The cryptocurrency market is on the rise, and you’re probably wondering where to invest your crypto currency. Marketplaces are popping up all over the web that allow users to sell and buy NFTs using cryptocurrency! OpenSea can be one and is worth looking into.
If you’re well-versed in cryptocurrency, you’ve probably heard of OpenSea previously for a valid reason. It’s now one of the largest and most popular marketplaces among users of cryptocurrency due to its safety and speedy transactions.
So, hop on board and let’s explore what you can do with OpenSea, along with checking the NFTs available to view!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. Afterward, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Marshmello Nft
The goal for OpenSea was to provide an online marketplace for artists to upload commissions with no additional costs. It also has additional functions which allow you to market your work without having to deal with many issues.
For registration, you won’t have to provide too many details about yourself. All you have to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as simple as that, without many hurdles as you walk into NFTs.
The most widely-used cryptocurrency used within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology, and this is used to carry out the majority of processes. It is also based with the Polygon blockchain, which allows for low-cost and quicker trading.
There are two types of blockchains available you can pick which one you would like to upload your NFT on as a seller. This ensures the safety of your NFT and those who wish to purchase it. Every transaction will be conducted by using the blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything as simple as a domain name to an official artwork from an artist you admire. Anyone can become a seller however, it takes a while for anyone to become a reputable one.
There is a wide variety in the collection of NFTs available at OpenSea, and you can also be a part of that! You can create your own marketplace on this site, as well as find NFTs you want to purchase for yourself.
What is an NFT?
A recent change in the cryptocurrency industry,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that a lot of millennials are familiar with it but not exactly sure what it actually means. Let’s look at what an NFT is for anyone who is new in the field of cryptocurrency.
One of the latest ways you can buy includes an NFT. An NFT is a non-fungible token that is very exclusive and cannot be changed. This can be an item of rareness, such as mint-condition baseball trading cards or a unique vinyl album.
There is no limit to what an NFT could be, since it’s a non-fungible item that you can sell online. In simpler terms, you could just imagine an NFT being a virtual item which is only paid in cryptocurrency.
Minting is like calling dibs to your NFTs. It is a way of claiming ownership over that particular token/item you uploaded on market, as you’re offering it for sale. Usually, this is recognized when you have filled in the correct information about the NFT and add it on the market.
On OpenSea It’s a very simple procedure to create your own NFTs by visiting the store and then creating a collection to start! Complete the correct and complete information about your NFT and then select what type of settings you’d like to use it with (e.g. blockchain or payment tokens). After that then you’re able to upload it if it fits the limit of 100MB.
It is possible to wait and see how the transactions go from now on to determine if OpenSea is the right marketplace for you.
What NFTs are available here?
So, at this point, you’re probably wondering which kind of NFT can you shop for here, and what you could also sell if you decide to go down that path. The kind of NFT that you can purchase is unlimited since there’s a broad range of options for how to do it.
It is possible to sell digital products, trading cards, game assets domain names, also physical goods! Find out what you think will bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what separates OpenSea from the others. There’s no cost for gas for using this feature to make and then sell the NFTs. This simply means that you’ll be able to make the highest profits once you start selling because you don’t need to pay on additional fees.
Not many NFT marketplaces provide this feature, so this is a great way to receive high profit from your NFT collection.
The Referral Program is another unique aspect of OpenSea to take note of. Similar to traditional online markets, you can receive benefits by referring a friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from there, you’ll receive 2.50 percent of the sales amount, which means you can make more money from this act.
Other NFT marketplaces don’t have this kind of feature either and that’s another advantage OpenSea has over the other marketplaces.
There’s an OpenSea mobile app, but it’s mostly used to browse the marketplace. You can’t buy or sell anything while you browse through the listings.
The mobile apps from OpenSea are accessible on the two platforms of iOS as well as Android. While you’re not able to buy or sell anything, you can still at least explore the products you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available at your disposal You can also convert your fiat money into cryptocurrency through these platforms. Marshmello Nft
You can swap your fiat currency using a the credit card, or Paypal through these trusted sites for cryptocurrency:
- Bittrex and many more!
All of them have the option to exchange for ETH, which is the most common cryptocurrency payment option in OpenSea.
While OpenSea can be described as an NFT marketplace that is open to all kinds of cryptocurrency, the wallets nevertheless more compatible than others. Since it is built mainly on the ETH blockchain, all wallets that share this network are appropriate for the site.
Here’s a list of several crypto wallets which you can use with OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each has its own limitations, such as easy registration, mobile-only usage, and the function to buy cryptocurrency using credit cards. Marshmello Nft
To learn more about it, you can check their FAQs to get the steps you can begin and which other wallets are compatible 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 available for iOS and Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- The best option for beginners to the crypto industry and NFTs.
- Allows royalties up to 10% for artists (low royalties).
- It is not possible to buy or sell items on this mobile application.
- Only accepts cryptocurrency as a type of payment.
- A Crypto digital wallet must be used to use 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 that all buyers on the marketplace. But overall, you can quickly recover this amount if you sell regularly since there is no additional fee for it.
Frequently Asked Questions Marshmello Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to give artists a chance for selling their artwork online and receive cryptocurrency as a form of payment. It’s an excellent option for artists who want to use the platform to market NFTs because of its zero cost of gas and the low commission rate you must pay.
You can browse and purchase a vast collection of digital items on the NFT marketplace which is why you should definitely check it out!
Is OpenSea real and safe?
The short answer is yes! OpenSea is a reputable marketplace since it was established on the 1st of December in the year of 2018. Since its system is built on a blockchain, it is safe to say that your transactions are secure and safe.
Furthermore, as a seller, you will be verified after you build up your reputation. A blue checkmark is placed next to your account or the collection that you have uploaded to assure anyone who buys from you. The OpenSea team reviews regularly the contents to ensure users are protected.
How can I earn royalties from OpenSea?
However, as an artist, you will receive only up to 10 percent of the royalties after you have uploaded the NFT. This is thought to be reasonably low compared with the other NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) can be widely used on this site and numerous others to cater for more crypto users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can make use of for OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. You can easily purchase or sell cryptocurrency on secure platforms that accept fiat money. All you need to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea has a mobile or desktop application?
As we mentioned earlier there’s an official mobile app by OpenSea that is available for iOS or Android. Install it from their app store, and begin exploring the collection now!
The desktop application for OpenSea can be downloaded via WebCatalog. With the desktop application you can manage multiple accounts and get notifications about updates to 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/).