The cryptocurrency market is on the rise and you’re probably wondering where you can invest your crypto coins. Markets have popped up across the web that allow users to sell and buy NFTs via cryptocurrency! OpenSea is one of them and is worth looking into.
If you’re well-versed in cryptocurrency, you’ve likely heard of OpenSea previously for a valid reason. It’s one of the largest and most popular marketplaces for users of cryptocurrency due to its safety and speedy transactions.
Get on board, and discover what you can do with OpenSea and also see 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. After, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Coin
The aim of OpenSea was to simply provide artists with a marketplace/platform to upload their commissions with no additional charges. It also has additional functions that allow you to sell your artwork without any difficulties.
For registration, you won’t have to give too many details about yourself. All you have to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as simple as that and without many hurdles as you walk into NFTs.
The most popular cryptocurrency that is used in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it, and this is used to carry out the majority of processes. It also operates on the Polygon blockchain to ensure lower costs and faster trading.
With these two kinds of blockchains that are available, you can choose which one you would like to publish your NFT as an seller. This will ensure the security of your NFT and those who wish to purchase it. All transactions will be made using this blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless where you can exchange your cryptocurrency or NFTs for other NFTs. You can purchase anything from just a domain name to an official artwork from an artist that you admire. Anyone can become a seller however it takes some time for anyone to become a reputable one.
There’s a huge selection of NFTs available on OpenSea and you can become a part of the collection! You can create your own market here, along with finding NFTs that you would like to purchase yourself.
What is an NFT?
In a recent development for the cryptocurrency industry,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on the internet that many millennials are familiar with it , but aren’t exactly sure what it actually 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 you can purchase your cryptocurrency can be an NFT. A NFT is a non-fungible token that is very exclusive and cannot be replaced. It can be a piece of rarity like mint-condition baseball trading cards or unique vinyl album.
There’s no limit to what an NFT can be since it’s a non-fungible object you’re selling on the internet. More straightforwardly, you can just imagine the NFT to be a type of digital collectible that is paid for using cryptocurrency only.
Minting is like calling dibs for your personal NFTs. It is a way of claiming ownership over that particular token/item that you have uploaded to market, as selling it. Typically, this is official when you have filled in the proper information regarding the NFT and then add it on the market.
On OpenSea It’s a very simple procedure to create your own NFTs by going to the store and then create a collection! Input the appropriate and accurate information about your NFT and choose what kind of settings you want for it (e.g., blockchain and money transfer tokens). Once that’s all done, you can finally upload it to the internet if it’s in the 100 MB limit.
It is possible to wait and see how transactions progress from now to determine if OpenSea is the right marketplace for you.
What NFTs can you find here?
In this moment, you’re probably wondering which kind of NFT can be found here and what kind of NFTs you can also sell if you decide to pursue that route. The kind of NFT that you can purchase isn’t limited because there’s a wide range of options for how to do it.
You can be selling trade cards, digital goods game assets domain names, even physical assets! Consider what you believe will bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what differentiates OpenSea from the others. There are zero gas fees when you use this feature when you make and then sell the NFTs. This simply means that you’ll receive the maximum profits when you start selling because you don’t need to pay on additional fees.
Very few NFT marketplaces provide this feature, which is why this is great for you to earn a high return from your portfolio.
The Referral Program is a different aspect of OpenSea to be admired. Similar to traditional online markets there are advantages by referring someone else to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from the site you’ll earn 2.50% of the sale amount, which means you can earn more cash through this action.
Other NFT marketplaces do not have the same feature This is a further advantage OpenSea has over the other marketplaces.
There is an OpenSea mobile application, however it’s mostly used to browse the marketplace. You can’t buy or sell anything as you browse through the listing.
The mobile apps of OpenSea are available for the two platforms of iOS and Android. While you’re not able to buy or sell anything, you can still look through the options you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are at your disposal, and you can trade your fiat currency for cryptocurrency on these platforms. Nft Coin
You can swap the fiat currency you have with a the credit card, or Paypal through these trusted sites to exchange it for crypto:
- Bittrex and many more!
Each of them has the option of converting them into ETH, which is the most common cryptocurrency payment option in OpenSea.
Although OpenSea can be described as an NFT marketplace that is open to all types of cryptocurrency, the wallets still more compatible with it than others. Since it is built using an ETH blockchain, any wallets with a connection to the same network are suitable for this site.
Here is a list of various crypto wallets that you can utilize in OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each has its own limitations, such as easy registration, mobile-only usage as well as the capability to purchase cryptocurrency using a credit card. Nft Coin
To learn more about it You can go through their FAQs to see the steps you can get started and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and cons here:
- Mobile apps 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% to artists (low royalties).
- Cannot buy or sell via our mobile apps.
- Only accepts cryptocurrency as a type of payment.
- An Crypto digital wallet must be used to access this marketplace.
OpenSea is available to anyone who has any crypto currency in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. In the end, you’ll quickly regain that when you sell regularly since there’s no additional cost for it.
Frequently Asked Questions Nft Coin
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to offer artists a way to sell their works online and receive cryptocurrency as a method of payment. It’s an ideal option for artists who want to use for selling NFTs due to its no gas costs and the low commission rate which you are required to pay.
You can browse and purchase a vast collection of digital items on the NFT marketplace and you must take a look!
Is OpenSea legitimate and is it safe?
The short answer is yes! OpenSea is a reputable marketplace since it was established on the 1st of December in the year of 2018. Since its system is based on a blockchain, it is safe to say that your transactions are protected and secured.
Additionally, as a seller, you will be verified after you have built up your credibility. A blue checkmark will appear on your account or collection you uploaded to reassure any customer. OpenSea’s team regularly reviews the content to ensure users are safe.
How can I earn royalties from OpenSea?
However, as an artist, you will get only 10 percent of the royalties after you upload the NFT. This is considered to be a reasonable amount compared with other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) has been widely used on this site as well as many others to accommodate more cryptocurrency users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can use for OpenSea.
What are the payment options for OpenSea?
OpenSea does not allow 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 to complete the transaction.
Does OpenSea have a desktop/mobile application?
As previously mentioned, there is definitely an official mobile app from OpenSea for both iOS or Android. Install it from their app store and begin exploring the collection now!
A version for desktops that OpenSea that can be downloaded through WebCatalog. On the desktop app, you can manage multiple accounts as well as receive notifications on updates regarding your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).