Cryptocurrency is booming right now, and you’re probably wondering where you can invest your crypto-coins. Markets have popped up across the internet, designed to purchase and sell NFTs using cryptocurrency! OpenSea is among them, and it’s worth a look.
If you’re interested in crypto you’ve probably heard of OpenSea previously for a valid reason. It has become one of the biggest and leading marketplaces among users of cryptocurrency due to its security and rapid transactions.
Get on board, and let’s see what you can do with OpenSea, along with checking what NFTs you can 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 our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Art Market
The goal to create OpenSea was to simply provide a platform/marketplace for artists to upload their commissions with no additional costs. There are additional features that allow you to sell your art without too many difficulties.
When it comes to registration, you won’t have to worry about giving too many details about yourself. All you have to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It can be as simple as that without going through much hassle as you step into NFTs.
The most popular cryptocurrency to use on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system and is used to carry out the majority of processes. It also operates with the Polygon blockchain, which allows for lower costs and faster trading.
There are two types of blockchains it is possible to choose which one you would like to upload your NFT on as seller. This will ensure the security of your NFT as well as those who would like to buy it. All transactions are made along with this blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall where you can exchange your NFTs or cryptocurrency for other NFTs. You can purchase anything from the simplest domain name to official art from an artist you admire. Anyone can become a seller however it takes a while before anyone can become an established seller.
There is a wide variety of NFTs available of NFTs available at OpenSea, and you can become a part of this! You can create your own marketplace on this site, as well as find NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent development for the crypto market”NFT” is a term that has been used in recent times “NFT” has been going around so long on the internet that many millennials are familiar with it , but not exactly sure what it actually means. Let’s look at what an NFT is for any beginners in cryptocurrency.
One of the new things you can buy is an NFT. A NFT is a token that is non-fungible that is very individual and cannot be substituted. This can be an item of rareness, such as authentic baseball cards or rare vinyl record.
There’s no limit on what an NFT can be as it’s a non-fungible item that you can sell on the internet. More straightforwardly, you can simply imagine the NFT to be a type of digital item which is only paid in cryptocurrency.
Minting is similar to calling for dibs to your NFTs. It is a way of claiming the owner of the item or token that you have uploaded to market, as you’re putting it up for sale. 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 very simple process to mint your NFTs by visiting the store and then create a collection! Complete the correct and accurate information about your NFT and select the type of settings you’d like for it (e.g. blockchain and payments tokens). Once that’s all done you are able to upload it to the internet if it’s in the limit of 100MB.
You can watch and see how the transactions go from now to see if OpenSea is the marketplace for you.
What NFTs can you get here?
In this moment you’re probably thinking about the kind of NFTs can be found here and what kind of NFTs you can sell should you decide to go down that path. The type of NFT that you can purchase is indefinite as there’s a variety of options for how to approach it.
It is possible to sell digital items, trading cards game assets, domain names, and some physical items! Find out what you think will reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what separates OpenSea from the other options. There are no gas costs when you utilize this feature when you mint and sell NFTs. This is essentially a way to ensure that you get the most profit when you start selling because you don’t need to pay on any additional charges.
There aren’t many NFT marketplaces offer this feature, which is why this is great for you to receive high profit from your NFT collection.
The Referral Program is a different aspect of OpenSea to admire. Like traditional online marketplaces there are advantages by referring a friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from the site, you’ll receive 2.50 percent of the purchase amount, letting you earn more cash through this action.
Other NFT marketplaces don’t have the same feature This is a further benefit OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile app, but it’s mostly used to browse the marketplace. Unfortunately, you can’t purchase or sell anything while you scroll through the list.
OpenSea’s mobile apps are available for both iOS in addition to Android. While you’re not able to buy or sell anything, you can still explore the products you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available to you, and you can convert your fiat money into cryptocurrency using these platforms. Nft Art Market
You can exchange your fiat currency using a the credit card, or Paypal through these trusted sites for cryptocurrency:
- Bittrex and other things!
Each of them has the option of exchange for ETH that is the primary cryptocurrency used in OpenSea.
While OpenSea is an NFT marketplace that is open to all kinds of crypto, wallets are still more compatible with it than others. Since it is built mainly using the ETH blockchain, wallets which are part of that network will be suitable for the site.
Here’s a list several crypto wallets which you can use with OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations, such as easy registration, only mobile usage and the ability to purchase cryptocurrency using a credit card. Nft Art Market
To know more about it You can go through their FAQs to get a rundown of how you can start and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with its advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and pros here:
- Available as mobile apps for iOS or Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalties of only up to 10% for artists (low royalty).
- Cannot buy or sell through the mobile app.
- Only accepts cryptocurrency as a type of payment.
- The use of a Crypto account is needed to access this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. However, overall, you will quickly recover this amount if you sell regularly since there is no additional fee for it.
Frequently Asked Questions Nft Art Market
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to provide artists a platform for selling their artwork online, and to accept cryptocurrency as a form of payment. It’s an excellent option for artists who want to use for selling NFTs because of its zero gas fees and the low commission rate that you have to pay.
You can shop and browse the vast array of digital goods in this NFT marketplace which is why you should definitely check it out!
Is OpenSea legitimate and safe?
Answer: Yes! OpenSea is a reputable marketplace since its inception 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’ll be verified when you build up your reputation. A blue checkmark will be assigned to your account or collection you uploaded to reassure any customer. The OpenSea team reviews regularly the content to ensure that users are secure.
How do I earn royalties on OpenSea?
However, as an artist, you will get only 10 percent of the royalties when you upload the NFT. This is believed to be quite low in comparison with the other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) has been commonly used on this site as well as numerous others to cater for the increasing number of crypto users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of to access OpenSea.
Which are the accepted payment methods 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 to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea have a desktop/mobile application?
As previously mentioned, there is definitely an official mobile app by OpenSea that is available for iOS and Android. Install it from their app store and begin exploring the collection now!
There is also a desktop application for OpenSea that can be downloaded through WebCatalog. With the desktop application you are able to manage multiple accounts and 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/).