Cryptocurrency is booming right now and you’re probably thinking where you can invest your crypto-coins. There are numerous marketplaces popping up all over the web that allow users to purchase and sell NFTs using cryptocurrency! OpenSea can be one, and it’s 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 users of cryptocurrency due to its security and rapid transactions.
Now hop aboard, and discover the possibilities of OpenSea, along with checking 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. Afterward, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Channel
The goal to create OpenSea was to provide artists with a marketplace/platform to easily upload their commissions with no additional fees. It also has additional functions that allow you to sell your artwork without any issues.
For registration, you won’t have to worry about giving all of your personal details. All you need to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as simple as that and without many hassles when you enter into NFTs.
The most widely-used cryptocurrency that is used on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system and is used to carry out the majority of processes. It also operates with the Polygon blockchain to ensure low-cost and quicker trading.
With these two types of blockchains that are available, you can choose which one you want to transfer your NFT to as seller. This ensures the safety of your NFT and those who would like to buy it. All transactions are 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 just a domain name to an official artwork by an artist you admire. Anyone can become a seller however it takes time before anyone can become an established one.
There are a variety of NFTs from the selection at OpenSea and you can become a part of this! You can start your own market there, and also find NFTs you want to purchase yourself.
What is an NFT?
In a recent development for the crypto market,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that many millennials are familiar with it , but aren’t exactly sure what it actually means. Let’s look at what an 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. A NFT is a non-fungible token that is very exclusive and cannot be replaced. This can be a piece of rarity like authentic baseball cards, or a uncommon vinyl record.
There’s no limit on what an NFT could be, since it’s a non-fungible item that you can sell online. More straightforwardly, you can simply imagine an NFT being a virtual item paid via cryptocurrency only.
Minting is similar to calling for dibs to your NFTs. You’re claiming the owner of the item or token that you have uploaded to the marketplace, and selling it. Usually, this is recognized when you have filled in all the necessary information about the NFT and then submit it for sale on.
On OpenSea, it’s a simple process to mine your NFTs. All you have to do is visit the store and simply 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 it with (e.g. blockchain, money transfer tokens). After that, you can finally upload it to the internet if it’s in the limit of 100MB.
You can watch and see how transactions progress from now to see if OpenSea is the right marketplace for you.
What NFTs can you find here?
At this point you’re probably asking yourself what kind of NFTs can you shop for here, and what you could sell should you decide to go down that path. The kind of NFT it can be is unlimited because there’s a wide range of options for how to do it.
You could be selling digital products, trading cards games domain names, even physical assets! 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 others. There are no gas costs for using this feature when you make and then sell the NFTs. This is essentially a way to ensure that you get the most profit when you start selling because you won’t have to spend on any additional charges.
Not many NFT marketplaces offer this feature, so this is great for you to earn a high return from your portfolio.
The Referral Program is another distinctive feature of OpenSea to admire. Similar to traditional online markets that offer advantages by referring someone else to OpenSea! If you invite a friend to join OpenSea and buy an NFT from the site you’ll earn 2.50 percent of the sales amount, which allows you to earn more cash through this action.
Other NFT marketplaces do not have this kind of feature either and that’s another advantage OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile application, however it’s mostly for perusing through the marketplace. Unfortunately, you can’t purchase or sell anything as you browse through the listings.
The mobile apps from OpenSea are accessible for both iOS in addition to Android. Although you aren’t able to purchase or sell something, you can at least browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available at your disposal You can also exchange your fiat money for cryptocurrency on these platforms. Nft Channel
You can convert your fiat currency using a your credit or debit card as well as Paypal via these reputable websites for cryptocurrency:
- Bittrex, and other things!
All of these have the option of exchange for ETH that is the standard crypto payment in OpenSea.
Although OpenSea can be described as an NFT marketplace open to all types of cryptocurrency, the wallets still more compatible with it than others. Since it is built on an ETH blockchain, any wallets that share the same network are suitable for this website.
Here is a list of different crypto wallets you can utilize in OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations including simple registration, mobile-only usage as well as the capability to purchase cryptocurrency using a credit card. Nft Channel
To know more about it You can go through their FAQs to get an overview 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 read about its pros and pros here:
- Mobile apps are available that are compatible with iOS and Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalties 10% for artists (low royalty rates).
- Cannot buy or sell through the mobile app.
- Only supports cryptocurrency as its method of payment.
- An Crypto wallet is required for this marketplace.
OpenSea is open to everyone who has crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. However, overall, you will quickly regain that when you actively sell because there’s no extra charge for it.
Frequently Asked Questions Nft Channel
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to give artists a chance to sell their works online and receive cryptocurrency as a method of payment. It’s a great option for artists who want to use for selling NFTs due to its no gas fees and the low commission rate that you have to pay.
You can shop and browse the vast array of digital goods in this NFT marketplace and you must check it out!
Is OpenSea legit & secure?
The short answer is yes! OpenSea has been a reliable marketplace since it was established in 2018. Since the system it operates on is based on a blockchain and is secured, it is safe to claim that your transactions are safe and secure.
Additionally, as a seller, you can become verified once you build up your reputation. A blue checkmark is placed next to your account or the collection you uploaded to reassure any customer. The team at OpenSea regularly checks the contents to ensure users are protected.
How can I earn royalties from OpenSea?
As an artist, you’ll receive only up to 10 percent of the royalties after you have uploaded the NFT. This is believed to be a reasonable amount compared to other NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) can be commonly used on this site as well as many others to accommodate the increasing number of crypto users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can utilize 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 trade cryptocurrency using secure platforms that accept fiat money. All you have be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea have a desktop or mobile app?
As mentioned before There is an official mobile app by OpenSea for both iOS and Android. Install it from their app store, and then you can begin exploring the collection now!
The desktop application for OpenSea can be downloaded via WebCatalog. In the desktop application you are able to manage multiple accounts and get notifications on updates regarding 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/).