The cryptocurrency market is on the rise and you’re probably wondering where you can invest your crypto-coins. Marketplaces are popping up all over the web that allow users to purchase and sell NFTs with cryptocurrency! OpenSea is one of them, and it’s worth a look.
If you’re well-versed in cryptocurrency you’ve probably heard of OpenSea before for a good reason. It has become one of the largest and most popular marketplaces for users of cryptocurrency due to its security and quick transactions.
So, hop on board and discover what you can do with 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.
OpenSea as an NFT Marketplace Nft Air Fitting
The aim for OpenSea was to simply provide artists with a marketplace/platform to upload their commissions with no additional fees. It has more functions which allow you to market your artwork without any problems.
For registration, you won’t have to provide too many details about yourself. All you have to do is 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 popular cryptocurrency that is used in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology and is used for the majority of transactions. It also operates using the Polygon blockchain to ensure lower costs and faster trading.
There are two types of blockchains it is possible to choose which one you want to publish your NFT as a seller. This is to ensure the security of your NFT as well as the people who want to buy it. All transactions are made by using the blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from as simple as a domain name to official art by an artist you admire. Anyone can be a seller however, it takes a while before anyone can become an established one.
There’s a huge selection of NFTs available on OpenSea and you can join in with that! You can create your own personal market here, along with finding NFTs you want to purchase for yourself.
What is an NFT?
In a recent development for the cryptocurrency industry,”NFT” is a term that has been used in recent times “NFT” has been going around so long on the internet that many millennials are familiar with it but aren’t sure exactly what it actually means. Let’s look at what an NFT is for anyone who is new in the field of cryptocurrency.
One of the new things you can buy can be an NFT. A NFT is a non-fungible currency which is extremely exclusive and cannot be substituted. It could be an item of any rareness like authentic baseball cards or a rare vinyl record.
There is no limit to what an NFT could be, since it’s a non-fungible object that you sell online. It is simpler to just imagine the NFT as a digital collectible paid via cryptocurrency only.
Minting is like calling dibs on your own NFTs. You’re claiming the owner of the item or token that you have uploaded to market, as you’re selling it. Usually, this becomes official when you have filled in the correct information about the NFT and finally add it on the market.
On OpenSea, it’s a simple process to mint your NFTs by visiting the store and then create a collection! Fill out the proper and accurate information about your NFT and select the type of settings you’d like to use it with (e.g., blockchain, money transfer tokens). After that, you can finally upload it to the internet if it’s in the limit of 100MB.
You can watch and see how transactions progress from now on to see whether OpenSea is the best marketplace for you.
What NFTs can you find here?
So, at this point you’re probably thinking about the kind of NFTs can be found here, and what you could also sell if you choose to pursue that route. The type of NFT that you can purchase isn’t limited since there’s a broad range of how you can go about it.
It is possible to sell digital items, trading cards, game assets domain names, even physical assets! Consider what you believe will reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what sets OpenSea from other companies. There’s no cost for gas when you utilize this feature to mint and sell NFTs. This simply means that you’ll get the most profit when you sell because you won’t need to spend on extra fees.
Not many NFT marketplaces have this feature, so this can be a fantastic way to earn a high return from your collection.
The Referral Program is another distinctive feature of OpenSea to admire. Like traditional online marketplaces, you can receive advantages when you refer your friend to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from the site you’ll be rewarded with 2.50% of the sale amount, which allows you to earn more cash by this method.
Other NFT marketplaces don’t have the same feature, so that’s just another benefit OpenSea has over them.
There is an OpenSea mobile application, however it is mainly used to browse the marketplace. You can’t buy or sell anything while you scroll through the list.
OpenSea’s mobile apps are available on the two platforms of iOS and Android. Although you aren’t able to purchase or sell something, you can explore the products you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are at your disposal You can also convert your fiat money into cryptocurrency using these platforms. Nft Air Fitting
You can convert your fiat currency using a the credit card, or Paypal on these reliable websites to exchange it for crypto:
- Bittrex and many more!
All of these have the option of converting them into ETH which is the primary cryptocurrency used in OpenSea.
While OpenSea is an NFT marketplace open to all forms of crypto, wallets are nevertheless more compatible than other. Since it is built mainly using an ETH blockchain, wallets with a connection to the same network are suitable for this website.
Here is a list of several crypto wallets which you can use with OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, mobile-only usage as well as the capability to purchase cryptocurrency using the credit card. Nft Air Fitting
To learn more about it You can go through their FAQs to see a rundown of how you can get started and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has its advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and pros here:
- Mobile apps available that are compatible with iOS and Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalty rates of 10% for artists (low royalty).
- You cannot buy or sell products through the mobile app.
- Only accepts cryptocurrency as a type of payment.
- A Crypto account is needed to access this marketplace.
OpenSea is accessible to everyone who has any crypto currency in their crypto wallets. If you’re selling, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. In the end, you’ll quickly regain that when you actively sell because there is no additional fee for it.
Frequently Asked Questions Nft Air Fitting
What is OpenSea?
OpenSea is an NFT marketplace that seeks to provide artists a platform for selling their artwork online to receive cryptocurrency as a method of payment. It’s an excellent platform for artists who use the platform to market NFTs due to its low gas costs and the low commission rate that you have to pay.
You can browse and purchase the vast array of digital goods in this NFT marketplace, so you should go through it!
Is OpenSea legit & secure?
The short answer is yes! OpenSea is a reputable marketplace since it was founded on the 1st of December in the year 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’ll be verified when you have built up your credibility. A blue checkmark is placed next to your account or collection you’ve uploaded to ensure the safety of any customer. OpenSea’s team regularly reviews the contents to ensure users are safe.
How do I earn royalties on OpenSea?
Unfortunately, as an artist, you’ll be paid only 10 percent of the royalties after you have uploaded the NFT. This is believed to be reasonably low compared with others NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) can be commonly utilized on this website and other sites to provide many more cryptocurrency users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can make use of to use OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency on trusted platforms with fiat money. All you have just connect your debit or credit card to Paypal for the transaction.
Does OpenSea have a desktop/mobile application?
As previously mentioned, there is definitely an official mobile application from OpenSea for both iOS as well as Android. Download it at their respective app store, and you can start exploring the collection now!
The version for desktops 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/).