Cryptocurrency is booming right now, and you’re probably wondering where you can invest your crypto currency. There are numerous marketplaces popping up all over the web that allow users to purchase and sell NFTs with cryptocurrency! OpenSea is among them, and it’s worth checking out.
If you’re familiar with cryptocurrency you’ve likely heard of OpenSea before for a good reason. It’s now one of the biggest and leading marketplaces among users of cryptocurrency due to its security and rapid transactions.
So, hop on board and let’s see the possibilities of OpenSea, along with checking what NFTs you can view!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick review. Afterward, you will want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft 70 Million
The goal of OpenSea was to simply provide artists with a marketplace/platform to easily upload their commissions, without having to pay any additional charges. It also has additional functions that let you sell your work without having to deal with many issues.
When it comes to the registration process, you don’t have to provide any personal information about yourself. All you need to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as easy as that without going through much hassle as you step into NFTs.
The most popular cryptocurrency used on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system which is utilized for most processes. It is also based with the Polygon blockchain, which ensures lower costs and faster trading.
With these two kinds of blockchains 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 and those who would like to buy it. All transactions will be made by using the blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace where you can exchange your NFTs or cryptocurrency 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 become a seller however it takes a while for anyone to be a reputable one.
There are a variety of NFTs from the selection on OpenSea and you could become a part of this! You can start your own market here, along with finding NFTs you’d like to buy for yourself.
What is an NFT?
In a recent development for the crypto market,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that many millennials are familiar with it , but aren’t sure exactly what it actually 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 buy can be an NFT. A NFT is a token that is non-fungible that is very unique and can’t be substituted. It can be an item of any rarity like authentic baseball cards, or a unique vinyl album.
There is no limit to what an NFT could be, since it’s a non-fungible object that you can sell online. In simpler terms, you could simply imagine an NFT as a digital item which is only paid in cryptocurrency.
Minting is like calling the shots to your NFTs. It is a way of claiming the ownership of the particular item you uploaded on market, as putting it up for sale. Typically, this is official when you have filled in the proper information regarding the NFT and then submit it for sale on.
On OpenSea It’s a very simple process to mint your NFTs. All you have to do is visit the store and creating a collection to start! Input the appropriate and correct information regarding your NFT and then select what type of settings you want for it (e.g. blockchain and payments tokens). After you’ve completed the process, you can finally upload it to the internet if it’s in the limit of 100MB.
It is possible to wait and see how the transactions go from here on out to see if OpenSea is the best marketplace for you.
What NFTs are available here?
At this point, you’re probably wondering which kind of NFT be purchased here and what kind of NFTs you can sell should you decide to go that route. The type of NFT that you can purchase isn’t limited since there’s a broad range of ways to go about it.
You can be selling digital items, trading cards game assets, domain names, and some physical items! Consider what you believe will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what differentiates OpenSea from the others. There are zero gas fees when you utilize this feature to mint and sell NFTs. This is essentially a way to ensure that you get the most profit when you start selling because you won’t have to spend on extra fees.
Not many NFT marketplaces provide this feature, which is why this can be a fantastic way to make a huge profit from your NFT collection.
This Referral Program is a different aspect of OpenSea to be admired. Similar to traditional online markets that offer benefits by referring your friend to OpenSea! If you refer a friend to join OpenSea and buy an NFT from there, you’ll receive 2.50% of the sale amount, letting you make more money from this act.
Other NFT marketplaces don’t offer this feature and that’s another benefit OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile application, however it’s mostly to browse through the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listings.
The mobile apps from OpenSea are accessible on the two platforms of iOS and Android. Even though you can’t buy or sell something, you can explore the products you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are for you to use to convert your fiat money into cryptocurrency through these platforms. Nft 70 Million
You can swap your fiat money via your credit or debit card as well as Paypal via these reputable websites for cryptocurrency:
- Bittrex, and other things!
All of them have the option of exchange for ETH that is the primary cryptocurrency payment option in OpenSea.
While OpenSea is an NFT marketplace open to all forms of crypto, wallets are nevertheless more compatible than others. Because it is based around the ETH blockchain, all wallets with a connection to that network will be suitable for this site.
Here’s a list different crypto wallets which you can use with OpenSea:
- Authereum and more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, only mobile usage as well as the capability to purchase cryptocurrency using credit cards. Nft 70 Million
To learn more about it to learn more, check out their FAQs to get a rundown of how you can start and which other wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets every one of them has advantages and drawbacks. OpenSea isn’t the only one to have this. You can view its pros and cons here:
- Available as mobile apps that are compatible with iOS and Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto market and NFTs.
- Allows royalties up to 10% for artists (low royalties).
- You cannot buy or sell products through our mobile apps.
- Only supports cryptocurrency as its type of payment.
- The use of a Crypto account is needed for this marketplace.
OpenSea is accessible to everyone who has crypto coins in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. However, overall, you will easily recover that amount when you are actively selling since there’s no extra charge for it.
Frequently Asked Questions Nft 70 Million
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to offer artists a way for selling their artwork online, and to accept cryptocurrency as a method of payment. It’s an excellent platform for artists using the platform to market NFTs because of its zero cost of gas and the low commission rate which you are required to pay.
You can shop and browse an array of digital products on this NFT marketplace and you must go through it!
Is OpenSea real and secure?
The short answer is yes! OpenSea has been a trusted marketplace since its inception on the 1st of December in 2018. Since its system is built on blockchain technology that is secure, you can claim that your transactions are secure and safe.
Furthermore as a seller you will be verified after you have built up your credibility. A blue checkmark will appear to your account or the collection you’ve uploaded to ensure the safety of any customer. The OpenSea team reviews regularly the contents to ensure users are protected.
How do I earn royalties from OpenSea?
As an artist, you can get only 10% of the royalties once you have uploaded the NFT. This is believed to be a reasonable amount compared with others NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) has been widely utilized on this website and other sites to provide the increasing number of cryptocurrency users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can make use of to use OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. You can easily purchase or sell cryptocurrency through reliable platforms using fiat currency. All you have be able to connect is your credit or Paypal for the transaction.
Does OpenSea have a desktop or mobile application?
As mentioned before, there is definitely an official mobile app from OpenSea for both iOS and Android. Download it at their respective app store, and begin browsing through the collection right now!
A desktop application for OpenSea can be downloaded via WebCatalog. With the desktop application, you can 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/).