Cryptocurrency is booming right now and you’re probably wondering where to invest your crypto-coins. There are numerous marketplaces popping up all over the digital web designed to sell and buy NFTs via cryptocurrency! OpenSea can be one and is worth a look.
If you’re familiar with cryptocurrency you’ve probably heard about OpenSea previously for a valid reason. It has become one of the largest and most popular marketplaces among users of cryptocurrency due to its security and quick transactions.
Now hop aboard, and let’s see the possibilities of OpenSea and also see what NFTs you can view!
Before you continue, you may want to check out 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 Dealers
The goal for OpenSea was to simply provide a platform/marketplace for artists to upload their commissions, without having to pay any additional charges. It also has additional functions that allow you to sell your artwork without any difficulties.
For registration, you won’t have to give all of your personal details. All you have to connect your crypto wallet and voila! You have an account with OpenSea! It’s as easy as that without going through many hassles when you enter into NFTs.
The most widely-used cryptocurrency that is used on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system which is utilized to carry out the majority of processes. It is also based using the Polygon blockchain, which ensures the lowest cost and speediest trading.
With these two kinds of blockchains that are available it is possible to choose which one you want to publish your NFT as an seller. This ensures the safety of your NFT, along with the people who want to buy it. Every transaction will be conducted along with this blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless where you can exchange your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything just a domain name, to a piece of art from an artist you admire. Anyone can sell however, it takes time before anyone can become a reputable one.
There are a variety of NFTs in the collection on OpenSea and you could also be a part of this! You can start your own marketplace there, and also find NFTs that you would like to purchase yourself.
What is an NFT?
In a recent advancement for the cryptocurrency industry”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that a lot of millennials are familiar with it , but aren’t sure exactly what it actually means. 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 you can purchase your cryptocurrency can be an NFT. An NFT is a non-fungible token which is extremely exclusive and cannot be substituted. It can be an item of any rarity like rare baseball trading cards in mint condition, or a rare vinyl record.
There is no limit to what an NFT can be as it’s a non-fungible item that you sell online. It is simpler to just consider as an NFT as a digital collectible that is paid for using cryptocurrency only.
Minting is like calling the shots on your own NFTs. It is a way of claiming ownership over that particular token/item you uploaded on the market place, but you’re selling it. Typically, this is official once you fill out the proper information regarding the NFT and add it on the market.
On OpenSea it’s a straightforward procedure to create your own NFTs by visiting the store and then creating a collection to start! Input the appropriate and correct information regarding your NFT and select the type of settings you’d like for it (e.g. blockchain or payments tokens). Once that’s all done you are able to upload it, if it’s within the 100 MB limit.
You can watch and see the way transactions are handled from now on to see if OpenSea is the best marketplace for you.
What NFTs can you get here?
At this point you’re probably asking yourself what kind of NFTs can be found here and what kind of NFTs you can sell should you decide to pursue that route. The kind of NFT it is indefinite as there’s a variety of ways to do it.
You could be selling digital items, trading cards games domain names, also physical goods! Explore what you believe can bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that differentiates OpenSea from the other options. There are no gas costs when you use this feature when you make and then sell the NFTs. This means you’ll be able to make the highest profits once you begin selling since you won’t need to spend on any additional charges.
Not many NFT marketplaces have this feature, so this is a great way to make a huge profit from your collection.
A Referral Program is another unique aspect of OpenSea to admire. Similar to traditional online markets, you can receive advantages by referring someone else to OpenSea! If you encourage a friend join OpenSea and buy an NFT from the site you’ll be rewarded with 2.50 percent of the sales amount, letting you earn more cash through this action.
Other NFT marketplaces do not have this feature, so that’s just another benefit OpenSea has over the other marketplaces.
There is an OpenSea mobile application, however it’s mostly to browse through the marketplace. Unfortunately, you can’t purchase or sell anything as you scroll through the list.
The mobile apps from OpenSea are accessible for both iOS and Android. While you’re not able to buy or sell something, you can browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are to you, and you can convert your fiat money into cryptocurrency on these platforms. Nft Art Dealers
You can swap your fiat currency using a credit card or Paypal through these trusted sites for cryptocurrency:
- Bittrex and more!
All of them have the option to exchange for ETH which is the most common cryptocurrency payment option in OpenSea.
Although OpenSea is an NFT marketplace open to all kinds of cryptocurrency, the wallets still more compatible with it than other. Since it is built mainly on an ETH blockchain, wallets with a connection to the same network are suitable for this site.
Here is a list of different crypto wallets 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 a credit card. Nft Art Dealers
For more information about the service, you can check their FAQs to get an overview of how you can get started and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and pros here:
- Mobile apps available for iOS as well as Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- The best option for beginners to the crypto industry and NFTs.
- Allows royalties of only 10% for artists (low royalties).
- You cannot buy or sell products through the mobile app.
- Only accepts cryptocurrency as a form of payment.
- An Crypto digital wallet must be used for this marketplace.
OpenSea is open to everyone who has crypto coins in their crypto wallets. When you are a seller, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. 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 Dealers
What is OpenSea?
OpenSea is an NFT marketplace that seeks to offer artists a way to market their work online and receive cryptocurrency as a form of payment. It’s an excellent option for artists who want to use it to sell NFTs due to its no cost of gas and the low commission rate which you are required to pay.
You can browse and shop for an array of digital goods in this NFT marketplace which is why you should definitely take a look!
Is OpenSea legitimate and is it safe?
Short answer: Yes! OpenSea has been a reliable marketplace since its inception on the 1st of December in 2018. Because its system is built on blockchain technology that is secure, you can declare that transactions are secure and safe.
Furthermore, as a seller, you can become verified once you build up your reputation. A blue checkmark is placed on your account or the collection you uploaded to reassure anyone who buys from you. OpenSea’s team regularly reviews the content to ensure that users are secure.
How can I earn royalties on OpenSea?
As an artist, you’ll be paid only 10 percent of the royalties after you upload the NFT. This is believed to be quite low in comparison against others NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) can be commonly used on this site and other sites to provide the increasing number of cryptocurrency users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can make use of for OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. It is easy to buy or trade cryptocurrency using reliable platforms using fiat currency. All you have to do is connect your credit card or Paypal for the transaction.
Does OpenSea has a mobile or desktop application?
As we mentioned earlier There is an official mobile app from OpenSea available for both iOS as well as Android. You can download it through their app store and then you can begin exploring the collection now!
There is also a Desktop application that OpenSea can be downloaded via WebCatalog. With the desktop application you are able to manage multiple accounts as well as receive alerts on any updates that affect 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/).