Cryptocurrency is booming right now, and you’re probably wondering where you can invest your crypto currency. Marketplaces are popping up all over the digital web designed to sell and buy NFTs via 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 has become one of the largest and leading marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.
Get on board, and discover what you can do with OpenSea and also see the NFTs that you can see!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft For Dummies
The purpose to create OpenSea was to offer artists with a marketplace/platform to easily upload their commissions with no additional costs. It also has additional functions which allow you to market your artwork without any issues.
In terms of registration, you won’t have to give any personal information about yourself. All you need to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as simple as that, without many hurdles as you walk into NFTs.
The most widely-used cryptocurrency used within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology and is used for the majority of transactions. It is also based using the Polygon blockchain, which allows for low-cost and quicker trading.
With these two kinds of blockchains available it is possible to choose which one you want to publish your NFT as a seller. This is to ensure the security of your NFT as well as the people who want to buy it. Every transaction will be conducted by using the blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything the simplest domain name, to a piece of art from an artist that you admire. Anyone can be a seller however it takes time for anyone to become an established seller.
There are a variety of NFTs from the selection on OpenSea and you could become a part of this! You can set up your own personal market here, along with finding NFTs you’d like to buy yourself.
What is an NFT?
A recent change in the cryptocurrency industry,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that many millennials have heard of it but aren’t exactly sure what it is. Let’s look at what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the new things you can buy is an NFT. The NFT is a token that is non-fungible that is very exclusive and cannot be substituted. This can be a piece of rareness like authentic baseball cards, or a uncommon vinyl record.
There’s no limit to what an NFT can be since it’s a non-fungible item that you can sell on the internet. In simpler terms, you could simply consider as an NFT to be a type of digital item that is paid for using cryptocurrency only.
Minting is like calling the shots on your own NFTs. You’re claiming ownership over that particular token/item you uploaded on the market place, but you’re selling it. Typically, this is official after you fill in all the necessary information about the NFT and then add it on the market.
On OpenSea It’s a very simple procedure to create your own NFTs by visiting the store and then creating a collection to start! Complete the correct and accurate information about your NFT and then select what type of settings you’d like to use to use it with (e.g., blockchain or payment tokens). After that then you’re able to upload it if it fits the 100 MB limit.
It is possible to wait and see how the transactions go from here on out to see if OpenSea is the marketplace for you.
What NFTs can you find here?
So, at this point, you’re probably wondering which kind of NFT can be found here, and what you could also sell if you choose to go that route. The kind of NFT it can be is indefinite as there’s a variety of options for how to approach it.
It is possible to sell trade cards, digital goods game assets domain names, also physical goods! Explore what you believe can bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that separates OpenSea from the other options. There are no gas costs when you use this feature to make and then sell the NFTs. This is essentially a way to ensure that you get the most profit when you begin selling since you won’t need to spend on extra fees.
Not many NFT marketplaces offer this feature, and it is great for you to earn a high return from your collection.
The Referral Program is another distinctive feature of OpenSea to be admired. Like traditional online marketplaces that offer benefits when you refer a friend to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from the site you’ll be rewarded with 2.50 percent of the purchase amount, which allows you to earn more money by this method.
Other NFT marketplaces do not have this kind of feature either This is a further benefit OpenSea has over the other marketplaces.
There’s an OpenSea mobile app, but it’s mostly used for perusing 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. While you’re not able to buy or sell things, you can at least explore the products you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available for you to use, and you can exchange your fiat money for cryptocurrency using these platforms. Nft For Dummies
You can exchange your fiat money via credit card or Paypal via these reputable websites to exchange it for crypto:
- Bittrex, and more!
Each of them has the option of converting them into ETH, which is the most common crypto payment in OpenSea.
While OpenSea is an NFT marketplace open to all types of cryptocurrency, wallets are still more compatible with it than others. Since it is built around an ETH blockchain, any wallets with a connection to this network are appropriate for the site.
Here is a list of several crypto wallets you can utilize in OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations, such as easy registration, only mobile usage and the ability to buy cryptocurrency using credit cards. Nft For Dummies
For more information about the service to learn more, check out their FAQs to see the steps you can begin and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has advantages and drawbacks. OpenSea isn’t the only one to have this. You can read about its pros and cons here:
- Available as mobile apps that are compatible with iOS or Android.
- Smart contracts can be used to perform transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalties of only 10% to artists (low royalties).
- Cannot buy or sell on this mobile application.
- Only accepts cryptocurrency as a method of payment.
- An Crypto wallet is required to use this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. However, overall, you will easily recover that amount when you are actively selling since there’s no extra charge for it.
Frequently Asked Questions Nft For Dummies
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to offer artists a way to market their work online, and to accept cryptocurrency as their form of payment. It’s an ideal option for artists who want to use the platform to market NFTs because of its zero cost of gas and low commission fees which you are required to pay.
You can shop and browse a vast collection of digital products on this NFT marketplace which is why you should definitely go through it!
Is OpenSea legit & secure?
Answer: Yes! OpenSea has been a reliable marketplace since its inception 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 safe and secure.
Additionally, as a seller, you will be verified after you build up your reputation. A blue checkmark will be assigned next to your account or collection that you have uploaded to assure any customer. OpenSea’s team regularly reviews the contents to ensure users are protected.
How do I earn royalties on OpenSea?
However, 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 with others NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) can be frequently utilized on this website and many others to accommodate many more crypto users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can utilize to access OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency through secure platforms that accept fiat money. All you need be able to connect is your credit or Paypal for the transaction.
Does OpenSea has a mobile or desktop application?
As mentioned before, there is definitely an official mobile app from OpenSea available for both iOS and Android. Install it from their app store, and you can start exploring the collection right now!
The desktop application for OpenSea that can be downloaded through WebCatalog. With the desktop application you can manage multiple accounts and receive alerts on any updates that affect 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/).