The cryptocurrency market is on the rise, and you’re probably wondering where to invest your crypto-coins. Markets have popped up all over the web that allow users to sell and buy NFTs via cryptocurrency! OpenSea can be one, and it’s worth looking into.
If you’re well-versed in cryptocurrency, you’ve probably heard about OpenSea prior to this for a valid 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 discover what you can do with 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. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Medium Vs Nft
The purpose to create OpenSea was to provide a platform/marketplace for artists to easily upload their commissions with no 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 too many details about yourself. All you have to connect your crypto wallet and voila! You have an account with OpenSea! It can be as simple as that, without many hassles when you enter into NFTs.
The most popular cryptocurrency used on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system, and this is used for most processes. It also functions on the Polygon blockchain, which allows for low-cost and quicker trading.
With these two kinds of blockchains available you can pick which one you would like to upload your NFT on as an seller. This ensures the safety of your NFT, along with those who would like to purchase it. All transactions are 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 that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything just a domain name to official art from an artist that you admire. Anyone can become a seller however, it takes a while for anyone to be a reputable one.
There’s a huge selection in the collection on OpenSea, and you can become a part of that! You can start your own market there, and also find NFTs you’d like to buy 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 the majority of young people are familiar with it but aren’t sure exactly what it is. Let’s take a look at what NFT is for any beginners in cryptocurrency.
One of the new things you can purchase your cryptocurrency is an NFT. The NFT is a non-fungible token that is very unique and can’t be substituted. It can be a piece of rareness, such as mint-condition baseball trading cards or uncommon vinyl record.
There’s no limit to what an NFT could be, since it’s a non-fungible object you’re selling online. More straightforwardly, you can just imagine an NFT being a virtual collectible that is paid for using cryptocurrency only.
Minting is similar to calling for dibs on your own NFTs. You are calling ownership over that particular token/item you uploaded on the marketplace, and putting it up for sale. Typically, this is official when you have filled in the proper information regarding the NFT and upload it to the marketplace.
On OpenSea, it’s a simple process to mine your NFTs by visiting the store and simply making a collection to begin! Input the appropriate and complete information about your NFT and choose what kind of settings you’d like for it (e.g., blockchain or money transfer tokens). After that, you can finally upload it if it fits the limit of 100MB.
You can watch and see how transactions progress from here on out to determine whether OpenSea is the best marketplace for you.
What NFTs are available here?
At this point you’re probably asking yourself which kind of NFT can you shop for here, and what you could also sell if you decide to go that route. The type of NFT that you can purchase is unlimited because there’s a wide range of ways to do it.
You can be selling digital items, trading cards games domain names, even physical assets! Find out what you think will reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what differentiates OpenSea from the other options. There are no gas costs for using this feature when you make and then sell the NFTs. This simply means that you’ll get the most profit when you sell because you won’t have to spend on extra fees.
Very few NFT marketplaces offer this feature, which is why this can be a fantastic way to make a huge profit from your collection.
The Referral Program is another unique aspect of OpenSea to be admired. Like traditional online marketplaces that offer advantages when you refer someone else to OpenSea! If you encourage a friend join OpenSea and buy an NFT from there you’ll be rewarded with 2.50 percent of the sales amount, which means you can earn more money from this act.
Other NFT marketplaces don’t offer this feature This is a further advantage OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile app, but it is mainly used for perusing through the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listing.
The mobile apps from OpenSea are accessible on both iOS and Android. Even though you can’t buy or sell anything, you can still at least explore the products you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available at your disposal, and you can convert your fiat money into cryptocurrency using these platforms. Medium Vs Nft
You can convert your fiat money via the credit card, or Paypal through these trusted sites to exchange it for crypto:
- Bittrex and other things!
Each of them has the option of converting them into ETH which is the primary cryptocurrency used in OpenSea.
Although OpenSea is an NFT marketplace open to all forms of crypto, wallets are nevertheless more compatible than other. Because it is based around an ETH blockchain, all wallets with a connection to that network will be suitable for the site.
Here is a list of various crypto wallets that you can use in OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations including simple registration, use on mobile devices only and the ability to purchase cryptocurrency using a credit card. Medium Vs Nft
To know more about it, you can check their FAQs to get a rundown of how you can start and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has advantages and drawbacks. OpenSea isn’t an exception to this. It is possible to read about its pros and cons here:
- Available as mobile apps for iOS and Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto market and NFTs.
- Allows royalty rates of 10% for artists (low royalty rates).
- It is not possible to buy or sell items on our mobile apps.
- Only accepts cryptocurrency as a method of payment.
- An Crypto digital wallet must be used to use this marketplace.
OpenSea is accessible to everyone who has any crypto currency in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. However, overall, you will easily recover that amount when you are actively selling since there’s no extra charge for it.
Frequently Asked Questions Medium Vs Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to provide artists a platform to sell their works online to receive cryptocurrency as a form of payment. It’s an ideal platform for artists who use for selling NFTs due to its no gas fees and the low commission rate that you have to pay.
You can browse and shop for the vast array of digital items on the NFT marketplace, so you should check it out!
Is OpenSea legit & is it safe?
The short answer is yes! OpenSea has been a trusted marketplace since it was founded on the 1st of December in the year 2018. Since the system it operates on is built on a blockchain, it is safe to say that your transactions are secure and safe.
In addition, as a seller, you will be verified after you have built up your credibility. A blue checkmark is placed to your account or any collection that you have uploaded to assure any customer. The team at OpenSea regularly checks the content to ensure users are safe.
How can I earn royalties from OpenSea?
However, as an artist, you’ll receive only up to 10 percent of the royalties after you upload the NFT. This is thought to be a reasonable amount compared with the other NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) can be frequently utilized on this website and numerous others to cater for more cryptocurrency users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of to use OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on the 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 for the transaction.
Does OpenSea have a desktop or mobile application?
As previously mentioned There is an official mobile application from OpenSea available for both iOS as well as Android. Download it at their respective app store and you can start browsing through the collection right now!
The version for desktops that OpenSea which can be downloaded from WebCatalog. In the desktop application you can manage multiple accounts as well as receive notifications on updates regarding 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/).