The cryptocurrency market is on the rise and you’re probably wondering where you can invest your crypto-coins. There are numerous marketplaces popping up across the digital web designed to purchase and sell NFTs using cryptocurrency! OpenSea is among them, and it’s worth checking out.
If you’re well-versed in cryptocurrency you’ve likely heard of OpenSea before for a good reason. It’s one of the biggest and most popular marketplaces among cryptocurrency users because of its safety and speedy transactions.
Now hop aboard, and discover what you can do with OpenSea, along with checking 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. Afterward, you will want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Channel Cap
The aim of OpenSea was to simply provide a platform/marketplace for artists to easily upload their commissions, without having to pay any additional fees. It also has additional functions that let you sell your art without too many difficulties.
When it comes to the registration process, you don’t have to provide too many details about yourself. All you have to do is connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as simple as that and without many hurdles as you walk into NFTs.
The most well-known cryptocurrency to use within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system which is utilized for the majority of transactions. It also functions using the Polygon blockchain, which ensures low-cost and quicker trading.
There are two types of blockchains that are available, you can choose which one you would like to publish your NFT as a seller. This will ensure the security of your NFT and the people who want to purchase it. Every transaction will be conducted by using the blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace where you can exchange your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything the simplest domain name, to a piece of art from an artist that you admire. Anyone can sell however it takes a while before anyone can become an established seller.
There is a wide variety from the selection on OpenSea, and you can become a part of that! You can start your own personal market there, and also find NFTs you want to purchase for yourself.
What is an NFT?
A recent change in the crypto industry, the term “NFT” has been going around for so long on the internet that a lot of millennials are familiar with it but not exactly sure what it means. Let’s break down what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the newest things that you can buy with cryptocurrency is an NFT. A NFT is a non-fungible currency which is extremely unique and can’t be replaced. It could be a piece of rareness like mint-condition baseball trading cards, or a unique vinyl album.
There is no limit to what an NFT can be as it’s a non-fungible thing you’re selling online. In simpler terms, you could just consider as an NFT to be a type of digital item paid via cryptocurrency only.
Minting is like calling the shots for your personal NFTs. You’re claiming the ownership of the particular item you uploaded on the market place, but offering it for sale. Typically, this is official after you fill in the proper information regarding the NFT and then submit it for sale on.
On OpenSea it’s a straightforward procedure to create your own NFTs by visiting the store and simply create a collection! Input the appropriate and correct information regarding your NFT and choose what kind of settings you’d like for it (e.g., blockchain, payments tokens). Once that’s all done, 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 determine if OpenSea is the marketplace for you.
What NFTs can you find here?
In this moment you’re probably asking yourself what kind of NFTs you shop for here and what kind of NFTs you can also sell if you choose to go that route. The kind of NFT it can be is indefinite because there’s a wide range of how you can approach it.
You can be selling digital items, trading cards game assets, domain names, and 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 the other options. There’s no cost for gas when you use 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 have to spend on extra fees.
Not many NFT marketplaces offer this feature, so this is great for you to receive high profit from your NFT collection.
The Referral Program is a different aspect of OpenSea to take note of. Like traditional online marketplaces that offer advantages by referring someone else to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from the site you’ll earn 2.50% of the sale amount, which means you can make more money by this method.
Other NFT marketplaces don’t have this kind of feature either This is a further advantage OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile app, but it’s mostly used to browse the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listings.
The mobile apps from OpenSea are accessible on both iOS in addition to Android. While you’re not able to buy or sell things, you can at least explore the products you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available to you You can also convert your fiat money into cryptocurrency through these platforms. Nft Channel Cap
You can convert the fiat currency you have with a your credit or debit card as well as Paypal on these reliable websites for cryptocurrency:
- Bittrex, and many more!
All of these have the option to exchange for ETH that is the most common crypto payment in OpenSea.
Although OpenSea is an NFT marketplace that is open to all types of crypto, wallets are nevertheless more compatible than other. Since it is built mainly using the ETH blockchain, all wallets which are part of this network are appropriate for the site.
Here’s a list of several crypto wallets which you can use with OpenSea:
- Authereum and many more!
*Note: Wallets that are compatible with crypto 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 with credit cards. Nft Channel Cap
To know more about it to learn more, check out their FAQs for an overview of how you can start and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and cons here:
- Mobile apps are available for iOS or Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
- Allows royalties up to 10% for artists (low royalties).
- You cannot buy or sell products through this mobile application.
- Only supports cryptocurrency as its method of payment.
- An Crypto wallet is required to access this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. However, overall, you will quickly recover this amount if you sell regularly since there is no additional fee for it.
Frequently Asked Questions Nft Channel Cap
What is OpenSea?
OpenSea is an NFT marketplace that is designed to offer artists a way to market their work online, and to accept cryptocurrency as a form of payment. It’s an ideal platform for artists who use for selling NFTs because of its zero gas fees and low commission fee rate which you are required to pay.
You can browse and shop for the vast array of digital items on the NFT marketplace and you must take a look!
Is OpenSea legit & safe?
Answer: Yes! OpenSea has been a trusted marketplace since it was founded in the year of 2018. Since its system is built on blockchain technology and is secured, it is safe to 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 will appear next to your account or collection that you have uploaded to assure any customer. The team at OpenSea regularly checks the contents to ensure users are safe.
How can I earn royalties on OpenSea?
Unfortunately, as an artist, you can be paid only 10 percent of the royalties after you have uploaded the NFT. This is thought to be a reasonable amount compared against the other NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) can be widely utilized on this website and many others to accommodate many more crypto users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can make use of to access OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency on secure platforms that accept fiat money. All you have be able to connect is your credit or Paypal for the transaction.
Does OpenSea has a mobile or desktop app?
As we mentioned earlier there’s an official mobile app by OpenSea that is available for iOS or Android. Install it from their app store, and begin browsing through the collection right now!
There is also a desktop application for OpenSea which can be downloaded from WebCatalog. On the desktop app, you can manage multiple accounts and get alerts on any updates that affect your account while you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).