The cryptocurrency market is on the rise and you’re probably wondering where you can invest your crypto currency. Marketplaces are popping up all over the digital web designed to sell and buy NFTs using cryptocurrency! OpenSea is among them and is worth checking out.
If you’re familiar with cryptocurrency, you’ve probably heard about OpenSea prior to this for a valid reason. It has become one of the biggest and most popular marketplaces among users of cryptocurrency due to its security and rapid transactions.
So, hop on board and discover what you can do with 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’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Acronym
The goal of OpenSea was to offer a platform/marketplace for artists to upload their commissions with no additional charges. It also has additional functions which allow you to market your work without having to deal with many issues.
For registration, you don’t need to give any personal information about yourself. All you need to connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as easy as that, without many hassles when you enter into NFTs.
The most widely-used cryptocurrency used in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system, and this is used for most processes. It is also based with the Polygon blockchain, which ensures lower costs and faster trading.
There are two types of blockchains that are available it is possible to choose which one you’d like to transfer your NFT to as seller. This will ensure the security of your NFT as well as those who wish to purchase it. All transactions are made by using the blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace that lets you trade your NFTs or cryptocurrency for other NFTs. You can buy anything as simple as a domain name to an official artwork from an artist you admire. Anyone can sell, but it takes some time for anyone to become an established seller.
There’s a huge selection of NFTs available at OpenSea and you could become a part of the collection! You can create your own marketplace here, along with finding NFTs you’d like to buy yourself.
What is an NFT?
In a recent development for the cryptocurrency industry,”NFT,” a popular term in the crypto industry “NFT” has been going around 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 look at what an NFT is for anyone who is new in cryptocurrency.
One of the latest ways that you can buy with cryptocurrency includes an NFT. A NFT is a non-fungible currency that is individual and cannot be changed. It can be an item of rareness, such as mint-condition baseball trading cards, or a uncommon vinyl record.
There is no limit to what an NFT could be, since it’s a non-fungible thing you’re selling online. More straightforwardly, you can just think of as an NFT as a digital item paid via cryptocurrency only.
Minting is similar to calling for dibs on your own NFTs. It is a way of claiming the ownership of the particular item that you have uploaded to market, as you’re offering it for sale. Typically, this is official once you fill out all the necessary information about the NFT and finally upload it to the marketplace.
On OpenSea it’s a straightforward process to mine your NFTs by going to the store and create a collection! Input the appropriate and accurate information about your NFT and then select what type of settings you’d like to use it with (e.g., blockchain or payments tokens). Once that’s all done, you can finally upload it, if it’s within the 100 MB limit.
You can wait and observe the way transactions are handled from here on out to determine whether OpenSea is the right marketplace for you.
What NFTs can you find here?
In this moment you’re probably asking yourself the kind of NFTs you shop for here, and what you could also sell if you choose to go that route. The kind of NFT that you can purchase isn’t limited because there’s a wide range of options for how to do it.
You could be selling digital products, trading cards game assets, domain names, and even physical assets! Consider what you believe will bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that sets OpenSea from other companies. There are no gas costs for using this feature to mint and sell NFTs. This is essentially a way to ensure that you receive the maximum profits when you sell because you don’t need to pay on any additional charges.
There aren’t many NFT marketplaces have this feature, which is why this can be a fantastic way to earn a high return from your NFT collection.
This Referral Program is another unique aspect of OpenSea to be admired. Similar to traditional online markets that offer advantages when you refer a friend to OpenSea! If you refer a friend to join OpenSea and buy an NFT from there, you’ll receive 2.50 percent of the purchase amount, which means you can earn more cash from this act.
Other NFT marketplaces do not have the same feature This is a further advantage OpenSea has over them.
There is an OpenSea mobile application, however it’s mostly for perusing through the marketplace. You can’t buy or sell items as you browse through the listing.
The mobile apps from OpenSea are accessible on both iOS and Android. Although you aren’t able to purchase or sell anything, you can still browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are for you to use You can also exchange your fiat money for cryptocurrency through these platforms. Nft Acronym
You can exchange the fiat currency you have with a credit card or Paypal through these trusted sites to exchange it for crypto:
- Bittrex and other things!
All of these have the option to exchange for ETH that is the most common cryptocurrency used in OpenSea.
Although OpenSea has been described as being an NFT marketplace open to all types of cryptocurrency, the wallets nonetheless more compatible than others. Since it is built around the ETH blockchain, all wallets that share the same network are suitable for this site.
Here’s a list of several crypto wallets you can utilize in OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each wallet has its own restrictions, such as easy registration, only mobile usage and the ability to buy cryptocurrency using a credit card. Nft Acronym
To learn more about it You can go through their FAQs to see the steps you can get started and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has its advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about 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.
- The best option for beginners to the crypto world and NFTs.
- Allows royalties of only up to 10% for artists (low royalty rates).
- Cannot buy or sell via this mobile application.
- Only supports cryptocurrency as its type of payment.
- The use of a Crypto account is needed for this marketplace.
OpenSea is open to everyone who has any crypto currency in their crypto wallets. If you’re a seller, 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 sell regularly since there’s no additional cost for it.
Frequently Asked Questions Nft Acronym
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to offer artists a way to market their work online to receive cryptocurrency as a form of payment. It’s an excellent option for artists who want to use for selling NFTs due to its no cost of gas and low commission fee rate which you are required to pay.
You can browse and shop for the vast array of digital products on this NFT marketplace which is why you should definitely go through it!
Is OpenSea real and safe?
Answer: Yes! OpenSea is a reputable marketplace since its inception in the year 2018. Since its system is built on a blockchain and is secured, it is safe to say that your transactions are secure and safe.
Furthermore as a seller you’ll be verified when you have built up your credibility. A blue checkmark will be assigned to your account or the collection you’ve uploaded to ensure the safety of anyone who buys from you. The team at OpenSea regularly checks the contents to ensure users are protected.
How can I earn royalties from OpenSea?
Unfortunately, as an artist, you’ll receive only up to 10% of the royalties once you have uploaded the NFT. This is believed to be quite low in comparison to others NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) is widely used on this site as well as other sites to provide many more crypto users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize to access OpenSea.
What are the payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. It is easy to buy or sell cryptocurrency on secure platforms that accept fiat money. All you need to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea have a desktop or mobile app?
As previously mentioned, there is definitely an official mobile app by OpenSea available for both iOS or Android. Install it from their app store, and you can start browsing through the collection right now!
A desktop application for OpenSea that can be downloaded through WebCatalog. With the desktop application, you can manage multiple accounts and receive alerts on any updates that affect your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).