The crypto currency market is in a boom right now, and you’re probably wondering where you can invest your crypto-coins. There are numerous marketplaces popping up all over the web that allow users to buy and sell NFTs via cryptocurrency! OpenSea is one of them and is worth looking into.
If you’re interested in crypto, you’ve probably heard of OpenSea prior to this for a valid reason. It’s now one of the biggest and most popular marketplaces among cryptocurrency users because of its security and quick transactions.
Get on board, and let’s explore what you can do with OpenSea as well as examining the NFTs available to view!
Before you go on, you may want to check out 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 Art Coin Where To Buy
The aim to create OpenSea was to provide an online marketplace for artists to easily upload their commissions without any extra costs. There are additional features that allow you to sell your art without too many difficulties.
For registration, you don’t need to give all of your personal details. All you need to connect your cryptocurrency 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 well-known cryptocurrency used in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system and is used for most processes. It is also based using the Polygon blockchain, which allows for lower costs and faster trading.
With these two kinds of blockchains you can pick which one you want to upload your NFT on as seller. This is to 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 consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an online shopping mall that is endless where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything as simple as a domain name to an official artwork from an artist that you admire. Anyone can be a seller, but it takes time for anyone to become an established seller.
There’s a huge selection from the selection on OpenSea, and you can join in with this! You can create your own market on this site, as well as find NFTs you want to purchase for yourself.
What is an NFT?
In a recent development for the crypto market the term “NFT” has been going around so long on the internet that many millennials are familiar with it , but aren’t exactly sure what it is. Let’s take a look at what NFT is for anyone who is new in the field of cryptocurrency.
One of the latest ways you can buy is an NFT. An NFT is a non-fungible currency that is very exclusive and cannot be replaced. This can be an item of rareness, such as mint-condition baseball trading cards, or a rare vinyl record.
There’s no limit on what an NFT can be since it’s a non-fungible thing that you sell online. In simpler terms, you could simply imagine an NFT to be a type of digital item which is only paid in cryptocurrency.
Minting is similar to calling for dibs for your personal NFTs. It is a way of claiming the ownership of the particular item you uploaded on market, as offering it for sale. Usually, this is recognized after you fill in all the necessary information about the NFT and add it on the market.
On OpenSea it’s a straightforward process to mine your NFTs by visiting the store and simply create a collection! Complete the correct and complete information about your NFT and select the type of settings you want for it (e.g. blockchain and payments tokens). After that you are able to upload it to the internet if it’s in the limit of 100MB.
It is possible to wait and see how transactions progress from here on out to see whether OpenSea is the best marketplace for you.
What NFTs can you find here?
So, at this point, you’re probably wondering which kind of NFT be found here and what kind of NFTs you can also sell if you decide to go down that path. The type of NFT that you can purchase is indefinite as there’s a variety of options for how to do it.
You can be selling trade cards, digital goods game assets domain names, even physical assets! Explore what you believe can bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that differentiates OpenSea from other companies. There are zero gas fees when you utilize this feature when you create and market NFTs. This means you’ll receive the maximum profits when you start selling because you don’t need to pay on any additional charges.
There aren’t many NFT marketplaces offer this feature, which is why this is a great way to earn a high return from your portfolio.
This Referral Program is another unique aspect of OpenSea to admire. Similar to traditional online markets there are benefits when you refer someone else to OpenSea! If you refer a friend to join OpenSea and buy an NFT from there you’ll be rewarded with 2.50 percent of the sales amount, letting you earn more money by this method.
Other NFT marketplaces don’t have this kind of feature either, so that’s just another advantage OpenSea has over them.
There is an OpenSea mobile application, however it’s mostly to browse the marketplace. You can’t buy or sell anything while you browse through the listings.
The mobile apps of OpenSea are available on both iOS as well as Android. Although you aren’t able to purchase or sell anything, you can still look through the options you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available at your disposal to convert your fiat money into cryptocurrency on these platforms. Nft Art Coin Where To Buy
You can convert your fiat money via the credit card, or Paypal on these reliable websites to exchange it for crypto:
- Bittrex and other things!
All of these have the option of exchange for ETH which is the primary cryptocurrency payment option in OpenSea.
Although OpenSea has been described as being an NFT marketplace open to all kinds of cryptocurrency, the wallets still more compatible with it than others. Since it is built mainly on an ETH blockchain, wallets that share the same network are suitable for this site.
Here’s a list various crypto wallets that you can use in OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, use on mobile devices only and the ability to buy cryptocurrency using a credit card. Nft Art Coin Where To Buy
To learn more about it, you can check their FAQs for an overview of how you can get started and which other wallets work 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 read about its pros and cons here:
- Mobile apps are available for iOS and Android.
- Smart contracts can be used to perform 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 up to 10% for artists (low royalties).
- You cannot buy or sell products on this mobile application.
- Only accepts cryptocurrency as a form of payment.
- The use of a Crypto wallet is required to access this marketplace.
OpenSea is open to everyone who owns any crypto coins in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. However, overall, you will quickly regain that when you actively sell because there’s no extra charge for it.
Frequently Asked Questions Nft Art Coin Where To Buy
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to give artists a chance to sell their works online and receive cryptocurrency as their form of payment. It’s an excellent platform for artists using the platform to market NFTs because of its zero gas costs and the low commission rate you must pay.
You can browse and purchase the vast array of digital products on this NFT marketplace, so you should take a look!
Is OpenSea legitimate and is it safe?
Short answer: Yes! OpenSea is a reputable marketplace since it was established in 2018. Since the system it operates on is built on a blockchain and is secured, it is safe to claim that your transactions are safe and secure.
Furthermore, as a seller, you can become verified once you have built up your credibility. A blue checkmark will appear on your account or the collection that you have uploaded to assure anyone who buys from you. The OpenSea team reviews regularly the content to ensure that users are secure.
How can I earn royalties on OpenSea?
However, as an artist, you can receive only up to 10 percent of the royalties after you upload the NFT. This is believed to be reasonably low compared against the other NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) is commonly utilized on this website 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 core cryptocurrencies you can make use of to use OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. You can easily purchase or trade cryptocurrency using secure platforms that accept fiat money. All you have to do is connect your credit card or Paypal for the transaction.
Does OpenSea have a desktop/mobile application?
As we mentioned earlier There is an official mobile app by OpenSea available for both iOS and Android. You can download it through their app store and you can start browsing through the collection right now!
The Desktop application that OpenSea can be downloaded via WebCatalog. On the desktop app, 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/).