The crypto currency market is in a boom right now and you’re probably wondering where to invest your crypto currency. Markets have popped up all over the digital web designed to sell and buy NFTs via cryptocurrency! OpenSea is among them, and it’s worth a look.
If you’re interested in crypto, you’ve probably heard of OpenSea previously for a valid reason. It has become one of the largest and most popular marketplaces for users of cryptocurrency due to its security and quick transactions.
Now hop aboard, and let’s see what you can do with 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 review. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Book Publishing
The purpose to create OpenSea was to provide artists with a marketplace/platform to upload commissions without any extra costs. There are additional features that let you sell your artwork without any issues.
In terms of registration, you don’t need to provide all of your personal details. All you need to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as easy as that and without many hurdles as you walk into NFTs.
The most widely-used cryptocurrency used in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it, and this is used for the majority of transactions. It also operates using the Polygon blockchain to ensure low-cost and quicker trading.
There are two types of blockchains it is possible to choose which one you want to publish your NFT as an seller. This will ensure the security of your NFT, along with those who wish to buy it. All transactions are made along with this blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless that lets you trade your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything the simplest domain name, to a piece of art by an artist you admire. Anyone can sell however, it takes a while before anyone can become an established seller.
There is a wide variety of NFTs available on OpenSea, and you can become a part of this! You can set up your own marketplace there, and also find 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 for so long on internet that many millennials are familiar with it but not exactly sure what it means. Let’s look at what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the latest ways that you can buy with cryptocurrency includes an NFT. A NFT is a non-fungible currency that is exclusive and cannot be changed. It can be an item of any rareness like authentic baseball cards or a unique vinyl album.
There’s no limit on what an NFT can be since it’s a non-fungible item that you sell on the internet. More straightforwardly, you can just think of the NFT being a virtual collectible that is paid for using cryptocurrency only.
Minting is similar to calling for dibs for your personal NFTs. You’re claiming the ownership of the particular item you uploaded on market, as offering it for sale. Usually, this becomes official once you fill out all the necessary information about the NFT and then add it on the market.
On OpenSea it’s a straightforward process to mine your NFTs by going to the store and making a collection to begin! Input the appropriate and correct information regarding your NFT and then select what type of settings you want to use it with (e.g. blockchain or money transfer tokens). After that then you’re able to upload it if it fits the limit of 100MB.
You can watch and see the way transactions are handled from now on to see whether OpenSea is the best marketplace for you.
What NFTs can you get here?
At this point you’re probably thinking about which kind of NFT can be purchased here, and what you could sell should you decide to pursue that route. The kind of NFT that you can purchase isn’t limited because there’s a wide range of how you can do it.
You could be selling trade cards, digital goods, game assets domain names, also physical goods! Explore what you believe can reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that sets OpenSea from the other options. There’s no cost for gas when you use this feature to create and market NFTs. This is essentially a way to ensure that you be able to make the highest profits once you sell because you don’t need to pay on any additional charges.
Not many NFT marketplaces provide this feature, which is why this is a great way to receive high profit from your NFT collection.
The Referral Program is another distinctive feature of OpenSea to admire. Similar to traditional online markets, you can receive benefits by referring a friend to OpenSea! If you invite a friend to join OpenSea and buy an NFT from there you’ll be rewarded with 2.50 percent of the purchase amount, letting you make more money through this action.
Other NFT marketplaces don’t offer this feature, so that’s just another advantage OpenSea has over them.
There’s an OpenSea mobile application, however it is mainly used to browse the marketplace. It isn’t able to purchase or sell items as you scroll through the list.
OpenSea’s mobile apps are available for both iOS in addition to Android. While you’re not able to buy or sell anything, you can still look through the options you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are for you to use, and you can trade your fiat currency for cryptocurrency using these platforms. Nft Book Publishing
You can exchange your fiat money via credit card or Paypal via these reputable websites to exchange it for crypto:
- Bittrex and many more!
All of them have the option to exchange for ETH that is the primary cryptocurrency payment option in OpenSea.
While OpenSea is an NFT marketplace open to all kinds of cryptocurrency, wallets are nevertheless more compatible than other. Since it is built using the ETH blockchain, any wallets with a connection to this network are appropriate for this site.
Here’s a list of several crypto wallets 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, such as easy registration, use on mobile devices only, and the function to purchase cryptocurrency using the credit card. Nft Book Publishing
For more information about the service to learn more, check out their FAQs to see a rundown of how you can get started and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with advantages and drawbacks. OpenSea isn’t an exception to this. It is possible to read about its pros and cons here:
- Mobile apps are available that are compatible with iOS and Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto industry and NFTs.
- Allows royalty rates of 10% to artists (low royalties).
- It is not possible to buy or sell items through the mobile app.
- Only supports cryptocurrency as its form of payment.
- A Crypto account is needed to access this marketplace.
OpenSea is accessible to everyone who has any crypto currency in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. But overall, you can quickly regain that when you are actively selling since there is no additional fee for it.
Frequently Asked Questions Nft Book Publishing
What is OpenSea?
OpenSea is an NFT marketplace that is designed to provide artists a platform to market their work online, and to accept cryptocurrency as a form of payment. It’s an ideal option for artists who want to use it to sell NFTs due to its no gas fees and low commission fees you must pay.
You can shop and browse an array of digital items on the NFT marketplace which is why you should definitely check it out!
Is OpenSea real and secure?
Answer: Yes! OpenSea has been a reliable marketplace since its inception at the end of the year 2018. Since its system is built on blockchain technology that is secure, you can say that your transactions are secure and safe.
Additionally as a seller you’ll be verified when you build up your reputation. A blue checkmark is placed next to your account or collection you uploaded to reassure any customer. The OpenSea team reviews regularly the content to ensure that users are safe.
How do I earn royalties on OpenSea?
As an artist, you can get only 10 percent of the royalties when you upload the NFT. This is considered to be quite low in comparison with the other NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) has been frequently utilized on this website and other sites to provide the increasing number of crypto users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can use to use OpenSea.
What are the payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. It is easy to buy or sell cryptocurrency through trusted platforms with fiat money. All you need to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea have a desktop/mobile app?
As mentioned before There is an official mobile application from OpenSea available for both iOS or Android. You can download it through their app store and then you can begin exploring the collection right now!
There is also a version for desktops that OpenSea which can be downloaded from WebCatalog. With the desktop application you can manage multiple accounts and get notifications about updates to your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).