Cryptocurrency is booming right now and you’re probably wondering where you can invest your crypto coins. Marketplaces are popping up across the web that allow users to buy and sell NFTs using cryptocurrency! OpenSea can be one, and it’s worth a look.
If you’re interested in crypto, you’ve likely heard of OpenSea before for a good reason. It has become one of the biggest and leading marketplaces among cryptocurrency users because of its security and quick transactions.
Now hop aboard, and let’s explore the possibilities of OpenSea and also see what NFTs you can view!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. After, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Blueberries
The purpose to create OpenSea was to offer artists with a marketplace/platform to upload their commissions with no additional costs. It has more functions that let you sell your work without having to deal with many issues.
When it comes to registration, you won’t have to provide too many details about yourself. All you need to do is connect your crypto wallet and voila! You have an account with OpenSea! It can be as simple as that and without many hassles when you enter into NFTs.
The most popular cryptocurrency that is used in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system which is utilized to carry out the majority of processes. It also operates on the Polygon blockchain, which allows for the lowest cost and speediest trading.
There are two types of blockchains you can pick which one you’d like to upload your NFT on as a seller. This ensures the safety of your NFT, along with the people who want to purchase it. All transactions are made using this blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless 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 from an artist you admire. Anyone can become a seller however it takes some time for anyone to become an established one.
There are a variety of NFTs from the selection at OpenSea and you could also be a part of that! You can set up 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 advancement for the crypto market, the term “NFT” has been going around so long on the internet that many millennials are familiar with it , but aren’t sure exactly what it means. Let’s take a look at what NFT is for anyone who is new in cryptocurrency.
One of the new things you can purchase your cryptocurrency includes an NFT. An NFT is a non-fungible token that is unique and can’t be replaced. It could be a piece of rareness, such as authentic baseball cards or uncommon vinyl record.
There’s no limit on what an NFT could be, since it’s a non-fungible thing that you sell online. More straightforwardly, you can just think of an NFT as a digital collectible which is only paid in cryptocurrency.
Minting is like calling the shots for your personal NFTs. You are calling the owner of the item or token that you have uploaded to the marketplace, and you’re offering it for sale. Usually, this becomes official after you fill in all the necessary information about the NFT and then add it on the market.
On OpenSea It’s a very simple process to mine your NFTs by going to the store and create a collection! Complete the correct and accurate information about your NFT and choose what kind of settings you’d like for it (e.g., blockchain, payment tokens). After that then you’re able to upload it if it fits the 100 MB limit.
It is possible to wait and see how the transactions go from now to see if OpenSea is the right marketplace for you.
What NFTs are available here?
At this point, you’re probably wondering the kind of NFTs can you shop for here and what kind of NFTs you can also sell if you decide to go that route. The type of NFT it can be isn’t limited because there’s a wide range of ways to do it.
It is possible to sell trade cards, digital goods, game assets, domain names, and some physical items! Find out what you think will reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what differentiates OpenSea from the other options. There are zero gas fees for using this feature to make and then sell the NFTs. This means you’ll be able to make the highest profits once you start selling because you don’t need to pay on any additional charges.
Very few NFT marketplaces have this feature, which is why this can be a fantastic way to receive high profit from your NFT collection.
This Referral Program is a different aspect of OpenSea to admire. Like traditional online marketplaces, you can receive benefits when you refer someone else to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from there you’ll be rewarded with 2.50 percent of the purchase amount, letting you make more money by this method.
Other NFT marketplaces don’t have this kind of feature either, so that’s just another benefit OpenSea has over them.
There’s an OpenSea mobile application, however it’s mostly to browse through the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listings.
The mobile apps from OpenSea are accessible for the two platforms of iOS as well as Android. Even though you can’t buy or sell anything, you can still browse through the selections you’re looking for on the move.
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 Blueberries
You can exchange your fiat currency using a credit card or Paypal through these trusted sites for cryptocurrency:
- Bittrex and more!
All of them have the option of exchange for ETH that is the primary cryptocurrency payment option in OpenSea.
While OpenSea has been described as being an NFT marketplace that is open to all kinds of crypto, wallets are nonetheless more compatible than other. Since it is built using an ETH blockchain, wallets that share the same network are suitable for the site.
Here is a list of various crypto wallets that which you can use with OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, mobile-only usage and the ability to purchase cryptocurrency with a credit card. Nft Blueberries
To learn more about it to learn more, check out their FAQs to see an overview of how you can start and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with advantages and drawbacks. OpenSea isn’t the only one to have this. You can view its pros and cons here:
- Available as mobile apps for iOS and Android.
- Smart contracts can be used to perform transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalties of only 10% for artists (low royalty rates).
- It is not possible to buy or sell items through our mobile apps.
- Only accepts cryptocurrency as a type of payment.
- The use of a Crypto account is needed to access this marketplace.
OpenSea is open to everyone who owns any crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. However, overall, you will quickly recover this amount if you sell regularly since there’s no extra charge for it.
Frequently Asked Questions Nft Blueberries
What is OpenSea?
OpenSea is an NFT marketplace that aims to give artists a chance for selling their artwork online and receive cryptocurrency as a form of payment. It’s a great option for artists who want to use it to sell NFTs because of its zero cost of gas and the low commission rate that you have to pay.
You can shop and browse the vast array of digital products on this NFT marketplace which is why you should definitely go through it!
Is OpenSea legitimate and secure?
The short answer is yes! OpenSea is a reputable marketplace since it was established at the end of the year of 2018. Since its system is built on a blockchain, it is safe to claim that your transactions are protected and secured.
In addition 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. OpenSea’s team regularly reviews the content to ensure that users are secure.
How do I earn royalties from OpenSea?
However, as an artist, you’ll receive only up to 10% of the royalties once you upload the NFT. This is thought to be quite low in comparison to the other NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) can be widely utilized on this website and numerous others to cater for the increasing number of crypto users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of for OpenSea.
What are the payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency on secure platforms that accept fiat money. All you need to do is connect your credit card or Paypal for the transaction.
Does OpenSea have a desktop/mobile app?
As previously mentioned There is an official mobile application from OpenSea for both iOS as well as Android. You can download it through their app store and begin exploring the collection right now!
The Desktop application that OpenSea which can be downloaded from WebCatalog. With the desktop application you can manage multiple accounts and get 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/).