The crypto currency market is in a boom right now and you’re probably thinking where you can invest your crypto coins. There are numerous marketplaces popping up all over the internet, designed to buy and sell NFTs via cryptocurrency! OpenSea is among 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’s now one of the biggest and most popular marketplaces for users of cryptocurrency due to its security and rapid transactions.
Get on board, and let’s see what you can do with OpenSea and also see the NFTs that you can see!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick review. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Art Stock Price
The purpose of OpenSea was to offer artists with a marketplace/platform to easily upload their commissions, without having to pay any additional fees. There are additional features which allow you to market your work without having to deal with many issues.
For the registration process, you don’t have to provide all of your personal details. All you have to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It can be as simple as that without going through much hassle as you step into NFTs.
The most well-known cryptocurrency that is used on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology and is used to carry out the majority of processes. It also operates with the Polygon blockchain to ensure lower costs and faster trading.
With these two types of blockchains you can pick which one you would like to publish your NFT as a seller. This ensures the safety of your NFT and the people who want to purchase it. All transactions will be made along with this blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything just a domain name to an official artwork from an artist that you admire. Anyone can become a seller however it takes some time for anyone to become an established one.
There is a wide variety from the selection at OpenSea and you can become a part of this! You can create your own personal market on this site, as well as find NFTs that you would like to purchase yourself.
What is an NFT?
A recent change in the cryptocurrency industry,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on the internet that many millennials are familiar with it , but aren’t exactly sure what it actually means. Let’s take a look at what NFT is for those who are just beginning to get started in cryptocurrency.
One of the latest ways that you can buy with cryptocurrency includes an NFT. A NFT is a non-fungible currency that is unique and can’t be changed. This can be a piece of rareness, such as mint-condition baseball trading cards, or a uncommon vinyl record.
There’s no limit on what an NFT can be since it’s a non-fungible thing you’re selling on the internet. In simpler terms, you could 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 you uploaded on the marketplace, and you’re offering it for sale. Usually, this is recognized once you fill out the proper information regarding the NFT and finally submit it for sale on.
On OpenSea It’s a very simple procedure to create your own NFTs by going to the store and simply making a collection to begin! Fill out the proper and complete information about your NFT and select the type of settings you’d like to use it with (e.g., blockchain or money transfer tokens). Once that’s all done you are able to upload it, if it’s within the 100 MB limit.
You can wait and observe the way transactions are handled from now to determine whether OpenSea is the best marketplace for you.
What NFTs are available here?
So, at this point you’re probably asking yourself which kind of NFT can be purchased here and what kind of NFTs you can also sell if you decide to pursue that route. The type of NFT it can be isn’t limited as there’s a variety of ways to do it.
It is possible to sell digital products, trading cards, game assets domain names, also physical goods! Explore what you believe can reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what sets OpenSea from the others. There’s no cost for gas when you use this feature when you mint and sell NFTs. This is essentially a way to ensure that you receive the maximum profits when you begin selling since you won’t need to spend on extra fees.
Not many NFT marketplaces provide this feature, which is why this can be a fantastic way to make a huge profit from your NFT collection.
This Referral Program is a different aspect of OpenSea to admire. Similar to traditional online markets that offer benefits by referring a friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from there you’ll earn 2.50 percent of the purchase amount, which means you can earn more cash by this method.
Other NFT marketplaces don’t have this feature and that’s another benefit OpenSea has over the other marketplaces.
There is an OpenSea mobile app, but it’s mostly to browse through the marketplace. It isn’t able to purchase or sell items as you scroll through the list.
The mobile apps of OpenSea are available on the two platforms of iOS as well as Android. Although you aren’t able to purchase or sell things, you can at least browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available to you to convert your fiat money into cryptocurrency using these platforms. Nft Art Stock Price
You can convert the fiat currency you have with a credit card or Paypal on these reliable websites to exchange it for crypto:
- Bittrex, and other things!
Each of them has the option to exchange for ETH which is the standard cryptocurrency payment option in OpenSea.
While OpenSea has been described as being an NFT marketplace open to all forms of crypto, wallets are nonetheless more compatible than others. Since it is built mainly using an ETH blockchain, all wallets which are part of the same network are suitable for the site.
Here is a list of various crypto wallets that you can use in OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each wallet has its own restrictions including simple registration, mobile-only usage, and the function to purchase cryptocurrency with a credit card. Nft Art Stock Price
To know more about it to learn more, check out their FAQs for the steps you can begin and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and cons here:
- Mobile apps are available that are compatible with iOS or Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalties 10% to artists (low royalty).
- Cannot buy or sell on the mobile app.
- Only supports cryptocurrency as its method of payment.
- The use of a Crypto wallet is required for this marketplace.
OpenSea is accessible to everyone who has any crypto currency in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. But overall, you can quickly recover this amount if you actively sell because there’s no extra charge for it.
Frequently Asked Questions Nft Art Stock Price
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to provide artists a platform to sell their works online and receive 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 browse and shop for an array of digital goods in this NFT marketplace, so you should go through it!
Is OpenSea legit & secure?
Short answer: Yes! OpenSea has been a reliable marketplace since it was established on the 1st of December in the year of 2018. Since its system is built on a blockchain, it is safe to say that your transactions are safe and secure.
Furthermore, as a seller, you’ll be verified when you have built up your credibility. A blue checkmark is placed on your account or any collection that you have uploaded to assure every customer. The OpenSea team reviews regularly the contents to ensure users are secure.
How do I earn royalties on OpenSea?
Unfortunately, as an artist, you can receive only up to 10 percent of the royalties after you upload the NFT. This is thought to be quite low in comparison to other NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) has been frequently used on this site as well as other sites to provide more crypto users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can use to use OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency through reliable platforms using fiat currency. All you have just connect your debit or credit card to Paypal for the transaction.
Does OpenSea has a mobile or desktop application?
As we mentioned earlier, there is definitely an official mobile app by OpenSea that is available for iOS as well as Android. Install it from their app store and begin exploring the collection now!
There is also a Desktop application that OpenSea which can be downloaded from WebCatalog. On the desktop app you can manage multiple accounts as well as 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/).