The crypto currency market is in a boom right now, and you’re probably wondering where to invest your crypto currency. Marketplaces are popping up across the web that allow users to purchase and sell NFTs with cryptocurrency! OpenSea is one of them and is worth a look.
If you’re familiar with cryptocurrency you’ve likely heard of OpenSea before for a good reason. It’s one of the largest and most popular marketplaces among cryptocurrency users because of its security and rapid transactions.
Now hop aboard, 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. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Art Crypto
The goal for OpenSea was to offer a platform/marketplace for artists to easily upload their commissions with no additional costs. It also has additional functions which allow you to market your art without too many problems.
When it comes to the registration process, you don’t have to provide all of your personal details. All you have to do is connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It can be as simple as that without going through many hurdles as you walk into NFTs.
The most well-known cryptocurrency to use within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system and is used for most processes. It also operates with the Polygon blockchain to ensure lower costs and faster trading.
With these two kinds of blockchains available, you can 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. Every transaction will be conducted by using the blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an online shopping mall that is endless that lets you trade your NFTs or cryptocurrency 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 become a seller, but it takes a while for anyone to be a reputable one.
There is a wide variety in the collection on OpenSea, and you can join in with this! You can create your own personal market here, along with finding NFTs you’d like to buy for yourself.
What is an NFT?
A recent change in the crypto industry, the term “NFT” has been going around for so long on internet that the majority of young people have heard of it but not exactly sure what it is. Let’s take a look at what NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the new things that you can buy with cryptocurrency is an NFT. The NFT is a non-fungible token that is very individual and cannot be substituted. This can be an item of any rarity like mint-condition baseball trading cards or rare vinyl record.
There’s no limit to what an NFT could be, since it’s a non-fungible object you’re selling on the internet. It is simpler to simply consider the NFT to be a type of digital collectible which is only paid in cryptocurrency.
Minting is like calling dibs to your NFTs. It is a way of claiming ownership over that particular token/item that you have uploaded to market, as putting it up for sale. Usually, this is recognized after you fill in the correct information about the NFT and then upload it to the marketplace.
On OpenSea It’s a very simple procedure to create your own NFTs by going to the store and then creating a collection to start! Fill out the proper and complete information about your NFT and select the type of settings you’d like for it (e.g., blockchain, money transfer tokens). After that you are able to upload it to the internet if it’s in the limit of 100MB.
You can wait and observe the way transactions are handled from now to determine whether OpenSea is the right marketplace for you.
What NFTs are available here?
In this moment you’re probably asking yourself the kind of NFTs can be found here and what kind of NFTs you can also sell if you decide to go down that path. The type of NFT it can be is unlimited 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 some physical items! Explore what you believe can yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what sets OpenSea from the other options. There are no gas costs when you use this feature to mint and sell NFTs. This simply means that you’ll be able to make the highest profits once you sell because you won’t have to spend on additional fees.
Very few NFT marketplaces have this feature, so this is great for you to receive high profit from your portfolio.
This Referral Program is another distinctive feature of OpenSea to admire. Similar to traditional online markets there are advantages by referring someone else to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from the site you’ll earn 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 and that’s another advantage OpenSea has over them.
There’s an OpenSea mobile application, however it is mainly used to browse the marketplace. It isn’t able to purchase or sell items as you scroll through the list.
The mobile apps from OpenSea are accessible for both iOS in addition to Android. Even though you can’t buy or sell something, you can at least look through the options you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available at your disposal, and you can trade your fiat currency for cryptocurrency on these platforms. Nft Art Crypto
You can swap the fiat currency you have with a your credit or debit card as well as Paypal on these reliable websites for cryptocurrency:
- Bittrex and more!
All of these have the option of converting them into ETH, which is the standard crypto payment in OpenSea.
While OpenSea can be described as an NFT marketplace that is open to all forms of cryptocurrency, the wallets still more compatible with it than others. Since it is built mainly on the ETH blockchain, any wallets which are part of this network are appropriate for this website.
Here’s a list several crypto wallets which you can use with OpenSea:
- Authereum and many more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each has its own limitations including simple registration, mobile-only usage and the ability to buy cryptocurrency using credit cards. Nft Art Crypto
For more information about the service to learn more, check out their FAQs to see the steps you can get started and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets, each one has advantages and disadvantages. OpenSea isn’t an exception to 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.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalties 10% for artists (low royalty).
- It is not possible to buy or sell items through our mobile apps.
- Only accepts cryptocurrency as a method of payment.
- An Crypto account is needed to use this marketplace.
OpenSea is accessible to everyone who has any crypto currency 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 extra charge for it.
Frequently Asked Questions Nft Art Crypto
What is OpenSea?
OpenSea is an NFT marketplace that seeks to provide artists a platform for selling their artwork online, and to accept cryptocurrency as their form of payment. It’s a great option for artists who want to use for selling NFTs due to its low cost of gas and the low commission rate you must pay.
You can shop and browse the vast array of digital items on the NFT marketplace and you must go through it!
Is OpenSea real and is it safe?
Answer: Yes! OpenSea is a reputable marketplace since its inception on the 1st of December in the year 2018. Since the system it operates on is built on blockchain technology and is secured, it is safe to declare that transactions are secure and safe.
Additionally, as a seller, you will be verified after you have built up your credibility. A blue checkmark is placed to your account or the collection you’ve uploaded to ensure the safety of every customer. The team at OpenSea regularly checks the content to ensure that users are protected.
How do I earn royalties on OpenSea?
Unfortunately, as an artist, you’ll get only 10 percent of the royalties after you have uploaded the NFT. This is believed to be reasonably low compared to other NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) has been commonly used on this site as well as numerous others to cater for more crypto users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can utilize to access OpenSea.
What are the payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. You can easily purchase or trade cryptocurrency using reliable platforms using fiat currency. All you need just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea has a mobile or desktop app?
As previously mentioned, there is definitely an official mobile application from OpenSea available for both iOS or Android. Download it at their respective app store, and then you can begin exploring the collection now!
There is also a Desktop application that OpenSea which can be downloaded from WebCatalog. In the desktop application you are able to manage multiple accounts as well as receive notifications about updates to your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).