All transactions will be made by using the blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace where you can trade in your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything as simple as a domain name to official art from an artist that you admire. Anyone can become a seller, but it takes some time before anyone can become an established one.
There is a wide variety from the selection of NFTs available at OpenSea and you could become a part of this! You can set up your own market here, along with finding NFTs that you would like to purchase yourself.
What is an NFT?
In a recent development for the cryptocurrency industry the term “NFT” has been going around so long on the internet that many millennials are familiar with 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 that you can buy with cryptocurrency can be an NFT. The NFT is a non-fungible token which is extremely unique and can’t be replaced. This can be an item of rareness, such as rare baseball trading cards in mint condition, or a rare vinyl record.
There’s no limit on what an NFT could be, since it’s a non-fungible item you’re selling on the internet. It is simpler to simply think of an NFT as a digital collectible that is paid for using cryptocurrency only.
Minting is similar to calling for dibs on your own NFTs. You are calling the owner of the item or token you uploaded on the market place, but you’re selling it. Usually, this is recognized after you fill in the correct information about the NFT and finally add it on the market.
On OpenSea, it’s a simple process to mint your NFTs. All you have to do is visit the store and then create a collection! Fill out the proper and accurate information about your NFT and then select what type of settings you’d like to use for it (e.g. blockchain and payments tokens). After that you are able to upload it if it fits the limit of 100MB.
You can watch and see how the transactions go from now on to determine if OpenSea is the marketplace for you.
What NFTs can you get here?
At this point you’re probably thinking about which kind of NFT can be purchased here and what you can also sell if you decide to pursue 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, and also physical goods! Explore what you believe can yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what sets OpenSea from the other options. There are no gas costs for using this feature when you make and then sell the NFTs. This means 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, and it can be a fantastic way to make a huge profit from your portfolio.
This Referral Program is a different aspect of OpenSea to be admired. Similar to traditional online markets that offer rewards by referring someone else to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from there, you’ll receive 2.50 percent of the purchase amount, which means you can earn more money through this action.
Other NFT marketplaces do not have the same feature, so that’s just another advantage OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile app, but it is mainly used to browse through the marketplace. It isn’t able to purchase or sell anything while 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 look through the options you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available at your disposal, and you can trade your fiat currency for cryptocurrency on these platforms. K Camp Nft
You can exchange your fiat money via the credit card, or Paypal via these reputable websites for cryptocurrency:
- Bittrex and other things!
Each of them has the option of converting them into ETH which is the standard cryptocurrency used in OpenSea.
While OpenSea can be described as an NFT marketplace that is open to all types of crypto, wallets are nevertheless more compatible than other. Since it is built using the ETH blockchain, wallets with a connection to this network are appropriate for the site.
Here’s a list different crypto wallets which you can use with OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations like easy registration, use on mobile devices only as well as the capability to purchase cryptocurrency using credit cards. K Camp Nft
To learn more about it You can go through their FAQs to see a rundown of how you can begin and what other crypto wallets work 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 for iOS and Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto market and NFTs.
- Allows royalties up to 10% for artists (low royalty).
- You cannot buy or sell products on this mobile application.
- Only supports cryptocurrency as its method of payment.
- The use of a Crypto digital wallet must be used to access this marketplace.
OpenSea is available to anyone who has any crypto currency in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. However, overall, you will quickly recover this amount if you actively sell because there is no additional fee for it.
Frequently Asked Questions K Camp Nft
What is OpenSea?
OpenSea is an NFT marketplace that aims to give artists a chance to sell their works online and receive cryptocurrency as their form of payment. It’s an excellent platform for artists who use it to sell NFTs because of its zero 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 legitimate and secure?
The short answer is yes! OpenSea has been a trusted marketplace since its inception on the 1st of December in 2018. Since its system is based on a blockchain, it is safe to say that your transactions are protected and secured.
In addition as a seller you will be verified after you build up your reputation. A blue checkmark will appear next to your account or any collection that you have uploaded to assure anyone who buys from you. OpenSea’s team regularly reviews the content to ensure users are secure.
How do I earn royalties on OpenSea?
As an artist, you can receive only up to 10 percent of the royalties when you upload the NFT. This is considered to be quite low in comparison with others NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) has been commonly used on this site as well as numerous others to cater for the increasing number of crypto users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can make use of to use OpenSea.
What are the payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. You can easily purchase or sell cryptocurrency through secure platforms that accept fiat money. All you have just connect your debit or credit card to Paypal for the transaction.
Does OpenSea have a desktop/mobile application?
As previously mentioned, there is definitely an official mobile application from OpenSea that is available for iOS and Android. Download it at their respective app store, and you can start exploring the collection now!
The Desktop application that OpenSea which can be downloaded from WebCatalog. In the desktop application you can manage multiple accounts and receive alerts on any updates that affect 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/).