Cryptocurrency is booming right now, and you’re probably wondering where to invest your crypto currency. There are numerous marketplaces popping up all over the internet, designed to sell and buy NFTs using cryptocurrency! OpenSea can be one, and it’s worth checking out.
If you’re familiar with cryptocurrency, you’ve likely heard of OpenSea prior to this for a valid reason. It has become one of the biggest and most popular marketplaces for cryptocurrency users because of its security and quick transactions.
Now hop aboard, and discover the possibilities of OpenSea as well as examining the NFTs available to view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick review. Afterward, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft 59Ers
The goal for OpenSea was to offer a platform/marketplace for artists to upload commissions without any extra costs. There are additional features which allow you to market your art without too many problems.
In terms of registration, you won’t have to provide too many details about yourself. All you have to do is connect your crypto wallet and voila! You have an account with OpenSea! It’s as simple as that and without many hassles when you enter into NFTs.
The most widely-used cryptocurrency used in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system which is utilized for the majority of transactions. It is also based with the Polygon blockchain, which allows for lower costs and faster trading.
With these two kinds of blockchains available you can pick which one you’d like to upload your NFT on as a seller. This is to ensure the security of your NFT as well as those who would like to buy it. Every transaction will be conducted along with this 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 cryptocurrency or NFTs for other NFTs. You can purchase anything from as simple as a domain name, to a piece of art by an artist you admire. Anyone can be a seller, but it takes a while for anyone to be a reputable one.
There’s a huge selection in the collection on OpenSea, and you can also be a part of this! You can start your own market there, and also find NFTs you’d like to buy yourself.
What is an NFT?
In a recent development for the cryptocurrency industry the term “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 means. Let’s break down what an NFT is for anyone who is new in the field of cryptocurrency.
One of the latest ways you can purchase your cryptocurrency can be an NFT. The NFT is a token that is non-fungible that is unique and can’t be substituted. It could be a piece of rareness, such as 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 item you’re selling on the internet. More straightforwardly, you can simply imagine an NFT being a virtual collectible that is paid for using cryptocurrency only.
Minting is similar to calling for dibs to your NFTs. It is a way of claiming ownership over that particular token/item you uploaded on market, as you’re offering it for sale. Typically, this is official after you fill in the correct information about the NFT and then submit it for sale on.
On OpenSea It’s a very simple process to mint your NFTs by going to the store and simply making a collection to begin! Complete the correct and complete information about your NFT and then select what type of settings you’d like for it (e.g., blockchain and payment tokens). Once that’s all done, you can finally upload it if it fits the 100 MB limit.
You can wait and observe the way transactions are handled from here on out 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 which kind of NFT can be found here and what you can also sell if you choose to go down that path. The type of NFT it isn’t limited 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 also physical goods! Explore what you believe can bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what separates OpenSea from the others. There are no gas costs when you use this feature when you create and market NFTs. This is essentially a way to ensure that you be able to make the highest profits once you begin selling since you won’t need to spend on additional fees.
Not many NFT marketplaces offer this feature, so this can be a fantastic way to earn a high return from your NFT collection.
A Referral Program is a different aspect of OpenSea to be admired. Similar to traditional online markets, you can receive benefits when you refer someone else to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from there you’ll be rewarded with 2.50 percent of the sales amount, which allows you to earn more cash by this method.
Other NFT marketplaces do not have this feature and that’s another benefit OpenSea has over the other marketplaces.
There’s an OpenSea mobile app, but it’s mostly used for perusing through the marketplace. It isn’t able to purchase or sell anything while you browse through the listing.
The mobile apps from OpenSea are accessible on the two platforms of iOS in addition to Android. Although you aren’t able to purchase or sell something, you can at least browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available at your disposal to trade your fiat currency for cryptocurrency using these platforms. Nft 59Ers
You can convert the fiat currency you have with a the credit card, or Paypal through these trusted sites to exchange it for crypto:
- Bittrex, and more!
All of these have the option of exchange for ETH that is the most common crypto payment in OpenSea.
While OpenSea is an NFT marketplace that is open to all types of cryptocurrency, wallets are nevertheless more compatible than others. Since it is built using the ETH blockchain, any wallets which are part of that network will be suitable for this website.
Here’s a list of several crypto wallets you can use in OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each one has its own set of limitations including simple registration, only mobile usage, and the function to purchase cryptocurrency using credit cards. Nft 59Ers
To know more about it You can go through their FAQs for an overview of how you can get started and what other crypto wallets work 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 read about its pros and pros here:
- Mobile apps are available that are compatible with iOS or Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalties 10% for artists (low royalty).
- Cannot buy or sell via the mobile app.
- Only supports cryptocurrency as its method of payment.
- The use of a Crypto wallet is required to access this marketplace.
OpenSea is accessible to everyone who has crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. But overall, you can quickly recover this amount if you are actively selling since there is no additional fee for it.
Frequently Asked Questions Nft 59Ers
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to provide artists a platform to sell their works online and receive cryptocurrency as a form of payment. It’s a great platform for artists who use the platform to market NFTs due to its no gas fees and the low commission rate you must pay.
You can browse and purchase a vast collection of digital items on the NFT marketplace, so you should check it out!
Is OpenSea legit & safe?
Short answer: Yes! OpenSea has been a trusted marketplace since it was established on the 1st of December in 2018. Since its system is built on a blockchain and is secured, it is safe to declare that transactions are safe and secure.
In addition as a seller you’ll be verified when you have built up your credibility. A blue checkmark will be assigned on your account or collection that you have uploaded to assure anyone who buys from you. OpenSea’s team regularly reviews the contents to ensure users are safe.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you can be paid only 10% of the royalties once you have uploaded the NFT. This is considered to be a reasonable amount compared with the other NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) can be widely utilized on this website and numerous others to cater for the increasing number of cryptocurrency 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.
Which are the accepted payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. You can buy and sell cryptocurrency on trusted platforms with fiat money. All you need just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea have a desktop or mobile app?
As mentioned before there’s an official mobile app by OpenSea available for both iOS as well as Android. Download it at their respective app store and you can start exploring the collection now!
A version for desktops that OpenSea which can be downloaded from WebCatalog. With the desktop application, you can manage multiple accounts and receive notifications about updates to your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).