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 digital web designed to sell and buy NFTs using cryptocurrency! OpenSea can be one and is worth looking into.
If you’re familiar with cryptocurrency, you’ve probably heard of OpenSea before for a good reason. It has become one of the largest and most popular marketplaces among cryptocurrency enthusiasts due to its security and quick transactions.
So, hop on board and let’s see the possibilities of OpenSea and also see 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 review. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Documentary
The goal for OpenSea was to simply provide an online marketplace for artists to easily upload their commissions without any extra charges. It also has additional functions which allow you to market your work without having to deal with many problems.
When it comes to the registration process, you don’t have to provide all of your personal details. All you need to connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as simple as that and without many hassles when you enter into NFTs.
The most well-known cryptocurrency that is used on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it which is utilized for most processes. It is also based with the Polygon blockchain to ensure lower costs and faster trading.
With these two types of blockchains that are available, you can choose which one you’d like to publish your NFT as a seller. This will ensure the security of your NFT and the people who want to purchase it. All transactions will be made by using the blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything the simplest domain name to official art from an artist that you admire. Anyone can sell however it takes some time for anyone to become a reputable one.
There is a wide variety of NFTs available of NFTs available at OpenSea and you can become a part of that! You can set up your own personal 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 market”NFT,” a popular term in the crypto industry “NFT” has been going around so long on the internet that the majority of young people are familiar with it , but aren’t sure exactly what it is. Let’s look at what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the new things you can purchase your cryptocurrency includes an NFT. A NFT is a token that is non-fungible which is extremely individual and cannot be changed. It could be a piece of rarity like mint-condition baseball trading cards, or a uncommon vinyl record.
There’s no limit to what an NFT could be, since it’s a non-fungible thing that you can sell on the internet. More straightforwardly, you can just think of an NFT as a digital item that is paid for using cryptocurrency only.
Minting is similar to calling for dibs to your NFTs. You’re claiming the owner of the item or token you uploaded on the marketplace, and you’re selling it. Typically, this is official after you fill in all the necessary information about the NFT and then submit it for sale on.
On OpenSea it’s a straightforward process to mint your NFTs by visiting the store and making a collection to begin! Fill out the proper and accurate information about your NFT and choose what kind of settings you’d like to use it with (e.g., blockchain, payments tokens). Once that’s all done then you’re able to upload it to the internet if it’s in the limit of 100MB.
It is possible to wait and see the way transactions are handled from now to determine if OpenSea is the right marketplace for you.
What NFTs are available here?
In this moment you’re probably asking yourself what kind of NFTs be purchased here and what you can also sell if you decide to go down that path. The kind of NFT that you can purchase is indefinite because there’s a wide range of options for how to do 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 separates OpenSea from other companies. There are no gas costs for using this feature to create and market NFTs. This is essentially a way to ensure that you receive the maximum profits when you sell because you won’t have to spend on extra fees.
Not many NFT marketplaces have this feature, and it can be a fantastic way to make a huge profit from your NFT collection.
A Referral Program is another distinctive feature of OpenSea to admire. Similar to traditional online markets that offer advantages by referring a friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from the site, you’ll receive 2.50% of the sale amount, which means you can make more money through this action.
Other NFT marketplaces don’t offer this feature and that’s another benefit OpenSea has over the other marketplaces.
There is an OpenSea mobile application, however it’s mostly used to browse through the marketplace. It isn’t able to purchase or sell anything as you browse through the listings.
The mobile apps from OpenSea are accessible for the two platforms of iOS as well as Android. While you’re not able to buy or sell something, you can look through the options you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available for you to use You can also exchange your fiat money for cryptocurrency using these platforms. Nft Documentary
You can exchange your fiat money via credit card or Paypal on these reliable websites to exchange it for crypto:
- Bittrex and other things!
All of them have the option to exchange for ETH, which is the primary crypto payment in OpenSea.
While OpenSea is an NFT marketplace that is open to all kinds of crypto, wallets are nevertheless more compatible than others. Because it is based on the ETH blockchain, all wallets with a connection to the same network are suitable for this website.
Here’s a list of several crypto wallets you can utilize in OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations including simple registration, mobile-only usage as well as the capability to purchase cryptocurrency with credit cards. Nft Documentary
To learn more about it, you can check their FAQs for an overview of how you can start and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all 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 for iOS as well as Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalties of only 10% to artists (low royalty rates).
- It is not possible to buy or sell items through this mobile application.
- Only accepts cryptocurrency as a form of payment.
- A Crypto digital wallet must be used for this marketplace.
OpenSea is open to everyone who has any crypto currency in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. But overall, you can quickly recover this amount if you are actively selling since there’s no extra charge for it.
Frequently Asked Questions Nft Documentary
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to offer artists a way to market their work online, and to accept cryptocurrency as their form of payment. It’s an ideal platform for artists using the platform to market NFTs because of its zero cost of gas and low commission fee rate which you are required to pay.
You can browse and purchase an array of digital goods in this NFT marketplace, so you should take a look!
Is OpenSea real and is it safe?
The short answer is yes! OpenSea has been a reliable marketplace since its inception on the 1st of December in 2018. Because its system is based on a blockchain that is secure, you can say that your transactions are secure and safe.
Additionally, as a seller, you will be verified after you have built up your credibility. A blue checkmark will appear to your account or any collection you uploaded to reassure every customer. OpenSea’s team regularly reviews the content to ensure that users are protected.
How can I earn royalties on OpenSea?
However, as an artist, you’ll receive only up to 10 percent of the royalties when you have uploaded the NFT. This is considered to be quite low in comparison to the other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) has been commonly utilized on this website and numerous others to cater for many more crypto users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can utilize to access OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. It is easy to buy or trade cryptocurrency using trusted platforms with fiat money. All you have be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea have a desktop/mobile application?
As previously mentioned there’s an official mobile app by OpenSea that is available for iOS as well as Android. Download it at their respective app store and begin browsing through the collection right now!
A Desktop application that OpenSea which can be downloaded from WebCatalog. With the desktop application you are able to manage multiple accounts and receive notifications about updates to your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).