Cryptocurrency is booming right now and you’re probably thinking where you can invest your crypto coins. Markets have popped up across the internet, designed to purchase and sell NFTs via cryptocurrency! OpenSea is one of them and is worth checking out.
If you’re familiar with cryptocurrency, you’ve probably heard of OpenSea previously for a valid reason. It’s now one of the biggest and leading marketplaces among cryptocurrency enthusiasts due to its security and quick transactions.
Get on board, and discover the possibilities of OpenSea, along with checking 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 our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft 9021
The purpose for OpenSea was to offer a platform/marketplace for artists to upload commissions with no additional fees. It also has additional functions that let you sell your artwork without any difficulties.
When it comes to registration, you won’t have to give too many details about yourself. All you need to connect your crypto wallet–and voila!–you have an account with OpenSea! It can be as simple as that and without much hassle as you step into NFTs.
The most well-known cryptocurrency used on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system, and this is used for the majority of transactions. It is also based with the Polygon blockchain, which ensures the lowest cost and speediest trading.
There are two types of blockchains available, you can choose which one you’d like to transfer your NFT to as an seller. This ensures the safety of your NFT, along with those who would like to purchase it. All transactions are 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 is like an online shopping mall that is endless where you can trade in 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 become a seller, but it takes a while for anyone to be an established one.
There is a wide variety from the selection at OpenSea and you can join in with this! You can create your own marketplace on this site, as well as find NFTs you want to purchase yourself.
What is an NFT?
In a recent development for the crypto industry,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on the internet that the majority of young people are familiar with it but not exactly sure what it actually means. Let’s break down what an NFT is for any beginners in cryptocurrency.
One of the new things you can purchase your cryptocurrency can be an NFT. A NFT is a token that is non-fungible which is extremely individual and cannot be substituted. It could be a piece of rareness, such as authentic baseball cards, or a rare vinyl record.
There is no limit to what an NFT can be since it’s a non-fungible object you’re selling online. It is simpler to just consider the NFT as a digital collectible that is paid for using cryptocurrency only.
Minting is like calling dibs to your NFTs. It is a way of claiming ownership over that particular token/item that you posted to the marketplace, and you’re offering it for sale. Usually, this becomes official when you have filled in the proper information regarding the NFT and finally upload it to the marketplace.
On OpenSea It’s a very simple process to mine your NFTs by going to the store and create a collection! Complete the correct and accurate information about your NFT and then select what type of settings you want for it (e.g., blockchain, money transfer tokens). After that then you’re able to upload it if it fits the 100 MB limit.
It is possible to wait and see the way transactions are handled from now on to see if OpenSea is the best marketplace for you.
What NFTs are available here?
At this point you’re probably asking yourself which kind of NFT can be purchased here, and what you could also sell if you choose to go down that path. The kind of NFT it is indefinite since there’s a broad range of ways to go about it.
It is possible to sell trade cards, digital goods, game assets, domain names, and some physical items! Explore what you believe can yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that sets OpenSea from the other options. There are no gas costs when you utilize this feature when you create and market NFTs. This means you’ll be able to make the highest profits once you start selling because you don’t need to pay on additional fees.
Very few NFT marketplaces offer this feature, so this is a great way to receive high profit from your portfolio.
This Referral Program is another unique aspect of OpenSea to take note of. Similar to traditional online markets there are benefits by referring a friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from there you’ll earn 2.50 percent of the purchase amount, which means you can earn more money by this method.
Other NFT marketplaces don’t offer this kind of feature either and that’s another benefit OpenSea has over them.
There’s an OpenSea mobile application, however it’s mostly used to browse through the marketplace. You can’t buy or sell items as you browse through the listing.
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 at least look through the options you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are to you to convert your fiat money into cryptocurrency on these platforms. Nft 9021
You can swap the fiat currency you have with a credit card or Paypal via these reputable websites for cryptocurrency:
- Bittrex and other things!
All of them have the option of converting them into ETH, which is the standard cryptocurrency used in OpenSea.
Although OpenSea is an NFT marketplace that is open to all forms of cryptocurrency, wallets are nevertheless more compatible than others. Since it is built mainly on the ETH blockchain, wallets with a connection to this network are appropriate for the site.
Here’s a list different crypto wallets you can use in OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations like easy registration, only mobile usage, and the function to purchase cryptocurrency using credit cards. Nft 9021
To know more about it, you can check their FAQs for the steps you can begin and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has its advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and pros here:
- Mobile apps available for iOS as well as Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
- Allows royalties of only 10% to artists (low royalties).
- You cannot buy or sell products on the mobile app.
- Only supports cryptocurrency as its form of payment.
- The use of a Crypto account is needed to access this marketplace.
OpenSea is open 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. But overall, you can quickly regain that when you sell regularly since there’s no extra charge for it.
Frequently Asked Questions Nft 9021
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to provide artists a platform for selling their artwork online and receive cryptocurrency as their form of payment. It’s a great option for artists who want to use it to sell NFTs due to its low gas costs and low commission fees you must pay.
You can browse and shop for a vast collection of digital items on the NFT marketplace, so you should check it out!
Is OpenSea legitimate and safe?
The short answer is yes! OpenSea is a reputable marketplace since it was established at the end of the year 2018. Since its system is built on a blockchain and is secured, it is safe to claim that your transactions are protected and secured.
In addition as a seller you will be verified after you have built up your credibility. A blue checkmark will be assigned next to your account or collection that you have uploaded to assure anyone who buys from you. OpenSea’s team regularly reviews the content to ensure users are safe.
How do I earn royalties on OpenSea?
However, as an artist, you’ll receive only up to 10 percent of the royalties when you upload the NFT. This is thought to be a reasonable amount compared against the other NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) has been frequently used on this site as well as many others to accommodate the increasing number of crypto users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can use for OpenSea.
What are the payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. You can buy and sell cryptocurrency on trusted platforms with fiat money. All you need to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea has a mobile or desktop application?
As we mentioned earlier there’s an official mobile app from OpenSea available for both iOS or Android. You can download it through their app store, and you can start exploring the collection now!
A Desktop application that OpenSea which can be downloaded from WebCatalog. In the desktop application you can manage multiple accounts and get notifications about updates to 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/).