The cryptocurrency market is on the rise and you’re probably thinking where to invest your crypto currency. There are numerous marketplaces popping up all over the digital web designed to buy and sell NFTs using cryptocurrency! OpenSea can be one, and it’s worth looking into.
If you’re interested in crypto you’ve probably heard of OpenSea prior to this for a valid reason. It has become one of the biggest and most popular marketplaces for cryptocurrency users because of its security and rapid transactions.
So, hop on board and discover what you can do with OpenSea and also see the NFTs available to 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 Blockchain Games
The purpose for OpenSea was to simply provide a platform/marketplace for artists to upload their commissions, without having to pay any additional fees. There are additional features that allow you to sell your art without too many problems.
For registration, you don’t need to worry about giving all of your personal details. All you need to do is connect your crypto wallet and voila! You have an account with OpenSea! It’s as simple as that, without many hassles when you enter into NFTs.
The most well-known cryptocurrency to use on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it and is used to carry out the majority of processes. It is also based on the Polygon blockchain to ensure lower costs and faster trading.
With these two types of blockchains you can pick which one you want to upload your NFT on as an seller. This is to ensure the security of your NFT and the people who want to purchase it. All transactions are made along with this blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall 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 official art by an artist you admire. Anyone can become a seller, but it takes a while before anyone can become an established seller.
There are a variety of NFTs from the selection on OpenSea and you could also be a part of the collection! You can start your own marketplace here, along with finding NFTs you’d like to buy yourself.
What is an NFT?
In a recent development for the cryptocurrency industry,”NFT,” a popular term in the crypto industry “NFT” has been going around so long on the internet that a lot of millennials are familiar with it , but aren’t exactly sure what it actually means. Let’s look at what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the latest ways you can buy includes an NFT. The NFT is a non-fungible currency that is very exclusive and cannot be changed. This can be a piece of rareness, such as mint-condition baseball trading cards, or a unique vinyl album.
There is no limit to what an NFT can be since it’s a non-fungible item that you can sell online. It is simpler to just think of an NFT being a virtual item paid via cryptocurrency only.
Minting is similar to calling for dibs for your personal NFTs. You are calling the owner of the item or token that you have uploaded to the market place, but you’re offering it for sale. Usually, this is recognized after you fill in the correct information about the NFT and add it on the market.
On OpenSea, it’s a simple procedure to create your own NFTs. All you have to do is visit the store and then creating a collection to start! Input the appropriate and complete information about your NFT and then select what type of settings you’d like to use to use it with (e.g., blockchain and payments tokens). Once that’s all done then you’re able to upload it to the internet if it’s in the 100 MB limit.
It is possible to wait and see the way transactions are handled from now on to determine whether OpenSea is the marketplace for you.
What NFTs are available here?
In this moment you’re probably asking yourself what kind of NFTs be found here and what kind of NFTs you can also sell if you choose to pursue that route. The kind of NFT that you can purchase is indefinite since there’s a broad range of ways to approach it.
You can be selling digital items, trading cards games domain names, also physical goods! Find out what you think will bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that separates OpenSea from the others. There’s no cost for gas when you utilize this feature to mint and sell NFTs. This means you’ll get the most profit when you begin selling since you won’t need to spend on additional fees.
Not many NFT marketplaces provide this feature, and it can be a fantastic way to earn a high return from your NFT collection.
A Referral Program is another distinctive feature of OpenSea to admire. Like traditional online marketplaces that offer benefits by referring someone else to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from there you’ll be rewarded with 2.50 percent of the purchase amount, letting you make more money from this act.
Other NFT marketplaces don’t have this kind of feature either This is a further advantage OpenSea has over them.
There is an OpenSea mobile app, but it is mainly used to browse the marketplace. It isn’t able to purchase or sell anything while you scroll through the list.
The mobile apps from OpenSea are accessible on both iOS in addition to Android. Although you aren’t able to purchase or sell things, you can browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available at your disposal, and you can convert your fiat money into cryptocurrency through these platforms. Nft Blockchain Games
You can swap your fiat currency using a your credit or debit card as well as Paypal through these trusted sites for cryptocurrency:
- Bittrex, and many more!
All of them have the option of converting them into ETH that is the standard crypto payment in OpenSea.
Although OpenSea is an NFT marketplace open to all kinds of cryptocurrency, wallets are nonetheless more compatible than other. Since it is built around an ETH blockchain, all wallets with a connection to this network are appropriate for this site.
Here’s a list of several crypto wallets you can use in OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets are available on the OpenSea 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 Blockchain Games
To learn more about it, you can check their FAQs for 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 disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and pros here:
- Mobile apps available that are compatible with iOS and Android.
- Smart contracts are used for transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto industry and NFTs.
- Allows royalty rates of 10% for artists (low royalty).
- It is not possible to buy or sell items on the mobile app.
- Only accepts cryptocurrency as a type of payment.
- The use of a Crypto account is needed to use this marketplace.
OpenSea is open to everyone who owns any crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. But overall, you can quickly recover this amount if you actively sell because there is no additional fee for it.
Frequently Asked Questions Nft Blockchain Games
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 their form of payment. It’s an ideal platform for artists using the platform to market NFTs due to its no gas fees and low commission fee rate that you have to pay.
You can browse and shop for an array of digital products on this NFT marketplace which is why you should definitely go through it!
Is OpenSea real and secure?
Short answer: Yes! OpenSea has been a trusted marketplace since it was founded on the 1st of December in 2018. Since the system it operates on is built on blockchain technology that is secure, you can declare that transactions are secure and safe.
Furthermore, as a seller, you will be verified after you have built up your credibility. A blue checkmark will be assigned to your account or any collection you uploaded to reassure anyone who buys from you. The OpenSea team reviews regularly the content to ensure that users are secure.
How can I earn royalties from OpenSea?
Unfortunately, as an artist, you’ll be paid only 10% of the royalties once you have uploaded the NFT. This is thought to be quite low in comparison to others NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) is widely utilized on this website and many others to accommodate many more cryptocurrency users. These are other cryptos you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can use to use OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency on trusted platforms with fiat money. All you need to do is connect your credit card or Paypal for the transaction.
Does OpenSea have a desktop/mobile application?
As previously mentioned there’s an official mobile application from OpenSea available for both iOS as well as Android. You can download it through their app store, and begin browsing through the collection right now!
A desktop application for OpenSea can be downloaded via WebCatalog. On the desktop app you are able to manage multiple accounts and receive alerts on any updates that affect 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/).