Cryptocurrency is booming right now, and you’re probably wondering where you can invest your crypto currency. Marketplaces are popping up all over the web that allow users to sell and buy NFTs using cryptocurrency! OpenSea is among them, and it’s worth looking into.
If you’re familiar with cryptocurrency you’ve probably heard of OpenSea before for a good reason. It’s now one of the largest and leading marketplaces among cryptocurrency users because of its safety and speedy transactions.
Now hop aboard, and discover what you can do with OpenSea as well as examining the NFTs that you can see!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick review. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft 101 Liberty Edu
The purpose of OpenSea was to simply provide a platform/marketplace for artists to upload commissions without any extra charges. It has more functions that allow you to sell your art without too many issues.
When it comes to the registration process, you don’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 on OpenSea! It’s as easy as that without going through many hassles when you enter into NFTs.
The most widely-used cryptocurrency that is used on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system and is used to carry out the majority of processes. It also functions using the Polygon blockchain, which ensures lower costs and faster trading.
With these two types of blockchains available it is possible to choose which one you want to upload your NFT on as seller. This is to ensure the security of your NFT and those who would like to purchase it. All transactions will be made by using the blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall where you can exchange your cryptocurrency or NFTs for other NFTs. You can purchase anything from the simplest domain name to an official artwork from an artist that you admire. Anyone can become a seller however, it takes time for anyone to become an established seller.
There’s a huge selection of NFTs available at OpenSea and you can also be 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?
In a recent advancement for the crypto industry”NFT,” a popular term in the crypto industry “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 is. Let’s break down what an NFT is for any beginners in cryptocurrency.
One of the new things that you can buy with cryptocurrency is an NFT. The NFT is a non-fungible currency that is very individual and cannot be replaced. It could be a piece of rarity like mint-condition baseball trading cards or a unique vinyl album.
There is no limit to what an NFT can be as it’s a non-fungible object that you can sell online. It is simpler to just think of as an NFT as a digital item paid via cryptocurrency only.
Minting is similar to calling for dibs for your personal NFTs. You are calling the owner of the item or token that you have uploaded to the marketplace, and you’re selling it. Usually, this is recognized when you have filled in the proper information regarding the NFT and finally submit it for sale on.
On OpenSea it’s a straightforward process to mint your NFTs by visiting the store and making a collection to begin! Input the appropriate and accurate information about your NFT and choose what kind of settings you want to use it with (e.g., blockchain or payments tokens). Once that’s all done you are able to upload it, if it’s within the limit of 100MB.
You can watch and see how transactions progress from now on to determine whether OpenSea is the best marketplace for you.
What NFTs can you get here?
So, at this point you’re probably thinking about what kind of NFTs can you shop for here, and what you could also sell if you choose to go that route. The kind of NFT that you can purchase is unlimited because there’s a wide range of ways to do it.
You can be selling digital products, trading cards game assets, domain names, and some physical items! Find out what you think will bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that differentiates OpenSea from the others. There are zero gas fees for using this feature to mint and sell NFTs. This means you’ll be able to make the highest profits once you sell because you won’t have to spend on extra fees.
Not many NFT marketplaces have this feature, which is why this can be a fantastic way to make a huge profit from your collection.
A Referral Program is a different aspect of OpenSea to admire. Similar to traditional online markets, you can receive rewards when you refer a friend to OpenSea! If you refer a friend to join OpenSea and buy an NFT from the site you’ll be rewarded with 2.50 percent of the sales amount, which means you can earn more cash from this act.
Other NFT marketplaces don’t offer this kind of feature either and that’s another advantage OpenSea has over them.
There’s an OpenSea mobile app, but it’s mostly to browse the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listings.
The mobile apps from OpenSea are accessible on both iOS in addition to Android. While you’re not able to buy 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 available for you to use to convert your fiat money into cryptocurrency on these platforms. Nft 101 Liberty Edu
You can convert the fiat currency you have with a your credit or debit card as well as Paypal on these reliable websites for cryptocurrency:
- Bittrex, and many more!
All of them have the option of exchange for ETH, which is the primary cryptocurrency payment option in OpenSea.
Although OpenSea has been described as being an NFT marketplace open to all forms of cryptocurrency, wallets are nonetheless more compatible than other. Since it is built mainly around an ETH blockchain, all wallets with a connection to that network will be suitable for the site.
Here’s a list several crypto wallets you can utilize in OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations including simple registration, mobile-only usage, and the function to purchase cryptocurrency with the credit card. Nft 101 Liberty Edu
To know more about it to learn more, check out their FAQs for the steps you can begin and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with advantages and drawbacks. OpenSea isn’t an exception to this. You can read about its pros and pros here:
- Mobile apps are available that are compatible with 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 royalties of only 10% for artists (low royalty rates).
- Cannot buy or sell through our mobile apps.
- Only accepts cryptocurrency as a method of payment.
- A Crypto wallet is required for this marketplace.
OpenSea is available to anyone who has any crypto currency in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this 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 Nft 101 Liberty Edu
What is OpenSea?
OpenSea is an NFT marketplace that aims to give artists a chance to sell their works online to receive cryptocurrency as a method of payment. It’s a great platform for artists who use it to sell NFTs because of its zero gas fees and low commission fee rate you must pay.
You can browse and purchase an array of digital goods in this NFT marketplace which is why you should definitely take a look!
Is OpenSea real and secure?
The short answer is yes! OpenSea is a reputable marketplace since it was established on the 1st of December in the year of 2018. Since the system it operates on is built on a blockchain, it is safe to say that your transactions are secure and safe.
Additionally as a seller you can become verified once you’ve earned a reputation. A blue checkmark will appear on your account or the collection you’ve uploaded to ensure the safety of any customer. OpenSea’s team regularly reviews the content to ensure that users are safe.
How can I earn royalties from OpenSea?
Unfortunately, as an artist, you can be paid only 10 percent of the royalties when you upload the NFT. This is thought to be a reasonable amount compared against other NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) has been commonly used on this site and numerous others to cater for more cryptocurrency users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can use to use OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. You can buy and trade cryptocurrency using trusted platforms with fiat money. All you have to do is connect your credit card or Paypal for the transaction.
Does OpenSea have a desktop/mobile app?
As previously mentioned there’s an official mobile application from OpenSea for both iOS and Android. Install it from their app store and begin exploring the collection now!
The version for desktops that OpenSea that can be downloaded through WebCatalog. On the desktop app you can manage multiple accounts and receive alerts on any updates that affect your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).