Cryptocurrency is booming right now and you’re probably wondering where you can invest your crypto currency. Marketplaces are popping up all over the internet, designed to purchase and sell NFTs with cryptocurrency! OpenSea is one of them and is worth checking out.
If you’re interested in crypto you’ve probably heard of OpenSea previously for a valid reason. It has become one of the biggest and leading marketplaces among cryptocurrency users because of its security and quick transactions.
Now hop aboard, and let’s explore 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. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace New Nft Projects
The aim of OpenSea was to offer an online marketplace for artists to upload their commissions without any extra charges. It also has additional functions that allow you to sell your artwork without any problems.
In terms of 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 with OpenSea! It’s as simple as that without going through much hassle as you step into NFTs.
The most well-known cryptocurrency that is used on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system, and this is used for the majority of transactions. It also operates on the Polygon blockchain to ensure lower costs and faster trading.
With these two kinds of blockchains you can pick which one you would like to publish your NFT as seller. This will ensure the security of your NFT as well as the people who want to buy it. All transactions will be made along with this blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace that lets you trade your cryptocurrency or NFTs for other NFTs. You can purchase anything from the simplest domain name to an official artwork by an artist you admire. Anyone can be a seller however, it takes time before anyone can become an established seller.
There is a wide variety in the collection at OpenSea, and you can also be a part of the collection! You can start your own personal market here, along with finding NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent advancement for the crypto market,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that the majority of young people are familiar with it , but not exactly sure what it actually means. Let’s take a look at what NFT is for anyone who is new in cryptocurrency.
One of the latest ways you can buy can be an NFT. The NFT is a non-fungible currency that is unique and can’t be replaced. It can be an item of any rareness, such as authentic baseball cards or a rare vinyl record.
There is no limit to what an NFT can be since it’s a non-fungible thing that you can sell on the internet. It is simpler to simply imagine an NFT being a virtual item which is only paid in cryptocurrency.
Minting is similar to calling for dibs to your NFTs. You are calling the owner of the item or token you uploaded on the market place, but putting it up for sale. Usually, this becomes official once you fill out the correct information about the NFT and finally add it on the market.
On OpenSea It’s a very simple process to mine your NFTs by visiting the store and simply create a collection! Complete the correct and correct information regarding your NFT and then select what type of settings you’d like to use to use it with (e.g. blockchain or payments tokens). After that then you’re able to upload it, if it’s within the 100 MB limit.
You can watch and see the way transactions are handled from now on to determine if OpenSea is the best marketplace for you.
What NFTs are available here?
So, at this point you’re probably thinking about what kind of NFTs you shop for here, and what you could also sell if you choose to pursue that route. The type of NFT it is unlimited since there’s a broad range of how you can approach it.
It is possible to sell trade cards, digital goods games, domain names, and some physical items! Find out what you think will yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what differentiates OpenSea from other companies. There are zero gas fees when you utilize this feature when you make and then sell the NFTs. This means you’ll get the most profit when you sell because you won’t need to spend on any additional charges.
Not many NFT marketplaces provide this feature, so this can be a fantastic way to earn a high return from your collection.
A Referral Program is another unique aspect of OpenSea to admire. Similar to traditional online markets, you can receive advantages by referring your friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from there, you’ll receive 2.50 percent of the sales amount, which means you can earn more cash through this action.
Other NFT marketplaces don’t offer this feature, so that’s just another advantage OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile app, but it’s mostly to browse through the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listings.
The mobile apps of OpenSea are available on both iOS and Android. While you’re not able to buy or sell something, you can browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are at your disposal to trade your fiat currency for cryptocurrency on these platforms. New Nft Projects
You can convert your fiat money via credit card or Paypal on these reliable websites to exchange it for crypto:
- Bittrex and more!
Each of them has the option of exchange for ETH which is the primary cryptocurrency payment option in OpenSea.
Although OpenSea can be described as an NFT marketplace that is open to all types of cryptocurrency, wallets are nonetheless more compatible than others. Because it is based around the ETH blockchain, wallets which are part of the same network are suitable for the site.
Here’s a list of different crypto wallets you can utilize 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, mobile-only usage as well as the capability to purchase cryptocurrency using the credit card. New Nft Projects
To learn more about it, you can check their FAQs to see a rundown of how you can begin and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has advantages and drawbacks. OpenSea isn’t an exception to this. You can view its pros and pros here:
- Available as mobile apps for iOS as well as Android.
- Smart contracts are used for transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalty rates of 10% for artists (low royalty).
- Cannot buy or sell via this mobile application.
- Only accepts cryptocurrency as a method of payment.
- The use of a Crypto account is needed for this marketplace.
OpenSea is open to everyone who has any crypto currency in their crypto wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. In the end, you’ll quickly recover this amount if you actively sell because there’s no extra charge for it.
Frequently Asked Questions New Nft Projects
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to offer artists a way to market their work online and receive cryptocurrency as a form of payment. It’s an ideal platform for artists using for selling NFTs due to its low cost of gas and the low commission rate which you are required to pay.
You can browse and purchase a vast collection of digital items on the NFT marketplace which is why you should definitely go through it!
Is OpenSea legitimate and secure?
The short answer is yes! OpenSea has been a reliable marketplace since its inception on the 1st of December in 2018. Since its system is based on a blockchain that is secure, you can say that your transactions are secure and safe.
Furthermore as a seller you will be verified after you build up your reputation. A blue checkmark will be assigned on your account or any collection you’ve uploaded to ensure the safety of anyone who buys from you. OpenSea’s team regularly reviews the content to ensure users are secure.
How do I earn royalties from OpenSea?
However, as an artist, you will be paid only 10 percent of the royalties when you have uploaded the NFT. This is considered to be reasonably low compared with other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) can be frequently used on this site as well as many others to accommodate many more crypto users. These are other cryptos you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of to access OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. You can easily purchase or sell cryptocurrency on secure platforms that accept fiat money. All you have be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea have a desktop or mobile app?
As mentioned before There is an official mobile app by OpenSea that is available for iOS or Android. You can download it through their app store and you can start browsing through the collection right now!
The Desktop application that OpenSea which can be downloaded from WebCatalog. With the desktop application you are able to manage multiple accounts and get alerts on any updates that affect 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/).