Cryptocurrency is booming right now, and you’re probably wondering where to invest your crypto currency. Markets have popped up across the digital web designed to sell and buy NFTs using cryptocurrency! OpenSea is among them, and it’s worth a look.
If you’re well-versed in cryptocurrency you’ve likely heard of OpenSea prior to this for a valid reason. It’s now one of the largest and most popular marketplaces for cryptocurrency enthusiasts due to its security and quick transactions.
Now hop aboard, and discover what you can do with OpenSea as well as examining the NFTs that you can see!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Digital Art Frame
The purpose to create OpenSea was to simply provide artists with a marketplace/platform to easily upload their commissions with no additional fees. It has more functions that allow you to sell your artwork without any issues.
When it comes to registration, you don’t need to worry about giving all of your personal details. All you have to connect your crypto wallet–and voila!–you have an account on OpenSea! It can be as simple as that without going through many hurdles as you walk into NFTs.
The most popular cryptocurrency used 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 also operates on the Polygon blockchain, which allows for low-cost and quicker trading.
There are two types of blockchains that are available it is possible to choose which one you would like to publish your NFT as an seller. This is to ensure the security of your NFT and those who wish to buy it. All transactions will be made using this blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless where you can exchange your cryptocurrency or NFTs 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 a reputable one.
There’s a huge selection of NFTs available at OpenSea and you can join in with this! You can create your own personal market on this site, as well as find NFTs that you would like to purchase for 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 for so long on the internet that the majority of young people are familiar with it but aren’t exactly sure what it means. 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 token that is non-fungible which is extremely unique and can’t be substituted. It could be an item of rarity like authentic baseball cards or unique vinyl album.
There is no limit to what an NFT can be since it’s a non-fungible item you’re selling online. In simpler terms, you could simply think of the NFT being a virtual item paid via cryptocurrency only.
Minting is like calling the shots to your NFTs. You’re claiming the owner of the item or token that you have uploaded to the marketplace, and you’re offering it for sale. Typically, this is official once you fill out all the necessary information about the NFT and then add it on the market.
On OpenSea it’s a straightforward procedure to create your own NFTs. All you have to do is visit the store and then making a collection to begin! Fill out the proper and accurate information about your NFT and select the type of settings you’d like to use it with (e.g. blockchain and payments tokens). Once that’s all done, you can finally upload it, if it’s within the limit of 100MB.
You can watch and see how the transactions go from now to determine if OpenSea is the best marketplace for you.
What NFTs can you find here?
So, at this point you’re probably thinking about which kind of NFT can you shop for here and what kind of NFTs you can also sell if you decide to go down that path. The kind of NFT it can be isn’t limited because there’s a wide range of options for how to approach it.
You could be selling digital products, trading cards game assets domain names, also physical goods! Consider what you believe will reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that separates OpenSea from other companies. There’s no cost for gas when you use this feature to make and then sell the NFTs. This means you’ll get the most profit when you sell because you don’t need to pay on any additional charges.
Not many NFT marketplaces offer this feature, which is why this is a great way to make a huge profit from your portfolio.
A Referral Program is another distinctive feature of OpenSea to take note of. Like traditional online marketplaces there are rewards by referring a friend to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from there, you’ll receive 2.50 percent of the sales amount, which means you can earn more money from this act.
Other NFT marketplaces don’t have this kind of feature either and that’s another benefit OpenSea has over them.
There’s an OpenSea mobile application, however it is mainly used to browse through the marketplace. You can’t buy or sell items as you browse through the listing.
OpenSea’s mobile apps are available for both iOS as well as Android. Although you aren’t able to purchase or sell anything, you can still explore the products you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are available to you to convert your fiat money into cryptocurrency through these platforms. Nft Digital Art Frame
You can exchange the fiat currency you have with a your credit or debit card as well as Paypal through these trusted sites to exchange it for crypto:
- Bittrex, and other things!
All of them have the option of exchange for ETH that is the most common crypto payment in OpenSea.
Although OpenSea has been described as being an NFT marketplace open to all kinds of cryptocurrency, wallets are nevertheless more compatible than others. Because it is based on an ETH blockchain, wallets with a connection to that network will be suitable for the site.
Here is a list of different crypto wallets you can use in OpenSea:
- Authereum and more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations, such as easy registration, use on mobile devices only and the ability to purchase cryptocurrency with the credit card. Nft Digital Art Frame
For more information about the service You can go through their FAQs to get an overview of how you can begin and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has advantages and drawbacks. OpenSea isn’t an exception to this. It is possible to read about its pros and pros here:
- Mobile apps 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 industry and NFTs.
- Allows royalty rates of 10% for artists (low royalties).
- It is not possible to buy or sell items via this mobile application.
- Only accepts cryptocurrency as a type of payment.
- An Crypto wallet is required to use this marketplace.
OpenSea is open to everyone who has any crypto currency in their crypto wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. However, overall, you will quickly regain that when you sell regularly since there is no additional fee for it.
Frequently Asked Questions Nft Digital Art Frame
What is OpenSea?
OpenSea is an NFT marketplace that is designed to give artists a chance to sell their works online to receive cryptocurrency as a method of payment. It’s an excellent platform for artists who use the platform to market NFTs because of its zero gas fees and low commission fee rate that you have to pay.
You can shop and browse an array of digital products on this NFT marketplace and you must check it out!
Is OpenSea legitimate and is it safe?
Short answer: Yes! OpenSea has been a trusted marketplace since it was established on the 1st of December in 2018. Since its system is based on a blockchain, it is safe to say that your transactions are secure and safe.
Furthermore as a seller you can become verified once you have built up your credibility. A blue checkmark will appear on your account or collection you’ve uploaded to ensure the safety of every customer. The OpenSea team reviews regularly the content to ensure that users are secure.
How can I earn royalties from OpenSea?
Unfortunately, as an artist, you’ll be paid only 10% of the royalties once you have uploaded the NFT. This is considered to be quite low in comparison with others NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) can be frequently utilized on this website and other sites to provide many more crypto users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can use to use OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. It is easy to buy or sell cryptocurrency through reliable platforms using fiat currency. All you need be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea have a desktop/mobile application?
As previously mentioned, there is definitely an official mobile app by OpenSea that is available for iOS as well as Android. You can download it through their app store, and begin exploring the collection right now!
A desktop application for OpenSea which can be downloaded from WebCatalog. With the desktop application you can manage multiple accounts as well as 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/).