The crypto currency market is in a boom right now, and you’re probably wondering where you can invest your crypto currency. There are numerous marketplaces popping up all over the digital web designed to buy and sell NFTs with cryptocurrency! OpenSea is one of them, and it’s worth looking into.
If you’re interested in crypto you’ve likely heard of OpenSea before for a good reason. It’s now one of the largest and leading marketplaces among cryptocurrency users because of its security and quick transactions.
So, hop on board and let’s see what you can do with OpenSea as well as examining the NFTs available to view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick review. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Largest Nft Sale
The goal of OpenSea was to offer a platform/marketplace for artists to upload commissions without any extra costs. It also has additional functions which allow you to market your art without too many difficulties.
For registration, you don’t need to provide all of your personal details. All you have to do is connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as simple as that and without many hassles when you enter into NFTs.
The most widely-used cryptocurrency that is used on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology, and this is used for the majority of transactions. It is also based on the Polygon blockchain, which allows for lower costs and faster trading.
With these two kinds of blockchains available you can pick which one you want to upload your NFT on as seller. This is to ensure the security of your NFT and those who wish to buy 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’s an endless online mall that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything as simple as a domain name to an official artwork from an artist you admire. Anyone can become a seller, but it takes some time for anyone to become an established seller.
There’s a huge selection in the collection at OpenSea, and you can also be a part of this! You can create your own market here, along with finding NFTs that you would like to purchase yourself.
What is an NFT?
In a recent advancement for the crypto industry”NFT” is a term that has been used in recent times “NFT” has been going around so long on the internet that a lot of millennials are familiar with it but not exactly sure what it means. Let’s look at what an NFT is for any beginners in the field of cryptocurrency.
One of the new things that you can buy with cryptocurrency includes an NFT. An NFT is a token that is non-fungible that is individual and cannot be changed. It could be an item of any rareness like mint-condition baseball trading cards, or a uncommon vinyl record.
There’s no limit on what an NFT can be since it’s a non-fungible object that you sell on the internet. More straightforwardly, you can simply think of an NFT being a virtual item that is paid for using cryptocurrency only.
Minting is like calling dibs to your NFTs. It is a way of claiming ownership over that particular token/item you uploaded on the marketplace, and offering it for sale. Typically, this is official once you fill out all the necessary information about the NFT and finally submit it for sale on.
On OpenSea, it’s a simple procedure to create your own NFTs by visiting the store and then create a collection! 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 or payments tokens). Once that’s all done, you can finally upload it to the internet if it’s in the 100 MB limit.
You can wait and observe how transactions progress from now to determine if OpenSea is the best marketplace for you.
What NFTs can you get here?
In this moment you’re probably thinking about what kind of NFTs can be purchased here and what you can also sell if you decide to go down that path. The type of NFT it is indefinite as there’s a variety of ways to go about it.
It is possible to sell digital products, trading cards, game assets, domain names, and also physical goods! Explore what you believe can bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what differentiates OpenSea from the others. There are no gas costs when you use this feature to create and market NFTs. This means you’ll get the most profit when you sell because you don’t need to pay on extra fees.
Very few NFT marketplaces offer this feature, and it can be a fantastic way to earn a high return from your portfolio.
The Referral Program is another unique aspect of OpenSea to be admired. Similar to traditional online markets there are advantages when you refer your friend to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from there you’ll earn 2.50% of the sale amount, which allows you to make more money from this act.
Other NFT marketplaces don’t offer this feature, so that’s just another benefit OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile app, but it’s mostly used to browse the marketplace. It isn’t able to purchase or sell anything as you browse through the listing.
OpenSea’s mobile apps are available on both iOS in addition to Android. Even though you can’t buy or sell things, you can browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are for you to use, and you can exchange your fiat money for cryptocurrency using these platforms. Largest Nft Sale
You can exchange your fiat currency using a the credit card, or Paypal through these trusted sites to exchange it for crypto:
- Bittrex, and more!
Each of them has the option of converting them into ETH that is the primary cryptocurrency payment option in OpenSea.
While OpenSea is an NFT marketplace that is open to all types of crypto, wallets are nonetheless more compatible than others. Since it is built using the ETH blockchain, any wallets which are part of the same network are suitable for this site.
Here’s a list various crypto wallets that you can use in OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, only mobile usage, and the function to purchase cryptocurrency using the credit card. Largest Nft Sale
For more information about the service, you can check their FAQs for the steps you can begin and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with its advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and pros here:
- Mobile apps available that are compatible with iOS or Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- The best option for beginners to the crypto world and NFTs.
- Allows royalties of only up to 10% for artists (low royalty rates).
- It is not possible to buy or sell items on our mobile apps.
- Only supports cryptocurrency as its form of payment.
- A Crypto digital wallet must be used to access this marketplace.
OpenSea is available to anyone who has crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. However, overall, you will quickly recover this amount if you are actively selling since there’s no extra charge for it.
Frequently Asked Questions Largest Nft Sale
What is OpenSea?
OpenSea is an NFT marketplace that is designed to give artists a chance for selling their artwork online and receive cryptocurrency as their form of payment. It’s a great platform for artists using for selling NFTs because of its zero gas costs and low commission fee rate that you have to pay.
You can shop and browse the vast array of digital items on the NFT marketplace, so you should take a look!
Is OpenSea real and safe?
The short answer is yes! OpenSea has been a trusted marketplace since its inception at the end of the year 2018. Since its system is built on blockchain technology and is secured, it is safe to claim that your transactions are secure and safe.
In addition as a seller you can become verified once you’ve earned a reputation. A blue checkmark is placed to your account or any collection you uploaded to reassure anyone who buys from you. The team at OpenSea regularly checks the contents to ensure users are secure.
How do I earn royalties from OpenSea?
Unfortunately, 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 cryptocurrency is available in OpenSea?
Ethereum (ETH) has been widely used on this site and numerous others to cater for many more cryptocurrency users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can use to use OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. You can easily purchase or sell cryptocurrency on trusted platforms with fiat money. All you need just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea has a mobile or desktop application?
As mentioned before there’s an official mobile app from OpenSea available for both iOS or Android. Download it at their respective app store, and begin exploring the collection right now!
The Desktop application that OpenSea can be downloaded via WebCatalog. On the desktop app, you can manage multiple accounts as well as receive notifications about updates to your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).