The cryptocurrency market is on the rise and you’re probably wondering where to invest your crypto coins. Marketplaces are popping up all over the web that allow users to sell and buy NFTs with cryptocurrency! OpenSea is one of them and is worth looking into.
If you’re familiar with cryptocurrency, you’ve probably heard about OpenSea before for a good reason. It’s now one of the largest and leading marketplaces among cryptocurrency users because of its security and quick transactions.
Get on board, and let’s explore what you can do with OpenSea and also see 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 will want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft File Editor
The aim to create OpenSea was to offer artists with a marketplace/platform to upload commissions with no additional charges. It also has additional functions that let you sell your art without too many issues.
When it comes to registration, you won’t have to provide any personal information about yourself. All you need to 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 widely-used cryptocurrency that is used within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology, and this is used for most processes. It is also based with the Polygon blockchain, which ensures the lowest cost and speediest trading.
There are two types of blockchains you can pick which one you’d like to upload your NFT on as an seller. This ensures the safety of your NFT and those who wish to buy it. Every transaction will be conducted by using the blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace where you can trade in your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything just a domain name to an official artwork from an artist that you admire. Anyone can become a seller however, it takes time before anyone can become an established one.
There is a wide variety in the collection of NFTs available at OpenSea, and you can join in with this! You can start your own personal market there, and also find NFTs you want to purchase yourself.
What is an NFT?
In a recent development for the cryptocurrency industry the term “NFT” has been going around so long on the internet that many millennials have heard of it but aren’t exactly sure 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 newest things you can buy includes an NFT. An NFT is a non-fungible currency which is extremely exclusive and cannot be substituted. It can be a piece of rarity like mint-condition baseball trading cards, or a rare vinyl record.
There’s no limit to what an NFT could be, since it’s a non-fungible object you’re selling on the internet. It is simpler to simply consider as an NFT as a digital collectible paid via cryptocurrency only.
Minting is similar to calling for dibs for your personal NFTs. It is a way of claiming the owner of the item or token you uploaded on the market place, but you’re selling it. Usually, this becomes official once you fill out the proper information regarding the NFT and upload it to the marketplace.
On OpenSea It’s a very simple process to mine your NFTs by visiting the store and simply making a collection to begin! Fill out the proper and correct information regarding your NFT and select the type of settings you’d like to use for it (e.g. blockchain, money transfer tokens). Once that’s all done 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 on to determine whether OpenSea is the best marketplace for you.
What NFTs can you get here?
At this point you’re probably asking yourself which kind of NFT be purchased here, and what you could also sell if you decide to go down that path. The type of NFT it can be isn’t limited as there’s a variety of options for how to do it.
It is possible to sell digital products, trading cards game assets domain names, some physical items! Explore what you believe can yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that separates OpenSea from the others. There’s no cost for gas when you utilize this feature when you create and market 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 any additional charges.
Very few NFT marketplaces have this feature, and it is great for you to receive high profit from your portfolio.
A Referral Program is another distinctive feature of OpenSea to take note of. Like traditional online marketplaces there are rewards when you refer a friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from the site, you’ll receive 2.50 percent of the purchase amount, which allows you to make more money by this method.
Other NFT marketplaces don’t offer this feature This is a further benefit OpenSea has over the other marketplaces.
There’s an OpenSea mobile app, but it’s mostly used to browse through the marketplace. It isn’t able to purchase or sell anything while you scroll through the list.
The mobile apps from OpenSea are accessible for the two platforms of iOS and Android. Even though you can’t buy or sell things, you can at least look through the options you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are to you to trade your fiat currency for cryptocurrency on these platforms. Nft File Editor
You can swap the fiat currency you have with a credit card or Paypal through these trusted sites for cryptocurrency:
- Bittrex and many more!
All of these have the option of converting them into ETH that is the primary cryptocurrency payment option in OpenSea.
While OpenSea has been described as being an NFT marketplace that is open to all forms of crypto, wallets are still more compatible with it than other. Because it is based around the ETH blockchain, any wallets with a connection to this network are appropriate for this website.
Here’s a list various crypto wallets that you can utilize in OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each has its own limitations, such as easy registration, use on mobile devices only as well as the capability to purchase cryptocurrency with a credit card. Nft File Editor
To learn more about it You can go through their FAQs for the steps you can start and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces, 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 and Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalties up to 10% for artists (low royalties).
- It is not possible to buy or sell items through our mobile apps.
- Only accepts cryptocurrency as a form of payment.
- The use of a Crypto wallet is required to use this marketplace.
OpenSea is available to anyone who owns any crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. But overall, you can quickly recover this amount if you actively sell because there’s no extra charge for it.
Frequently Asked Questions Nft File Editor
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to give artists a chance to sell their works online and receive cryptocurrency as a form of payment. It’s a great option for artists who want to use the platform to market NFTs because of its zero gas costs and low commission fee rate which you are required to pay.
You can browse and purchase a vast collection of digital products on this NFT marketplace which is why you should definitely go through it!
Is OpenSea legit & safe?
Short answer: Yes! OpenSea has been a trusted marketplace since it was established in 2018. Since the system it operates on is based on a blockchain, it is safe to claim that your transactions are safe and secure.
Additionally as a seller you’ll be verified when you build up your reputation. A blue checkmark will appear on your account or any collection you’ve uploaded to ensure the safety of every customer. The OpenSea team reviews regularly the contents to ensure users are safe.
How do I earn royalties on OpenSea?
However, as an artist, you can receive only up to 10 percent of the royalties after you have uploaded the NFT. This is thought to be quite low in comparison against the other NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) can be commonly used on this site and many others to accommodate the increasing number of cryptocurrency users. These are other cryptos you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can make use of to access OpenSea.
What are the payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. You can easily purchase or trade cryptocurrency using trusted platforms with fiat money. All you have be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea have a desktop or mobile application?
As previously mentioned there’s an official mobile app by OpenSea available for both iOS or Android. Download it at their respective app store and begin browsing through the collection right now!
There is also a version for desktops that OpenSea that can be downloaded through WebCatalog. In the desktop application you can manage multiple accounts and get notifications on updates regarding your account while you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).