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 sell and buy NFTs using cryptocurrency! OpenSea is among them, and it’s worth a look.
If you’re familiar with cryptocurrency, you’ve probably heard about OpenSea previously for a valid reason. It’s one of the biggest and most popular marketplaces for cryptocurrency users because of its security and quick transactions.
Get on board, and let’s explore what you can do with OpenSea and also see the NFTs available to view!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Digital Art For Sale
The aim of OpenSea was to provide an online marketplace for artists to easily upload their commissions with no additional fees. It also has additional functions which allow you to market your artwork without any problems.
When it comes to the registration process, you don’t have to provide too many details about yourself. All you have to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as simple as that and without many hassles when you enter into NFTs.
The most widely-used cryptocurrency used within 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 allows for lower costs and faster trading.
With these two types of blockchains it is possible to choose which one you would like to publish your NFT as an seller. This ensures the safety of your NFT as well as those who would like 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’s an endless online mall where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from the simplest domain name, to a piece of art from an artist you admire. Anyone can be a seller however it takes a while for anyone to be an established seller.
There’s a huge selection in the collection of NFTs available at OpenSea and you can join in with the collection! You can set up your own personal market on this site, as well as find NFTs you’d like to buy yourself.
What is an NFT?
A recent change in the cryptocurrency 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 not exactly sure what it actually means. Let’s break down what an 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 non-fungible currency that is very individual and cannot be replaced. It can be an item of any rarity like mint-condition baseball trading cards, or a uncommon vinyl record.
There’s no limit on what an NFT could be, since it’s a non-fungible item you’re selling on the internet. It is simpler to just imagine the NFT being a virtual item which is only paid in cryptocurrency.
Minting is similar to calling for dibs to your NFTs. You are calling the owner of the item or token that you posted to market, as you’re offering it for sale. Usually, this is recognized when you have filled in all the necessary information about the NFT and upload it to the marketplace.
On OpenSea It’s a very simple process to mint your NFTs by going to the store and making a collection to begin! Complete the correct and accurate information about your NFT and choose what kind of settings you want to use it with (e.g., blockchain and payment tokens). Once that’s all done you are able to upload it to the internet if it’s in the 100 MB limit.
It is possible to wait and see the way transactions are handled from now to see if OpenSea is the right marketplace for you.
What NFTs are available here?
So, at this point you’re probably thinking about what kind of NFTs can you shop for here and what kind of NFTs you can also sell if you choose to go down that path. The type of NFT it can be isn’t limited since there’s a broad range of ways to do it.
You can be selling digital items, trading cards, game assets domain names, some physical items! Consider what you believe will yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that separates OpenSea from the other options. There are zero gas fees when you use this feature when you create and market NFTs. This simply means that you’ll receive the maximum profits when you sell because you don’t need to pay on any additional charges.
Very few NFT marketplaces provide this feature, and it is great for you to make a huge profit from your collection.
A Referral Program is another unique aspect of OpenSea to be admired. Like traditional online marketplaces, you can receive benefits when you refer someone else to OpenSea! If you encourage a friend join OpenSea and buy an NFT from there, you’ll receive 2.50 percent of the sales amount, which means you can make more money from this act.
Other NFT marketplaces don’t have this kind of feature either and that’s another advantage OpenSea has over the other marketplaces.
There is an OpenSea mobile application, however it’s mostly to browse the marketplace. You can’t buy or sell anything as you browse through the listings.
The mobile apps from OpenSea are accessible for both iOS in addition to Android. While you’re not able to buy or sell anything, you can still at least look through the options you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are for you to use to convert your fiat money into cryptocurrency on these platforms. Nft Digital Art For Sale
You can exchange your fiat currency using a your credit or debit card as well as Paypal through these trusted sites for cryptocurrency:
- Bittrex, and many more!
All of these have the option of converting them into ETH which is the most common cryptocurrency payment option in OpenSea.
Although OpenSea can be described as an NFT marketplace that is open to all types of cryptocurrency, wallets are nevertheless more compatible than others. Since it is built using an ETH blockchain, all wallets which are part of the same network are suitable for this site.
Here’s a list of different crypto wallets which you can use with OpenSea:
- Authereum and much more!
*Note: 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 with credit cards. Nft Digital Art For Sale
For more information about the service to learn more, check out their FAQs for a rundown of how you can start and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets every one of them has advantages and drawbacks. OpenSea isn’t the only one to have this. You can view its pros and pros here:
- Mobile apps are available for iOS as well as Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
- Allows royalties up to 10% for artists (low royalty rates).
- Cannot buy or sell on the mobile app.
- Only supports cryptocurrency as its method of payment.
- The use of a Crypto wallet is required to use this marketplace.
OpenSea is open to everyone who has crypto coins in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. But overall, you can easily recover that amount when you are actively selling since there’s no additional cost for it.
Frequently Asked Questions Nft Digital Art For Sale
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to give artists a chance to sell their works online and receive cryptocurrency as a form of payment. It’s an ideal platform for artists using it to sell NFTs due to its low cost of gas and the low commission rate you must pay.
You can browse and shop for the vast array of digital items on the NFT marketplace and you must go through it!
Is OpenSea legit & safe?
Answer: Yes! OpenSea is a reputable marketplace since it was founded on the 1st of December in the year of 2018. Since its system is based on a blockchain that is secure, you can claim that your transactions are safe and secure.
Furthermore as a seller you’ll be verified when you build up your reputation. A blue checkmark will be assigned to your account or collection you’ve uploaded to ensure the safety of anyone who buys from you. The team at OpenSea regularly checks the contents to ensure users are safe.
How do I earn royalties from OpenSea?
However, as an artist, you can get only 10% of the royalties once you have uploaded the NFT. This is believed to be reasonably low compared to the other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) has been widely used on this site and other sites to provide many more cryptocurrency users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can make use of to access OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. You can buy and sell cryptocurrency through trusted platforms with fiat money. All you need to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea have a desktop or mobile application?
As mentioned before There is an official mobile application from OpenSea that is available for iOS as well as Android. Install it from their app store and begin browsing through the collection right now!
The desktop application for OpenSea which can be downloaded from WebCatalog. On the desktop app you are able to manage multiple accounts and receive alerts on any updates that affect 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/).