The cryptocurrency market is on the rise, and you’re probably wondering what you can do with your crypto-coins. Marketplaces are popping up across the web that allow users to purchase and sell NFTs via cryptocurrency! OpenSea can be one and is worth a look.
If you’re familiar with cryptocurrency, you’ve probably heard of OpenSea before for a good reason. It’s now one of the biggest and most popular marketplaces for cryptocurrency users because of its safety and speedy transactions.
So, hop on board and discover what you can do with 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 of OpenSea.
OpenSea as an NFT Marketplace Nft Art Finance Website
The goal to create OpenSea was to provide an online marketplace for artists to upload their commissions with no additional costs. There are additional features that let you sell your art without too many issues.
When it comes to the registration process, you don’t have to give any personal information about yourself. All you need to connect your crypto wallet and voila! You have an account with OpenSea! It can be as simple as that, without many hassles when you enter into NFTs.
The most widely-used cryptocurrency to use within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it which is utilized for most processes. It also operates on the Polygon blockchain, which allows for the lowest cost and speediest trading.
There are two types of blockchains that are available you can pick which one you’d like to publish your NFT as an seller. This is to ensure the security of your NFT as well as those who wish to purchase it. All transactions will be made by using the blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall where you can trade in your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything the simplest domain name to official art from an artist you admire. Anyone can be a seller however it takes time for anyone to be a reputable one.
There are a variety of NFTs from the selection at OpenSea and you can become a part of this! You can set up your own marketplace here, along with finding NFTs you want to purchase for yourself.
What is an NFT?
A recent change in the crypto market”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that many millennials are familiar with it , but aren’t sure exactly what it actually means. Let’s break down what an NFT is for anyone who is new in cryptocurrency.
One of the latest ways that you can buy with cryptocurrency includes an NFT. An NFT is a non-fungible token that is very exclusive and cannot be substituted. This can be an item of any rareness, such as authentic baseball cards or unique vinyl album.
There is no limit to what an NFT could be, since it’s a non-fungible object you’re selling on the internet. In simpler terms, you could simply imagine an NFT being a virtual collectible that is paid for using cryptocurrency only.
Minting is like calling the shots to your NFTs. You’re claiming ownership over that particular token/item that you have uploaded to the market place, but you’re putting it up for sale. Usually, this becomes official after you fill in all the necessary information about the NFT and upload it to the marketplace.
On OpenSea, it’s a simple procedure to create your own NFTs by going to the store and creating a collection to start! Fill out the proper and complete information about your NFT and then select what type of settings you’d like for it (e.g., blockchain or money transfer tokens). After that you are able to upload it, if it’s within the 100 MB limit.
You can watch and see how the transactions go from now to see whether OpenSea is the right marketplace for you.
What NFTs can you get here?
So, at this point, you’re probably wondering the kind of NFTs can you shop for here and what kind of NFTs you can also sell if you choose to go that route. The kind of NFT that you can purchase is indefinite since there’s a broad range of how you can approach it.
It is possible to sell trade cards, digital goods, game assets, domain names, and even physical assets! Find out what you think will bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that separates OpenSea from other companies. There’s no cost for gas when you utilize this feature to make and then sell the NFTs. This means you’ll receive the maximum profits when you begin selling since you won’t have to spend on extra fees.
Not many NFT marketplaces have this feature, which is why this can be a fantastic way to receive high profit from your collection.
This Referral Program is a different aspect of OpenSea to be admired. Similar to traditional online markets there are benefits 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 make more money by this method.
Other NFT marketplaces do not have this feature, so that’s just another advantage OpenSea has over them.
There’s an OpenSea mobile application, however it’s mostly used to browse through the marketplace. It isn’t able to purchase or sell items as you scroll through the list.
The mobile apps from OpenSea are accessible on both iOS in addition to Android. Even though you can’t buy or sell anything, you can still at least browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are to you, and you can trade your fiat currency for cryptocurrency on these platforms. Nft Art Finance Website
You can swap the fiat currency you have with a the credit card, or Paypal via these reputable websites for cryptocurrency:
- Bittrex and other things!
All of these have the option of converting them into ETH, which is the most common crypto payment in OpenSea.
While OpenSea can be described as an NFT marketplace open to all kinds of cryptocurrency, wallets are still more compatible with it than others. Because it is based using an ETH blockchain, any wallets with a connection to this network are appropriate for the site.
Here’s a list of several 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 like easy registration, use on mobile devices only as well as the capability to purchase cryptocurrency using a credit card. Nft Art Finance Website
To know more about it to learn more, check out their FAQs to see an overview of how you can start and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has its advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and cons here:
- Mobile apps available for iOS or Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalties of only 10% to artists (low royalty rates).
- Cannot buy or sell through this mobile application.
- Only accepts cryptocurrency as a type of payment.
- The use of a Crypto account is needed to use this marketplace.
OpenSea is accessible to everyone who has any crypto currency in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. But overall, you can quickly regain that when you are actively selling since there’s no extra charge for it.
Frequently Asked Questions Nft Art Finance Website
What is OpenSea?
OpenSea is an NFT marketplace that is designed to offer artists a way to sell their works online and receive cryptocurrency as a form of payment. It’s an excellent platform for artists using it to sell NFTs due to its low gas costs and low commission fee rate which you are required to pay.
You can browse and shop for the vast array of digital goods in this NFT marketplace and you must check it out!
Is OpenSea real and safe?
Answer: Yes! OpenSea is a reputable marketplace since its inception at the end of the year of 2018. Because its system is built on blockchain technology and is secured, it is safe to claim that your transactions are secure and safe.
Additionally as a seller you can become verified once you’ve earned a reputation. A blue checkmark will be assigned on your account or collection you uploaded to reassure every customer. The OpenSea team reviews regularly the contents to ensure users are safe.
How do I earn royalties from OpenSea?
However, as an artist, you’ll be paid only 10 percent of the royalties when you have uploaded the NFT. This is believed to be a reasonable amount compared with others NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) can be commonly used on this site as well as other sites to provide the increasing number of cryptocurrency users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize to use OpenSea.
What are the payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. You can easily purchase or trade cryptocurrency using secure platforms that accept fiat money. All you need to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea have a desktop/mobile application?
As previously mentioned there’s an official mobile app by OpenSea that is available for iOS as well as 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 can be downloaded via WebCatalog. With the desktop application, you can manage multiple accounts as well as receive notifications on updates regarding 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/).