The cryptocurrency market is on the rise and you’re probably thinking where you can invest your crypto-coins. Markets have popped up all over the digital web designed to sell and buy NFTs via cryptocurrency! OpenSea is one of them, and it’s worth a look.
If you’re well-versed in cryptocurrency, you’ve likely heard of OpenSea before for a good reason. It has become one of the largest and most popular marketplaces for cryptocurrency users because of its security and rapid transactions.
Now hop aboard, and discover the possibilities of OpenSea and also see what NFTs you can view!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Art Environment
The goal of OpenSea was to offer a platform/marketplace for artists to easily upload their commissions with no additional costs. It has more functions which allow you to market your work without having to deal with many difficulties.
When it comes to the registration process, you don’t have to provide any personal information about yourself. All you need to do is connect your crypto wallet and voila! You have an account on OpenSea! It can be as simple as that, without much hassle as you step into NFTs.
The most popular cryptocurrency used within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system which is utilized for the majority of transactions. It also operates using the Polygon blockchain, which ensures lower costs and faster trading.
With these two kinds of blockchains that are available, you can choose which one you want to transfer your NFT to as seller. This ensures the safety of your NFT, along with those who wish to purchase it. Every transaction will be conducted by using the blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace where you can trade in your cryptocurrency or NFTs for other NFTs. You can buy anything just a domain name to an official artwork from an artist you admire. Anyone can become a seller however it takes a while for anyone to be a reputable one.
There are a variety of NFTs in the collection at OpenSea and you could also be a part of this! You can start your own personal market here, along with finding NFTs you want to purchase yourself.
What is an NFT?
In a recent advancement for the crypto industry, the term “NFT” has been going around so long on the internet that a lot of millennials are familiar with it , but aren’t sure exactly what it is. Let’s break down what an NFT is for anyone who is new in the field of cryptocurrency.
One of the new things you can buy includes an NFT. An NFT is a token that is non-fungible that is exclusive and cannot be substituted. It can be a piece of rareness, such as authentic baseball cards, or a uncommon vinyl record.
There is no limit to what an NFT can be since it’s a non-fungible thing that you can sell online. More straightforwardly, you can simply consider an NFT as a digital item paid via cryptocurrency only.
Minting is like calling dibs for your personal NFTs. It is a way of claiming the ownership of the particular item you uploaded on market, as putting it up for sale. Usually, this becomes official after you fill in the correct information about the NFT and finally 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 create a collection! Input the appropriate and correct information regarding your NFT and choose what kind of settings you’d like for it (e.g., blockchain and payment tokens). Once that’s all done you are able to upload it to the internet if it’s in the 100 MB limit.
You can watch and see how the transactions go from now to determine if OpenSea is the marketplace for you.
What NFTs can you get here?
At this point you’re probably thinking about the kind of NFTs you shop for here, and what you could also sell if you choose to go down that path. The type of NFT that you can purchase is indefinite because there’s a wide range of how you can go about it.
It is possible to sell trade cards, digital goods games, domain names, and also physical goods! Explore what you believe can bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that separates OpenSea from other companies. There are no gas costs when you utilize this feature to make and then sell the NFTs. This is essentially a way to ensure that you get the most profit when you begin selling since you don’t need to pay on additional fees.
There aren’t 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. Similar to traditional online markets, you can receive advantages when you refer your friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from there you’ll be rewarded with 2.50 percent of the sales amount, which means you can earn more cash by this method.
Other NFT marketplaces don’t have the same feature, so that’s just another advantage OpenSea has over the other marketplaces.
There is an OpenSea mobile application, however it is mainly used to browse the marketplace. You can’t buy or sell items as you scroll through the list.
OpenSea’s mobile apps are available for the two platforms of iOS as well as Android. Even though you can’t buy or sell things, you can at least explore the products you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available at your disposal to convert your fiat money into cryptocurrency through these platforms. Nft Art Environment
You can swap your fiat currency using a your credit or debit card as well as Paypal on these reliable websites to exchange it for crypto:
- Bittrex, and other things!
All of them have the option of exchange for ETH that is the primary cryptocurrency payment option in OpenSea.
Although OpenSea has been described as being an NFT marketplace open to all types of crypto, wallets are nevertheless more compatible than other. Since it is built on the ETH blockchain, any wallets with a connection to this network are appropriate for the site.
Here’s a list of several crypto wallets you can use in OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each wallet has its own restrictions, such as easy registration, only mobile usage as well as the capability to buy cryptocurrency using credit cards. Nft Art Environment
For more information about the service to learn more, check out their FAQs to see 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, 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 available for iOS and Android.
- Smart contracts can be used to perform transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalty rates of up to 10% for artists (low royalties).
- It is not possible to buy or sell items via this mobile application.
- Only supports cryptocurrency as its form of payment.
- A Crypto account is needed for 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 percent commission fee that all buyers on the marketplace. But overall, you can easily recover that amount when you are actively selling since there is no additional fee for it.
Frequently Asked Questions Nft Art Environment
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to give artists a chance for selling their artwork online to receive cryptocurrency as a form of payment. It’s an ideal option for artists who want to use it to sell NFTs due to its no gas costs and the low commission rate that you have to pay.
You can shop and browse a vast collection of digital goods in this NFT marketplace and you must go through it!
Is OpenSea legitimate and is it safe?
Short answer: Yes! OpenSea has been a trusted marketplace since it was established on the 1st of December in 2018. Since the system it operates on is built on a blockchain that is secure, you can say 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. OpenSea’s team regularly reviews the content to ensure that users are safe.
How can I earn royalties on OpenSea?
However, as an artist, you’ll get only 10% of the royalties once you upload the NFT. This is considered to be a reasonable amount compared to other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) is commonly utilized on this website and numerous others to cater for the increasing number of crypto users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of to access OpenSea.
What are the payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. You can easily purchase or sell cryptocurrency through reliable platforms using fiat currency. All you need be able to connect is your credit or Paypal for the transaction.
Does OpenSea have a desktop/mobile app?
As we mentioned earlier there’s an official mobile app by OpenSea that is available for iOS or Android. You can download it through their app store and then you can begin exploring the collection now!
A version for desktops that OpenSea can be downloaded via WebCatalog. On the desktop app, 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/).