Cryptocurrency is booming right now, and you’re probably wondering where you can invest your crypto coins. Markets have popped up all over the internet, designed to buy and sell NFTs via cryptocurrency! OpenSea is one of them, and it’s worth checking out.
If you’re interested in crypto, you’ve probably heard about OpenSea before for a good reason. It’s one of the largest and most popular marketplaces among users of cryptocurrency due to its security and quick transactions.
So, hop on board and discover what you can do with OpenSea as well as examining the NFTs available to view!
Before you go on, 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 the article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft 2021
The aim to create OpenSea was to provide artists with a marketplace/platform to upload their commissions without any extra fees. It has more functions that let you sell your work without having to deal with many problems.
In terms of the registration process, you don’t have to worry about giving all of your personal details. All you need to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as simple as that without going through many hurdles as you walk 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 which is utilized to carry out the majority of processes. It also functions on the Polygon blockchain to ensure low-cost and quicker trading.
There are two types of blockchains, you can choose which one you would like to transfer your NFT to as a seller. This ensures the safety of your NFT as well as the people who want to purchase it. All transactions will be made using this 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 that lets you trade your cryptocurrency or NFTs for other NFTs. You can purchase anything from the simplest domain name, to a piece of art from an artist that you admire. Anyone can become a seller, but it takes time for anyone to be a reputable one.
There’s a huge selection in the collection on OpenSea, and you can join in with the collection! You can create your own personal market there, and also find NFTs you’d like to buy for yourself.
What is an NFT?
In a recent development for the crypto industry”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that a lot of millennials are familiar with it , but not exactly sure what it actually means. Let’s break down what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the newest things that you can buy with cryptocurrency includes an NFT. The NFT is a non-fungible token that is very individual and cannot be substituted. It could be an item of any rareness, such as rare baseball trading cards in mint condition or rare vinyl record.
There’s no limit to what an NFT can be as it’s a non-fungible item that you sell online. It is simpler to simply think of the NFT to be a type of digital collectible which is only paid in cryptocurrency.
Minting is like calling dibs for your personal NFTs. You’re claiming ownership over that particular token/item that you posted to the marketplace, and putting it up for sale. Typically, this is official once you fill out the proper information regarding the NFT and then submit it for sale on.
On OpenSea It’s a very simple procedure to create your own NFTs by visiting the store and then creating a collection to start! Complete the correct and correct information regarding your NFT and choose what kind of settings you want for it (e.g., blockchain or money transfer tokens). After you’ve completed the process then you’re able to upload it, if it’s within the 100 MB limit.
You can watch and see how transactions progress from now to see if OpenSea is the best marketplace for you.
What NFTs can you get here?
At this point you’re probably asking yourself what kind of NFTs you shop for here, and what you could sell should you decide to go that route. The type of NFT it can be is indefinite since there’s a broad range of how you can go about it.
You can be selling digital items, trading cards games, domain names, and even physical assets! Consider what you believe will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that differentiates OpenSea from other companies. There’s no cost for gas when you use this feature when you create and market NFTs. This means you’ll get the most profit when you begin selling since you won’t have to spend on any additional charges.
There aren’t many NFT marketplaces offer this feature, so this is great for you to make a huge profit from your collection.
This Referral Program is another unique aspect of OpenSea to take note of. Like traditional online marketplaces that offer benefits when you refer someone else to OpenSea! If you invite a friend to join OpenSea and buy an NFT from the site, you’ll receive 2.50 percent of the purchase amount, letting you earn more money through this action.
Other NFT marketplaces do not have this feature, so that’s just another advantage OpenSea has over the other marketplaces.
There is an OpenSea mobile application, however it is mainly used to browse through the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listing.
The mobile apps from OpenSea are accessible for the two platforms of iOS in addition to Android. While you’re not able to buy or sell things, you can at least look through the options you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available at your disposal to trade your fiat currency for cryptocurrency on these platforms. Nft 2021
You can exchange your fiat money via credit card or Paypal via these reputable websites for cryptocurrency:
- Bittrex and many more!
All of them have the option of converting them into ETH which is the standard cryptocurrency used in OpenSea.
While OpenSea is an NFT marketplace open to all forms of cryptocurrency, the wallets nonetheless more compatible than other. Since it is built mainly using the ETH blockchain, wallets that share the same network are suitable for the site.
Here’s a list several crypto wallets which you can use with OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each wallet has its own restrictions including simple registration, use on mobile devices only and the ability to purchase cryptocurrency with credit cards. Nft 2021
To learn more about it to learn more, check out their FAQs to see an overview of how you can get started and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with advantages and drawbacks. OpenSea isn’t the only one to have this. You can read about its pros and cons here:
- Mobile apps are available for iOS and Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto market and NFTs.
- Allows royalties 10% to artists (low royalty).
- It is not possible to buy or sell items through the mobile app.
- Only accepts cryptocurrency as a form of payment.
- The use of a Crypto digital wallet must be used for this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. In the end, you’ll easily recover that amount when you actively sell because there is no additional fee for it.
Frequently Asked Questions Nft 2021
What is OpenSea?
OpenSea is an NFT marketplace that aims to offer artists a way to market their work online, and to accept cryptocurrency as their form of payment. It’s an ideal platform for artists who use the platform to market NFTs because of its zero gas costs and low commission fee rate you must pay.
You can shop and browse the vast array of digital products on this NFT marketplace, so you should go through it!
Is OpenSea real and is it safe?
Answer: 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, it is safe to claim that your transactions are protected and secured.
In addition, as a seller, you can become verified once you’ve earned a reputation. A blue checkmark will appear next to your account or the collection you uploaded to reassure anyone who buys from you. OpenSea’s team regularly reviews the content to ensure that users are protected.
How can I earn royalties on OpenSea?
Unfortunately, as an artist, you’ll receive only up to 10 percent of the royalties when you have uploaded the NFT. This is thought to be reasonably low compared to other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) has been frequently used on this site as well as numerous others to cater for many more crypto users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can use to access OpenSea.
What are the payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. You can buy and trade cryptocurrency using secure platforms that accept fiat money. All you need 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 app by OpenSea that is available for iOS as well as Android. Install it from their app store and begin exploring the collection right now!
A version for desktops that OpenSea which can be downloaded from WebCatalog. In the desktop application you can manage multiple accounts as well as 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/).