Cryptocurrency is booming right now and you’re probably thinking where you can invest your crypto currency. Marketplaces are popping up all over the web that allow users to sell and buy NFTs using cryptocurrency! OpenSea is one of them, and it’s worth looking into.
If you’re well-versed in cryptocurrency you’ve probably heard of OpenSea prior to this for a valid reason. It has become one of the largest and leading marketplaces among cryptocurrency users because of its safety and speedy transactions.
Now hop aboard, and let’s see the possibilities of OpenSea and also see the NFTs available to view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. After, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Film Uk
The purpose for OpenSea was to simply provide a platform/marketplace for artists to upload their commissions, without having to pay any additional fees. There are additional features that allow you to sell your work without having to deal with many issues.
When it comes to registration, you won’t have to provide too many details about yourself. All you have to connect your crypto wallet and voila! You have an account with OpenSea! It’s as simple as that without going through much hassle as you step into NFTs.
The most widely-used cryptocurrency to use in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system and is used for most processes. It also operates on the Polygon blockchain, which allows for lower costs and faster trading.
With these two kinds of blockchains available it is possible to choose which one you would like to publish your NFT as an seller. This ensures the safety of your NFT, along with those who wish to buy it. All transactions are made using this blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless where you can exchange your cryptocurrency or NFTs for other NFTs. You can purchase anything from just a domain name, to a piece of art from an artist that you admire. Anyone can be a seller however it takes a while for anyone to be an established one.
There’s a huge selection of NFTs available of NFTs available at OpenSea, and you can become a part of that! You can set up your own marketplace here, along with finding NFTs you’d like to buy for 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 many millennials are familiar with it , but not exactly sure what it means. Let’s look at what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the latest ways you can purchase your cryptocurrency includes an NFT. The NFT is a token that is non-fungible that is individual and cannot be substituted. It can be a piece of rareness, such as rare baseball trading cards in mint condition or a uncommon vinyl record.
There is no limit to what an NFT can be since it’s a non-fungible thing that you sell online. In simpler terms, you could just think of as an NFT being a virtual collectible paid via cryptocurrency only.
Minting is like calling 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 putting it up for sale. Usually, this becomes official after you fill in all the necessary information about the NFT and then add it on the market.
On OpenSea it’s a straightforward procedure to create your own NFTs by going to the store and simply making a collection to begin! Complete the correct and accurate information about your NFT and choose what kind of settings you’d like to use it with (e.g. blockchain and money transfer tokens). After you’ve completed the process you are able to upload it to the internet if it’s in the 100 MB limit.
You can watch and see the way transactions are handled from now on to see if OpenSea is the best marketplace for you.
What NFTs can you get here?
So, at this point you’re probably thinking about which kind of NFT can you shop for here and what you can also sell if you choose to pursue that route. The type of NFT it can be is unlimited as there’s a variety of how you can do it.
You can be selling digital items, trading cards games, domain names, and some physical items! Explore what you believe can yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what separates OpenSea from the other options. There are zero gas fees when you utilize this feature when you make and then sell the NFTs. This simply means that you’ll receive the maximum profits when you sell because you won’t need to spend on any additional charges.
There aren’t many NFT marketplaces provide this feature, so this can be a fantastic way to earn a high return from your NFT collection.
A Referral Program is another distinctive feature of OpenSea to take note of. Similar to traditional online markets, you can receive benefits by referring a friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from the site, you’ll receive 2.50 percent of the sales amount, which means you can earn more money from this act.
Other NFT marketplaces don’t have this feature, so that’s just another benefit OpenSea has over them.
There’s an OpenSea mobile app, but it is mainly used for perusing through the marketplace. You can’t buy or sell anything as you browse through the listing.
The mobile apps of OpenSea are available on the two platforms of iOS as well as 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 You can also convert your fiat money into cryptocurrency using these platforms. Nft Film Uk
You can exchange the fiat currency you have with a the credit card, or Paypal on these reliable websites to exchange it for crypto:
- Bittrex and other things!
Each of them has the option of converting them into ETH which is the primary cryptocurrency payment option in OpenSea.
Although OpenSea is an NFT marketplace that is open to all kinds of crypto, wallets are nonetheless more compatible than other. Since it is built using an ETH blockchain, any wallets which are part of the same network are suitable for this website.
Here is a list of different crypto wallets which you can use with OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations, such as easy registration, mobile-only usage, and the function to purchase cryptocurrency with the credit card. Nft Film Uk
To learn more about it to learn more, check out their FAQs for an overview of how you can begin and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets every one of them has advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and pros here:
- Mobile apps available for 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 market and NFTs.
- Allows royalties 10% for artists (low royalty rates).
- It is not possible to buy or sell items on the mobile app.
- Only supports cryptocurrency as its form of payment.
- A Crypto account is needed for this marketplace.
OpenSea is available to anyone who owns any crypto coins in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. In the end, you’ll quickly recover this amount if you sell regularly since there’s no extra charge for it.
Frequently Asked Questions Nft Film Uk
What is OpenSea?
OpenSea is an NFT marketplace that is designed to offer artists a way to market their work online to receive cryptocurrency as a method of payment. It’s an ideal platform for artists using it to sell NFTs due to its no gas costs and the low commission rate that you have to pay.
You can shop and browse the vast array of digital goods in this NFT marketplace and you must check it out!
Is OpenSea legit & safe?
The short answer is yes! OpenSea is a reputable marketplace since its inception in the year of 2018. Since the system it operates on is built on blockchain technology that is secure, you can declare that transactions are protected and secured.
Furthermore as a seller you’ll be verified when you build up your reputation. A blue checkmark is placed to your account or the collection you’ve uploaded to ensure the safety of anyone who buys from you. OpenSea’s team regularly reviews the contents to ensure users are secure.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you can receive only up to 10 percent of the royalties when you upload the NFT. This is believed to be reasonably low compared against others NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) is widely used on this site and other sites to provide many more crypto users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can utilize to access OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. It is easy to buy or sell cryptocurrency through trusted platforms with fiat money. All you have be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea has a mobile or desktop app?
As previously mentioned, there is definitely an official mobile application from OpenSea available for both iOS as well as Android. Install it from their app store, and begin exploring the collection right now!
There is also a desktop application for OpenSea can be downloaded via WebCatalog. With the desktop application you are able to 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/).