The crypto currency market is in a boom right now, and you’re probably wondering where you can invest your crypto-coins. Marketplaces are popping up all over the digital web designed to buy and sell NFTs with cryptocurrency! OpenSea is among them, and it’s worth a look.
If you’re familiar with cryptocurrency you’ve likely heard of OpenSea before for a good reason. It’s one of the largest and most popular marketplaces for 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 that you can see!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Cards
The purpose for OpenSea was to simply provide a platform/marketplace for artists to easily upload their commissions, without having to pay any additional charges. There are additional features that let you sell your art without too many difficulties.
In terms of registration, you don’t need to provide too many details about yourself. All you need to connect your crypto wallet and voila! You have an account with OpenSea! It can be as simple as that, without many hurdles as you walk into NFTs.
The most widely-used cryptocurrency used within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology which is utilized for the majority of transactions. It also operates on the Polygon blockchain to ensure lower costs and faster trading.
With these two types of blockchains it is possible to choose which one you want to upload your NFT on as a seller. This is to ensure the security of your NFT and those who would like to buy it. All transactions will be made along with this blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall where you can trade in 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 be a seller however it takes some time for anyone to be a reputable one.
There’s a huge selection of NFTs available on OpenSea and you could become a part of that! You can set up your own market here, along with finding NFTs that you would like to purchase for yourself.
What is an NFT?
A recent change in the crypto market,”NFT” is a term that has been used in recent times “NFT” has been going around so long on the internet that the majority of young people are familiar with it but aren’t exactly sure what it is. Let’s take a look at what NFT is for anyone who is new in the field of cryptocurrency.
One of the new things you can purchase your cryptocurrency is an NFT. A NFT is a non-fungible token which is extremely exclusive and cannot be changed. It could be a piece of rareness like rare baseball trading cards in mint condition or a uncommon vinyl record.
There is no limit to what an NFT can be since it’s a non-fungible item that you can sell online. More straightforwardly, you can just consider an NFT to be a type of digital collectible that is paid for using cryptocurrency only.
Minting is like calling dibs on your own NFTs. You’re claiming ownership over that particular token/item you uploaded on the market place, but offering it for sale. Typically, this is official once you fill out the proper information regarding the NFT and then upload it to the marketplace.
On OpenSea, it’s a simple process to mine your NFTs by visiting the store and simply creating a collection to start! Input the appropriate and correct information regarding your NFT and select the type of settings you’d like to use to use it with (e.g., blockchain and payment tokens). After that you are able to upload it if it fits the 100 MB limit.
It is possible to wait and see how the transactions go from now on to see if OpenSea is the marketplace for you.
What NFTs can you find here?
At this point you’re probably thinking about the kind of NFTs be found here and what kind of NFTs you can sell should you decide to go down that path. The kind of NFT it can be is unlimited as there’s a variety of how you can approach it.
You could be selling trade cards, digital goods, game assets, domain names, and also physical goods! Explore what you believe can bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that separates OpenSea from the others. There are no gas costs when you utilize this feature to make and then sell the NFTs. This is essentially a way to ensure that you be able to make the highest profits once you sell because you won’t need to spend on additional fees.
There aren’t many NFT marketplaces provide this feature, and it is great for you to earn a high return from your collection.
The Referral Program is another distinctive feature of OpenSea to be admired. Like traditional online marketplaces, you can receive rewards when you refer a friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from the site, you’ll receive 2.50 percent of the purchase amount, which allows you to earn more money through this action.
Other NFT marketplaces do not have the same feature This is a further advantage OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile application, however it is mainly used to browse through the marketplace. It isn’t able to purchase or sell anything as you browse through the listing.
The mobile apps from OpenSea are accessible for the two platforms of iOS and Android. Although you aren’t able to purchase or sell things, you can at least explore the products you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are to you to exchange your fiat money for cryptocurrency through these platforms. Nft Cards
You can swap your fiat currency using a the credit card, or Paypal on these reliable websites for cryptocurrency:
- Bittrex and more!
All of them have the option to exchange for ETH, which is the standard crypto payment in OpenSea.
Although OpenSea is an NFT marketplace that is open to all forms of crypto, wallets are nevertheless more compatible than others. Because it is based around an ETH blockchain, all wallets that share this network are appropriate for this website.
Here is a list of various crypto wallets that which you can use with OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, only mobile usage, and the function to purchase cryptocurrency using a credit card. Nft Cards
For more information about the service You can go through their FAQs to get a rundown of how you can get started and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and cons here:
- Available as mobile apps for iOS as well as Android.
- Smart contracts are used for transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
- Allows royalty rates of 10% to artists (low royalty rates).
- You cannot buy or sell products on our mobile apps.
- Only accepts cryptocurrency as a form of payment.
- A Crypto digital wallet must be used to access this marketplace.
OpenSea is open to everyone who has any crypto currency in their crypto wallets. When you are selling, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. However, overall, you will quickly regain that when you are actively selling since there’s no additional cost for it.
Frequently Asked Questions Nft Cards
What is OpenSea?
OpenSea is an NFT marketplace that is designed to give artists a chance to sell their works online to receive cryptocurrency as a form of payment. It’s a great platform for artists using it to sell NFTs because of its zero gas fees and low commission fees you must pay.
You can browse and purchase the vast array of digital products on this NFT marketplace and you must check it out!
Is OpenSea real and is it safe?
Short answer: Yes! OpenSea is a reputable marketplace since it was established at the end of 2018. Because its system is built on a blockchain that is secure, you can say that your transactions are secure and safe.
Additionally, as a seller, you’ll be verified when you have built up your credibility. A blue checkmark will appear on your account or collection you uploaded to reassure every customer. The team at OpenSea regularly checks the contents to ensure users are protected.
How do I earn royalties from OpenSea?
As an artist, you will receive only up to 10 percent of the royalties after you have uploaded the NFT. This is believed to be quite low in comparison to the other NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) is frequently utilized on this website and other sites to provide more cryptocurrency users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can make use of to access OpenSea.
What are the payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. You can easily purchase or trade cryptocurrency using trusted platforms with fiat money. All you have just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea have a desktop or mobile app?
As previously mentioned There is an official mobile application from OpenSea for both iOS or Android. Download it at their respective app store, and you can start exploring the collection now!
There is also a Desktop application that OpenSea which can be downloaded from WebCatalog. In the desktop application you can manage multiple accounts as well as receive notifications on updates regarding 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/).