The cryptocurrency market is on the rise and you’re probably thinking where you can invest your crypto currency. There are numerous marketplaces popping up across the internet, designed to buy and sell NFTs with cryptocurrency! OpenSea is one of them, 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 most popular marketplaces for users of cryptocurrency due to its security and rapid transactions.
Now hop aboard, 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 review. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Mintable Vs OpenSea Reddit
The aim of OpenSea was to simply provide an online marketplace for artists to easily upload their commissions with no additional costs. It has more functions which allow you to market your artwork without any problems.
For the registration process, you don’t have to provide all of your personal details. All you need to do is connect your crypto wallet–and voila!–you have an account on OpenSea! It can be as simple as that, without much hassle as you step into NFTs.
The most popular cryptocurrency used in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology which is utilized to carry out the majority of processes. It is also based with the Polygon blockchain to ensure lower costs and faster trading.
There are two types of blockchains that are available, you can choose which one you would like to upload your NFT on as a seller. This will ensure the security of your NFT, along with those who would like to purchase it. All transactions are made by using the blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless where you can exchange your cryptocurrency or NFTs for other NFTs. You can purchase anything from as simple as a domain name to an official artwork from an artist that you admire. Anyone can be a seller, but it takes some time before anyone can become an established one.
There are a variety of NFTs in the collection at OpenSea and you can join in with the collection! You can start your own marketplace here, along with finding NFTs you want to purchase yourself.
What is an NFT?
A recent change in the crypto market”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that the majority of young people have heard of it but not exactly sure what it means. Let’s take a look at what NFT is for anyone who is new in cryptocurrency.
One of the new things you can purchase your cryptocurrency includes an NFT. The NFT is a non-fungible token that is very individual and cannot be replaced. It could be a piece of rareness, such as rare baseball trading cards in mint condition or rare vinyl record.
There’s no limit on what an NFT can be since it’s a non-fungible object you’re selling online. It is simpler to just consider the NFT as a digital collectible which is only paid in cryptocurrency.
Minting is similar to calling for dibs to your NFTs. You’re claiming the ownership of the particular item that you have uploaded to the market place, but putting it up for sale. Usually, this becomes official when you have filled in the correct information about the NFT and finally upload it to the marketplace.
On OpenSea, it’s a simple process to mine your NFTs by going to the store and simply making a collection to begin! 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, money transfer tokens). After you’ve completed the process then you’re able to upload it if it fits the limit of 100MB.
You can wait and observe how transactions progress from now on to see whether OpenSea is the marketplace for you.
What NFTs are available here?
So, at this point, you’re probably wondering the kind of NFTs be purchased here and what kind of NFTs you can sell should you decide to go that route. The kind of NFT it is indefinite since there’s a broad range of options for how to go about it.
You could be selling digital products, trading cards, game assets, domain names, and even physical assets! Consider what you believe will bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that separates OpenSea from the others. There are zero gas fees when you utilize this feature to 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 provide this feature, which is why this can be a fantastic way to receive high profit from your collection.
This Referral Program is a different aspect of OpenSea to admire. Like traditional online marketplaces that offer advantages when you refer a friend to OpenSea! If you refer a friend to join OpenSea and buy an NFT from the site, you’ll receive 2.50% of the sale amount, letting you earn more money through this action.
Other NFT marketplaces don’t have the same feature and that’s another benefit OpenSea has over them.
There’s an OpenSea mobile app, but it’s mostly for perusing through the marketplace. You can’t buy or sell anything as you scroll through the list.
The mobile apps of OpenSea are available on both iOS and Android. Even though you can’t buy or sell something, you can explore the products you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available at your disposal You can also convert your fiat money into cryptocurrency using these platforms. Mintable Vs OpenSea Reddit
You can convert your fiat currency using a credit card or Paypal via these reputable websites to exchange it for crypto:
- Bittrex and more!
Each of them has the option of exchange for ETH which is the standard crypto payment in OpenSea.
Although OpenSea is an NFT marketplace open to all types of crypto, wallets are still more compatible with it than others. Since it is built using the ETH blockchain, wallets which are part of that network will be suitable for the site.
Here’s a list of different crypto wallets which you can use with OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations, such as easy registration, use on mobile devices only as well as the capability to purchase cryptocurrency with credit cards. Mintable Vs OpenSea Reddit
For more information about the service to learn more, check out their FAQs to get an overview of how you can begin and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has its advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about 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 industry and NFTs.
- Allows royalties up to 10% for artists (low royalty).
- It is not possible to buy or sell items through this mobile application.
- Only accepts cryptocurrency as a form of payment.
- The use of a Crypto wallet is required for this marketplace.
OpenSea is accessible to everyone who has crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. But overall, you can quickly regain that when you actively sell because there’s no additional cost for it.
Frequently Asked Questions Mintable Vs OpenSea Reddit
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to give artists a chance for selling their artwork online and receive cryptocurrency as a method of payment. It’s an ideal platform for artists using it to sell NFTs due to its no gas costs and low commission fees which you are required to pay.
You can browse and shop for the vast array of digital goods in this NFT marketplace, so you should take a look!
Is OpenSea real and safe?
Answer: 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 blockchain technology, it is safe to claim that your transactions are protected and secured.
In addition as a seller you can become verified once you have built up your credibility. A blue checkmark will be assigned to your account or the collection that you have uploaded to assure anyone who buys from you. The team at OpenSea regularly checks the contents to ensure users are protected.
How can I earn royalties from OpenSea?
As an artist, you can receive only up to 10 percent of the royalties after you upload the NFT. This is considered to be quite low in comparison against other NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) has been widely utilized on this website and numerous others to cater for the increasing number of cryptocurrency users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can make use of to access OpenSea.
What are the payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. You can easily purchase or sell cryptocurrency through secure platforms that accept fiat money. All you have be able to connect is your credit or Paypal for the transaction.
Does OpenSea have a desktop/mobile application?
As we mentioned earlier there’s an official mobile application from OpenSea for both iOS as well as Android. Download it at their respective app store and you can start exploring the collection now!
There is also a desktop application for OpenSea can be downloaded via WebCatalog. On the desktop app, you can manage multiple accounts and get 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/).