Cryptocurrency is booming right now and you’re probably wondering where to invest your crypto coins. Markets have popped up across the web that allow users to purchase and sell NFTs using cryptocurrency! OpenSea is among them and is worth looking into.
If you’re interested in crypto, you’ve likely heard of OpenSea previously for a valid reason. It has become one of the biggest and most popular marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.
So, hop on board and let’s explore what you can do with OpenSea and also see 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. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Fantasy
The aim to create OpenSea was to provide an online marketplace for artists to easily upload their commissions, without having to pay any additional costs. It has more functions that let you sell your art without too many difficulties.
In terms of registration, you won’t have to give any personal information about yourself. All you have to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as easy as that, without much hassle as you step into NFTs.
The most widely-used cryptocurrency that is used within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology and is used for the majority of transactions. It also operates using the Polygon blockchain, which allows for the lowest cost and speediest trading.
There are two types of blockchains, you can choose which one you would like to transfer your NFT to as seller. This ensures the safety of your NFT, along with those who would like to purchase it. All transactions are made by using the blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall where you can trade in your NFTs or cryptocurrency for other NFTs. You can purchase anything from as simple as a domain name to an official artwork from an artist you admire. Anyone can be a seller, but it takes time for anyone to be an established one.
There’s a huge selection from the selection on OpenSea and you can become a part of that! You can create your own marketplace there, and also find NFTs that you would like to purchase yourself.
What is an NFT?
A recent change in the cryptocurrency industry the term “NFT” has been going around so long on the internet that the majority of young people are familiar with it , but not exactly sure what it is. Let’s break down what an NFT is for any beginners in cryptocurrency.
One of the newest things you can purchase your cryptocurrency includes an NFT. An NFT is a token that is non-fungible that is very exclusive and cannot be changed. It could be an item of rareness, such as authentic baseball cards or unique vinyl album.
There’s no limit on what an NFT could be, since it’s a non-fungible object you’re selling online. It is simpler to simply imagine an NFT as a digital item paid via cryptocurrency only.
Minting is like calling the shots on your own NFTs. You’re claiming the owner of the item or token that you posted to the market place, but you’re selling it. Typically, this is official when you have filled in the proper information regarding the NFT and then submit it for sale on.
On OpenSea it’s a straightforward process to mint your NFTs by going to the store and simply create a collection! Fill out the proper and complete information about your NFT and then select what type of settings you’d like to use to use it with (e.g., blockchain or payments tokens). After you’ve completed the process, you can finally upload it, if it’s within the 100 MB limit.
It is possible to wait and see how transactions progress from now to see whether OpenSea is the right marketplace for you.
What NFTs can you get here?
In this moment you’re probably thinking about what kind of NFTs be found here and what 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.
You can be selling digital items, trading cards, game assets, domain names, and also physical goods! Find out what you think will yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what sets OpenSea from the others. There’s no cost for gas when you use this feature when you mint and sell NFTs. This is essentially a way to ensure that you be able to make the highest profits once you begin selling since you won’t need to spend on extra fees.
Very few NFT marketplaces provide this feature, so this can be a fantastic way to earn a high return from your portfolio.
A Referral Program is a different aspect of OpenSea to take note of. Similar to traditional online markets there are benefits when you refer someone else to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from the site you’ll earn 2.50 percent of the sales amount, which means you can earn more cash from this act.
Other NFT marketplaces do not have this feature This is a further advantage OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile application, however it’s mostly for perusing 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 on the two platforms of iOS in addition to Android. Even though you can’t buy or sell something, you can at least browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are at your disposal You can also trade your fiat currency for cryptocurrency through these platforms. Nft Fantasy
You can exchange the fiat currency you have with a your credit or debit card as well as Paypal via these reputable websites to exchange it for crypto:
- Bittrex, and more!
Each of them has the option of exchange for ETH that is the most common cryptocurrency used in OpenSea.
Although OpenSea has been described as being an NFT marketplace that is open to all kinds of cryptocurrency, the wallets still more compatible with it than others. Because it is based around an ETH blockchain, all wallets with a connection to this network are appropriate for the site.
Here is a list of several crypto wallets which you can use with 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, only mobile usage as well as the capability to purchase cryptocurrency using a credit card. Nft Fantasy
To learn more about it to learn more, check out their FAQs to see an overview of how you can begin and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with advantages and drawbacks. OpenSea isn’t an exception to this. It is possible to read about its pros and cons here:
- Available as mobile apps that are compatible with iOS as well as Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto world and NFTs.
- Allows royalties 10% to artists (low royalties).
- It is not possible to buy or sell items via the mobile app.
- Only accepts cryptocurrency as a method of payment.
- An Crypto account is needed for this marketplace.
OpenSea is accessible to everyone who has crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. However, overall, you will quickly regain that when you sell regularly since there’s no extra charge for it.
Frequently Asked Questions Nft Fantasy
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to provide artists a platform for selling their artwork online, and to accept cryptocurrency as a form of payment. It’s a great platform for artists who use it to sell NFTs due to its low gas costs and low commission fee rate you must pay.
You can browse and purchase the vast array of digital goods in this NFT marketplace, so you should take a look!
Is OpenSea real and safe?
Answer: Yes! OpenSea has been a reliable marketplace since it was established at the end of 2018. Because its system is based on a blockchain, it is safe to claim that your transactions are safe and secure.
Furthermore as a seller you will be verified after you build up your reputation. A blue checkmark will appear to your account or collection you’ve uploaded to ensure the safety of every customer. OpenSea’s team regularly reviews the contents to ensure users are safe.
How can I earn royalties on OpenSea?
Unfortunately, as an artist, you can get only 10% of the royalties once you upload the NFT. This is considered to be a reasonable amount compared with other NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) can be widely utilized on this website and numerous others to cater for many more crypto users. These are other cryptos that you can buy 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 options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. It is easy to buy or trade cryptocurrency using trusted platforms with fiat money. All you need just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea have a desktop/mobile app?
As previously mentioned there’s an official mobile app from OpenSea for both iOS or Android. You can download it through their app store and begin browsing through the collection right now!
There is also a version for desktops that OpenSea can be downloaded via WebCatalog. With the desktop application, you can manage multiple accounts as well as 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/).