Cryptocurrency is booming right now and you’re probably wondering where you can invest your crypto coins. Marketplaces are popping up across the internet, designed to buy and sell NFTs using cryptocurrency! OpenSea is among them, and it’s worth a look.
If you’re familiar with cryptocurrency, you’ve likely heard of OpenSea before for a good reason. It has become one of the biggest and leading marketplaces among users of cryptocurrency due to its safety and speedy transactions.
Now hop aboard, and let’s explore what you can do with OpenSea as well as examining what NFTs you can view!
Before you go on, 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 the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft 90
The goal of OpenSea was to offer an online marketplace for artists to upload commissions with no additional fees. There are additional features that let you sell your artwork without any problems.
In terms of the registration process, you don’t have to worry about giving all of your personal details. 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 much hassle as you step into NFTs.
The most well-known cryptocurrency that is used in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system and is used for the majority of transactions. It is also based with the Polygon blockchain, which ensures low-cost and quicker trading.
With these two kinds of blockchains that are available you can pick which one you want to transfer your NFT to as a seller. This will ensure the security of your NFT as well as those who wish to buy it. Every transaction will be conducted using this blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless that lets you trade your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything the simplest domain name to official art from an artist that you admire. Anyone can become a seller however it takes some time for anyone to be an established one.
There are a variety of NFTs in the collection of NFTs available at OpenSea, and you can also be a part of that! You can start your own personal market there, and also find NFTs that you would like to purchase yourself.
What is an NFT?
A recent change in the crypto industry”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that a lot of millennials are familiar with it but not exactly sure what it is. Let’s take a look at what NFT is for those who are just beginning to get started in cryptocurrency.
One of the newest things that you can buy with cryptocurrency can be an NFT. The NFT is a non-fungible token which is extremely unique and can’t be changed. It can be a piece of rarity like mint-condition baseball trading cards or a unique vinyl album.
There’s no limit to what an NFT can be as it’s a non-fungible thing that you sell online. It is simpler to simply think of as an NFT as a digital collectible which is only paid in cryptocurrency.
Minting is like calling the shots for your personal NFTs. You’re claiming the ownership of the particular item you uploaded on market, as putting it up for sale. Typically, this is official after you fill in the correct information about the NFT and finally upload it to the marketplace.
On OpenSea, it’s a simple procedure to create your own NFTs. All you have to do is visit the store and creating a collection to start! Fill out the proper and accurate information about your NFT and select the type of settings you want to use it with (e.g., blockchain, payment tokens). After that, you can finally upload it to the internet if it’s in the limit of 100MB.
It is possible to wait and see how transactions progress from here on out to determine if OpenSea is the marketplace for you.
What NFTs can you get here?
So, at this point, you’re probably wondering what kind of NFTs you shop for here and what kind of NFTs you can also sell if you choose to go down that path. The kind of NFT it isn’t limited since there’s a broad range of ways to go about it.
You can be selling trade cards, digital goods games domain names, also physical goods! Explore what you believe can yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that differentiates OpenSea from other companies. There’s no cost for gas when you use this feature when you mint and sell NFTs. This means you’ll receive the maximum profits when you start selling because you won’t need to spend on additional fees.
There aren’t many NFT marketplaces provide this feature, so this is great for you to earn a high return from your portfolio.
The Referral Program is another unique aspect of OpenSea to admire. Similar to traditional online markets there are advantages when you refer a friend to OpenSea! If you encourage a friend join OpenSea and buy an NFT from the site you’ll earn 2.50 percent of the sales amount, letting you earn more money through this action.
Other NFT marketplaces do not have this kind of feature either This is a further benefit OpenSea has over the other marketplaces.
There’s an OpenSea mobile app, but it is mainly used for perusing through the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listings.
OpenSea’s mobile apps are available on both iOS as well as Android. While you’re not able to buy or sell something, you can at least explore the products you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are for you to use You can also convert your fiat money into cryptocurrency using these platforms. Nft 90
You can swap the fiat currency you have with a the credit card, or Paypal through these trusted sites to exchange it for crypto:
- Bittrex, and other things!
Each of them has the option to exchange for ETH, which is the primary cryptocurrency used in OpenSea.
While OpenSea has been described as being an NFT marketplace that is open to all kinds of cryptocurrency, wallets are nonetheless more compatible than other. Since it is built around an ETH blockchain, wallets with a connection to that network will be suitable for this website.
Here’s a list of several crypto wallets which you can use with OpenSea:
- Authereum and many more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each has its own limitations like easy registration, use on mobile devices only and the ability to purchase cryptocurrency with credit cards. Nft 90
To know more about it to learn more, check out their FAQs to see an overview of how you can start and 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 an exception to this. You can view its pros and pros here:
- Available as mobile apps for iOS as well as Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto industry 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 type of payment.
- An Crypto account is needed to access this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. In the end, you’ll quickly regain that when you actively sell because there is no additional fee for it.
Frequently Asked Questions Nft 90
What is OpenSea?
OpenSea is an NFT marketplace that aims to give artists a chance for selling their artwork online to receive cryptocurrency as a method of payment. It’s a great platform for artists using the platform to market NFTs due to its low cost of gas and the low commission rate that you have to pay.
You can shop and browse the vast array of digital items on the NFT marketplace and you must take a look!
Is OpenSea legitimate and is it safe?
Short answer: Yes! OpenSea has been a trusted marketplace since its inception on the 1st of December in the year of 2018. Since the system it operates on is built on blockchain technology that is secure, you can claim that your transactions are protected and secured.
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 the collection you uploaded to reassure any customer. The OpenSea team reviews regularly the content to ensure users are secure.
How do I earn royalties from OpenSea?
As an artist, you can receive only up to 10% of the royalties once you have uploaded the NFT. This is thought to be quite low in comparison with others NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) has been frequently used on this site as well as many others to accommodate many more cryptocurrency users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of to access OpenSea.
What are the payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. You can buy and sell cryptocurrency through reliable platforms using fiat currency. All you need just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea has a mobile or desktop app?
As mentioned before, there is definitely an official mobile app from OpenSea that is available for iOS or Android. Install it from their app store, and you can start exploring the collection now!
The Desktop application that OpenSea which can be downloaded from WebCatalog. On the desktop app you are able to manage multiple accounts and 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/).