The cryptocurrency market is on the rise and you’re probably wondering where you can invest your crypto-coins. There are numerous marketplaces popping up all over the internet, designed to purchase and sell NFTs using cryptocurrency! OpenSea is one of them, and it’s worth looking into.
If you’re well-versed in cryptocurrency, you’ve probably heard of OpenSea prior to this for a valid reason. It’s one of the largest and most popular marketplaces for users of cryptocurrency due to its security and rapid transactions.
Get on board, and discover the possibilities of OpenSea and also see 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 the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace New Nft Projects 2021
The aim for OpenSea was to offer artists with a marketplace/platform to upload commissions with no additional charges. There are additional features that let you 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 can be as simple as that and without much hassle as you step into NFTs.
The most well-known cryptocurrency used on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it which is utilized for the majority of transactions. It also functions on the Polygon blockchain, which ensures lower costs and faster trading.
With these two types of blockchains that are available it is possible to choose which one you’d like to transfer your NFT to as an seller. This will ensure the security of your NFT and those who wish to buy it. All transactions are made using this blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall that lets you trade your cryptocurrency or NFTs for other NFTs. You can buy anything the simplest domain name, to a piece of art from an artist that you admire. Anyone can become a seller however, it takes some time for anyone to be an established one.
There is a wide variety in the collection at OpenSea and you could also be a part of that! You can start your own market on this site, as well as find NFTs you want to purchase yourself.
What is an NFT?
In a recent development for the crypto market, the term “NFT” has been going around for so long on internet that a lot of millennials are familiar with it but aren’t sure exactly what it means. Let’s break down what an NFT is for anyone who is new in the field of cryptocurrency.
One of the latest ways you can purchase your cryptocurrency includes an NFT. A NFT is a token that is non-fungible which is extremely exclusive and cannot be changed. It could be an item of any rarity like rare baseball trading cards in mint condition, or a rare vinyl record.
There’s no limit to what an NFT can be since it’s a non-fungible item that you can sell on the internet. More straightforwardly, you can simply imagine the NFT to be a type of digital collectible paid via cryptocurrency only.
Minting is similar to calling for dibs to your NFTs. It is a way of claiming the ownership of the particular item that you have uploaded to market, as putting it up for sale. Usually, this is recognized after you fill in all the necessary information about the NFT and finally add it on the market.
On OpenSea, it’s a simple process to mint your NFTs by going to the store and simply making a collection to begin! Complete the correct and complete information about your NFT and choose what kind of settings you’d like to use for it (e.g. blockchain and payment tokens). After that then you’re able to upload it if it fits the 100 MB limit.
You can wait and observe how the transactions go from here on out to determine if OpenSea is the best marketplace for you.
What NFTs can you find here?
At this point you’re probably asking yourself the kind of NFTs be purchased here and what you can sell should you decide to go that route. The type of NFT it can be is indefinite as there’s a variety of ways to do it.
You can be selling digital items, trading cards, game assets, domain names, and even physical assets! Find out what you think will yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that differentiates OpenSea from the others. There are zero gas fees when you utilize this feature to mint and sell NFTs. This is essentially a way to ensure that you receive the maximum profits when you start selling because you don’t need to pay on extra fees.
Not many NFT marketplaces provide this feature, which is why this is a great way to make a huge profit from your portfolio.
A Referral Program is another unique aspect of OpenSea to be admired. Like traditional online marketplaces that offer benefits by referring someone else to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from the site, you’ll receive 2.50% of the sale amount, letting you earn more cash by this method.
Other NFT marketplaces don’t offer this feature, so that’s just another benefit OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile application, however it’s mostly used to browse through the marketplace. You can’t buy or sell anything as you browse through the listing.
The mobile apps of OpenSea are available for the two platforms of iOS and Android. Although you aren’t able to purchase or sell something, you can at least explore the products you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available at your disposal to exchange your fiat money for cryptocurrency through these platforms. New Nft Projects 2021
You can convert the fiat currency you have with a credit card or Paypal on these reliable websites for cryptocurrency:
- Bittrex and other things!
Each of them has the option of exchange for ETH which is the standard cryptocurrency used in OpenSea.
While OpenSea has been described as being an NFT marketplace open to all forms of cryptocurrency, the wallets nevertheless more compatible than other. Since it is built mainly using an ETH blockchain, all wallets that share this network are appropriate for this website.
Here’s 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 including simple registration, only mobile usage and the ability to purchase cryptocurrency with credit cards. New Nft Projects 2021
For more information about the service, you can check their FAQs to see a rundown of how you can begin and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other 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 cons here:
- Available as mobile apps that are compatible with iOS or Android.
- Smart contracts are used 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 royalty rates of 10% for artists (low royalty).
- It is not possible to buy or sell items on our mobile apps.
- Only accepts cryptocurrency as a type of payment.
- The use of a Crypto wallet is required to access this marketplace.
OpenSea is open to everyone who has crypto coins in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. In the end, you’ll quickly regain that when you actively sell because there’s no additional cost for it.
Frequently Asked Questions New Nft Projects 2021
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to offer artists a way for selling their artwork online, and to accept cryptocurrency as their form of payment. It’s an ideal platform for artists using it to sell NFTs because of its zero cost of gas and the low commission rate that you have to pay.
You can browse and shop for a vast collection of digital products on this NFT marketplace and you must take a look!
Is OpenSea legit & secure?
The short answer is yes! OpenSea has been a reliable marketplace since it was established on the 1st of December in 2018. Since the system it operates on is built on blockchain technology and is secured, it is safe to declare that transactions are secure and safe.
In addition as a seller you’ll be verified when you’ve earned a reputation. A blue checkmark will be assigned on your account or any collection you uploaded to reassure any customer. The OpenSea team reviews regularly the contents to ensure users are safe.
How do I earn royalties on OpenSea?
Unfortunately, as an artist, you’ll be paid only 10% of the royalties once you have uploaded the NFT. This is believed to be reasonably low compared against the other NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) has been widely utilized on this website and numerous others to cater for the increasing number of cryptocurrency users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can utilize to access OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. You can easily purchase or sell cryptocurrency through 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 app?
As previously mentioned there’s an official mobile app from OpenSea that is available for iOS as well as Android. Install it from their app store and begin browsing through the collection right now!
The desktop application for OpenSea that can be downloaded through WebCatalog. With the desktop application you can manage multiple accounts as well as 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/).