The cryptocurrency market is on the rise and you’re probably wondering where to invest your crypto currency. There are numerous marketplaces popping up across the web that allow users to purchase and sell NFTs via cryptocurrency! OpenSea can be one and is worth checking out.
If you’re interested in crypto, you’ve probably heard of OpenSea before for a good reason. It has become one of the largest and leading marketplaces among users of cryptocurrency due to its security and rapid transactions.
So, hop on board and let’s explore the possibilities of OpenSea, along with checking 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. After, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Media Bed Nft And Dwc
The purpose for OpenSea was to simply provide a platform/marketplace for artists to easily upload their commissions, without having to pay any additional costs. It also has additional functions that let you sell your art without too many problems.
When it comes to the registration process, you don’t have to provide any personal information about yourself. All you have to connect your crypto wallet and voila! You have an account on OpenSea! It can be as simple as that without going through many hurdles as you walk into NFTs.
The most widely-used cryptocurrency that is used within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it and is used for the majority of transactions. It also functions using the Polygon blockchain, which allows for lower costs and faster trading.
With these two types of blockchains you can pick which one you want to transfer your NFT to as an seller. This will ensure the security of your NFT as well as those who wish to buy it. Every transaction will be conducted along with this blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace that lets you trade your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything the simplest domain name to official art from an artist you admire. Anyone can be a seller however, it takes some time before anyone can become an established one.
There is a wide variety from the selection on OpenSea and you can join in with the collection! You can start your own personal market there, and also find NFTs you’d like to buy for yourself.
What is an NFT?
In a recent advancement for the crypto industry,”NFT,” a popular term in the crypto industry “NFT” has been going around so long on the internet that many millennials have heard of it but aren’t sure exactly 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 buy includes an NFT. A NFT is a non-fungible currency that is exclusive and cannot be replaced. It can be a piece of rareness, such as authentic baseball cards, or a unique vinyl album.
There’s no limit on what an NFT could be, since it’s a non-fungible thing that you sell on the internet. It is simpler to simply consider as an NFT as a digital collectible paid via cryptocurrency only.
Minting is like calling dibs on your own NFTs. You’re claiming the owner of the item or token that you posted to market, as selling it. Usually, this is recognized after you fill in all the necessary information about the NFT and add it on the market.
On OpenSea it’s a straightforward procedure to create your own NFTs by visiting the store and creating a collection to start! Input the appropriate and complete information about your NFT and select the type of settings you’d like to use for it (e.g., blockchain, payments tokens). Once that’s all done then you’re able to upload it if it fits the 100 MB limit.
You can watch and see the way transactions are handled from here on out to determine whether OpenSea is the marketplace for you.
What NFTs can you get here?
So, at this point, you’re probably wondering what kind of NFTs can be purchased here and what kind of NFTs you can also sell if you decide to go that route. The type of NFT that you can purchase is indefinite because there’s a wide range of options for how to go about it.
You could be selling trade cards, digital goods game assets domain names, some physical items! Consider what you believe will reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that differentiates OpenSea from other companies. There are zero gas fees when you use 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 extra fees.
Very few NFT marketplaces provide this feature, which is why this is great for you to receive high profit from your NFT collection.
This Referral Program is a different aspect of OpenSea to take note of. Like traditional online marketplaces there are advantages by referring a friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from the site you’ll be rewarded with 2.50% of the sale amount, letting you make more money from this act.
Other NFT marketplaces don’t offer this kind of feature either, so that’s just another benefit OpenSea has over the other marketplaces.
There is an OpenSea mobile application, however it’s mostly to browse through the marketplace. You can’t buy or sell anything while you browse through the listing.
The mobile apps from OpenSea are accessible for both iOS and Android. Even though you can’t buy or sell things, you can at least look through the options you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are for you to use You can also convert your fiat money into cryptocurrency through these platforms. Media Bed Nft And Dwc
You can exchange the fiat currency you have with a your credit or debit card as well as Paypal on these reliable websites for cryptocurrency:
- Bittrex and more!
All of these have the option to exchange for ETH, which is the most common crypto payment in OpenSea.
Although OpenSea can be described as an NFT marketplace that is open to all types of crypto, wallets are nonetheless more compatible than others. Since it is built mainly on an ETH blockchain, wallets with a connection to the same network are suitable for this website.
Here is a list of various crypto wallets that which you can use with OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each has its own limitations, such as easy registration, use on mobile devices only and the ability to purchase cryptocurrency with a credit card. Media Bed Nft And Dwc
For more information about the service You can go through their FAQs to see the steps you can begin and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with advantages and drawbacks. OpenSea isn’t the only one to have this. You can read about its pros and cons here:
- Mobile apps are available for iOS as well as Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto market and NFTs.
- Allows royalties 10% for artists (low royalties).
- Cannot buy or sell through this mobile application.
- Only accepts cryptocurrency as a type of payment.
- An Crypto wallet is required for this marketplace.
OpenSea is open to everyone who has crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. In the end, you’ll quickly regain that when you are actively selling since there’s no additional cost for it.
Frequently Asked Questions Media Bed Nft And Dwc
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to offer artists a way to market their work online, and to accept cryptocurrency as a method of payment. It’s an ideal option for artists who want to use it to sell NFTs due to its low gas costs and the low commission rate which you are required to pay.
You can shop and browse the vast array of digital items on the NFT marketplace which is why you should definitely take a look!
Is OpenSea real and is it safe?
Short answer: Yes! OpenSea is a reputable marketplace since its inception at the end of 2018. Since its system is based on a blockchain, it is safe to claim that your transactions are safe and secure.
Furthermore as a seller you’ll be verified when you’ve earned a reputation. A blue checkmark will be assigned on your account or the collection you uploaded to reassure every customer. The OpenSea team reviews regularly the contents to ensure users are secure.
How do I earn royalties from OpenSea?
However, as an artist, you will get only 10 percent of the royalties when you have uploaded the NFT. This is believed to be a reasonable amount compared to the other NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) is commonly utilized on this website and numerous others to cater for more cryptocurrency 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.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. You can buy and sell cryptocurrency through trusted platforms with fiat money. All you have just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea have a desktop or mobile app?
As previously mentioned there’s an official mobile app from OpenSea that is available for iOS as well as Android. Download it at their respective app store and begin browsing through the collection right now!
A version for desktops that OpenSea that can be downloaded through WebCatalog. In the desktop application you are able to manage multiple accounts as well as 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/).