The cryptocurrency market is on the rise, and you’re probably wondering where to invest your crypto currency. Markets have popped up all over the digital web designed to buy and sell NFTs with cryptocurrency! OpenSea is one of them and is worth looking into.
If you’re familiar with cryptocurrency, you’ve probably heard about OpenSea before for a good reason. It’s one of the biggest and most popular marketplaces among cryptocurrency enthusiasts due to its security and rapid transactions.
Get on board, and let’s explore the possibilities of OpenSea, along with checking the NFTs that you can see!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Newtown Culture And Climate Nft
The aim for OpenSea was to simply provide a platform/marketplace for artists to easily upload their commissions with no additional fees. It has more functions which allow you to market your art without too many problems.
For registration, you won’t have to worry about giving all of your personal details. All you have to connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as simple as that, without many hassles when you enter into NFTs.
The most well-known cryptocurrency that is used in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system, and this is used for most processes. It also functions using the Polygon blockchain, which ensures the lowest cost and speediest trading.
With these two kinds of blockchains you can pick which one you’d like to upload your NFT on as an seller. This ensures the safety of your NFT, along with those who wish to buy it. Every transaction will be conducted by using the blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace that lets you trade your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything as simple as a domain name, to a piece of art from an artist you admire. Anyone can sell however, it takes a while before anyone can become an established seller.
There’s a huge selection of NFTs available on OpenSea, and you can become a part of this! You can create your own marketplace here, along with finding NFTs you want to purchase yourself.
What is an NFT?
In a recent development for the cryptocurrency industry”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that many millennials are familiar with it but aren’t exactly sure what it means. Let’s look at what an 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 can be an NFT. An NFT is a token that is non-fungible that is very individual and cannot be changed. It can be an item of any rareness like mint-condition baseball trading cards or a unique vinyl album.
There’s no limit on what an NFT can be since it’s a non-fungible thing that you sell on the internet. In simpler terms, you could simply imagine the NFT as a digital item that is paid for using cryptocurrency only.
Minting is like calling the shots to your NFTs. It is a way of claiming the owner of the item or token that you have uploaded to market, as offering it for sale. Typically, this is official after you fill in all the necessary information about the NFT and then upload it to the marketplace.
On OpenSea it’s a straightforward process to mint your NFTs by visiting the store and then create a collection! Complete the correct and complete information about your NFT and then select what type of settings you want to use it with (e.g. blockchain and payments tokens). Once that’s all done, you can finally upload it if it fits the 100 MB limit.
You can watch and see the way transactions are handled from here on out to determine if OpenSea is the marketplace for you.
What NFTs can you find here?
So, at this point you’re probably thinking about what kind of NFTs can be purchased here, and what you could also sell if you choose to pursue that route. The type of NFT it is unlimited as there’s a variety of options for how to approach it.
You can be selling digital items, trading cards, game assets domain names, even physical assets! Find out what you think will bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what sets OpenSea from the others. There are zero gas fees when you use this feature when you mint and sell NFTs. This means you’ll receive the maximum profits when you begin selling since you don’t need to pay on extra fees.
Not many NFT marketplaces provide this feature, and it can be a fantastic way to earn a high return from your NFT collection.
A Referral Program is another unique aspect of OpenSea to take note of. Similar to traditional online markets that offer advantages by referring your friend to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from the site you’ll earn 2.50% of the sale amount, which means you can earn more cash from this act.
Other NFT marketplaces don’t offer the same feature This is a further advantage OpenSea has over the other marketplaces.
There is an OpenSea mobile app, but it’s mostly for perusing through the marketplace. It isn’t able to purchase or sell items as you scroll through the list.
The mobile apps from OpenSea are accessible on both iOS in addition to Android. Although you aren’t able to purchase or sell anything, you can still explore the products you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are for you to use You can also trade your fiat currency for cryptocurrency through these platforms. Newtown Culture And Climate Nft
You can convert the fiat currency you have with a credit card or Paypal through these trusted sites to exchange it for crypto:
- Bittrex and other things!
All of them have the option to exchange for ETH that is the primary cryptocurrency used in OpenSea.
Although OpenSea has been described as being an NFT marketplace that is open to all kinds of cryptocurrency, the wallets still more compatible with it than other. Because it is based around the ETH blockchain, wallets that share that network will be suitable for this website.
Here’s a list several crypto wallets you can use in OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, use on mobile devices only and the ability to purchase cryptocurrency with a credit card. Newtown Culture And Climate Nft
For more information about the service, you can check their FAQs to see the steps you can get started and what other crypto wallets work 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 cons here:
- Mobile apps available for iOS or Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalties of only up to 10% for artists (low royalties).
- It is not possible to buy or sell items via our mobile apps.
- Only accepts cryptocurrency as a method of payment.
- A Crypto digital wallet must be used to use this marketplace.
OpenSea is open to everyone who owns any crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. However, overall, you will quickly recover this amount if you sell regularly since there is no additional fee for it.
Frequently Asked Questions Newtown Culture And Climate Nft
What is OpenSea?
OpenSea is an NFT marketplace that is designed to offer artists a way for selling their artwork online to receive cryptocurrency as their form of payment. It’s a great platform for artists who use the platform to market NFTs because of its zero gas costs and low commission fees which you are required to pay.
You can browse and shop for an array of digital products on this NFT marketplace, so you should go through it!
Is OpenSea real and safe?
Short answer: Yes! OpenSea has been a reliable marketplace since it was founded at the end of 2018. Since its system is built on blockchain technology that is secure, you can claim that your transactions are safe and secure.
In addition as a seller you will be verified after you build up your reputation. A blue checkmark will appear on your account or any collection you uploaded to reassure anyone who buys from you. The OpenSea team reviews regularly the content to ensure users are secure.
How can I earn royalties on OpenSea?
Unfortunately, as an artist, you will get only 10 percent of the royalties when you upload the NFT. This is considered to be a reasonable amount compared against the other NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) is widely used on this site as well as numerous others to cater for many more crypto users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can make use of for OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. It is easy to buy or trade cryptocurrency using secure platforms that accept fiat money. All you have just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea have a desktop or mobile app?
As mentioned before there’s an official mobile application from OpenSea available for both iOS and Android. You can download it through their app store and you can start browsing through the collection right now!
A version for desktops that OpenSea can be downloaded via WebCatalog. On the desktop app you can manage multiple accounts and receive 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/).