The crypto currency market is in a boom right now and you’re probably wondering where you can invest your crypto-coins. Marketplaces are popping up all over the internet, designed to sell and buy NFTs via cryptocurrency! OpenSea is one of them and is worth a look.
If you’re interested in crypto, you’ve probably heard of OpenSea previously for a valid reason. It’s now one of the largest and most popular marketplaces for cryptocurrency users because of its security and quick transactions.
So, hop on board and let’s see 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. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft And Dft
The aim to create OpenSea was to simply provide a platform/marketplace for artists to easily upload their commissions with no additional charges. It has more functions that let you sell your work without having to deal with many difficulties.
In terms of 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 simple as that, without much hassle as you step into NFTs.
The most popular cryptocurrency to use in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it and is used for most processes. It also functions on the Polygon blockchain, which ensures the lowest cost and speediest trading.
With these two kinds of blockchains it is possible to choose which one you would like to publish your NFT as an seller. This will ensure the security of your NFT as well as the people who want to buy it. All transactions are made using this blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from the simplest domain name to official art by an artist you admire. Anyone can sell however, it takes time for anyone to become an established seller.
There are a variety of NFTs of NFTs available on OpenSea and you could also be a part of the collection! You can start your own marketplace on this site, as well as find NFTs you want to purchase yourself.
What is an NFT?
In a recent advancement for the cryptocurrency industry, the term “NFT” has been going around for so long on the internet that a lot of millennials are familiar with it , but aren’t sure exactly what it means. Let’s look at what an NFT is for any beginners in cryptocurrency.
One of the latest ways you can buy includes an NFT. The NFT is a token that is non-fungible that is individual and cannot be substituted. It could be an item of rareness, such as authentic baseball cards or rare vinyl record.
There’s no limit on what an NFT can be since it’s a non-fungible object that you can sell online. In simpler terms, you could simply imagine an NFT as a digital collectible that is paid for using cryptocurrency only.
Minting is similar to calling for dibs to your NFTs. You’re claiming ownership over that particular token/item that you posted to the marketplace, and selling it. Usually, this becomes official after you fill in the proper information regarding the NFT and add it on the market.
On OpenSea, it’s a simple process to mine your NFTs by going to the store and then create a collection! Complete the correct and accurate information about your NFT and then select what type of settings you’d like to use for it (e.g. blockchain, money transfer tokens). Once that’s all done then you’re able to upload it to the internet if it’s in the 100 MB limit.
You can watch and see the way transactions are handled from now on to determine whether OpenSea is the best marketplace for you.
What NFTs can you get here?
At this point you’re probably thinking about the kind of NFTs can you shop for here and what you can also sell if you decide to go that route. The type of NFT it isn’t limited because there’s a wide range of options for how to go about it.
It is possible to sell trade cards, digital goods, game assets, domain names, and even physical assets! Find out what you think will reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that separates OpenSea from other companies. There are no gas costs for using this feature to make and then sell the NFTs. This is essentially a way to ensure that you be able to make the highest profits once you sell because you don’t need to pay on extra fees.
Very few NFT marketplaces provide this feature, and it is great for you to receive high profit from your collection.
A Referral Program is a different aspect of OpenSea to take note of. Like traditional online marketplaces there are rewards by referring a friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from there, you’ll receive 2.50 percent of the sales amount, which allows you to earn more money through this action.
Other NFT marketplaces don’t have this feature, so that’s just another benefit OpenSea has over them.
There’s an OpenSea mobile application, however it’s mostly used to browse the marketplace. It isn’t able to purchase or sell items as you browse through the listing.
The mobile apps of OpenSea are available for both iOS and Android. While you’re not able to buy or sell anything, you can still at least look through the options you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available to you You can also exchange your fiat money for cryptocurrency on these platforms. Nft And Dft
You can convert your fiat currency using a your credit or debit card as well as Paypal via these reputable websites for cryptocurrency:
- Bittrex and many more!
Each of them has the option of exchange for ETH, which is the primary cryptocurrency payment option in OpenSea.
Although OpenSea is an NFT marketplace open to all forms of cryptocurrency, the wallets nonetheless more compatible than other. Since it is built mainly around an ETH blockchain, wallets with a connection to that network will be suitable for this site.
Here’s a list of various crypto wallets that you can use in OpenSea:
- Authereum and 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 function to purchase cryptocurrency using a credit card. Nft And Dft
To learn more about it You can go through their FAQs to get a rundown of how you can begin and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with advantages and drawbacks. OpenSea isn’t the only one to have this. You can read about its pros and cons here:
- Mobile apps are available for iOS as well as Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalties of only up to 10% for artists (low royalty).
- It is not possible to buy or sell items on the mobile app.
- Only accepts cryptocurrency as a type of payment.
- A Crypto digital wallet must be used for this marketplace.
OpenSea is open to everyone who owns any crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. But overall, you can quickly regain that when you are actively selling since there is no additional fee for it.
Frequently Asked Questions Nft And Dft
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to provide artists a platform to sell their works online to receive cryptocurrency as a method of payment. It’s an ideal option for artists who want to use it to sell NFTs because of its zero cost of gas and low commission fee rate which you are required to pay.
You can shop and browse an array of digital items on the NFT marketplace, so you should go through it!
Is OpenSea legit & secure?
The short answer is yes! OpenSea has been a trusted marketplace since its inception in 2018. Since its system is based on a blockchain that is secure, you can declare that transactions are protected and secured.
Furthermore, as a seller, you’ll be verified when you build up your reputation. A blue checkmark is placed on your account or any collection you uploaded to reassure anyone who buys from you. OpenSea’s team regularly reviews the content to ensure users are safe.
How do I earn royalties on OpenSea?
As an artist, you’ll be paid only 10 percent of the royalties when you have uploaded the NFT. This is considered to be a reasonable amount compared with others NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) has been widely used on this site and numerous others to cater for many more cryptocurrency users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize to access OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. You can buy and sell cryptocurrency through secure platforms that accept fiat money. All you need to do is connect your credit card or Paypal for the transaction.
Does OpenSea have a desktop or mobile app?
As we mentioned earlier, 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 exploring the collection now!
A desktop application for OpenSea can be downloaded via WebCatalog. In the desktop application, you can manage multiple accounts and receive notifications about updates to your account while you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).