The crypto currency market is in a boom right now and you’re probably wondering where you can invest your crypto currency. Markets have popped up all over 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 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 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 our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Distribution Closing Down
The goal to create OpenSea was to offer an online marketplace for artists to upload commissions without any extra charges. There are additional features that allow you to sell your work without having to deal with many problems.
For registration, you won’t have to give all of your personal details. All you need to 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 well-known cryptocurrency that is used on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology and is used for most processes. It also functions using the Polygon blockchain, which allows for lower costs and faster trading.
There are two types of blockchains you can pick which one you want to upload your NFT on as seller. This is to ensure the security of your NFT, along with those who wish to purchase it. All transactions are made along with this blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall where you can trade in your NFTs or cryptocurrency for other NFTs. You can purchase anything from just a domain name to official art from an artist you admire. Anyone can become a seller, but it takes some time for anyone to be a reputable one.
There’s a huge selection in the collection at OpenSea, and you can become a part of the collection! You can set up your own marketplace on this site, as well as find NFTs you want to purchase for yourself.
What is an NFT?
In a recent advancement for the crypto industry,”NFT,” a popular term in the crypto industry “NFT” has been going around so long on the internet that many millennials are familiar with it , but aren’t exactly sure what it is. Let’s break down what an NFT is for any beginners in cryptocurrency.
One of the latest ways that you can buy with cryptocurrency can be an NFT. The NFT is a token that is non-fungible that is very unique and can’t be changed. This can be an item of rareness, such as authentic baseball cards or uncommon vinyl record.
There is no limit to what an NFT could be, since it’s a non-fungible thing you’re selling on the internet. More straightforwardly, you can simply imagine as an NFT to be a type of digital item that is paid for using cryptocurrency only.
Minting is like calling the shots for your personal NFTs. You are calling the ownership of the particular item you uploaded on the marketplace, and selling it. Typically, this is official after you fill in the correct information about the NFT and add it on the market.
On OpenSea It’s a very simple process to mint your NFTs by going to the store and simply making a collection to begin! Fill out the proper and accurate information about your NFT and then select what type of settings you want for it (e.g., blockchain and money transfer tokens). After that then you’re able to upload it, if it’s within the 100 MB limit.
You can wait and observe how the transactions go from now to determine if OpenSea is the best marketplace for you.
What NFTs are available here?
So, at this point, you’re probably wondering the kind of NFTs can be found here and what you can sell should you decide to go down that path. The kind of NFT it can be is unlimited because there’s a wide range of ways to go about it.
You can be selling digital items, trading cards, game assets, domain names, and also physical goods! Consider what you believe will bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what differentiates OpenSea from the other options. There are zero gas fees when you utilize this feature to create and market NFTs. This means you’ll be able to make the highest profits once you sell because you won’t have to spend on extra fees.
Not many NFT marketplaces have this feature, so this is a great way to make a huge profit from your collection.
A Referral Program is another unique aspect of OpenSea to admire. Like traditional online marketplaces, you can receive rewards by referring someone else to OpenSea! If you invite a friend to join OpenSea and buy an NFT from the site you’ll earn 2.50 percent of the purchase amount, which means you can make more money from this act.
Other NFT marketplaces don’t offer the same feature and that’s another benefit OpenSea has over the other marketplaces.
There’s an OpenSea mobile app, but it’s mostly to browse through the marketplace. You can’t buy or sell items as you browse through the listing.
The mobile apps from OpenSea are accessible for both iOS as well as Android. Even though you can’t buy or sell anything, you can still look through the options you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available for you to use to convert your fiat money into cryptocurrency using these platforms. Nft Distribution Closing Down
You can exchange the fiat currency you have with a the credit card, or Paypal on these reliable websites for cryptocurrency:
- Bittrex and many more!
All of them have the option of converting them into ETH that is the primary crypto payment in OpenSea.
While OpenSea is an NFT marketplace that is open to all kinds of cryptocurrency, wallets are nonetheless more compatible than other. Since it is built using the ETH blockchain, wallets with a connection to that network will be suitable for this website.
Here’s a list of different crypto wallets you can use in OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations including simple registration, use on mobile devices only as well as the capability to purchase cryptocurrency with credit cards. Nft Distribution Closing Down
To know more about it, you can check their FAQs to see 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 comes with its advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and cons here:
- Available as mobile apps that are compatible with iOS or Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto market and NFTs.
- Allows royalties up to 10% for artists (low royalties).
- Cannot buy or sell on the mobile app.
- Only accepts cryptocurrency as a method 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. 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 are actively selling since there is no additional fee for it.
Frequently Asked Questions Nft Distribution Closing Down
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to provide artists a platform to sell their works online, and to accept cryptocurrency as a method of payment. It’s an ideal option for artists who want to use for selling NFTs due to its no gas fees and low commission fees that you have to pay.
You can shop and browse an array of digital goods in this NFT marketplace which is why you should definitely go through it!
Is OpenSea real and secure?
The short answer is yes! OpenSea has been a trusted marketplace since it was founded at the end of the year of 2018. Because its system is based on a blockchain, it is safe to claim that your transactions are protected and secured.
Furthermore as a seller you’ll be verified when you have built up your credibility. A blue checkmark will appear next to your account or any collection that you have uploaded to assure any customer. OpenSea’s team regularly reviews the content to ensure users are secure.
How can I earn royalties on OpenSea?
However, as an artist, you’ll receive only up to 10% of the royalties once you upload the NFT. This is thought to be quite low in comparison against other NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) is widely used on this site as well as many others to accommodate more cryptocurrency users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can make use of to use OpenSea.
What are the payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. You can easily purchase or trade cryptocurrency using secure platforms that accept fiat money. All you have to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea has a mobile or desktop app?
As we mentioned earlier There is an official mobile app from OpenSea for both iOS as well as Android. Download it at their respective app store, and then you can begin browsing through the collection right now!
A version for desktops that OpenSea can be downloaded via WebCatalog. In the desktop application you are able to manage multiple accounts and 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/).