The cryptocurrency market is on the rise and you’re probably wondering where to invest your crypto currency. There are numerous marketplaces popping up across the internet, designed to buy and sell NFTs via cryptocurrency! OpenSea can be one and is worth checking out.
If you’re well-versed in cryptocurrency you’ve likely heard of OpenSea previously for a valid reason. It has become one of the largest and leading marketplaces among users of cryptocurrency due to its security and quick transactions.
Get on board, and let’s see what you can do with OpenSea, along with checking the NFTs that you can see!
Before you continue, you may want to watch 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 of OpenSea.
OpenSea as an NFT Marketplace Nft Energy Consumption Calculator
The purpose of OpenSea was to offer artists with a marketplace/platform to upload their commissions, without having to pay any additional costs. It also has additional functions which allow you to market your art without too many issues.
When it comes to registration, you won’t have to provide too many details about yourself. All you need to do is connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as easy as that, without 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 system which is utilized to carry out the majority of processes. It is also based using the Polygon blockchain, which allows for low-cost and quicker trading.
With these two kinds of blockchains available you can pick which one you would like to upload your NFT on as an seller. This will ensure the security of your NFT as well as the people who want to buy it. All transactions are made using this blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an online shopping mall that is endless that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from as simple as a domain name, to a piece of art from an artist that you admire. Anyone can become a seller, but it takes some time for anyone to be an established seller.
There are a variety of NFTs in the collection on OpenSea and you could become a part of the collection! You can set up your own personal market there, and also find NFTs that you would like to purchase yourself.
What is an NFT?
A recent change in the crypto market,”NFT,” a popular term in the crypto industry “NFT” has been going around so long on the internet that a lot of millennials are familiar with it but aren’t exactly sure what it is. Let’s take a look at what NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the newest things that you can buy with cryptocurrency is an NFT. An NFT is a non-fungible currency which is extremely individual and cannot be substituted. This can be an item of any rareness like rare baseball trading cards in mint condition or uncommon vinyl record.
There is no limit to what an NFT can be as it’s a non-fungible thing that you sell on the internet. In simpler terms, you could simply think of the NFT to be a type of digital collectible which is only paid in cryptocurrency.
Minting is similar to calling for dibs to your NFTs. It is a way of claiming the owner of the item or token that you posted to the market place, but you’re selling it. Usually, this becomes official once you fill out the correct information about the NFT and then submit it for sale on.
On OpenSea it’s a straightforward procedure to create your own NFTs. All you have to do is visit the store and simply create a collection! Fill out the proper and complete information about your NFT and choose what kind of settings you want for it (e.g. blockchain or money transfer tokens). After that, you can finally upload it if it fits the 100 MB limit.
It is possible to wait and see the way transactions are handled from here on out to see if OpenSea is the marketplace for you.
What NFTs can you find here?
So, at this point you’re probably thinking about the kind of NFTs you shop for here and what kind of NFTs you can also sell if you choose to pursue that route. The type of NFT it isn’t limited as there’s a variety of options for how to do it.
It is possible to sell trade cards, digital goods, game assets domain names, also physical goods! Explore what you believe can bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what sets OpenSea from the others. There are no gas costs when you use this feature to create and market NFTs. This is essentially a way to ensure that you 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 have this feature, which is why this is great for you to earn a high return from your portfolio.
A Referral Program is a different aspect of OpenSea to admire. Similar to traditional online markets there are advantages by referring your friend to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from the site you’ll earn 2.50 percent of the sales amount, letting you make more money from this act.
Other NFT marketplaces don’t have this kind of feature either This is a further advantage OpenSea has over the other marketplaces.
There is an OpenSea mobile application, however it’s mostly to browse the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listings.
The mobile apps from OpenSea are accessible on both iOS in addition to Android. Although you aren’t able to purchase or sell anything, you can still browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available for you to use, and you can trade your fiat currency for cryptocurrency on these platforms. Nft Energy Consumption Calculator
You can convert your fiat money via the credit card, or Paypal on these reliable websites for cryptocurrency:
- Bittrex and more!
All of these have the option of converting them into ETH which is the standard crypto payment in OpenSea.
While OpenSea has been described as being an NFT marketplace that is open to all forms of crypto, wallets are nonetheless more compatible than others. Since it is built mainly using the ETH blockchain, any wallets with a connection to the same network are suitable for this website.
Here’s a list several crypto wallets which you can use with 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 a credit card. Nft Energy Consumption Calculator
To learn more about it to learn more, check out their FAQs to see an overview of how you can begin and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has its advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and pros here:
- Mobile apps are available that are compatible with iOS or Android.
- Smart contracts can be used to perform transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto market and NFTs.
- Allows royalties of only 10% for artists (low royalty).
- It is not possible to buy or sell items on this mobile application.
- Only accepts cryptocurrency as a type of payment.
- A Crypto account is needed for this marketplace.
OpenSea is available to anyone who has any crypto currency in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. However, overall, you will easily recover that amount when you are actively selling since there’s no additional cost for it.
Frequently Asked Questions Nft Energy Consumption Calculator
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to offer artists a way to market their work online and receive cryptocurrency as their form of payment. It’s a great option for artists who want to use for selling NFTs due to its low gas fees and the low commission rate that you have to pay.
You can shop and browse the vast array of digital goods in this NFT marketplace, so you should go through it!
Is OpenSea real and safe?
Short answer: Yes! OpenSea has been a trusted marketplace since its inception on the 1st of December in the year 2018. Because its system is built on a blockchain and is secured, it is safe to declare that transactions are safe and secure.
Furthermore as a seller you will be verified after you build up your reputation. A blue checkmark is placed on your account or any collection you uploaded to reassure any customer. OpenSea’s team regularly reviews the content to ensure that users are secure.
How do I earn royalties from OpenSea?
As an artist, you will receive only up to 10 percent of the royalties when you have uploaded the NFT. This is believed to be quite low in comparison against others NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) is commonly used on this site as well as many others to accommodate many more cryptocurrency users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can utilize to access OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. It is easy to buy or sell cryptocurrency on 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 or mobile application?
As we mentioned earlier, there is definitely an official mobile app from OpenSea for both iOS and Android. Install it from their app store, and you can start exploring the collection now!
There is also a Desktop application that OpenSea that can be downloaded through WebCatalog. On the desktop app you can 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/).