Cryptocurrency is booming right now and you’re probably thinking where you can invest your crypto currency. Marketplaces are popping up all over the internet, designed to sell and buy NFTs via cryptocurrency! OpenSea can be one and is 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 among cryptocurrency users because of its safety and speedy transactions.
Now hop aboard, and discover what you can do with OpenSea, along with checking 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 review. After, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Crypto Meaning
The aim for OpenSea was to simply provide artists with a marketplace/platform to upload their commissions, without having to pay any additional fees. It has more functions that let you sell your work without having to deal with many problems.
For registration, you won’t have to provide too many details about yourself. All you need to do is connect your crypto wallet–and voila!–you have an account on OpenSea! It can be as simple as that and without many hassles when you enter into NFTs.
The most popular cryptocurrency that is used within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology, and this is used for most processes. It also functions with the Polygon blockchain, which allows for the lowest cost and speediest trading.
There are two types of blockchains, you can choose which one you’d like to upload your NFT on as an seller. This ensures the safety of your NFT and those who wish to purchase it. All transactions are made by using the blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall where you can trade in your NFTs or cryptocurrency for other NFTs. You can buy anything the simplest domain name to an official artwork from an artist that you admire. Anyone can be a seller however, it takes a while before anyone can become an established one.
There are a variety of NFTs from the selection at OpenSea, and you can also be a part of this! You can set up your own market on this site, as well as find NFTs you want to purchase for yourself.
What is an NFT?
In a recent development for the crypto industry”NFT” is a term that has been used in recent times “NFT” has been going around so long on the internet that a lot of millennials are familiar with it but aren’t sure exactly 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 you can purchase your cryptocurrency can be an NFT. An NFT is a token that is non-fungible that is individual and cannot be replaced. This can be an item of any rarity like rare baseball trading cards in mint condition or unique vinyl album.
There is no limit to what an NFT can be as it’s a non-fungible object that you can sell online. In simpler terms, you could just think of the NFT as a digital collectible which is only paid in cryptocurrency.
Minting is similar to calling for dibs on your own NFTs. It is a way of claiming ownership over that particular token/item you uploaded on market, as putting it up for sale. Usually, this becomes official after you fill in all the necessary information about the NFT and then 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 then create a collection! Complete the correct and correct information regarding your NFT and select the type of settings you’d like to use to use it with (e.g. blockchain or payment tokens). Once that’s all done you are able to upload it if it fits the 100 MB limit.
You can watch and see how the transactions go from now on to see if OpenSea is the best marketplace for you.
What NFTs are available here?
In this moment, you’re probably wondering the kind of NFTs can be found here and what kind of NFTs you can sell should you decide to pursue that route. The type of NFT it is unlimited since there’s a broad range of ways to approach it.
You could be selling digital products, trading cards game assets domain names, some physical items! Consider what you believe will bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what sets OpenSea from other companies. There’s no cost for gas when you use this feature to create and market NFTs. This is essentially a way to ensure that you be able to make the highest profits once you start selling because you don’t need to pay on any additional charges.
There aren’t many NFT marketplaces provide this feature, so this can be a fantastic way to make a huge profit from your portfolio.
This Referral Program is a different aspect of OpenSea to take note of. Similar to traditional online markets there are rewards when you refer someone else to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from there you’ll be rewarded with 2.50 percent of the purchase amount, which allows you to earn more money from this act.
Other NFT marketplaces don’t have this feature, so that’s just another benefit OpenSea has over the other marketplaces.
There is an OpenSea mobile application, however it’s mostly to browse the marketplace. It isn’t able to purchase or sell items as you browse through the listing.
The mobile apps of OpenSea are available for both iOS as well as Android. Although you aren’t able to purchase or sell something, you can look through the options you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are available at your disposal You can also convert your fiat money into cryptocurrency through these platforms. Nft Crypto Meaning
You can convert the fiat currency you have with a credit card or Paypal through these trusted sites to exchange it for crypto:
- Bittrex and many more!
All of these have the option of exchange for ETH which is the most common crypto payment in OpenSea.
Although OpenSea can be described as an NFT marketplace that is open to all forms of crypto, wallets are nonetheless more compatible than other. Since it is built around an ETH blockchain, any wallets with a connection to that network will be suitable for this site.
Here is a list of different crypto wallets you can utilize in OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets can be found 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 with credit cards. Nft Crypto Meaning
To learn more about it to learn more, check out their FAQs to get a rundown of how you can begin and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and cons here:
- Available as mobile apps that are compatible with iOS as well as Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalties of only 10% for artists (low royalty rates).
- Cannot buy or sell via this mobile application.
- Only supports cryptocurrency as its form of payment.
- An Crypto digital wallet must be used 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 percent commission fee to all the sellers who are on this platform. But overall, you can easily recover that amount when you are actively selling since there’s no extra charge for it.
Frequently Asked Questions Nft Crypto Meaning
What is OpenSea?
OpenSea is an NFT marketplace that seeks to provide artists a platform to market their work online to receive cryptocurrency as a form of payment. It’s an excellent option for artists who want to use for selling NFTs because of its zero gas costs and the low commission rate which you are required to pay.
You can shop and browse the vast array of digital products on this NFT marketplace, so you should go through it!
Is OpenSea legitimate and is it safe?
Answer: Yes! OpenSea has been a trusted marketplace since it was founded at the end of 2018. Because its system is built on blockchain technology and is secured, it is safe to declare that transactions are protected and secured.
Furthermore as a seller you can become verified once you have built up your credibility. A blue checkmark will appear on your account or any collection that you have uploaded to assure anyone who buys from you. The team at OpenSea regularly checks the content to ensure that users are protected.
How can I earn royalties on OpenSea?
However, as an artist, you will be paid only 10 percent of the royalties when you upload the NFT. This is considered to be a reasonable amount compared against others NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) can be commonly used on this site as well as other sites to provide more cryptocurrency users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can utilize to access OpenSea.
What are the payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. You can buy and sell cryptocurrency on trusted platforms with fiat money. All you have just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea has a mobile or desktop application?
As previously mentioned there’s an official mobile application from OpenSea that is available for iOS or Android. You can download it through their app store and you can start browsing through the collection right now!
The version for desktops that OpenSea that can be downloaded through WebCatalog. On the desktop app, you can manage multiple accounts and receive notifications about updates to 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/).