Cryptocurrency is booming right now 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 purchase and sell NFTs via cryptocurrency! OpenSea can be one, and it’s worth checking out.
If you’re interested in crypto you’ve likely heard of OpenSea prior to this for a valid reason. It has become one of the biggest and leading marketplaces among users of cryptocurrency due to its security and quick transactions.
So, hop on board and let’s explore what you can do with 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 review. Afterward, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Creator
The aim to create OpenSea was to provide a platform/marketplace for artists to upload commissions with no additional fees. It also has additional functions that allow you to sell your art without too many problems.
When it comes to registration, you won’t have to give all of your personal details. All you need to connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as simple as that, without much hassle as you step into NFTs.
The most popular cryptocurrency that is used within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology which is utilized to carry out the majority of processes. It is also based with the Polygon blockchain, which allows for lower costs and faster trading.
With these two kinds of blockchains that are available it is possible to choose which one you would like to transfer your NFT to as seller. This is to ensure the security of your NFT as well as the people who want to purchase it. All transactions are made by using the blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall where you can trade in your cryptocurrency or NFTs for other NFTs. You can purchase anything from just a domain name to an official artwork by an artist you admire. Anyone can sell however it takes time for anyone to become an established seller.
There’s a huge selection in the collection at OpenSea, and you can join in with that! You can create your own marketplace here, along with finding NFTs you’d like to buy 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 the internet that many millennials have heard of it but aren’t sure exactly what it actually means. Let’s take a look at what NFT is for those who are just beginning to get started in cryptocurrency.
One of the latest ways that you can buy with cryptocurrency includes an NFT. A NFT is a non-fungible currency which is extremely individual and cannot be replaced. It can be a piece of rareness, such as mint-condition baseball trading cards or a unique vinyl album.
There is no limit to what an NFT can be since it’s a non-fungible object you’re selling online. More straightforwardly, you can simply imagine as an NFT being a virtual item which is only paid in cryptocurrency.
Minting is like calling dibs on your own NFTs. You are calling ownership over that particular token/item that you posted to the market place, but putting it up for sale. Typically, this is official once you fill out the correct information about the NFT and finally upload it to the marketplace.
On OpenSea It’s a very simple procedure to create your own NFTs by visiting the store and creating a collection to start! Fill out the proper and correct information regarding your NFT and choose what kind of settings you’d like to use for it (e.g., blockchain and money transfer tokens). After that you are able to upload it, if it’s within the 100 MB limit.
You can wait and observe how the transactions go from now on to determine whether OpenSea is the best marketplace for you.
What NFTs can you find here?
At this point, you’re probably wondering which kind of NFT you shop for here and what you can also sell if you choose to go that route. The kind of NFT it isn’t limited because there’s a wide range of options for how to go about it.
You can be selling digital items, trading cards games domain names, also physical goods! Consider what you believe will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that sets OpenSea from the others. There are no gas costs when you utilize this feature to mint and sell NFTs. This simply means that you’ll receive the maximum profits when you begin selling since you don’t need to pay on any additional charges.
Very few NFT marketplaces have this feature, which is why this is a great way to receive high profit from your portfolio.
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 encourage a friend join OpenSea and then purchase an NFT from the site you’ll earn 2.50 percent of the purchase amount, which allows you to earn more money from this act.
Other NFT marketplaces do not have the same feature, so that’s just another advantage OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile application, however it’s mostly used to browse the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listing.
OpenSea’s mobile apps are available for the two platforms of iOS as well as Android. Even though you can’t buy or sell something, you can at least explore the products you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are for you to use to exchange your fiat money for cryptocurrency through these platforms. Nft Creator
You can convert your fiat money via credit card or Paypal through these trusted sites to exchange it for crypto:
- Bittrex and other things!
All of them have the option of exchange for ETH, which is the most common crypto payment in OpenSea.
Although OpenSea is an NFT marketplace open to all kinds of cryptocurrency, wallets are nevertheless more compatible than others. Since it is built using an ETH blockchain, wallets which are part of that network will be suitable for the site.
Here’s a list of several crypto wallets you can utilize in OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, mobile-only usage, and the function to purchase cryptocurrency using a credit card. Nft Creator
For more information about the service You can go through their FAQs to see an overview of how you can start and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has advantages and drawbacks. 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 and Android.
- Smart contracts are used for transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto world and NFTs.
- Allows royalties of only 10% to artists (low royalty rates).
- It is not possible to buy or sell items through this mobile application.
- Only accepts cryptocurrency as a type of payment.
- An Crypto digital wallet must be used for this marketplace.
OpenSea is open to everyone who owns any crypto coins in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. In the end, you’ll quickly recover this amount if you actively sell because there’s no extra charge for it.
Frequently Asked Questions Nft Creator
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to give artists a chance to sell their works online, and to accept cryptocurrency as their form of payment. It’s an excellent option for artists who want to use it to sell NFTs because of its zero cost of gas and the low commission rate which you are required to pay.
You can shop and browse an array of digital items on the NFT marketplace which is why you should definitely take a look!
Is OpenSea legitimate and safe?
The short answer is yes! OpenSea has been a reliable marketplace since it was founded at the end of the year 2018. Since the system it operates on is built on a blockchain that is secure, you can claim that your transactions are protected and secured.
Furthermore as a seller you can become verified once you build up your reputation. A blue checkmark will appear next to your account or collection you’ve uploaded to ensure the safety of any customer. The OpenSea team reviews regularly the content to ensure that users are protected.
How do I earn royalties on OpenSea?
As an artist, you will receive only up to 10 percent of the royalties when you have uploaded the NFT. This is thought to be reasonably low compared with the other NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) has been commonly used on this site and other sites to provide many more crypto users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can use for OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. You can easily purchase or sell cryptocurrency on trusted platforms with fiat money. All you need just connect your debit or credit card to Paypal for the transaction.
Does OpenSea have a desktop or mobile app?
As we mentioned earlier there’s an official mobile application from OpenSea available for both iOS and Android. Download it at their respective app store and begin exploring the collection right now!
There is also a desktop application for OpenSea that can be downloaded through WebCatalog. With the desktop application you can 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/).