Cryptocurrency is booming right now and you’re probably wondering where you can invest your crypto-coins. Marketplaces are popping up across the web that allow users to sell and buy NFTs with cryptocurrency! OpenSea can be one and is worth checking out.
If you’re familiar with cryptocurrency you’ve probably heard of OpenSea before for a good reason. It’s one of the biggest and most popular marketplaces for cryptocurrency enthusiasts due to its security and rapid transactions.
Get on board, and discover the possibilities of OpenSea and also see what NFTs you can view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Lbft To Nft
The aim of OpenSea was to simply provide artists with a marketplace/platform to upload their commissions without any extra fees. It also has additional functions that let you sell your art without too many difficulties.
When it comes to the registration process, you don’t have to provide any personal information about yourself. All you need to connect your crypto wallet and voila! You have an account with OpenSea! It can be as simple as that and without much hassle as you step into NFTs.
The most popular cryptocurrency to use on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology which is utilized to carry out the majority of processes. It is also based using the Polygon blockchain to ensure lower costs and faster trading.
There are two types of blockchains available you can pick which one you want to upload your NFT on as an seller. This is to ensure the security of your NFT as well as those who wish 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 like an endless online marketplace where you can exchange your NFTs or cryptocurrency for other NFTs. You can purchase anything from as simple as a domain name to an official artwork by an artist you admire. Anyone can sell however, it takes time for anyone to become an established one.
There is a wide variety in the collection on OpenSea and you could become a part of the collection! You can create your own marketplace here, along with finding 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 for so long on internet that a lot of millennials have heard of it but aren’t sure exactly what it is. Let’s break down what an NFT is for any beginners in cryptocurrency.
One of the newest things you can purchase your cryptocurrency is an NFT. The NFT is a non-fungible currency which is extremely individual and cannot be substituted. This can be a piece of rarity like mint-condition baseball trading cards or a rare vinyl record.
There’s no limit to what an NFT could be, since it’s a non-fungible item that you sell online. In simpler terms, you could simply consider as an NFT to be a type of digital item which is only paid in cryptocurrency.
Minting is like calling dibs for your personal NFTs. It is a way of claiming ownership over that particular token/item that you have uploaded to market, as selling it. Usually, this is recognized after you fill in 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 going to the store and creating a collection to start! 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). After that, you can finally upload it, if it’s within the limit of 100MB.
It is possible to wait and see the way transactions are handled from here on out to determine whether OpenSea is the right marketplace for you.
What NFTs can you get here?
In this moment, you’re probably wondering what kind of NFTs be purchased here and what you can also sell if you decide to go down that path. The kind of NFT it is indefinite since there’s a broad range of ways to do it.
It is possible to sell digital products, trading cards, game assets domain names, some physical items! Find out what you think will yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that separates OpenSea from other companies. There’s no cost for gas when you use this feature when you make and then sell the NFTs. This means you’ll be able to make the highest profits once you begin selling since you don’t need to pay on additional fees.
There aren’t many NFT marketplaces offer this feature, which is why this is great for you to make a huge profit from your collection.
The Referral Program is another distinctive feature of OpenSea to take note of. Similar to traditional online markets there are rewards by referring someone else to OpenSea! If you refer a friend to join OpenSea and buy an NFT from the site you’ll be rewarded with 2.50 percent of the purchase amount, which allows you to earn more money from this act.
Other NFT marketplaces don’t have this kind of feature either This is a further benefit OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile app, but it’s mostly used to browse through the marketplace. You can’t buy or sell anything as you browse through the listing.
The mobile apps of OpenSea are available on the two platforms of iOS in addition to Android. While you’re not able to buy or sell something, you can look through the options you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available for you to use to trade your fiat currency for cryptocurrency on these platforms. Lbft To Nft
You can exchange your fiat money via the credit card, or Paypal on these reliable websites to exchange it for crypto:
- Bittrex, and more!
All of them have the option of exchange for ETH, which is the standard cryptocurrency payment option in OpenSea.
Although OpenSea is an NFT marketplace open to all forms of cryptocurrency, the wallets nevertheless more compatible than others. Since it is built around an ETH blockchain, wallets which are part of this network are appropriate for the site.
Here’s a list of several crypto wallets you can use in OpenSea:
- Authereum and many more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions including simple registration, only mobile usage, and the function to purchase cryptocurrency using the credit card. Lbft To Nft
For more information about the service, you can check their FAQs to get a rundown of how you can start and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with its advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and pros here:
- Available as mobile apps that are compatible with iOS and Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalties 10% to artists (low royalties).
- It is not possible to buy or sell items via this mobile application.
- Only supports cryptocurrency as its form of payment.
- The use of a Crypto wallet is required for this marketplace.
OpenSea is available to anyone who has any crypto currency in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. However, overall, you will quickly regain that when you actively sell because there’s no additional cost for it.
Frequently Asked Questions Lbft To Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to provide artists a platform for selling their artwork online, and to accept cryptocurrency as their form of payment. It’s a great platform for artists using it to sell NFTs due to its no gas fees and low commission fee rate that you have to pay.
You can browse and purchase the vast array of digital items on the NFT marketplace and you must check it out!
Is OpenSea legitimate and safe?
The short answer is yes! OpenSea is a reputable marketplace since it was founded in the year 2018. Since its system is built on a blockchain 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 will appear next to your account or collection you’ve uploaded to ensure the safety of any customer. The OpenSea team reviews regularly the contents to ensure users are secure.
How do I earn royalties on OpenSea?
As an artist, you’ll receive only up to 10 percent of the royalties after you have uploaded the NFT. This is thought to be reasonably low compared against other NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) has been commonly used on this site as well as many others to accommodate the increasing number of crypto users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can use for OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. It is easy to buy or trade cryptocurrency using trusted platforms with fiat money. All you need be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea have a desktop or mobile application?
As mentioned before there’s an official mobile application from OpenSea available for both iOS and Android. Download it at their respective app store, and begin exploring the collection right now!
The version for desktops that OpenSea which can be downloaded from WebCatalog. With the desktop application, you can manage multiple accounts as well as receive alerts on any updates that affect 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/).