Cryptocurrency is booming right now and you’re probably wondering where you can invest your crypto currency. Markets have popped up across the digital web designed to purchase and sell NFTs via cryptocurrency! OpenSea can be one and is worth looking into.
If you’re interested in crypto, you’ve likely heard of OpenSea prior to this for a valid reason. It’s now one of the largest and leading marketplaces among cryptocurrency users because of its safety and speedy transactions.
Get on board, and let’s explore the possibilities of OpenSea as well as examining what NFTs you can view!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick review. After, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Bad For The Environment
The purpose to create OpenSea was to provide an online marketplace for artists to upload commissions with no additional fees. It has more functions which allow you to market your artwork without any difficulties.
For the registration process, you don’t have to give too many details about yourself. All you need to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as easy as that without going through many hurdles as you walk into NFTs.
The most widely-used cryptocurrency that is used within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system, and this is used for most processes. It is also based with the Polygon blockchain to ensure low-cost and quicker trading.
There are two types of blockchains that are available it is possible to choose which one you want to upload your NFT on as a seller. This ensures the safety of your NFT and the people who want to purchase it. All transactions are made by using the blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace 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 sell, but it takes a while before anyone can become an established seller.
There are a variety of NFTs in the collection at OpenSea and you can also be 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 for 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 so long on the internet that many millennials are familiar with it , but aren’t sure exactly what it is. Let’s break down what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the latest ways you can purchase your cryptocurrency is an NFT. The NFT is a non-fungible token which is extremely unique and can’t be changed. This can be an item of any rareness like authentic baseball cards or rare vinyl record.
There’s no limit on what an NFT could be, since it’s a non-fungible item that you sell online. It is simpler to simply imagine the NFT as a digital item which is only paid in cryptocurrency.
Minting is like calling dibs on your own NFTs. You’re claiming ownership over that particular token/item you uploaded on market, as you’re selling it. Typically, this is official after you fill in the proper information regarding the NFT and upload it to the marketplace.
On OpenSea it’s a straightforward process to mine your NFTs. All you have to do is visit the store and then create a collection! 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 and payments tokens). After you’ve completed the process you are able to upload it if it fits the limit of 100MB.
It is possible to wait and see the way transactions are handled from now to determine if OpenSea is the marketplace for you.
What NFTs can you find here?
So, at this point, you’re probably wondering the kind of NFTs be purchased here and what you can also sell if you decide to go that route. The type of NFT that you can purchase is indefinite since there’s a broad range of ways to go about it.
You can be selling digital items, trading cards, game assets, domain names, and some physical items! Find out what you think will yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that differentiates OpenSea from other companies. There are no gas costs when you utilize this feature when you make and then sell the NFTs. This simply means that you’ll receive the maximum profits when you sell because you won’t need to spend on extra fees.
Not many NFT marketplaces offer this feature, which is why this can be a fantastic way to earn a high return from your NFT collection.
A Referral Program is a different aspect of OpenSea to admire. Like traditional online marketplaces that offer rewards by referring a friend to OpenSea! If you encourage a friend join OpenSea and then 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 don’t offer this feature This is a further benefit OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile application, however it is mainly used to browse through the marketplace. It isn’t able to purchase or sell anything as you browse through the listing.
The mobile apps of OpenSea are available for both iOS in addition to Android. While you’re not able to buy or sell things, you can browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available at your disposal, and you can exchange your fiat money for cryptocurrency using these platforms. Nft Bad For The Environment
You can swap your fiat money via the credit card, or Paypal via these reputable websites to exchange it for crypto:
- Bittrex and more!
All of these have the option of converting them into ETH, which is the standard cryptocurrency payment option in OpenSea.
While OpenSea has been described as being an NFT marketplace that is open to all forms of crypto, wallets are still more compatible with it than other. Because it is based around an ETH blockchain, any wallets which are part of the same network are suitable for the site.
Here’s a list different crypto wallets which you can use with OpenSea:
- Authereum and many more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions including simple registration, only mobile usage and the ability to purchase cryptocurrency with a credit card. Nft Bad For The Environment
To learn more about it, you can check their FAQs for a rundown of how you can start and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets every one of them has advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and pros here:
- Mobile apps available for iOS or Android.
- Smart contracts are utilized for 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 royalties).
- You cannot buy or sell products via this mobile application.
- Only supports cryptocurrency as its method of payment.
- A Crypto account is needed to access this marketplace.
OpenSea is available to anyone who has crypto coins in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. But overall, you can easily recover that amount when you sell regularly since there’s no extra charge for it.
Frequently Asked Questions Nft Bad For The Environment
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to give artists a chance to sell their works online, and to accept cryptocurrency as a method of payment. It’s an excellent platform for artists who use for selling NFTs due to its no gas fees and low commission fee rate that you have to pay.
You can browse and purchase an array of digital goods in this NFT marketplace and you must check it out!
Is OpenSea legitimate and is it safe?
The short answer is yes! OpenSea has been a reliable marketplace since it was founded in the year of 2018. Because its system is built on blockchain technology, it is safe to say that your transactions are secure and safe.
Additionally as a seller you can become verified once you’ve earned a reputation. A blue checkmark is placed next to your account or collection you’ve uploaded to ensure the safety of anyone who buys from you. The OpenSea team reviews regularly the content to ensure users are safe.
How do I earn royalties on OpenSea?
Unfortunately, as an artist, you’ll get only 10% of the royalties once you have uploaded the NFT. This is considered to be a reasonable amount compared to the other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) is frequently used on this site and other sites to provide many more crypto users. These are other cryptos you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can make use of for OpenSea.
What are the payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. You can easily purchase or sell cryptocurrency through trusted platforms with fiat money. All you need be able to connect is your credit or Paypal for the transaction.
Does OpenSea have a desktop or mobile app?
As previously mentioned there’s an official mobile application from OpenSea for both iOS as well as Android. Install it from their app store, and then you can begin exploring the collection right now!
The version for desktops that OpenSea that can be downloaded through WebCatalog. With the desktop application, 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/).