The crypto currency market is in a boom right now and you’re probably thinking where you can invest your crypto-coins. Marketplaces are popping up all over the internet, designed to buy and sell NFTs using cryptocurrency! OpenSea can be one and is worth checking out.
If you’re interested in crypto you’ve probably heard of OpenSea previously for a valid reason. It’s one of the biggest and most popular marketplaces for cryptocurrency users because of its safety and speedy transactions.
Get on board, and discover what you can do with OpenSea as well as examining what NFTs you can view!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Date
The aim of OpenSea was to provide an online marketplace for artists to easily upload their commissions without any extra costs. It has more functions that allow you to sell your art without too many issues.
In terms of registration, you don’t need to worry about giving all of your personal details. All you need to connect your crypto wallet and voila! You have an account on OpenSea! It’s as easy as that without going through many hassles when you enter into NFTs.
The most well-known cryptocurrency to use within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system which is utilized 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 publish your NFT as an seller. This will ensure the security of your NFT, along with the people who want to purchase it. Every transaction will be conducted using 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 NFTs or cryptocurrency for other NFTs. You can purchase anything from as simple as a domain name to official art by an artist you admire. Anyone can become a seller however it takes time for anyone to become a reputable one.
There are a variety of NFTs in the collection at OpenSea and you can join in with this! You can start your own marketplace there, and also find NFTs you’d like to buy for 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 a lot of millennials are familiar with it , but not exactly sure what it is. Let’s look at what an NFT is for anyone who is new in cryptocurrency.
One of the latest ways you can purchase your cryptocurrency can be an NFT. A NFT is a non-fungible token which is extremely exclusive and cannot be substituted. It can be an item of rarity like rare baseball trading cards in mint condition or unique vinyl album.
There’s no limit on what an NFT can be as it’s a non-fungible object that you sell online. In simpler terms, you could just think of an NFT as a digital collectible which is only paid in cryptocurrency.
Minting is like calling the shots to your NFTs. You are calling the ownership of the particular item that you posted to the market place, but you’re putting it up for sale. Usually, this is recognized when you have filled in all the necessary information about the NFT and finally 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 simply making a collection to begin! Input the appropriate and accurate information about your NFT and select the type of settings you’d like for it (e.g. blockchain and money transfer tokens). Once that’s all done, you can finally upload it, if it’s within the limit of 100MB.
It is possible to wait and see the way transactions are handled from here on out to determine whether OpenSea is the marketplace for you.
What NFTs can you get here?
At this point you’re probably asking yourself the kind of NFTs can be found here and what you can also sell if you decide to pursue that route. The kind of NFT that you can purchase is unlimited since there’s a broad range of how you can go about it.
You can be selling digital products, trading cards, game assets, domain names, and even physical assets! Consider what you believe will yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that separates OpenSea from the others. There are zero gas fees when you use this feature when you make and then sell the NFTs. This means you’ll be able to make the highest profits once you sell because you won’t have to spend on any additional charges.
Not many NFT marketplaces provide this feature, so this is great for you to make a huge profit from your collection.
This Referral Program is another unique aspect of OpenSea to be admired. Similar to traditional online markets that offer rewards by referring someone else to OpenSea! If you refer a friend to join OpenSea and buy an NFT from there you’ll be rewarded with 2.50 percent of the purchase amount, which allows you to earn more money by this method.
Other NFT marketplaces don’t offer this feature This is a further benefit OpenSea has over them.
There is an OpenSea mobile app, but it is mainly used 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 the two platforms of iOS and Android. While you’re not able to buy or sell anything, you can still look through the options you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available at your disposal to convert your fiat money into cryptocurrency through these platforms. Nft Date
You can exchange your fiat money via credit card or Paypal through these trusted sites to exchange it for crypto:
- Bittrex, and other things!
Each of them has the option of converting them into ETH which is the primary cryptocurrency used in OpenSea.
Although OpenSea can be described as an NFT marketplace open to all types of cryptocurrency, wallets are still more compatible with it than others. Since it is built mainly using an ETH blockchain, any wallets which are part of the same network are suitable for the site.
Here is a list of several crypto wallets you can utilize in OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each wallet has its own restrictions like easy registration, mobile-only usage, and the function to buy cryptocurrency using the credit card. Nft Date
To know more about it You can go through their FAQs to get a rundown of how you can start 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 its advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and cons here:
- Mobile apps are available that are compatible with iOS and Android.
- Smart contracts can be used to perform transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalties 10% to artists (low royalty rates).
- Cannot buy or sell on our mobile apps.
- Only supports cryptocurrency as its type of payment.
- The use of a Crypto wallet is required to use 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 percent commission fee for all sellers on the platform. In the end, you’ll easily recover that amount when you actively sell because there’s no additional cost for it.
Frequently Asked Questions Nft Date
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to offer artists a way to sell their works online and receive cryptocurrency as a method of payment. It’s a great option for artists who want to use for selling NFTs because of its zero gas costs and the low commission rate that you have to pay.
You can shop and browse an array of digital products on this NFT marketplace and you must take a look!
Is OpenSea legitimate and secure?
The short answer is yes! OpenSea has been a reliable marketplace since it was established at the end of 2018. Since the system it operates on is built on blockchain technology and is secured, it is safe to claim that your transactions are protected and secured.
In addition, as a seller, you can become verified once you’ve earned a reputation. A blue checkmark will be assigned next to your account or the collection that you have uploaded to assure every customer. The OpenSea team reviews regularly the content to ensure that users are safe.
How can I earn royalties on OpenSea?
As an artist, you can be paid only 10 percent of the royalties after you upload the NFT. This is thought to be quite low in comparison to other NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) has been commonly used on this site and numerous others to cater for the increasing number of crypto users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize to access OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. It is easy to buy or trade cryptocurrency using secure platforms that accept fiat money. All you need just connect your debit or credit card to Paypal for the transaction.
Does OpenSea have a desktop/mobile app?
As previously mentioned, there is definitely an official mobile app by OpenSea for both iOS as well as Android. You can download it through their app store and you can start browsing through the collection right now!
A desktop application for OpenSea can be downloaded via WebCatalog. With the desktop application you can manage multiple accounts as well as receive notifications about updates to 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/).