The cryptocurrency market is on the rise, and you’re probably wondering where to invest your crypto-coins. There are numerous marketplaces popping up all over 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 familiar with cryptocurrency you’ve probably heard of OpenSea prior to this for a valid reason. It has become one of the largest and most popular marketplaces for cryptocurrency users because of its security and quick transactions.
Get on board, and discover the possibilities of OpenSea and also see what NFTs you can view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick review. Afterward, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Colorado
The aim for OpenSea was to offer a platform/marketplace for artists to upload commissions without any extra charges. There are additional features that let you sell your artwork without any issues.
For the registration process, you don’t have to worry about giving all of your personal details. All you need to connect your cryptocurrency 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 to use in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system, and this is used for most processes. It is also based with the Polygon blockchain to ensure 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 a seller. This will ensure the security of your NFT and those who wish to purchase it. Every transaction will be conducted by using the blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall where you can exchange your NFTs or cryptocurrency for other NFTs. You can buy anything just a domain name, to a piece of art from an artist you admire. Anyone can be a seller however, it takes some time before anyone can become an established one.
There’s a huge selection in the collection of NFTs available at OpenSea, and you can join in with this! You can start your own personal market on this site, as well as find NFTs that you would like to purchase yourself.
What is an NFT?
In a recent development for the crypto market, the term “NFT” has been going around for so long on internet that the majority of young people have heard of it but aren’t sure exactly what it means. Let’s break down what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the latest ways you can purchase your cryptocurrency can be an NFT. An NFT is a token that is non-fungible which is extremely unique and can’t be replaced. It could be a piece of rareness like rare baseball trading cards in mint condition or rare vinyl record.
There’s no limit to what an NFT could be, since it’s a non-fungible object you’re selling online. It is simpler to simply consider the NFT to be a type of digital item that is paid for using cryptocurrency only.
Minting is similar to calling for dibs to your NFTs. You’re claiming the ownership of the particular item that you posted to the market place, but you’re putting it up for sale. Typically, this is official when you have filled in all the necessary information about the NFT and then add it on the market.
On OpenSea, it’s a simple process to mint your NFTs. All you have to do is visit the store and then making a collection to begin! Complete the correct and correct information regarding your NFT and then select what type of settings you want to use it with (e.g. blockchain, payment tokens). After that you are able to upload it, if it’s within the 100 MB limit.
You can watch and see how the transactions go from here on out to determine if OpenSea is the right marketplace for you.
What NFTs are available here?
In this moment you’re probably thinking about the kind of NFTs be found here and what you can also sell if you choose to go down that path. The type of NFT that you can purchase is indefinite because there’s a wide range of options for how to go about it.
You can be selling digital products, trading cards game assets, domain names, and also physical goods! Explore what you believe can bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that differentiates OpenSea from the others. There are no gas costs when you use this feature to mint and sell NFTs. This is essentially a way to ensure that you receive the maximum profits when you begin selling since you won’t need to spend on any additional charges.
Very few NFT marketplaces offer this feature, which is why this can be a fantastic way to make a huge profit from your NFT collection.
The Referral Program is another distinctive feature of OpenSea to take note of. Like traditional online marketplaces that offer rewards by referring a friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from the site, you’ll receive 2.50% of the sale amount, which allows you to make more money through this action.
Other NFT marketplaces don’t have this kind of feature either This is a further advantage OpenSea has over the other marketplaces.
There is an OpenSea mobile application, however it’s mostly used to browse through the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listings.
The mobile apps from OpenSea are accessible for both iOS and Android. Although you aren’t able to purchase or sell something, you can explore the products you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are at your disposal, and you can convert your fiat money into cryptocurrency using these platforms. Nft Colorado
You can convert your fiat money via the credit card, or Paypal on these reliable websites to exchange it for crypto:
- Bittrex and many more!
All of them have the option of converting them into ETH which is the primary crypto payment in OpenSea.
Although OpenSea can be described as an NFT marketplace that is open to all kinds of cryptocurrency, the wallets nonetheless more compatible than others. Since it is built using the ETH blockchain, wallets with a connection to that network will be suitable for this website.
Here’s a list of several crypto wallets you can utilize in OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each has its own limitations like easy registration, use on mobile devices only as well as the capability to purchase cryptocurrency using a credit card. Nft Colorado
For more information about the service to learn more, check out their FAQs for an overview of how you can start and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has its advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and cons here:
- Mobile apps are available that are compatible with iOS or Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto market and NFTs.
- Allows royalties of only 10% for artists (low royalty rates).
- It is not possible to buy or sell items on our mobile apps.
- Only supports cryptocurrency as its form of payment.
- The use of a Crypto account is needed for this marketplace.
OpenSea is accessible to everyone who has any crypto currency in their crypto wallets. When you are a seller, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. But overall, you can quickly recover this amount if you actively sell because there’s no additional cost for it.
Frequently Asked Questions Nft Colorado
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to provide artists a platform for selling their artwork online to receive cryptocurrency as a form of payment. It’s an ideal platform for artists using for selling NFTs because of its zero gas fees and low commission fee rate that you have to pay.
You can shop and browse the vast array of digital items on the NFT marketplace, so you should take a look!
Is OpenSea real and safe?
Short answer: Yes! OpenSea has been a reliable marketplace since it was founded on the 1st of December in 2018. Since the system it operates on is built on blockchain technology that is secure, you can say that your transactions are secure and safe.
Furthermore, as a seller, you can become verified once you have built up your credibility. 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 content to ensure that users are protected.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you can receive only up to 10 percent of the royalties when you upload the NFT. This is considered to be a reasonable amount compared with others NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) has been widely used on this site as well as other sites to provide many more crypto users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can make use of to access OpenSea.
What are the payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. You can easily purchase or sell cryptocurrency on reliable platforms using fiat currency. All you have just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea has a mobile or desktop application?
As we mentioned earlier, there is definitely an official mobile app by OpenSea available for both iOS and Android. Download it at their respective app store and you can start exploring the collection now!
There is also a desktop application for OpenSea that can be downloaded through WebCatalog. In the desktop application you can 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/).