The crypto currency market is in a boom right now, and you’re probably wondering where to invest your crypto currency. Marketplaces are popping up all over the web that allow users to buy and sell NFTs with cryptocurrency! OpenSea is one of them, and it’s worth a look.
If you’re interested in crypto, you’ve probably heard of OpenSea before for a good reason. It’s one of the largest and leading marketplaces among cryptocurrency users because of its security and quick transactions.
Get on board, and let’s see the possibilities of OpenSea, along with checking the NFTs that you can see!
Before you continue, 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 Bad
The aim for OpenSea was to simply provide a platform/marketplace for artists to easily upload their commissions, without having to pay any additional costs. It also has additional functions which allow you to market your artwork without any problems.
When it comes to registration, you don’t need to provide too many details about yourself. All you need to do is connect your crypto wallet and voila! You have an account on OpenSea! It can be as simple as that without going through many hurdles as you walk into NFTs.
The most well-known cryptocurrency to use in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system, and this is used for the majority of transactions. It also functions with the Polygon blockchain to ensure low-cost and quicker trading.
There are two types of blockchains that are available, you can choose which one you’d like to transfer your NFT to as an seller. This is to ensure the security of your NFT and the people who want to buy it. Every transaction will be conducted by using the blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace where you can exchange your NFTs or cryptocurrency for other NFTs. You can buy anything just a domain name, to a piece of art by an artist you admire. Anyone can sell however it takes some time before anyone can become a reputable one.
There are a variety of NFTs from the selection on OpenSea and you can also be a part of this! You can set up your own market here, along with finding NFTs you want to purchase yourself.
What is an NFT?
In a recent advancement for the cryptocurrency industry the term “NFT” has been going around so long on the internet that many millennials have heard of it but aren’t exactly sure what it is. Let’s take a look at what NFT is for anyone who is new in the field of cryptocurrency.
One of the new things you can buy can be an NFT. An NFT is a non-fungible token that is very individual and cannot be changed. It can be an item of any rareness like mint-condition baseball trading cards, or a rare vinyl record.
There is no limit to what an NFT can be as it’s a non-fungible item that you sell online. In simpler terms, you could simply imagine the NFT as a digital item which is only paid in cryptocurrency.
Minting is like calling dibs on your own NFTs. You are calling the owner of the item or token you uploaded on the marketplace, and putting it up for sale. Usually, this becomes official once you fill out the correct information about the NFT and finally 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 creating a collection to start! Input the appropriate and correct information regarding your NFT and select the type of settings you’d like for it (e.g. blockchain or payments tokens). After that you are able to upload it if it fits the limit of 100MB.
You can wait and observe how the transactions go from now on to determine whether OpenSea is the marketplace for you.
What NFTs can you get here?
In this moment you’re probably asking yourself which kind of NFT you shop for here, and what you could sell should you decide to go that route. The kind of NFT it can be is indefinite as there’s a variety of options for how to approach it.
You can be selling trade cards, digital goods, game assets domain names, even physical assets! Explore what you believe can bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that differentiates OpenSea from the others. There are zero gas fees when you utilize this feature when you make and then sell the NFTs. This means you’ll be able to make the highest profits once you begin selling since you won’t have to spend on any additional charges.
There aren’t many NFT marketplaces have this feature, so this can be a fantastic way to earn a high return from your collection.
The Referral Program is another unique aspect of OpenSea to take note of. Like traditional online marketplaces that offer rewards by referring someone else to OpenSea! If you encourage a friend join OpenSea and buy an NFT from there, you’ll receive 2.50% of the sale amount, which allows you to earn more money from this act.
Other NFT marketplaces don’t have the same feature This is a further advantage OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile application, however it is mainly used to browse the marketplace. Unfortunately, you can’t purchase or sell anything as you browse through the listings.
The mobile apps from OpenSea are accessible for both iOS as well as Android. While you’re not able to buy or sell things, you can explore the products you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are to you, and you can exchange your fiat money for cryptocurrency on these platforms. Nft Bad
You can swap your fiat money via the credit card, or Paypal via these reputable websites for cryptocurrency:
- Bittrex and many more!
Each of them has the option of converting them into ETH, which is the standard cryptocurrency used in OpenSea.
Although OpenSea can be described as an NFT marketplace that is open to all kinds of cryptocurrency, the wallets nonetheless more compatible than others. Because it is based using an ETH blockchain, all wallets with a connection to the same network are suitable for this website.
Here’s a list of different crypto wallets you can use in OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, mobile-only usage, and the function to buy cryptocurrency using the credit card. Nft Bad
For more information about the service You can go through their FAQs to get an overview of how you can begin and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets every one of them has advantages and drawbacks. 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 used for transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto market and NFTs.
- Allows royalty rates of up to 10% for artists (low royalties).
- It is not possible to buy or sell items through our mobile apps.
- Only supports cryptocurrency as its type of payment.
- An Crypto wallet is required to use this marketplace.
OpenSea is available to anyone who owns any crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. However, overall, you will easily recover that amount when you actively sell because there’s no extra charge for it.
Frequently Asked Questions Nft Bad
What is OpenSea?
OpenSea is an NFT marketplace that aims to offer artists a way for selling their artwork online to receive cryptocurrency as a method of payment. It’s a great option for artists who want to use for selling NFTs due to its low gas costs and low commission fee rate you must pay.
You can shop and browse an array of digital products on this NFT marketplace which is why you should definitely take a look!
Is OpenSea legitimate and is it safe?
Answer: Yes! OpenSea has been a reliable marketplace since its inception in 2018. Since its system is built on a blockchain and is secured, it is safe to declare that transactions are secure and safe.
Additionally, as a seller, you’ll be verified when you build up your reputation. A blue checkmark is placed on your account or collection you’ve uploaded to ensure the safety of anyone who buys from you. The OpenSea team reviews regularly the contents to ensure users are safe.
How do I earn royalties on OpenSea?
As an artist, you can get only 10% of the royalties once you have uploaded the NFT. This is believed to be a reasonable amount compared with others NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) has been frequently used on this site as well as many others to accommodate many more cryptocurrency users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can use to access OpenSea.
What are the payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. It is easy to buy or trade cryptocurrency using secure platforms that accept fiat money. All you need be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea has a mobile or desktop application?
As mentioned before, there is definitely an official mobile app by OpenSea that is available for iOS or Android. Download it at their respective app store, and you can start exploring the collection now!
The Desktop application that OpenSea which can be downloaded from WebCatalog. In the desktop application, you can manage multiple accounts and get 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/).