The crypto currency market is in a boom right now, and you’re probably wondering where to invest your crypto coins. There are numerous marketplaces popping up all over the internet, designed to sell and buy NFTs with cryptocurrency! OpenSea is one of them, and it’s worth checking out.
If you’re familiar with cryptocurrency you’ve probably heard of OpenSea before for a good reason. It’s one of the biggest and most popular marketplaces among cryptocurrency enthusiasts due to its security and quick transactions.
Now hop aboard, and let’s see the possibilities of OpenSea and also see what NFTs you can view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick review. Afterward, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Books
The goal for OpenSea was to provide artists with a marketplace/platform to easily upload their commissions without any extra charges. There are additional features that allow you to sell your artwork without any problems.
For the registration process, you don’t have to provide any personal information about yourself. All you need to do is connect your crypto 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 well-known cryptocurrency that is used 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 for the majority of transactions. It also functions on the Polygon blockchain, which ensures the lowest cost and speediest trading.
There are two types of blockchains that are available you can pick which one you want to upload your NFT on as seller. This is to ensure the security of your NFT as well as the people who want to buy it. All transactions will be 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 marketplace where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything the simplest domain name to official art by an artist you admire. Anyone can be a seller however, it takes a while before anyone can become an established seller.
There are a variety of NFTs of NFTs available at OpenSea and you can join in with the collection! You can start your own marketplace here, along with finding NFTs you want to purchase for yourself.
What is an NFT?
In a recent advancement for the crypto 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 sure exactly what it is. Let’s look at what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the new things you can purchase your cryptocurrency is an NFT. A NFT is a non-fungible token that is individual and cannot be replaced. It could be a piece of rareness, such as mint-condition baseball trading cards or unique vinyl album.
There’s no limit on what an NFT can be as it’s a non-fungible item that you can sell on the internet. It is simpler to simply imagine an NFT as a digital item that is paid for using cryptocurrency only.
Minting is like calling dibs on your own NFTs. You’re claiming the owner of the item or token that you posted to the market place, but you’re offering it for sale. Usually, this becomes official after you fill in the correct information about the NFT and then submit it for sale on.
On OpenSea it’s a straightforward procedure to create your own NFTs. All you have to do is visit the store and making a collection to begin! Fill out the proper and accurate information about your NFT and then select what type of settings you’d like for it (e.g. blockchain and money transfer tokens). After you’ve completed the process then you’re able to upload it, if it’s within the 100 MB limit.
You can watch and see the way transactions are handled from now to determine whether OpenSea is the right marketplace for you.
What NFTs are available here?
In this moment you’re probably thinking about which kind of NFT can be found here and what you can also sell if you choose to pursue that route. The kind of NFT it can be isn’t limited because there’s a wide range of how you can go about it.
It is possible to sell digital items, trading cards, game assets domain names, some physical items! Consider what you believe will reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what differentiates OpenSea from other companies. There’s no cost for gas when you utilize this feature when you create and market NFTs. This is essentially a way to ensure that you receive the maximum profits when you start selling because you won’t need to spend on any additional charges.
Very few NFT marketplaces offer this feature, which is why this is a great way to earn a high return from your NFT collection.
This Referral Program is another unique aspect of OpenSea to admire. Like traditional online marketplaces that offer rewards when you refer a friend to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from there you’ll earn 2.50 percent of the purchase amount, letting you make more money from this act.
Other NFT marketplaces don’t have this feature and that’s another benefit OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile app, but it is mainly used to browse the marketplace. It isn’t able to purchase or sell anything as you browse through the listings.
The mobile apps from OpenSea are accessible on both iOS and Android. Even though you can’t buy or sell things, you can at least explore the products you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are to you, and you can convert your fiat money into cryptocurrency through these platforms. Nft Books
You can convert your fiat currency using a credit card or Paypal on these reliable websites for cryptocurrency:
- Bittrex, and other things!
Each of them has the option to exchange for ETH that is the primary crypto payment in OpenSea.
Although OpenSea is an NFT marketplace that is open to all kinds of cryptocurrency, wallets are nevertheless more compatible than other. Since it is built mainly using the ETH blockchain, all wallets with a connection to that network will be suitable for this website.
Here’s a list various crypto wallets that which you can use with OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations like easy registration, only mobile usage, and the function to purchase cryptocurrency with the credit card. Nft Books
To learn more about it You can go through their FAQs to see a rundown of how you can begin and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with advantages and drawbacks. OpenSea isn’t an exception to this. You can read about its pros and cons here:
- Mobile apps available for iOS and Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto market and NFTs.
- Allows royalties of only 10% to artists (low royalties).
- It is not possible to buy or sell items via this mobile application.
- Only accepts cryptocurrency as a form of payment.
- An Crypto account is needed for this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. In the end, you’ll quickly regain that when you are actively selling since there’s no additional cost for it.
Frequently Asked Questions Nft Books
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to offer artists a way for selling their artwork online, and to accept cryptocurrency as a form of payment. It’s an ideal platform for artists using it to sell NFTs due to its no cost of gas and low commission fee rate that you have to pay.
You can browse and purchase the vast array of digital items on the NFT marketplace and you must go through it!
Is OpenSea legitimate and safe?
Answer: Yes! OpenSea has been a trusted marketplace since its inception at the end of 2018. Since its system is based on a blockchain and is secured, it is safe to claim that your transactions are protected and secured.
In addition as a seller you can become verified once you have built up your credibility. A blue checkmark will appear to your account or collection you’ve uploaded to ensure the safety of every customer. The team at OpenSea regularly checks the content to ensure that users are safe.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you can be paid only 10% of the royalties once you upload the NFT. This is considered to be quite low in comparison with other NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) can be frequently used on this site and other sites to provide more crypto users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can use for OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. It is easy to buy or trade cryptocurrency using reliable platforms using fiat currency. All you need to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea have a desktop/mobile application?
As mentioned before, there is definitely an official mobile app by OpenSea that is available for iOS and Android. Download it at their respective app store and then you can begin exploring the collection right now!
There is also a Desktop application that OpenSea that can be downloaded through WebCatalog. In the desktop application, you can manage multiple accounts as well as receive notifications about updates to your account when you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).