The cryptocurrency market is on the rise, and you’re probably wondering where you can invest your crypto-coins. Markets have popped up all over the digital web designed to sell and buy NFTs via cryptocurrency! OpenSea is among them and is worth checking out.
If you’re well-versed in cryptocurrency you’ve probably heard about OpenSea previously for a valid reason. It has become one of the largest and most popular marketplaces among users of cryptocurrency due to its security and rapid transactions.
Get on board, and let’s see what you can do with OpenSea, along with checking the NFTs available to view!
Before you go on, 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 the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Erc
The goal of OpenSea was to offer an online marketplace for artists to upload their commissions with no additional costs. It has more functions which allow you to market your artwork without any difficulties.
In terms of the registration process, you don’t have to give all of your personal details. All you have to do is connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It can be as simple as that, without much hassle as you step into NFTs.
The most popular cryptocurrency to use on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology which is utilized for the majority of transactions. It also functions on the Polygon blockchain, which ensures low-cost and quicker trading.
With these two kinds of blockchains that are available it is possible to choose which one you’d like to publish your NFT as seller. This ensures the safety 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 is like an endless online mall where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from as simple as a domain name to official art from an artist that you admire. Anyone can become a seller however, it takes some time for anyone to become an established one.
There is a wide variety from the selection at OpenSea, and you can also be a part of the collection! You can start your own market here, along with finding NFTs you want to purchase for yourself.
What is an NFT?
In a recent advancement for the cryptocurrency industry, the term “NFT” has been going around for so long on the internet that a lot of millennials are familiar with it , but aren’t exactly sure what it actually means. Let’s break down what an NFT is for any beginners in cryptocurrency.
One of the new things you can purchase your cryptocurrency includes an NFT. The NFT is a non-fungible token which is extremely exclusive and cannot be substituted. This can be an item of rareness like mint-condition baseball trading cards or rare vinyl record.
There’s no limit on what an NFT can be as it’s a non-fungible thing that you sell online. More straightforwardly, you can simply imagine the NFT to be a type of digital collectible paid via cryptocurrency only.
Minting is like calling dibs on your own NFTs. You are calling the ownership of the particular item you uploaded on market, as you’re selling it. Typically, this is official once you fill out the proper information regarding the NFT and then submit it for sale on.
On OpenSea It’s a very simple process to mine your NFTs. All you have to do is visit the store and creating a collection to start! Input the appropriate and accurate information about your NFT and then select what type of settings you’d like to use for it (e.g. blockchain or money transfer tokens). After you’ve completed the process, you can finally upload it if it fits the 100 MB limit.
You can wait and observe the way transactions are handled from here on out to determine whether OpenSea is the best marketplace for you.
What NFTs can you get here?
At this point, you’re probably wondering which kind of NFT you shop for here and what you can sell should you decide to pursue that route. The kind of NFT it can be is unlimited as there’s a variety of how you can approach it.
It is possible to sell digital items, trading cards, game assets domain names, even physical assets! Consider what you believe will yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that separates OpenSea from other companies. There are zero gas fees for using this feature to make and then sell the NFTs. This simply means that you’ll be able to make the highest profits once you begin selling since you won’t have to spend on additional fees.
Very few NFT marketplaces provide this feature, so this is great for you to earn a high return from your NFT collection.
The Referral Program is another distinctive feature of OpenSea to take note of. Like traditional online marketplaces that offer benefits by referring a friend to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from the site you’ll be rewarded with 2.50 percent of the sales amount, letting you earn more money through this action.
Other NFT marketplaces don’t offer this feature This is a further benefit OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile app, but it’s mostly used to browse the marketplace. It isn’t able to purchase or sell items as you browse through the listing.
The mobile apps of OpenSea are available on both iOS and Android. Even though you can’t buy or sell something, you can at least look through the options you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are to you You can also exchange your fiat money for cryptocurrency using these platforms. Nft Erc
You can convert the fiat currency you have with a credit card or Paypal on these reliable websites for cryptocurrency:
- Bittrex, and other things!
Each of them has the option of exchange for ETH which is the standard cryptocurrency payment option in OpenSea.
While OpenSea can be described as an NFT marketplace that is open to all types of crypto, wallets are nonetheless more compatible than other. Since it is built around the ETH blockchain, wallets that share the same network are suitable for the site.
Here’s a list of different crypto wallets you can use in OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each has its own limitations including simple registration, use on mobile devices only, and the function to purchase cryptocurrency with credit cards. Nft Erc
To learn more about it You can go through their FAQs to see an overview of how you can get started and which other wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets, each one has 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 that are compatible with iOS or Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalties of only up to 10% for artists (low royalty).
- Cannot buy or sell via this mobile application.
- Only supports cryptocurrency as its method of payment.
- A Crypto digital wallet must be used for this marketplace.
OpenSea is accessible to everyone who has crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. However, overall, you will easily recover that amount when you sell regularly since there is no additional fee for it.
Frequently Asked Questions Nft Erc
What is OpenSea?
OpenSea is an NFT marketplace that seeks to give artists a chance to sell their works online, and to accept cryptocurrency as a method of payment. It’s a great platform for artists using the platform to market NFTs due to its no gas fees and low commission fee rate which you are required to pay.
You can browse and shop for an array of digital items on the NFT marketplace, so you should check it out!
Is OpenSea legitimate and safe?
Answer: Yes! OpenSea has been a reliable marketplace since it was founded in the year 2018. Because its system is built on blockchain technology and is secured, it is safe to say that your transactions are secure and safe.
Furthermore, as a seller, you’ll be verified when you’ve earned a reputation. A blue checkmark will appear on your account or any collection that you have uploaded to assure every customer. OpenSea’s team regularly reviews the contents to ensure users are safe.
How can I earn royalties from OpenSea?
Unfortunately, as an artist, you will be paid only 10 percent of the royalties after you upload the NFT. This is believed to be reasonably low compared against other NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) has been commonly utilized on this website and many others to accommodate many more crypto users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can use to access OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. It is easy to buy or sell cryptocurrency on reliable platforms using fiat currency. All you have just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea have a desktop or mobile app?
As we mentioned earlier there’s an official mobile app from OpenSea for both iOS as well as Android. Install it from their app store and you can start exploring the collection right now!
The version for desktops that OpenSea can be downloaded via WebCatalog. In the desktop application, you can manage multiple accounts and receive notifications on updates regarding your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).