Cryptocurrency is booming right now and you’re probably thinking where to invest your crypto currency. There are numerous marketplaces popping up across the internet, designed to buy and sell NFTs with cryptocurrency! OpenSea is among them and is worth checking out.
If you’re familiar with cryptocurrency you’ve probably heard of OpenSea previously for a valid reason. It has become one of the biggest and most popular marketplaces among cryptocurrency users because of its security and rapid transactions.
Get on board, and let’s see the possibilities of OpenSea, along with checking 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’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Brands
The aim to create OpenSea was to provide an online marketplace for artists to upload their commissions without any extra fees. It has more functions which allow you to market your artwork without any issues.
For registration, you don’t need to worry about giving too many details about yourself. All you need to do is connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as easy as that without going through much hassle as you step into NFTs.
The most well-known cryptocurrency to use in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology which is utilized for the majority of transactions. It also functions on the Polygon blockchain to ensure the lowest cost and speediest trading.
With these two types of blockchains available you can pick which one you’d like to publish your NFT as an seller. This ensures the safety of your NFT, along with those who would like to buy it. All transactions are made by using the blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall that lets you trade your cryptocurrency or NFTs for other NFTs. You can buy anything as simple as a domain name, to a piece of art from an artist you admire. Anyone can sell however, it takes some time for anyone to become a reputable one.
There’s a huge selection of NFTs available at OpenSea and you can join in with that! You can start your own marketplace on this site, as well as find NFTs you’d like to buy yourself.
What is an NFT?
In a recent development for the crypto industry”NFT,” a popular term in the crypto industry “NFT” has been going around so long on the internet that the majority of young people have heard of it but aren’t exactly sure what it means. Let’s look at what an NFT is for any beginners in the field of cryptocurrency.
One of the newest things you can purchase your cryptocurrency is an NFT. An NFT is a token that is non-fungible which is extremely exclusive and cannot be substituted. This can be an item of rarity like authentic baseball cards or a uncommon vinyl record.
There’s no limit to what an NFT can be since it’s a non-fungible thing you’re selling online. More straightforwardly, you can simply consider the NFT being a virtual collectible which is only paid in cryptocurrency.
Minting is like calling dibs to your NFTs. It is a way of claiming the ownership of the particular item that you posted to the market place, but putting it up for sale. Usually, this becomes official once you fill out the proper information regarding the NFT and upload it to the marketplace.
On OpenSea It’s a very simple procedure to create your own NFTs by going to the store and then making a collection to begin! Input the appropriate and accurate information about your NFT and then select what type of settings you’d like to use to use it with (e.g., blockchain or payments tokens). After you’ve completed the process, you can finally upload it, if it’s within the 100 MB limit.
It is possible to wait and see the way transactions are handled from here on out to see whether OpenSea is the marketplace for you.
What NFTs are available here?
So, at this point you’re probably asking yourself which kind of NFT be found here and what kind of NFTs you can also sell if you decide to pursue that route. The type of NFT it is unlimited as there’s a variety of options for how to go about it.
It is possible to sell digital products, trading cards game assets, domain names, and also physical goods! Explore what you believe can yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that differentiates OpenSea from other companies. There are no gas costs for using this feature when you mint and sell NFTs. This simply means that you’ll receive the maximum profits when you sell because you won’t need to spend on any additional charges.
Not many NFT marketplaces offer this feature, so this is a great way to earn a high return from your portfolio.
This Referral Program is a different aspect of OpenSea to take note of. Like traditional online marketplaces that offer rewards by referring someone else to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from there you’ll be rewarded with 2.50 percent of the purchase amount, which means you can earn more money from this act.
Other NFT marketplaces do not have this kind of feature either This is a further benefit OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile application, however it’s mostly to browse through the marketplace. Unfortunately, you can’t purchase or sell items as you scroll through the list.
The mobile apps from OpenSea are accessible on the two platforms of iOS as well as Android. Even though you can’t buy or sell things, you can browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are at your disposal You can also convert your fiat money into cryptocurrency through these platforms. Nft Brands
You can swap your fiat currency using a the credit card, or Paypal via these reputable websites for cryptocurrency:
- Bittrex, and many more!
All of them have the option to exchange for ETH which is the most common crypto payment in OpenSea.
Although OpenSea is an NFT marketplace that is open to all kinds of cryptocurrency, the wallets nonetheless more compatible than others. Since it is built mainly around an ETH blockchain, any wallets which are part of the same network are suitable for the site.
Here’s a list several crypto wallets you can use in OpenSea:
- Authereum and many more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each has its own limitations like easy registration, use on mobile devices only as well as the capability to buy cryptocurrency using credit cards. Nft Brands
For more information about the service to learn more, check out their FAQs to get a rundown of how you can start and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with its advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and pros here:
- Mobile apps available for iOS or Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto market and NFTs.
- Allows royalties of only 10% for artists (low royalties).
- It is not possible to buy or sell items on the mobile app.
- Only supports cryptocurrency as its form of payment.
- An Crypto digital wallet must be used to use this marketplace.
OpenSea is available to anyone who has any crypto currency in their crypto wallets. When you are selling, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. But overall, you can quickly recover this amount if you are actively selling since there’s no extra charge for it.
Frequently Asked Questions Nft Brands
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to provide artists a platform for selling their artwork online and receive cryptocurrency as a form of payment. It’s an excellent option for artists who want to use it to sell NFTs because of its zero gas fees and low commission fees that you have to pay.
You can browse and shop for the vast array of digital items on the NFT marketplace and you must go through it!
Is OpenSea real and safe?
The short answer is yes! OpenSea has been a reliable marketplace since it was founded at the end of 2018. Because its system is built on blockchain technology that is secure, you can say that your transactions are safe and secure.
Furthermore, as a seller, you will be verified after you have built up your credibility. A blue checkmark is placed next to your account or the collection you’ve uploaded to ensure the safety of any customer. The team at OpenSea regularly checks the content to ensure users are safe.
How do I earn royalties from OpenSea?
However, as an artist, you’ll get only 10 percent of the royalties after you upload the NFT. This is thought to be reasonably low compared against others NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) is commonly used on this site as well as many others to accommodate more cryptocurrency users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize for OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. You can easily purchase or sell cryptocurrency through trusted platforms with fiat money. All you need be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea have a desktop or mobile application?
As we mentioned earlier, there is definitely an official mobile app by OpenSea for both iOS or Android. You can download it through their app store and begin exploring the collection right now!
The version for desktops that OpenSea can be downloaded via WebCatalog. In the desktop application, you can manage multiple accounts as well as receive notifications on updates regarding your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).