The cryptocurrency market is on the rise, and you’re probably wondering where you can invest your crypto coins. Marketplaces are popping up across the internet, designed to buy and sell NFTs with cryptocurrency! OpenSea can be one and is worth checking out.
If you’re familiar with cryptocurrency you’ve probably heard of OpenSea before for a good reason. It has become one of the biggest and most popular marketplaces among cryptocurrency users because of its safety and speedy transactions.
Get on board, and discover the possibilities of OpenSea, along with checking the NFTs available to view!
Before you go on, you may want to watch 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 Copyright Laws
The aim to create OpenSea was to provide an online marketplace for artists to upload commissions, without having to pay any additional fees. There are additional features which allow you to market your artwork without any issues.
When it comes to registration, you don’t need to give any personal information about yourself. All you need to connect your crypto wallet–and voila!–you have an account with OpenSea! It can be as simple as that, without many hurdles as you walk into NFTs.
The most well-known cryptocurrency that is used in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology and is used for the majority of transactions. It is also based using the Polygon blockchain to ensure lower costs and faster trading.
With these two types of blockchains it is possible to choose which one you would like to transfer your NFT to as seller. This will ensure the security of your NFT and those who would like to purchase it. All transactions are made along with this blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall where you can exchange your cryptocurrency or NFTs for other NFTs. You can purchase anything from as simple as a domain name, to a piece of art by an artist you admire. Anyone can be a seller however it takes some time before anyone can become an established seller.
There is a wide variety in the collection of NFTs available at OpenSea and you could become a part of the collection! You can set up your own personal market there, and also find NFTs that you would like to purchase for yourself.
What is an NFT?
A recent change in the crypto industry,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that a lot of millennials have heard of it but not exactly sure what it means. Let’s take a look at what NFT is for anyone who is new in the field of cryptocurrency.
One of the newest things that you can buy with cryptocurrency can be an NFT. An NFT is a token that is non-fungible that is very individual and cannot be substituted. It can be an item of any rarity like authentic baseball cards or a uncommon vinyl record.
There is no limit to what an NFT can be since it’s a non-fungible thing you’re selling on the internet. It is simpler to just imagine the NFT being a virtual collectible which is only paid in cryptocurrency.
Minting is similar to calling for dibs for your personal NFTs. You’re claiming ownership over that particular token/item that you posted to market, as you’re offering it for sale. Usually, this becomes official after you fill in the proper information regarding the NFT and add it on the market.
On OpenSea, it’s a simple procedure to create your own NFTs. All you have to do is visit the store and making a collection to begin! Complete the correct and correct information regarding 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, if it’s within the 100 MB limit.
You can wait and observe how transactions progress from now to determine if OpenSea is the best marketplace for you.
What NFTs can you find here?
In this moment, you’re probably wondering what kind of NFTs can be purchased here, and what you could also sell if you choose to pursue that route. The kind of NFT it is indefinite as there’s a variety of ways to approach it.
You could be selling trade cards, digital goods games, domain names, and some physical items! Find out what you think will yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that sets OpenSea from other companies. There are zero gas fees when you utilize this feature when you create and market NFTs. This means you’ll get the most profit when you sell because you won’t need to spend on extra fees.
Very few NFT marketplaces provide this feature, and it can be a fantastic way to receive high profit from your portfolio.
A Referral Program is another unique aspect of OpenSea to admire. Similar to traditional online markets there are advantages when you refer your friend to OpenSea! If you encourage a friend join OpenSea and buy an NFT from the site you’ll be rewarded with 2.50 percent of the sales amount, letting you earn more money from this act.
Other NFT marketplaces do not have this feature and that’s another benefit OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile app, but it’s mostly for perusing through the marketplace. You can’t buy or sell anything as you browse through the listing.
OpenSea’s mobile apps are available for both iOS as well as Android. While you’re not able to buy or sell things, you can browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available for you to use You can also exchange your fiat money for cryptocurrency on these platforms. Nft Copyright Laws
You can swap your fiat currency using a your credit or debit card as well as Paypal via these reputable websites for cryptocurrency:
- Bittrex, and other things!
Each of them has the option of converting them into ETH that is the standard cryptocurrency payment option in OpenSea.
Although OpenSea can be described as an NFT marketplace that is open to all forms of crypto, wallets are still more compatible with it than others. Because it is based using an ETH blockchain, all wallets that share the same network are suitable for this site.
Here’s a list several crypto wallets you can use in OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, use on mobile devices only and the ability to purchase cryptocurrency using a credit card. Nft Copyright Laws
To know more about it, you can check their FAQs to get an overview of how you can get started and 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 the only one to have this. It is possible to read about its pros and cons here:
- Mobile apps are available for iOS or Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto market and NFTs.
- Allows royalties of only up to 10% for artists (low royalty rates).
- It is not possible to buy or sell items on this mobile application.
- Only accepts cryptocurrency as a form of payment.
- An Crypto account is needed to use this marketplace.
OpenSea is open to everyone who owns any crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. In the end, you’ll quickly regain that when you are actively selling since there is no additional fee for it.
Frequently Asked Questions Nft Copyright Laws
What is OpenSea?
OpenSea is an NFT marketplace that aims to provide artists a platform for selling their artwork online and receive cryptocurrency as their form of payment. It’s a great platform for artists who use for selling NFTs due to its no cost of gas and the low commission rate you must pay.
You can shop and browse a vast collection of digital items on the NFT marketplace which is why you should definitely go through it!
Is OpenSea legitimate and is it safe?
Short answer: Yes! OpenSea has been a trusted marketplace since its inception at the end of the year 2018. Since its system is based on a blockchain, it is safe to declare that transactions are secure and safe.
Furthermore, as a seller, you will be verified after you build up your reputation. A blue checkmark is placed next to your account or any collection that you have uploaded to assure 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 receive only up to 10 percent of the royalties after you have uploaded the NFT. This is believed to be reasonably low compared to the other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) has been commonly used on this site as well as many others to accommodate more crypto users. These are other cryptos 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 is the only platform that allows cryptocurrency exchanges through its website. It is easy to buy or sell cryptocurrency on secure platforms that accept fiat money. All you have to do is connect your credit card or Paypal for the transaction.
Does OpenSea have a desktop/mobile application?
As we mentioned earlier, there is definitely an official mobile application from OpenSea available for both iOS and Android. You can download it through their app store, and then you can begin browsing through the collection right now!
A Desktop application that OpenSea can be downloaded via WebCatalog. On the desktop app you are able to manage multiple accounts and receive alerts on any updates that affect 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/).