The cryptocurrency market is on the rise and you’re probably thinking where you can invest your crypto-coins. There are numerous marketplaces popping up across the digital web designed to buy and sell NFTs using cryptocurrency! OpenSea is among them and is worth a look.
If you’re well-versed in cryptocurrency, you’ve probably heard about OpenSea prior to this for a valid reason. It has become one of the largest and most popular marketplaces for users of cryptocurrency due to its security and quick transactions.
So, hop on board and let’s explore what you can do with OpenSea as well as examining the NFTs that you can see!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. After, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Code
The goal for OpenSea was to offer an online marketplace for artists to easily upload their commissions without any extra costs. There are additional features that allow you to sell your work without having to deal with many issues.
For registration, you don’t need to worry about giving any personal information about yourself. All you have to connect your crypto wallet and voila! You have an account on OpenSea! It can be as simple as that without going through much hassle as you step into NFTs.
The most popular cryptocurrency used within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system and is used for most processes. It is also based using the Polygon blockchain, which allows for the lowest cost and speediest trading.
With these two kinds of blockchains available you can pick which one you would like to transfer your NFT to as seller. This ensures the safety of your NFT as well as the people who want to purchase it. All transactions will be made using 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 marketplace that lets you trade your cryptocurrency or NFTs for other NFTs. You can purchase anything from as simple as a domain name to official art from an artist you admire. Anyone can become a seller however, it takes a while before anyone can become an established one.
There is a wide variety in the collection on OpenSea and you can become a part of this! You can create your own personal market there, and also find NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent development for the cryptocurrency 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 is. 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 buy includes an NFT. A NFT is a token that is non-fungible that is unique and can’t be substituted. It could be a piece of rareness like rare baseball trading cards in mint condition or a uncommon vinyl record.
There’s no limit on what an NFT can be since it’s a non-fungible item that you sell online. More straightforwardly, you can just consider an NFT to be a type of digital item which is only paid in cryptocurrency.
Minting is like calling the shots for your personal NFTs. You are calling the ownership of the particular item that you posted to market, as you’re selling it. Usually, this becomes official when you have filled in the correct information about the NFT and then upload it to the marketplace.
On OpenSea It’s a very simple process to mint your NFTs by visiting the store and creating a collection to start! Complete the correct and correct information regarding your NFT and then select what type of settings you’d like to use for it (e.g. blockchain, payment tokens). After you’ve completed the process, you can finally upload it to the internet if it’s in the 100 MB limit.
You can wait and observe the way transactions are handled from here on out to determine if OpenSea is the best marketplace for you.
What NFTs can you get here?
At this point you’re probably thinking about what kind of NFTs you shop for here, and what you could also sell if you choose to pursue that route. The type of NFT it is indefinite since there’s a broad range of ways to go about it.
You can be selling digital items, trading cards game assets 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 utilize this feature to make and then sell the NFTs. This means you’ll receive the maximum profits when you start selling because you won’t need to spend on any additional charges.
There aren’t many NFT marketplaces provide this feature, so this is great for you to receive high profit from your NFT collection.
A Referral Program is a different aspect of OpenSea to take note of. Similar to traditional online markets there are advantages by referring a friend to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from there you’ll be rewarded with 2.50 percent of the purchase amount, which means you can make more money by this method.
Other NFT marketplaces do not have this feature, so that’s just another benefit OpenSea has over the other marketplaces.
There’s an OpenSea mobile application, however it’s mostly to browse the marketplace. You can’t buy or sell anything as you scroll through the list.
The mobile apps from OpenSea are accessible for the two platforms of iOS and Android. Even though you can’t buy or sell things, you can look through the options you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available at your disposal to trade your fiat currency for cryptocurrency on these platforms. Nft Code
You can exchange your fiat money via credit card or Paypal through these trusted sites to exchange it for crypto:
- Bittrex and other things!
Each of them has the option of converting them into ETH which is the most common cryptocurrency used in OpenSea.
While OpenSea can be described as an NFT marketplace that is open to all types of cryptocurrency, wallets are nonetheless more compatible than other. Since it is built using the ETH blockchain, any wallets which are part of this network are appropriate for this site.
Here’s a list of several crypto wallets you can use in OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each has its own limitations, such as easy registration, use on mobile devices only, and the function to buy cryptocurrency using a credit card. Nft Code
To know more about it to learn more, check out their FAQs to see the steps you can get started and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and cons here:
- Available as mobile apps that are compatible with iOS or Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalties of only 10% to artists (low royalty).
- You cannot buy or sell products via this mobile application.
- Only accepts cryptocurrency as a method of payment.
- An Crypto digital wallet must be used to access this marketplace.
OpenSea is available to anyone who has 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. In the end, you’ll easily recover that amount when you sell regularly since there’s no additional cost for it.
Frequently Asked Questions Nft Code
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 platform for artists using for selling NFTs due to its low cost of gas and low commission fees which you are required to pay.
You can browse and purchase the vast array of digital products on this NFT marketplace, so you should check it out!
Is OpenSea legitimate and secure?
Short answer: Yes! OpenSea has been a reliable marketplace since its inception in the year 2018. Since the system it operates on is built on blockchain technology, it is safe to declare that transactions are safe and secure.
In addition, as a seller, you can become verified once you build up your reputation. A blue checkmark will be assigned on your account or the collection you uploaded to reassure any customer. The OpenSea team reviews regularly the content to ensure users are secure.
How do I earn royalties on OpenSea?
As an artist, you can receive only up to 10 percent of the royalties when you upload the NFT. This is thought to be a reasonable amount compared against the other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) is frequently used on this site and many others to accommodate the increasing number of crypto users. These are other cryptos you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can make use of to access OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. You can buy and sell cryptocurrency on secure platforms that accept fiat money. All you need to do is connect your credit card or Paypal for the transaction.
Does OpenSea have a desktop/mobile app?
As we mentioned earlier There is an official mobile application from OpenSea for both iOS and Android. Download it at their respective app store and you can start browsing through the collection right now!
The desktop application for OpenSea that can be downloaded through WebCatalog. In the desktop application you can manage multiple accounts and 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/).