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 digital web designed to buy and sell NFTs via cryptocurrency! OpenSea is among them and is worth checking out.
If you’re familiar with cryptocurrency you’ve probably heard about OpenSea before for a good reason. It’s now one of the biggest and leading marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.
Now hop aboard, and discover what you can do with OpenSea as well as examining the NFTs available to view!
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 our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Collectibles
The aim of OpenSea was to simply provide an online marketplace for artists to upload their commissions with no additional fees. It also has additional functions which allow you to market your artwork without any problems.
In terms of registration, you won’t have to give all of your personal details. All you need to do is connect your crypto wallet and voila! You have an account with OpenSea! It’s as easy as that without going through much hassle as you step into NFTs.
The most well-known cryptocurrency used in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system, and this is used to carry out the majority of processes. It also operates on the Polygon blockchain, which allows for the lowest cost and speediest trading.
With these two types of blockchains it is possible to choose which one you want to transfer your NFT to as seller. This is to ensure the security of your NFT, along with the people who want to buy it. All transactions are made by using the 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 trade in your cryptocurrency or NFTs for other NFTs. You can purchase anything from the simplest domain name to official art by an artist you admire. Anyone can be a seller however, it takes a while before anyone can become a reputable one.
There is a wide variety from the selection on OpenSea and you could become a part of this! You can start your own personal market here, along with finding NFTs you want to purchase for yourself.
What is an NFT?
In a recent advancement for the crypto market, the term “NFT” has been going around for so long on internet that a lot of millennials are familiar with it , but not exactly sure what it actually means. Let’s take a look at what NFT is for any beginners in the field of cryptocurrency.
One of the latest ways you can buy is an NFT. A NFT is a non-fungible token that is very individual and cannot be substituted. It could be a piece of rareness, such as mint-condition baseball trading cards, or a rare vinyl record.
There’s no limit to what an NFT can be as it’s a non-fungible object that you sell on the internet. More straightforwardly, you can just consider the NFT being a virtual item which is only paid in cryptocurrency.
Minting is like calling dibs to your NFTs. It is a way of claiming the owner of the item or token that you have uploaded to the market place, but you’re offering it for sale. Usually, this becomes official after you fill in the proper information regarding the NFT and submit it for sale on.
On OpenSea It’s a very simple procedure to create your own NFTs. All you have to do is visit the store and create a collection! Fill out the proper and correct information regarding your NFT and select the type of settings you want to use it with (e.g. blockchain and money transfer tokens). After that, you can finally upload it, if it’s within the limit of 100MB.
It is possible to wait and see how the transactions go from now to determine whether OpenSea is the best marketplace for you.
What NFTs can you get here?
So, at this point, you’re probably wondering what kind of NFTs be purchased here and what kind of NFTs you can also sell if you decide to go down that path. The kind of NFT it can be isn’t limited since there’s a broad range of options for how to approach it.
It is possible to sell digital products, trading cards game assets domain names, also physical goods! Consider what you believe will reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what sets OpenSea from other companies. There are zero gas fees for using this feature when you create and market NFTs. This simply means that you’ll receive the maximum profits when you sell because you won’t have to spend on additional fees.
Not many NFT marketplaces have this feature, and it can be a fantastic way to make a huge profit from your collection.
This Referral Program is a different aspect of OpenSea to take note of. Similar to traditional online markets there are advantages when you refer your friend to OpenSea! If you refer a friend to join OpenSea and buy an NFT from there, you’ll receive 2.50% of the sale amount, which means you can earn more money through this action.
Other NFT marketplaces don’t offer this kind of feature either, so that’s just another benefit OpenSea has over the other marketplaces.
There’s an OpenSea mobile app, but it’s mostly to browse the marketplace. It isn’t able to purchase or sell anything as you browse through the listings.
The mobile apps from OpenSea are accessible on the two platforms of iOS as well as Android. Although you aren’t able to purchase or sell something, you can at least look through the options you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available to you, and you can convert your fiat money into cryptocurrency using these platforms. Nft Collectibles
You can exchange your fiat money via credit card or Paypal via these reputable websites to exchange it for crypto:
- Bittrex and other things!
All of them have the option to exchange for ETH, which is the primary crypto payment in OpenSea.
Although OpenSea has been described as being an NFT marketplace that is open to all kinds of cryptocurrency, wallets are nevertheless more compatible than other. Because it is based around an ETH blockchain, all wallets which are part of that network will be suitable for this website.
Here’s a list several crypto wallets you can utilize in OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each has its own limitations like easy registration, use on mobile devices only and the ability to purchase cryptocurrency using the credit card. Nft Collectibles
To learn more about it to learn more, check out their FAQs to see a rundown of how you can start and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with its advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and cons here:
- Mobile apps are available for iOS or Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto market and NFTs.
- Allows royalties 10% for artists (low royalty rates).
- It is not possible to buy or sell items through the mobile app.
- Only accepts cryptocurrency as a method of payment.
- An Crypto digital wallet must be used to use this marketplace.
OpenSea is accessible to everyone who has any crypto currency in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. In the end, you’ll quickly regain that when you actively sell because there’s no additional cost for it.
Frequently Asked Questions Nft Collectibles
What is OpenSea?
OpenSea is an NFT marketplace that seeks to give artists a chance to market their work online and receive cryptocurrency as a method of payment. It’s a great platform for artists who use for selling NFTs because of its zero cost of gas and low commission fee rate you must pay.
You can browse and shop for a vast collection of digital goods in this NFT marketplace which is why you should definitely go through it!
Is OpenSea legitimate and secure?
Short answer: Yes! OpenSea is a reputable marketplace since it was founded in the year of 2018. Because its system is built on blockchain technology that is secure, you can declare that transactions are protected and secured.
Additionally, as a seller, you’ll be verified when you have built up your credibility. A blue checkmark is placed to your account or any collection that you have uploaded to assure any customer. OpenSea’s team regularly reviews the contents to ensure users are secure.
How can I earn royalties on OpenSea?
However, as an artist, you’ll be paid only 10 percent of the royalties after you upload the NFT. This is thought to be quite low in comparison with others NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) can be frequently utilized on this website and numerous others to cater for many more crypto users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can make use of for OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency through secure platforms that accept fiat money. All you need just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea have a desktop/mobile application?
As we mentioned earlier there’s an official mobile app from OpenSea that is available for iOS or Android. Download it at their respective app store, and begin exploring the collection right now!
A version for desktops that OpenSea which can be downloaded from WebCatalog. On the desktop app you can manage multiple accounts and 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/).