Cryptocurrency is booming right now and you’re probably wondering where you can invest your crypto coins. Markets have popped up across the digital web designed to purchase and sell NFTs using cryptocurrency! OpenSea can be one, and it’s worth looking into.
If you’re familiar with cryptocurrency, you’ve likely heard of OpenSea prior to this for a valid reason. It’s now one of the largest and most popular marketplaces for cryptocurrency enthusiasts due to its security and rapid transactions.
So, hop on board and let’s explore 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. After, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Film Viewer
The aim for OpenSea was to simply provide a platform/marketplace for artists to easily upload their commissions, without having to pay any additional costs. It also has additional functions which allow you to market your work without having to deal with many issues.
In terms of the registration process, you don’t have to provide all of your personal details. All you have to do is connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as easy as that and without many hurdles as you walk into NFTs.
The most popular cryptocurrency that is used within the OpenSea market is Ethereum (ETH). The marketplace is built on 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 the lowest cost and speediest trading.
With these two kinds of blockchains that are available, you can choose which one you want to publish your NFT as a seller. This ensures the safety of your NFT and the people who want to buy it. Every transaction will be conducted along with this blockchain, so you should 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 trade in your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything as simple as a domain name, to a piece of art by an artist you admire. Anyone can become a seller however it takes a while before anyone can become a reputable one.
There’s a huge selection in the collection on OpenSea and you could also be a part of the collection! You can create your own marketplace here, along with finding NFTs you’d like to buy yourself.
What is an NFT?
A recent change in the crypto market the term “NFT” has been going around for so long on the internet that many millennials are familiar with it but aren’t exactly sure what it actually means. Let’s look at what an NFT is for anyone who is new in cryptocurrency.
One of the newest things that you can buy with cryptocurrency includes an NFT. The NFT is a non-fungible currency which is extremely unique and can’t be changed. It could be an item of rareness like mint-condition baseball trading cards or a uncommon vinyl record.
There is no limit to what an NFT could be, since it’s a non-fungible item you’re selling online. It is simpler to just think of the NFT as a digital item that is paid for using cryptocurrency only.
Minting is like calling the shots to your NFTs. You are calling ownership over that particular token/item that you posted to the market place, but you’re putting it up for sale. Usually, this is recognized after you fill in the proper information regarding the NFT and then submit it for sale on.
On OpenSea It’s a very simple process to mint your NFTs by visiting the store and simply creating a collection to start! Fill out the proper and correct information regarding your NFT and select the type of settings you want for it (e.g. blockchain and payment tokens). Once that’s all done then you’re able to upload it if it fits the 100 MB limit.
It is possible to wait and see the way transactions are handled from here on out to see if OpenSea is the marketplace for you.
What NFTs can you find here?
In this moment you’re probably asking yourself what kind of NFTs can be found here and what you can also sell if you choose to go that route. The kind of NFT it is unlimited because there’s a wide range of options for how to go about it.
It is possible to sell digital products, trading cards game assets domain names, even physical assets! Explore what you believe can yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what 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 be able to make the highest profits once you start selling because you won’t need to spend on any additional charges.
Very few NFT marketplaces have this feature, and it can be a fantastic way to earn a high return from your NFT collection.
This Referral Program is another distinctive feature of OpenSea to take note of. Similar to traditional online markets, you can receive advantages when you refer your friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from the site you’ll be rewarded with 2.50% of the sale amount, which allows you to earn more money through this action.
Other NFT marketplaces don’t have the same feature and that’s another benefit OpenSea has over them.
There is an OpenSea mobile app, but it’s mostly used to browse through the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listings.
OpenSea’s mobile apps are available on the two platforms of iOS in addition to Android. Even though you can’t buy or sell things, you can browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available for you to use You can also exchange your fiat money for cryptocurrency on these platforms. Nft Film Viewer
You can convert the fiat currency you have with a the credit card, or Paypal via these reputable websites for cryptocurrency:
- Bittrex and other things!
All of these have the option of exchange for ETH which is the primary cryptocurrency payment option in OpenSea.
Although OpenSea is an NFT marketplace open to all kinds of crypto, wallets are still more compatible with it than other. Since it is built mainly on an ETH blockchain, wallets with a connection to this network are appropriate for this website.
Here is a list of several crypto wallets which you can use with OpenSea:
- Authereum and more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations including simple registration, only mobile usage as well as the capability to purchase cryptocurrency using the credit card. Nft Film Viewer
For more information about the service, you can check their FAQs to get an overview of how you can begin and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets every one of them has its advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and cons here:
- Mobile apps available for iOS or 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 world and NFTs.
- Allows royalties 10% to artists (low royalty rates).
- It is not possible to buy or sell items on this mobile application.
- Only supports cryptocurrency as its type of payment.
- The use of a Crypto digital wallet must be used to use this marketplace.
OpenSea is open to everyone who has crypto coins in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. But overall, you can easily recover that amount when you are actively selling since there’s no additional cost for it.
Frequently Asked Questions Nft Film Viewer
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to provide artists a platform to sell their works online to receive cryptocurrency as a method of payment. It’s an ideal platform for artists who use the platform to market NFTs due to its low gas fees and low commission fees which you are required to pay.
You can shop and browse a vast collection of digital goods in this NFT marketplace, so you should take a look!
Is OpenSea legitimate and secure?
Answer: Yes! OpenSea is a reputable marketplace since it was founded at the end of the year of 2018. Since its system is built on a blockchain, it is safe to claim that your transactions are secure and safe.
Additionally, as a seller, you can become verified once you have built up your credibility. A blue checkmark is placed next to your account or 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 get only 10 percent of the royalties after you upload the NFT. This is thought to be a reasonable amount compared with other NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) can be frequently utilized on this website and other sites to provide the increasing number of crypto users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of to access OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. You can easily purchase or sell cryptocurrency on trusted platforms with fiat money. All you have just connect your debit or credit card to Paypal for the transaction.
Does OpenSea have a desktop/mobile application?
As we mentioned earlier there’s an official mobile app by OpenSea for both iOS or Android. Download it at their respective app store, and then you can begin exploring the collection right now!
A Desktop application that OpenSea which can be downloaded from WebCatalog. With the desktop application you can manage multiple accounts and receive notifications about updates to 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/).