Cryptocurrency is booming right now and you’re probably wondering where to invest your crypto currency. There are numerous marketplaces popping up all over the digital web designed to sell and buy NFTs using cryptocurrency! OpenSea is one of them and is worth looking into.
If you’re well-versed in cryptocurrency you’ve likely heard of OpenSea before for a good reason. It has become one of the largest and most popular marketplaces among cryptocurrency enthusiasts due to its security and rapid transactions.
So, hop on board and let’s explore what you can do with OpenSea and also see the NFTs that you can see!
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 our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Broadway
The purpose to create OpenSea was to simply provide an online marketplace for artists to upload commissions, without having to pay any additional fees. It also has additional functions that let you sell your work without having to deal with many difficulties.
For registration, you don’t need to give all of your personal details. All you have to do is connect your crypto wallet and voila! You have an account on OpenSea! It’s as easy as that without going through much hassle as you step 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 system, and this is used for most processes. It also functions on the Polygon blockchain, which ensures lower costs and faster trading.
With these two kinds of blockchains available you can pick which one you want to upload your NFT on as a seller. This is to ensure the security of your NFT and the people who want to purchase it. Every transaction will be conducted by using the blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from the simplest domain name to an official artwork by an artist you admire. Anyone can sell however, it takes time for anyone to be an established seller.
There are a variety of NFTs in the collection at OpenSea and you could also be a part of the collection! You can set up your own market on this site, as well as find NFTs you’d like to buy yourself.
What is an NFT?
A recent change in the crypto market the term “NFT” has been going around so long on the internet that the majority of young people are familiar with it but aren’t sure exactly what it actually means. Let’s take a look at what NFT is for those who are just beginning to get started in cryptocurrency.
One of the newest things you can purchase your cryptocurrency includes an NFT. An NFT is a non-fungible token that is individual and cannot be replaced. It can be an item of any rareness, such as authentic baseball cards or a uncommon vinyl record.
There’s no limit on what an NFT could be, since it’s a non-fungible thing that you can sell on the internet. More straightforwardly, you can simply imagine the NFT being a virtual item that is paid for using cryptocurrency only.
Minting is like calling dibs to your NFTs. You’re claiming ownership over that particular token/item that you posted to the market place, but selling it. Typically, this is official after you fill in the correct information about the NFT and then submit it for sale on.
On OpenSea It’s a very simple procedure to create your own NFTs. All you have to do is visit the store and then create a collection! Input the appropriate and accurate information about your NFT and choose what kind of settings you’d like for it (e.g., blockchain and money transfer tokens). After that, you can finally upload it to the internet if it’s in the 100 MB limit.
You can watch and see how transactions progress from now to determine if OpenSea is the best marketplace for you.
What NFTs can you find here?
So, at this point you’re probably thinking about the kind of NFTs be found here and what you can sell should you decide to pursue that route. The type of NFT that you can purchase isn’t limited since there’s a broad range of how you can go about it.
You could be selling digital items, trading cards games domain names, even physical assets! Consider what you believe will yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that differentiates OpenSea from other companies. There are zero gas fees when you use this feature to create and market NFTs. This means you’ll get the most profit when you start selling because you won’t have to spend on any additional charges.
Very few NFT marketplaces provide this feature, and it is great for you to receive high profit from your NFT collection.
The Referral Program is another distinctive feature of OpenSea to admire. Like traditional online marketplaces that offer advantages when you refer a friend to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from there, you’ll receive 2.50 percent of the sales amount, which means you can make more money by this method.
Other NFT marketplaces don’t offer this feature and that’s another benefit 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 browse through the listings.
OpenSea’s mobile apps are available on both iOS and 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 for you to use, and you can trade your fiat currency for cryptocurrency using these platforms. Nft Broadway
You can swap your fiat money via your credit or debit card as well as Paypal via these reputable websites to exchange it for crypto:
- Bittrex, and other things!
All of these have the option of converting them into ETH which is the most common crypto payment in OpenSea.
While OpenSea can be described as an NFT marketplace open to all kinds of crypto, wallets are nevertheless more compatible than others. Since it is built mainly on the ETH blockchain, any wallets with a connection to the same network are suitable for this website.
Here’s a list of different crypto wallets you can utilize in OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each wallet has its own restrictions like easy registration, only mobile usage and the ability to buy cryptocurrency using the credit card. Nft Broadway
For more information about the service, you can check 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
Like all crypto markets every one of them has advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and cons here:
- Mobile apps available for iOS or Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalties 10% for artists (low royalty rates).
- Cannot buy or sell via our mobile apps.
- Only supports cryptocurrency as its form of payment.
- A Crypto wallet is required for this marketplace.
OpenSea is available to anyone who has crypto coins in their cryptocurrency wallets. When you are selling, 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’s no additional cost for it.
Frequently Asked Questions Nft Broadway
What is OpenSea?
OpenSea is an NFT marketplace that aims to offer artists a way for selling their artwork online to receive cryptocurrency as a form of payment. It’s an ideal platform for artists who use for selling NFTs due to its low gas fees and the low commission rate which you are required to pay.
You can browse and purchase the vast array of digital items on the NFT marketplace, so you should check it out!
Is OpenSea legit & secure?
Short answer: Yes! OpenSea has been a trusted marketplace since its inception in the year of 2018. Since the system it operates on is built on blockchain technology and is secured, it is safe to declare that transactions are safe and secure.
Additionally as a seller you’ll be verified when you have built up your credibility. A blue checkmark is placed on your account or collection you uploaded to reassure every customer. OpenSea’s team regularly reviews the content to ensure users are safe.
How do I earn royalties from OpenSea?
As an artist, you’ll be paid only 10 percent of the royalties when you upload the NFT. This is considered to be reasonably low compared against others NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) has been widely used on this site and many others to accommodate more cryptocurrency users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can use for OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. You can buy and trade cryptocurrency using reliable platforms using fiat currency. All you have be able to connect is your credit or Paypal for the transaction.
Does OpenSea has a mobile or desktop app?
As mentioned before There is an official mobile app by OpenSea that is available for iOS or Android. Install it from their app store, and begin exploring the collection now!
There is also a version for desktops that OpenSea can be downloaded via WebCatalog. On the desktop app you can manage multiple accounts as well as receive alerts on any updates that affect your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).