Cryptocurrency is booming right now, and you’re probably wondering where you can invest your crypto currency. Markets have popped up across the internet, designed to buy and sell NFTs with cryptocurrency! OpenSea can be one, and it’s worth checking out.
If you’re well-versed in cryptocurrency, you’ve probably heard of OpenSea before for a good reason. It has become one of the biggest and most popular marketplaces for cryptocurrency enthusiasts due to its security and rapid transactions.
Now hop aboard, and discover the possibilities of OpenSea and also see what NFTs you can view!
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.
OpenSea as an NFT Marketplace Nft Erc721
The aim to create OpenSea was to offer artists with a marketplace/platform to upload their commissions with no additional costs. It has more functions that let you sell your work without having to deal with many problems.
For registration, you won’t have to provide any personal information about yourself. All you need to do is connect your crypto wallet and voila! You have an account on OpenSea! It can be as simple as that and without many hassles when you enter into NFTs.
The most popular cryptocurrency to use in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology which is utilized for the majority of transactions. It is also based on the Polygon blockchain to ensure low-cost and quicker trading.
With these two kinds of blockchains it is possible to choose which one you want to publish your NFT as an seller. This will ensure the security of your NFT as well as those who would like to buy it. Every transaction will be conducted along with 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 marketplace that lets you trade your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything the simplest domain name to official art by an artist you admire. Anyone can be a seller however it takes time for anyone to become a reputable one.
There are a variety of NFTs in the collection at OpenSea, and you can become a part of the collection! You can create your own market here, along with finding NFTs you want to purchase yourself.
What is an NFT?
A recent change in the crypto market the term “NFT” has been going around for so long on internet that the majority of young people have heard of it but aren’t sure exactly what it actually means. Let’s break down what an NFT is for anyone who is new in the field of cryptocurrency.
One of the new things you can buy is an NFT. An NFT is a non-fungible token that is individual and cannot be substituted. This can be an item of any rareness like authentic baseball cards, or a rare vinyl record.
There’s no limit to what an NFT can be since it’s a non-fungible item that you can sell on the internet. In simpler terms, you could simply consider an NFT to be a type of digital item which is only paid in cryptocurrency.
Minting is like calling dibs on your own NFTs. It is a way of claiming the ownership of the particular item that you have uploaded to market, as you’re putting it up for sale. 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 mine your NFTs by visiting the store and then creating a collection to start! Fill out the proper and correct information regarding your NFT and choose what kind of settings you want for it (e.g. blockchain and payment tokens). After you’ve completed the process, you can finally upload it to the internet if it’s in the limit of 100MB.
It is possible to wait and see how the transactions go from now on to see if OpenSea is the best marketplace for you.
What NFTs can you find here?
In this moment you’re probably asking yourself what kind of NFTs be found here and what you can sell should you decide to go that route. The type of NFT that you can purchase isn’t limited as there’s a variety of how you can approach it.
It is possible to sell digital products, trading cards game assets domain names, also physical goods! Find out what you think will yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that differentiates OpenSea from the other options. There are no gas costs for using this feature when you create and market NFTs. This simply means that you’ll get the most profit when you begin selling since you won’t need to spend on additional fees.
Not many NFT marketplaces have this feature, so this is a great way to earn a high return from your NFT collection.
A Referral Program is another distinctive feature of OpenSea to take note of. Like traditional online marketplaces that offer benefits when you refer someone else to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from there 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 the same feature and that’s another advantage OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile application, however it’s mostly used to browse the marketplace. You can’t buy or sell anything as you scroll through the list.
The mobile apps of OpenSea are available on both iOS in addition to Android. Even though you can’t buy or sell something, you can look through the options you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available to you, and you can trade your fiat currency for cryptocurrency through these platforms. Nft Erc721
You can exchange your fiat money via your credit or debit card as well as Paypal via these reputable websites for cryptocurrency:
- Bittrex, and other things!
All of these have the option to exchange for ETH that is the standard crypto payment in OpenSea.
Although OpenSea has been described as being an NFT marketplace that is open to all types of cryptocurrency, wallets are still more compatible with it than others. Since it is built mainly on an ETH blockchain, wallets that share the same network are suitable for this website.
Here is a list of different crypto wallets which you can use with OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, only mobile usage as well as the capability to purchase cryptocurrency using a credit card. Nft Erc721
To learn more about it to learn more, check out their FAQs to see an overview of how you can get started and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and pros here:
- Mobile apps available that are compatible with iOS and 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 royalty rates of up to 10% for artists (low royalties).
- Cannot buy or sell through this mobile application.
- Only supports cryptocurrency as its form of payment.
- An Crypto wallet is required for this marketplace.
OpenSea is available to anyone who owns any crypto coins in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. However, overall, you will quickly recover this amount if you are actively selling since there’s no extra charge for it.
Frequently Asked Questions Nft Erc721
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to offer artists a way to market their work online and receive cryptocurrency as a method of payment. It’s an ideal option for artists who want to use the platform to market NFTs due to its low gas fees and the low commission rate you must pay.
You can browse and purchase the vast array of digital products on this NFT marketplace, so you should check it out!
Is OpenSea legit & is it safe?
The short answer is yes! OpenSea has been a trusted marketplace since it was founded in 2018. Because its system is based on a blockchain that is secure, you can claim that your transactions are secure and safe.
In addition, as a seller, you can become verified once you’ve earned a reputation. A blue checkmark is placed next to your account or collection that you have uploaded to assure any customer. OpenSea’s team regularly reviews the content to ensure users are safe.
How do I earn royalties from OpenSea?
As an artist, you will be paid only 10% of the royalties once you upload the NFT. This is thought to be reasonably low compared to other NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) has been widely utilized on this website and other sites to provide many more cryptocurrency users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can utilize to use OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. You can easily purchase or sell cryptocurrency through reliable platforms using fiat currency. All you have to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea have a desktop or mobile application?
As mentioned before, there is definitely an official mobile application from OpenSea that is available for iOS or Android. Download it at their respective app store, and you can start exploring the collection now!
A Desktop application that OpenSea can be downloaded via WebCatalog. With the desktop application you can manage multiple accounts and receive alerts on any updates that affect your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).