The crypto currency market is in a boom right now and you’re probably thinking where to invest your crypto-coins. There are numerous marketplaces popping up all over the web that allow users to purchase and sell NFTs using cryptocurrency! OpenSea can be one, and it’s worth looking into.
If you’re interested in crypto, you’ve probably heard about OpenSea previously for a valid reason. It’s one of the biggest and leading marketplaces among users of cryptocurrency due to its safety and speedy transactions.
So, hop on board and let’s see the possibilities of OpenSea, along with checking the NFTs available to view!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick review. Afterward, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Microsoft Nft Download
The goal to create OpenSea was to simply provide an online marketplace for artists to upload their commissions with no additional costs. It also has additional functions which allow you to market your work without having to deal with many problems.
For the registration process, you don’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 and without many hassles when you enter into NFTs.
The most well-known cryptocurrency used within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology which is utilized for most processes. It also operates using the Polygon blockchain to ensure the lowest cost and speediest trading.
With these two types of blockchains you can pick which one you would like to publish your NFT as seller. This will ensure the security of your NFT and those who would like to purchase it. Every transaction will be conducted by using the blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything just a domain name to an official artwork by an artist you admire. Anyone can become a seller however it takes some time for anyone to be an established one.
There is a wide variety from the selection at OpenSea and you could also be a part of the collection! You can create your own personal market here, along with finding NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent development for the cryptocurrency industry the term “NFT” has been going around for so long on the internet that many millennials have heard of it but not exactly sure what it means. Let’s look at what an NFT is for any beginners in cryptocurrency.
One of the newest things that you can buy with cryptocurrency includes an NFT. The NFT is a non-fungible currency that is exclusive and cannot be changed. It can be an item of rareness, such as 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 can sell on the internet. In simpler terms, you could simply imagine as an NFT to be a type of digital item which is only paid in cryptocurrency.
Minting is similar to calling for dibs on your own NFTs. It is a way of claiming the ownership of the particular item that you posted to market, as you’re putting it up for sale. Usually, this is recognized once you fill out the correct information about the NFT and finally upload it to the marketplace.
On OpenSea it’s a straightforward procedure to create your own NFTs by going to the store and making a collection to begin! Input the appropriate and correct information regarding your NFT and select the type of settings you’d like to use for it (e.g. blockchain or money transfer tokens). Once that’s all done then you’re able to upload it if it fits the limit of 100MB.
You can wait and observe the way transactions are handled from here on out to determine if OpenSea is the marketplace for you.
What NFTs can you get here?
In this moment you’re probably thinking about which kind of NFT be found here and what kind of NFTs you can also sell if you choose to go down that path. The kind of NFT it can be isn’t limited as there’s a variety of ways to go about it.
You can be selling digital items, trading cards games, domain names, and also physical goods! Find out what you think will bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what separates OpenSea from the others. There’s no cost for gas when you utilize this feature when you create and market NFTs. This is essentially a way to ensure that you receive the maximum profits when you start selling because you won’t have to spend on additional fees.
Very few NFT marketplaces offer this feature, which is why this is a great way 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, you can receive benefits by referring a friend to OpenSea! If you refer a friend to join OpenSea and buy an NFT from there you’ll be rewarded with 2.50 percent of the sales amount, letting you earn more money from this act.
Other NFT marketplaces don’t offer this feature, so that’s just another benefit OpenSea has over the other marketplaces.
There’s an OpenSea mobile app, but it’s mostly used to browse through the marketplace. Unfortunately, you can’t purchase or sell anything as you scroll through the list.
The mobile apps from OpenSea are accessible on the two platforms of iOS and Android. Even though you can’t buy or sell things, you can at least browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available to you, and you can exchange your fiat money for cryptocurrency through these platforms. Microsoft Nft Download
You can exchange your fiat money via credit card or Paypal on these reliable websites for cryptocurrency:
- Bittrex and many more!
All of them have the option of exchange for ETH, which is the most common cryptocurrency payment option in OpenSea.
While OpenSea has been described as being an NFT marketplace open to all types of cryptocurrency, wallets are nevertheless more compatible than others. Since it is built mainly using an ETH blockchain, any wallets with a connection to that network will be suitable for the site.
Here is a list of different crypto wallets which you can use with OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, use on mobile devices only as well as the capability to buy cryptocurrency using credit cards. Microsoft Nft Download
For more information about the service to learn more, check out their FAQs for an overview of how you can get started and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has its advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and cons here:
- Mobile apps available for 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 market and NFTs.
- Allows royalties 10% for artists (low royalties).
- You cannot buy or sell products via our mobile apps.
- Only supports cryptocurrency as its type of payment.
- An Crypto wallet is required for this marketplace.
OpenSea is available to anyone who has crypto coins in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. However, overall, you will quickly recover this amount if you actively sell because there’s no additional cost for it.
Frequently Asked Questions Microsoft Nft Download
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to provide artists a platform to sell their works online, and to accept cryptocurrency as a method of payment. It’s a great platform for artists using the platform to market NFTs due to its low cost of gas and the low commission rate you must pay.
You can shop and browse a vast collection of digital products on this NFT marketplace and you must go through it!
Is OpenSea legit & is it safe?
Short answer: Yes! OpenSea is a reputable marketplace since its inception in the year 2018. Since its system is built on a blockchain that is secure, you can say that your transactions are protected and secured.
Furthermore, as a seller, you’ll be verified when you have built up your credibility. A blue checkmark will be assigned to your account or collection you’ve uploaded to ensure the safety of every customer. OpenSea’s team regularly reviews the content to ensure that users are secure.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you’ll be paid only 10 percent of the royalties when you have uploaded the NFT. This is considered to be quite low in comparison against the other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) can be commonly used on this site and other sites to provide more crypto users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of to access OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. It is easy to buy or sell cryptocurrency on reliable platforms using fiat currency. All you need to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea has a mobile or desktop app?
As we mentioned earlier, there is definitely an official mobile app from OpenSea available for both iOS as well as Android. Download it at their respective app store and begin exploring the collection right now!
The desktop application for OpenSea which can be downloaded from WebCatalog. On the desktop app you can manage multiple accounts and receive notifications about updates to 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/).