Cryptocurrency is booming 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 via cryptocurrency! OpenSea is among them and is worth checking out.
If you’re interested in crypto, you’ve likely heard of OpenSea before for a good reason. It’s now one of the biggest and most popular marketplaces for cryptocurrency enthusiasts due to its safety and speedy transactions.
Get on board, and let’s see what you can do with 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 overview. After, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Art Finance News
The goal to create OpenSea was to offer a platform/marketplace for artists to easily upload their commissions, without having to pay any additional charges. It also has additional functions that let you sell your artwork without any issues.
When it comes to registration, you won’t have to worry about giving too many details about yourself. All you have to connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as simple as that and without many hurdles as you walk into NFTs.
The most popular cryptocurrency that is used in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology and is used to carry out the majority of processes. It is also based using the Polygon blockchain, which ensures lower costs and faster trading.
With these two kinds of blockchains available you can pick which one you would like to upload your NFT on as seller. This is to ensure the security of your NFT, along with those who wish to purchase it. All transactions are made 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 where you can exchange 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 you admire. Anyone can become a seller however it takes some time for anyone to become a reputable one.
There’s a huge selection in the collection of NFTs available at OpenSea and you can become a part of the collection! You can set up your own market here, along with finding NFTs you’d like to buy for yourself.
What is an NFT?
A recent change in the crypto industry,”NFT” is a term that has been used in recent times “NFT” has been going around so long on the internet that the majority of young people are familiar with it but aren’t sure exactly what it means. Let’s take a look at what NFT is for anyone who is new 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 unique and can’t be substituted. This can be an item of any rareness like rare baseball trading cards in mint condition, or a unique vinyl album.
There is no limit to what an NFT can be as it’s a non-fungible thing you’re selling online. More straightforwardly, you can just consider the NFT being a virtual collectible paid via cryptocurrency only.
Minting is like calling dibs for your personal NFTs. You are calling ownership over that particular token/item that you have uploaded to the marketplace, and selling it. Usually, this is recognized after you fill in all the necessary information about the NFT and submit it for sale on.
On OpenSea, it’s a simple process to mint your NFTs. All you have to do is visit the store and then making a collection to begin! Complete the correct and accurate information about your NFT and choose what kind of settings you’d like to use it with (e.g., blockchain or money transfer tokens). After that then you’re able to upload it if it fits the limit of 100MB.
You can wait and observe the way transactions are handled from now on to see if OpenSea is the right marketplace for you.
What NFTs can you find here?
At this point you’re probably thinking about what kind of NFTs can be purchased here, and what you could also sell if you decide to go that route. The type of NFT it can be is unlimited because there’s a wide range of how you can go about it.
You could be selling digital items, trading cards game assets domain names, even physical assets! Find out what you think will reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what sets OpenSea from other companies. There are no gas costs when you utilize this feature to mint and sell NFTs. This means you’ll receive the maximum profits when you sell because you don’t need to pay on additional fees.
Very few NFT marketplaces have this feature, which is why this can be a fantastic way to make a huge profit from your NFT collection.
A Referral Program is a different aspect of OpenSea to be admired. Similar to traditional online markets, you can receive benefits when you refer someone else to OpenSea! If you refer a friend to join OpenSea and buy an NFT from the site you’ll be rewarded with 2.50 percent of the purchase amount, letting you make more money from this act.
Other NFT marketplaces don’t offer this kind of feature either and that’s another benefit OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile application, however it’s mostly used for perusing through 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 in addition to Android. Although you aren’t able to purchase or sell something, you can at least explore the products you’re interested in 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 Art Finance News
You can swap your fiat money via your credit or debit card as well as Paypal through these trusted sites to exchange it for crypto:
- Bittrex, and more!
All of them have the option of exchange for ETH which is the standard cryptocurrency used in OpenSea.
Although OpenSea is an NFT marketplace that is open to all kinds of cryptocurrency, wallets are nonetheless more compatible than other. Since it is built on the ETH blockchain, all wallets with a connection to that network will be suitable for this site.
Here is a list of different crypto wallets you can utilize in OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each has its own limitations, such as easy registration, mobile-only usage as well as the capability to buy cryptocurrency using a credit card. Nft Art Finance News
To know more about it, you can check their FAQs to get a rundown of how you can start 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 an exception to 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 backing of blockchain.
- The best option for beginners to the crypto industry and NFTs.
- Allows royalties of only up to 10% for artists (low royalty rates).
- You cannot buy or sell products via the mobile app.
- Only supports cryptocurrency as its form of payment.
- A Crypto wallet is required to access this marketplace.
OpenSea is open to everyone who has crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. However, overall, you will quickly recover this amount if you actively sell because there’s no extra charge for it.
Frequently Asked Questions Nft Art Finance News
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to provide artists a platform to market their work online and receive cryptocurrency as their form of payment. It’s a great platform for artists who use it to sell NFTs due to its no gas fees and low commission fees which you are required to pay.
You can shop and browse an array of digital goods in this NFT marketplace, so you should take a look!
Is OpenSea real and is it safe?
Answer: Yes! OpenSea has been a reliable marketplace since it was founded on the 1st of December in the year of 2018. Since the system it operates on is built on blockchain technology that is secure, you can say that your transactions are protected and secured.
Additionally, as a seller, you’ll be verified when you build up your reputation. A blue checkmark is placed to your account or any collection you’ve uploaded to ensure the safety of every customer. The OpenSea team reviews regularly the contents to ensure users are protected.
How do I earn royalties on OpenSea?
As an artist, you will receive only up to 10 percent of the royalties after you upload the NFT. This is considered to be quite low in comparison with other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) is frequently utilized on this website and other sites to provide the increasing number of crypto users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can make use of for OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. You can buy and trade cryptocurrency using trusted platforms with fiat money. All you have to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea has a mobile or desktop application?
As mentioned before there’s an official mobile app by OpenSea available for both iOS and 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. On the desktop app you are able to manage multiple accounts and receive alerts on any updates that affect your account when you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).