The crypto currency market is in a boom right now, and you’re probably wondering where to invest your crypto-coins. Markets have popped up all over the web that allow users to purchase and sell NFTs using cryptocurrency! OpenSea is among them and is worth checking out.
If you’re interested in crypto, you’ve probably heard of OpenSea prior to this for a valid reason. It’s one of the largest and most popular marketplaces among cryptocurrency users because of its security and rapid transactions.
Now hop aboard, and let’s see the possibilities of OpenSea as well as examining what NFTs you can view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. After, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft 63 Million
The purpose for OpenSea was to simply provide a platform/marketplace for artists to upload their commissions with no additional charges. It has more functions that allow you to sell your artwork without any problems.
For the registration process, you don’t have to provide all of your personal details. All you have to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as simple as that and without much hassle as you step into NFTs.
The most popular cryptocurrency to use within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology and is used for the majority of transactions. It also operates with the Polygon blockchain, which ensures the lowest cost and speediest trading.
With these two kinds of blockchains that are available, you can choose which one you would 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 by using the blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall that lets you trade your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything as simple as a domain name, to a piece of art by an artist you admire. Anyone can be a seller however it takes time for anyone to become a reputable one.
There is a wide variety in the collection of NFTs available at OpenSea and you could join in with this! You can create your own personal market there, and also find NFTs you want to purchase yourself.
What is an NFT?
In a recent advancement for the crypto market, the term “NFT” has been going around for so long on the internet that the majority of young people are familiar with it but aren’t sure exactly what it means. Let’s take a look at what NFT is for any beginners in the field of cryptocurrency.
One of the latest ways that you can buy with cryptocurrency is an NFT. The NFT is a non-fungible token that is very individual and cannot be changed. It can be a piece of rareness, such as mint-condition baseball trading cards or rare vinyl record.
There’s no limit to what an NFT can be since it’s a non-fungible thing that you sell on the internet. More straightforwardly, you can just imagine the NFT as a digital collectible which is only paid in cryptocurrency.
Minting is similar to calling for dibs to your NFTs. You are calling the owner of the item or token you uploaded on the marketplace, and putting it up for sale. Typically, this is official once you fill out the correct information about the NFT and finally submit it for sale on.
On OpenSea, it’s a simple process to mine your NFTs by visiting the store and then creating a collection to start! Input the appropriate and accurate information about your NFT and choose what kind of settings you’d like 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 wait and observe how transactions progress from now on to see whether OpenSea is the right marketplace for you.
What NFTs can you find here?
So, at this point you’re probably asking yourself which kind of NFT be found here and what you can also sell if you decide to go down that path. The type of NFT that you can purchase isn’t limited as there’s a variety of how you can do it.
It is possible to sell trade cards, digital goods games, domain names, and even physical assets! Find out what you think will bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that sets OpenSea from the other options. There are zero gas fees when you use this feature to make and then sell the NFTs. This simply means that you’ll get the most profit when you start selling because you don’t need to pay on extra fees.
Not many NFT marketplaces have this feature, and it is great for you to make a huge profit from your portfolio.
A Referral Program is another unique aspect of OpenSea to take note of. Similar to traditional online markets there are advantages by referring your friend to OpenSea! If you encourage a friend join OpenSea and buy an NFT from the site you’ll be rewarded with 2.50 percent of the purchase amount, which means you can make more money through this action.
Other NFT marketplaces don’t have the same feature, so that’s just another advantage OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile application, however it’s mostly to browse the marketplace. Unfortunately, you can’t purchase or sell anything while you scroll through the list.
The mobile apps from OpenSea are accessible for both iOS as well as Android. While you’re not able to buy or sell something, you can look through the options you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available to you You can also exchange your fiat money for cryptocurrency on these platforms. Nft 63 Million
You can exchange your fiat currency using a the credit card, or Paypal through these trusted sites for cryptocurrency:
- Bittrex and other things!
Each of them has the option of exchange for ETH which is the primary cryptocurrency used in OpenSea.
While OpenSea can be described as an NFT marketplace open to all kinds of cryptocurrency, wallets are still more compatible with it than other. Since it is built mainly around the ETH blockchain, wallets that share this network are appropriate for this website.
Here’s a list of different crypto wallets which you can use with OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each has its own limitations like easy registration, only mobile usage as well as the capability to purchase cryptocurrency with credit cards. Nft 63 Million
To know more about it to learn more, check out their FAQs for an overview of how you can begin and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has its advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and cons here:
- Available as mobile apps for iOS and Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalties of only 10% to artists (low royalties).
- It is not possible to buy or sell items via the mobile app.
- Only accepts cryptocurrency as a method of payment.
- A Crypto account is needed for this marketplace.
OpenSea is accessible to everyone who has any crypto currency in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. However, overall, you will quickly recover this amount if you are actively selling since there’s no additional cost for it.
Frequently Asked Questions Nft 63 Million
What is OpenSea?
OpenSea is an NFT marketplace that is designed to give artists a chance to market their work online to receive cryptocurrency as a method of payment. It’s an excellent platform for artists using it to sell NFTs due to its low cost of gas and the low commission rate that you have to pay.
You can browse and purchase an array of digital items on the NFT marketplace which is why you should definitely check it out!
Is OpenSea legitimate and secure?
Short answer: Yes! OpenSea has been a reliable marketplace since its inception in the year 2018. Since the system it operates on is based on a blockchain and is secured, it is safe to declare that transactions are protected and secured.
Additionally as a seller you can become verified once you’ve earned a reputation. A blue checkmark is placed next to your account or collection that you have uploaded to assure any customer. The OpenSea team reviews regularly the content to ensure users are safe.
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 reasonably low compared with other NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) has been widely used on this site as well as many others to accommodate the increasing number of crypto users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can utilize for OpenSea.
What are the payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. You can buy and trade cryptocurrency using reliable platforms using fiat currency. All you have be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea have a desktop or mobile app?
As previously mentioned There is an official mobile app by OpenSea that is available for iOS as well as Android. Install it from their app store, and you can start browsing through the collection right now!
There is also a desktop application for OpenSea that can be downloaded through WebCatalog. On the desktop app you are able to manage multiple accounts and receive notifications on updates regarding your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).