Cryptocurrency is booming right now, and you’re probably wondering where you can invest your crypto coins. Markets have popped up across the web that allow users to sell and buy NFTs with cryptocurrency! OpenSea is among them, and it’s worth a look.
If you’re familiar with cryptocurrency, you’ve probably heard of OpenSea prior to this for a valid reason. It’s now one of the largest and most popular marketplaces for cryptocurrency users because of its safety and speedy transactions.
So, hop on board and discover the possibilities of OpenSea and also see the NFTs available to view!
Before you continue, 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 Afl Playoff Picture
The goal to create OpenSea was to provide an online marketplace for artists to easily upload their commissions with no additional fees. It has more functions that let you sell your art without too many issues.
In terms of registration, you won’t have to provide all of your personal details. All you need to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as easy as that, without many hurdles as you walk into NFTs.
The most widely-used cryptocurrency to use in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system and is used for the majority of transactions. It is also based on the Polygon blockchain to ensure low-cost and quicker trading.
With these two types of blockchains you can pick which one you would like to publish your NFT as an seller. This ensures the safety 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 is like an endless online mall that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything just a domain name to an official artwork from an artist you admire. Anyone can sell however it takes some time for anyone to be a reputable one.
There’s a huge selection from the selection on OpenSea, and you can also be a part of that! You can set up your own marketplace here, along with finding NFTs you want to purchase yourself.
What is an NFT?
A recent change in the crypto industry the term “NFT” has been going around for so long on the internet that a lot of millennials are familiar with it but not exactly sure what it means. Let’s break down what an NFT is for those who are just beginning to get started 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 that is exclusive and cannot be substituted. This can be a piece of rareness like mint-condition baseball trading cards or uncommon vinyl record.
There is no limit to what an NFT can be as it’s a non-fungible thing that you sell online. In simpler terms, you could just imagine an NFT to be a type of digital item paid via cryptocurrency only.
Minting is like calling the shots for your personal NFTs. It is a way of claiming the ownership of the particular item you uploaded on the marketplace, and you’re putting it up for sale. Usually, this is recognized once you fill out the correct information about the NFT and finally submit it for sale on.
On OpenSea it’s a straightforward process to mint your NFTs by visiting the store and making a collection to begin! Fill out the proper and complete information about your NFT and select the type of settings you’d like to use for it (e.g., blockchain, payment tokens). Once that’s all done, you can finally upload it, if it’s within the limit of 100MB.
You can watch and see the way transactions are handled from now to determine if OpenSea is the best marketplace for you.
What NFTs can you get here?
So, at this point, you’re probably wondering the kind of NFTs can be found here, and what you could also sell if you decide to go that route. The type of NFT that you can purchase is unlimited because there’s a wide range of how you can approach it.
You can be selling digital items, trading cards games domain names, also physical goods! Consider what you believe will bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that separates OpenSea from the other options. There’s no cost for gas 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 sell because you won’t have to spend on any additional charges.
Not many NFT marketplaces provide this feature, which is why this is a great way to earn a high return from your portfolio.
This Referral Program is another distinctive feature of OpenSea to be admired. Similar to traditional online markets that offer advantages by referring someone else to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from there, you’ll receive 2.50% of the sale amount, which means you can earn more cash from this act.
Other NFT marketplaces don’t have this kind of feature either, so that’s just another advantage OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile app, but it is mainly used to browse through the marketplace. Unfortunately, you can’t purchase or sell anything as you browse through the listings.
OpenSea’s mobile apps are available for the two platforms of iOS as well as Android. While you’re not able to buy or sell something, you can explore the products you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available for you to use to convert your fiat money into cryptocurrency through these platforms. Nft Afl Playoff Picture
You can swap the fiat currency you have with a the credit card, or Paypal on these reliable websites for cryptocurrency:
- Bittrex and many more!
All of them have the option of exchange for ETH, which is the most common cryptocurrency payment option in OpenSea.
Although OpenSea can be described as an NFT marketplace open to all forms of crypto, wallets are nonetheless more compatible than others. Since it is built around the ETH blockchain, wallets with a connection to this network are appropriate for this site.
Here is a list of various crypto wallets that which you can use with OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each wallet has its own restrictions including simple registration, only mobile usage as well as the capability to purchase cryptocurrency using the credit card. Nft Afl Playoff Picture
To learn more about it, you can check their FAQs for the steps you can begin and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with its advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and cons here:
- Available as mobile apps that are compatible with iOS and 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 royalty rates of 10% to artists (low royalties).
- It is not possible to buy or sell items through our mobile apps.
- Only supports cryptocurrency as its type of payment.
- A Crypto digital wallet must be used to use this marketplace.
OpenSea is accessible to everyone who has crypto coins in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. In the end, you’ll easily recover that amount when you actively sell because there’s no additional cost for it.
Frequently Asked Questions Nft Afl Playoff Picture
What is OpenSea?
OpenSea is an NFT marketplace that seeks to give artists a chance to market their work online, and to accept cryptocurrency as a form of payment. It’s an excellent platform for artists using it to sell NFTs due to its no gas fees and low commission fees that you have to pay.
You can shop and browse a vast collection of digital products on this NFT marketplace which is why you should definitely check it out!
Is OpenSea legit & secure?
Short answer: Yes! OpenSea has been a trusted marketplace since it was founded in the year of 2018. Because its system is built on a blockchain and is secured, it is safe to declare that transactions are protected and secured.
Furthermore, as a seller, you will be verified after you build up your reputation. A blue checkmark will appear next to your account or the collection you uploaded to reassure every customer. The OpenSea team reviews regularly the content to ensure users are secure.
How can I earn royalties on OpenSea?
As an artist, you can get only 10 percent of the royalties when you upload the NFT. This is considered to be a reasonable amount compared with others NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) has been frequently used on this site and many others to accommodate more crypto users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can make use of to use OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. It is easy to buy or sell cryptocurrency through reliable platforms using fiat currency. All you need just connect your debit or credit card to Paypal for the transaction.
Does OpenSea have a desktop or mobile app?
As we mentioned earlier there’s an official mobile app from OpenSea that is available for iOS as well as Android. You can download it through their app store, and then you can begin exploring the collection right now!
The version for desktops that OpenSea that can be downloaded through WebCatalog. With the desktop application you are able to manage multiple accounts and receive 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/).