The cryptocurrency market is on the rise and you’re probably wondering where you can invest your crypto coins. Markets have popped up all over the digital web designed to purchase and sell NFTs using cryptocurrency! OpenSea is among them and is worth looking into.
If you’re familiar with cryptocurrency you’ve probably heard about OpenSea prior to this for a valid reason. It’s now one of the biggest and most popular marketplaces among users of cryptocurrency due to its safety and speedy transactions.
Now hop aboard, and let’s explore what you can do with OpenSea as well as examining what NFTs you can view!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Nfc W Polsce
The aim to create OpenSea was to provide an online marketplace for artists to easily upload their commissions with no additional charges. There are additional features that let you sell your artwork without any problems.
In terms of the registration process, you don’t have to give all of your personal details. All you have to do is connect your crypto wallet and voila! You have an account with OpenSea! It can be as simple as that and without many hassles when you enter into NFTs.
The most well-known cryptocurrency to use on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology which is utilized for most processes. It also operates with the Polygon blockchain, which allows for low-cost and quicker trading.
With these two kinds of blockchains available it is possible to choose which one you’d like to publish your NFT as a seller. This ensures the safety of your NFT, along with those who would like to buy it. All transactions will be made along with this blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless where you can trade in your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything as simple as a domain name to an official artwork from an artist you admire. Anyone can be a seller, but it takes some time for anyone to become an established one.
There’s a huge selection from the selection on OpenSea and you could become a part of that! You can set up your own personal market on this site, as well as find NFTs that you would like to purchase for 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 many millennials are familiar with it , but not exactly sure what it is. Let’s take a look at what NFT is for those who are just beginning to get started in cryptocurrency.
One of the latest ways you can buy can be an NFT. A NFT is a non-fungible currency that is very exclusive and cannot be replaced. This can be a piece of rarity like rare baseball trading cards in mint condition or uncommon vinyl record.
There’s no limit on what an NFT can be since it’s a non-fungible thing that you sell on the internet. More straightforwardly, you can simply think of an NFT to be a type of digital item paid via cryptocurrency only.
Minting is like calling the shots to your NFTs. It is a way of claiming ownership over that particular token/item that you have uploaded to the market place, but you’re offering it for sale. Usually, this becomes official once you fill out the proper information regarding the NFT and submit it for sale on.
On OpenSea It’s a very simple process to mine your NFTs. All you have to do is visit the store and then making a collection to begin! Input the appropriate and complete information about your NFT and choose what kind of settings you want to use it with (e.g. blockchain, payment tokens). Once that’s all done then you’re able to upload it to the internet if it’s in the limit of 100MB.
It is possible to wait and see how transactions progress from now to see whether OpenSea is the best marketplace for you.
What NFTs are available here?
At this point you’re probably thinking about what kind of NFTs can be found here and what kind of NFTs you can sell should you decide to go down that path. The type of NFT it is unlimited since there’s a broad range of ways to go about it.
You can be selling digital products, trading cards, game assets, domain names, and even physical assets! Explore what you believe can reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that differentiates OpenSea from other companies. There are zero gas fees when you utilize this feature when you make and then sell the NFTs. This is essentially a way to ensure that you get the most profit when you start selling because you won’t need to spend on additional fees.
Very few NFT marketplaces offer this feature, so this is great for you to make a huge profit from your collection.
This Referral Program is another distinctive feature of OpenSea to take note of. Like traditional online marketplaces, you can receive advantages by referring someone else to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from the site, you’ll receive 2.50 percent of the sales amount, which means you can make more money by this method.
Other NFT marketplaces don’t offer this feature and that’s another advantage OpenSea has over them.
There is an OpenSea mobile app, but it is mainly used to browse the marketplace. It isn’t able to purchase or sell anything while you browse through the listings.
The mobile apps from OpenSea are accessible for the two platforms of iOS and Android. Although you aren’t able to purchase or sell anything, you can still at least explore the products you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are at your disposal, and you can convert your fiat money into cryptocurrency using these platforms. Nfc W Polsce
You can exchange your fiat currency using a your credit or debit card as well as Paypal on these reliable websites to exchange it for crypto:
- Bittrex and other things!
Each of them has the option of converting them into ETH, which is the most common cryptocurrency used in OpenSea.
While OpenSea can be described as an NFT marketplace that is open to all kinds of cryptocurrency, the wallets nonetheless more compatible than others. Since it is built mainly on the ETH blockchain, all wallets with a connection to that network will be suitable for this site.
Here is a list of various crypto wallets that which you can use with OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each wallet has its own restrictions, such as easy registration, mobile-only usage, and the function to buy cryptocurrency using credit cards. Nfc W Polsce
To learn more about it You can go through their FAQs to get a rundown of how you can get started and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and pros here:
- Mobile apps available that are compatible with iOS as well as Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto industry and NFTs.
- Allows royalties 10% to artists (low royalty rates).
- You cannot buy or sell products on this mobile application.
- Only supports cryptocurrency as its form of payment.
- The use of a Crypto wallet is required to use this marketplace.
OpenSea is accessible to everyone who has crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. But overall, you can easily recover that amount when you sell regularly since there’s no additional cost for it.
Frequently Asked Questions Nfc W Polsce
What is OpenSea?
OpenSea is an NFT marketplace that seeks to offer artists a way for selling their artwork online and receive cryptocurrency as a form of payment. It’s a great platform for artists who use for selling NFTs due to its no gas fees and the low commission rate which you are required to pay.
You can shop and browse a vast collection of digital products on this NFT marketplace, so you should take a look!
Is OpenSea legit & is it safe?
Short answer: Yes! OpenSea has been a reliable marketplace since its inception on the 1st of December in the year of 2018. Since its system is built on a blockchain and is secured, it is safe to claim that your transactions are safe and secure.
Furthermore 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 protected.
How do I earn royalties on OpenSea?
As an artist, you will be paid only 10 percent of the royalties after you upload the NFT. This is considered to be reasonably low compared to others NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) is frequently used on this site as well as many others to accommodate many more crypto users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can make use of for OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. You can buy and trade cryptocurrency using reliable platforms using fiat currency. All you have to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea has a mobile or desktop application?
As we mentioned earlier, there is definitely an official mobile application from OpenSea that is available for iOS and Android. You can download it through their app store, and begin exploring the collection now!
The desktop application for OpenSea which can be downloaded from WebCatalog. With the desktop application you can manage multiple accounts and get notifications about updates to 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/).