The cryptocurrency market is on the rise and you’re probably wondering where you can invest your crypto currency. Markets have popped up all over the internet, designed to purchase and sell NFTs using cryptocurrency! OpenSea is one of them, and it’s worth a look.
If you’re interested in crypto, you’ve probably heard of OpenSea prior to this for a valid reason. It’s now one of the largest and most popular marketplaces for users of cryptocurrency due to its security and rapid transactions.
So, hop on board and discover the possibilities of 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 of OpenSea.
OpenSea as an NFT Marketplace Nft Crypto Game
The goal to create OpenSea was to simply provide a platform/marketplace for artists to easily upload their commissions, without having to pay any additional fees. There are additional features that let you sell your art without too many problems.
In terms of registration, you won’t have to worry about giving too many details about yourself. All you have to do is connect your crypto wallet and voila! You have an account with OpenSea! It’s as easy as that and without many hurdles as you walk into NFTs.
The most widely-used cryptocurrency to use on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it which is utilized for most processes. It is also based with the Polygon blockchain, which ensures the lowest cost and speediest trading.
With these two types of blockchains that are available it is possible to choose which one you want to upload your NFT on as an seller. This will ensure the security of your NFT as well as those who wish to buy it. All transactions will be made along with this blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless where you can trade in your cryptocurrency or NFTs for other NFTs. You can buy anything as simple as a domain name to an official artwork from an artist you admire. Anyone can become a seller, but it takes a while before anyone can become a reputable one.
There’s a huge selection of NFTs available of NFTs available at OpenSea and you can also be a part of this! You can create your own marketplace there, and also find NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent development for the crypto industry the term “NFT” has been going around so long on the internet that the majority of young people are familiar with it but not exactly sure what it means. Let’s look at what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the new things that you can buy with cryptocurrency is an NFT. An NFT is a non-fungible currency that is very exclusive and cannot be replaced. This can be an item of any rareness, such as rare baseball trading cards in mint condition or unique vinyl album.
There’s no limit to what an NFT could be, since it’s a non-fungible item that you can sell on the internet. In simpler terms, you could just consider the NFT as a digital collectible paid via cryptocurrency only.
Minting is like calling dibs for your personal NFTs. It is a way of claiming ownership over that particular token/item you uploaded on the marketplace, and you’re offering it for sale. Usually, this becomes official once you fill out all the necessary information about the NFT and finally add it on the market.
On OpenSea it’s a straightforward process to mint your NFTs. All you have to do is visit the store and making a collection to begin! Input the appropriate and complete information about your NFT and select the type of settings you’d like to use it with (e.g., blockchain, money transfer tokens). After you’ve completed the process you are able to upload it if it fits the limit of 100MB.
It is possible to wait and see how the transactions go from here on out to see whether OpenSea is the best marketplace for you.
What NFTs are available here?
At this point you’re probably thinking about the kind of NFTs can you shop for here, and what you could also sell if you decide to go that route. The type of NFT it can be is indefinite as there’s a variety of ways to do it.
You can be selling digital items, trading cards game assets domain names, even physical assets! Explore what you believe can reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that differentiates OpenSea from other companies. There are zero gas fees when you utilize this feature when you mint and sell NFTs. This means you’ll receive the maximum profits when you begin selling since you won’t have to spend on any additional charges.
Very few NFT marketplaces have this feature, and it is a great way to make a huge profit from your portfolio.
This Referral Program is another distinctive feature of OpenSea to take note of. Similar to traditional online markets there are advantages by referring 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, which means you can earn more money through this action.
Other NFT marketplaces do not have this kind of feature either, so that’s just another advantage OpenSea has over the other marketplaces.
There is an OpenSea mobile app, but it is mainly used to browse the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listings.
The mobile apps from OpenSea are accessible on the two platforms of iOS in addition to Android. Even though you can’t buy or sell things, 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 You can also trade your fiat currency for cryptocurrency through these platforms. Nft Crypto Game
You can swap your fiat money via the credit card, or Paypal on these reliable websites to exchange it for crypto:
- Bittrex and more!
Each of them has the option of converting them into ETH that is the most common cryptocurrency used in OpenSea.
While OpenSea has been described as being an NFT marketplace open to all kinds of cryptocurrency, wallets are still more compatible with it than others. Since it is built around an ETH blockchain, any wallets that share that network will be suitable for this website.
Here is a list of different crypto wallets which you can use with OpenSea:
- Authereum and more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions including simple registration, mobile-only usage as well as the capability to purchase cryptocurrency using credit cards. Nft Crypto Game
To learn more about it to learn more, check out their FAQs to get the steps you can begin and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets every one of them has advantages and drawbacks. OpenSea isn’t an exception to this. You can read about its pros and pros here:
- Mobile apps available for iOS as well as Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto market and NFTs.
- Allows royalties of only 10% to artists (low royalties).
- Cannot buy or sell through this mobile application.
- Only supports cryptocurrency as its method of payment.
- A Crypto account is needed for this marketplace.
OpenSea is available to anyone who owns any crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. However, overall, you will easily recover that amount when you are actively selling since there’s no additional cost for it.
Frequently Asked Questions Nft Crypto Game
What is OpenSea?
OpenSea is an NFT marketplace that aims to provide artists a platform to sell their works online and receive cryptocurrency as their form of payment. It’s an ideal platform for artists using for selling NFTs because of its zero gas costs and low commission fee rate which you are required to pay.
You can browse and shop for the vast array of digital goods in this NFT marketplace, so you should go through it!
Is OpenSea real and secure?
Short answer: Yes! OpenSea has been a reliable marketplace since its inception on the 1st of December in the year of 2018. Since the system it operates on is built on blockchain technology that is secure, you can declare that transactions are safe and secure.
Additionally as a seller you will be verified after you have built up your credibility. A blue checkmark will be assigned on your account or the collection you’ve uploaded to ensure the safety of every customer. The team at OpenSea regularly checks the contents to ensure users are secure.
How can I earn royalties on OpenSea?
However, as an artist, you will be paid only 10 percent of the royalties when you have uploaded the NFT. This is thought to be quite low in comparison to the other NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) is frequently used on this site as well as many others to accommodate more crypto users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can use for OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. It is easy to buy or trade cryptocurrency using trusted platforms with fiat money. All you need just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea have a desktop or mobile app?
As we mentioned earlier, there is definitely an official mobile app from OpenSea available for both iOS or Android. Download it at their respective app store and then you can begin exploring the collection right now!
There is also a version for desktops that OpenSea which can be downloaded from WebCatalog. With the desktop application you are able to manage multiple accounts and receive 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/).