The cryptocurrency market is on the rise and you’re probably thinking where to invest your crypto-coins. There are numerous marketplaces popping up across the digital web designed to buy and sell NFTs using cryptocurrency! OpenSea is one of them, and it’s worth a look.
If you’re familiar with cryptocurrency you’ve likely heard of OpenSea prior to this for a valid reason. It has become one of the biggest and leading marketplaces among cryptocurrency users because of its security and quick transactions.
So, hop on board and let’s see the possibilities of OpenSea as well as examining the NFTs available to view!
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 the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Fashion
The goal for OpenSea was to simply provide artists with a marketplace/platform to upload commissions, without having to pay any additional charges. There are additional features that let you sell your art without too many difficulties.
When it comes to registration, you won’t have to provide all of your personal details. All you need to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as simple as that without going through many hurdles as you walk into NFTs.
The most well-known cryptocurrency used in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it which is utilized to carry out the majority of processes. It also functions on the Polygon blockchain to ensure lower costs and faster trading.
With these two kinds of blockchains available, you can choose which one you want to transfer your NFT to as seller. This is to ensure the security of your NFT, along with those who would like to buy it. Every transaction will be conducted along with this blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an online shopping mall that is endless where you can exchange your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything just a domain name to official art from an artist you admire. Anyone can sell, but it takes some time before anyone can become a reputable one.
There’s a huge selection of NFTs available at OpenSea and you could become a part of the collection! You can create your own personal market on this site, as well as find NFTs that you would like to purchase for yourself.
What is an NFT?
A recent change in the crypto market, the term “NFT” has been going around so long on the internet that many millennials are familiar with it but aren’t sure exactly what it is. Let’s take a look at what NFT is for anyone who is new in the field of cryptocurrency.
One of the newest things you can buy can be an NFT. An NFT is a non-fungible token that is exclusive and cannot be substituted. It can be an item of any rareness like mint-condition baseball trading cards or uncommon vinyl record.
There’s no limit on what an NFT can be as it’s a non-fungible item that you can sell on the internet. In simpler terms, you could just consider an NFT being a virtual item paid via cryptocurrency only.
Minting is like calling the shots for your personal NFTs. You’re claiming ownership over that particular token/item you uploaded on the market place, but selling it. Usually, this becomes official once you fill out the proper information regarding the NFT and then add it on the market.
On OpenSea it’s a straightforward process to mine your NFTs. All you have to do is visit the store and simply creating a collection to start! Fill out the proper and correct information regarding your NFT and then select what type of settings you’d like to use it with (e.g., blockchain and payment tokens). After that then you’re able to upload it to the internet if it’s in the limit of 100MB.
You can wait and observe how the transactions go from now to see whether OpenSea is the right marketplace for you.
What NFTs are available here?
So, at this point, you’re probably wondering which kind of NFT can be found here and what you can sell should you decide to pursue that route. The kind of NFT it isn’t limited since there’s a broad range of ways to approach it.
It is possible to sell trade cards, digital goods, game assets domain names, some physical items! Consider what you believe will bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that sets OpenSea from the others. There’s no cost for gas when you utilize 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 don’t need to pay on additional fees.
Very few NFT marketplaces offer this feature, which is why this can be a fantastic way to receive high profit from your portfolio.
The Referral Program is a different aspect of OpenSea to take note of. Like traditional online marketplaces there are advantages by referring a friend to OpenSea! If you refer a friend to join OpenSea and buy an NFT from there, you’ll receive 2.50 percent of the purchase amount, letting you earn more money from this act.
Other NFT marketplaces do not have the same feature, so that’s just 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. Unfortunately, you can’t purchase or sell anything as you browse through the listing.
The mobile apps of OpenSea are available for the two platforms of iOS and Android. Even though you can’t buy or sell things, you can at least explore the products you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available for you to use You can also trade your fiat currency for cryptocurrency through these platforms. Nft Fashion
You can exchange the fiat currency you have with a your credit or debit card as well as Paypal on these reliable websites to exchange it for crypto:
- Bittrex and more!
Each of them has the option to exchange for ETH, which is the most common cryptocurrency payment option in OpenSea.
While OpenSea is an NFT marketplace open to all forms of crypto, wallets are nonetheless more compatible than other. Since it is built using the ETH blockchain, wallets which are part of the same network are suitable for the site.
Here’s a list various crypto wallets that you can use in OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each one has its own set of limitations, such as easy registration, use on mobile devices only as well as the capability to purchase cryptocurrency with credit cards. Nft Fashion
To learn more about it You can go through their FAQs to get a rundown of how you can start and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has advantages and disadvantages. OpenSea isn’t an exception to this. You can view 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.
- The best option for beginners to the crypto world and NFTs.
- Allows royalties up to 10% for artists (low royalties).
- It is not possible to buy or sell items through the mobile app.
- Only supports cryptocurrency as its form of payment.
- An Crypto wallet is required to use this marketplace.
OpenSea is accessible to everyone who has any crypto currency in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. But overall, you can quickly recover this amount if you are actively selling since there’s no additional cost for it.
Frequently Asked Questions Nft Fashion
What is OpenSea?
OpenSea is an NFT marketplace that is designed to offer artists a way to market their work online, and to accept cryptocurrency as a method of payment. It’s a great platform for artists using for selling NFTs due to its low cost of gas and the low commission rate which you are required to pay.
You can shop and browse the vast array of digital products on this NFT marketplace, so you should go through it!
Is OpenSea real and safe?
The short answer is yes! OpenSea has been a reliable marketplace since its inception in 2018. Since its system is built on a blockchain and is secured, it is safe to declare that transactions are secure and safe.
In addition, as a seller, you will be verified after you build up your reputation. A blue checkmark is placed next to your account or the collection that you have uploaded to assure anyone who buys from you. The OpenSea team reviews regularly the content to ensure that users are safe.
How do I earn royalties from OpenSea?
However, as an artist, you’ll be paid only 10% of the royalties once you upload the NFT. This is believed to be reasonably low compared with other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) can be commonly utilized on this website and other sites to provide more crypto users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can utilize for OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. It is easy to buy or sell cryptocurrency through secure platforms that accept fiat money. All you need just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea has a mobile or desktop application?
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 exploring the collection right now!
The Desktop application that OpenSea can be downloaded via WebCatalog. In the desktop application, you can manage multiple accounts as well as 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/).