The cryptocurrency market is on the rise and you’re probably thinking where to invest your crypto currency. Marketplaces are popping up across the web that allow users to sell and buy NFTs with cryptocurrency! OpenSea is one of them, and it’s worth looking into.
If you’re well-versed in cryptocurrency you’ve likely heard of OpenSea before for a good reason. It’s now one of the largest and leading marketplaces among cryptocurrency enthusiasts due to its security and quick transactions.
Get on board, and let’s explore what you can do with 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 overview. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace New Jersey Nft Hunting
The purpose to create OpenSea was to offer artists with a marketplace/platform to upload commissions without any extra fees. It also has additional functions that allow you to sell your art without too many issues.
In terms of registration, you won’t have to give all of your personal details. All you need to do is connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as easy as that, without many hassles when you enter into NFTs.
The most popular cryptocurrency used on 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 most processes. It is also based with the Polygon blockchain, which ensures lower costs and faster trading.
There are two types of blockchains that are available you can pick which one you want to publish your NFT as a seller. This is to ensure the security of your NFT and the people who want to purchase it. Every transaction will be conducted along with this blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from the simplest domain name to official art by an artist you admire. Anyone can be a seller, but it takes time before anyone can become an established one.
There is a wide variety in the collection of NFTs available at OpenSea and you could join in with this! You can create your own marketplace here, along with finding NFTs you’d like to buy yourself.
What is an NFT?
A recent change in 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 those who are just beginning to get started in the field of cryptocurrency.
One of the newest things that you can buy with cryptocurrency is an NFT. An NFT is a non-fungible token which is extremely unique and can’t be changed. It could be a piece of rareness like authentic baseball cards or unique vinyl album.
There’s no limit on what an NFT could be, since it’s a non-fungible thing that you can sell online. It is simpler to simply think of an NFT as a digital item 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 the market place, but offering it for sale. Usually, this becomes official once you fill out the correct information about the NFT and add it on the market.
On OpenSea It’s a very simple process to mint your NFTs. All you have to do is visit the store and then making a collection to begin! 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 and money transfer tokens). After you’ve completed the process then you’re able to upload it if it fits the 100 MB limit.
You can wait and observe the way transactions are handled from now on to see if OpenSea is the right marketplace for you.
What NFTs are available here?
In this moment you’re probably asking yourself which kind of NFT can be found here and what you can sell should you decide to pursue that route. The type of NFT it can be is indefinite because there’s a wide range of options for how to go about it.
You could be selling digital items, trading cards, game assets, domain names, and even physical assets! Consider what you believe will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that sets OpenSea from the others. There’s no cost for gas when you use this feature when you create and market NFTs. This means you’ll get the most profit when you start selling because you won’t have to spend on additional fees.
There aren’t many NFT marketplaces have this feature, so this can be a fantastic way to earn a high return from your collection.
This Referral Program is a different aspect of OpenSea to be admired. Similar to traditional online markets, you can receive benefits when you refer a friend to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from the site you’ll be rewarded with 2.50 percent of the purchase amount, which means you can earn more cash by this method.
Other NFT marketplaces don’t have this feature and that’s another benefit OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile app, but it’s mostly to browse through the marketplace. It isn’t able to purchase or sell anything while you browse through the listings.
The mobile apps of OpenSea are available on the two platforms of iOS in addition to Android. Although you aren’t able to purchase or sell anything, you can still look through the options you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are at your disposal You can also convert your fiat money into cryptocurrency through these platforms. New Jersey Nft Hunting
You can convert your fiat money via the credit card, or Paypal through these trusted sites for cryptocurrency:
- Bittrex, and more!
All of them have the option of converting them into ETH which is the standard crypto payment in OpenSea.
While OpenSea can be described as an NFT marketplace open to all forms of cryptocurrency, the wallets nevertheless more compatible than other. Because it is based around an ETH blockchain, all wallets which are part of this network are appropriate for this website.
Here is a list of several crypto wallets you can use in OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each one has its own set of limitations, such as easy registration, only mobile usage and the ability to purchase cryptocurrency using credit cards. New Jersey Nft Hunting
To learn more about it You can go through their FAQs for a rundown of how you can start and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with its advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and pros here:
- Available as mobile apps for iOS as well as Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- The best option for beginners to the crypto industry and NFTs.
- Allows royalties 10% to artists (low royalties).
- You cannot buy or sell products via this mobile application.
- Only supports cryptocurrency as its method of payment.
- A Crypto digital wallet must be used to use this marketplace.
OpenSea is open to everyone who has any crypto currency in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. But overall, you can easily recover that amount when you sell regularly since there is no additional fee for it.
Frequently Asked Questions New Jersey Nft Hunting
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to give artists a chance to sell their works online, and to accept cryptocurrency as their form of payment. It’s a great platform for artists who use it to sell NFTs due to its no gas fees and low commission fees that you have to pay.
You can browse and shop for a vast collection of digital items on the NFT marketplace, so you should check it out!
Is OpenSea legitimate and safe?
The short answer is yes! OpenSea has been a reliable marketplace since it was established at the end of 2018. Since its system is built on blockchain technology that is secure, you can declare that transactions are secure and safe.
Furthermore, as a seller, you’ll be verified when you build up your reputation. A blue checkmark is placed to your account or collection you uploaded to reassure any customer. The OpenSea team reviews regularly the content to ensure that users are safe.
How can I earn royalties from OpenSea?
As an artist, you can be paid only 10 percent of the royalties when you have uploaded the NFT. This is thought to be a reasonable amount compared to other NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) has been commonly used on this site and other sites to provide more crypto users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can utilize to use OpenSea.
What are the payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency through trusted platforms with fiat money. All you have to do is connect your credit card or Paypal for the transaction.
Does OpenSea has a mobile or desktop application?
As previously mentioned, there is definitely an official mobile app from OpenSea available for both iOS or Android. You can download it through their app store, and begin browsing through the collection right now!
A Desktop application that OpenSea that can be downloaded through WebCatalog. In the desktop application you can manage multiple accounts and get alerts on any updates that affect 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/).