The cryptocurrency market is on the rise and you’re probably thinking where to invest your crypto-coins. There are numerous marketplaces popping up all over the web that allow users to purchase and sell NFTs with cryptocurrency! OpenSea is one of them, and it’s worth checking out.
If you’re interested in crypto, you’ve probably heard about OpenSea previously for a valid reason. It has become one of the biggest and most popular marketplaces for users of cryptocurrency due to its safety and speedy transactions.
So, hop on board and discover what you can do with OpenSea, along with checking the NFTs available to view!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft For Real Estate
The aim for OpenSea was to offer artists with a marketplace/platform to upload commissions, without having to pay any additional costs. It has more functions that allow you to sell your work without having to deal with many problems.
In terms of the registration process, you don’t have to provide all of your personal details. All you need to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It can be as simple as that and without many hurdles as you walk into NFTs.
The most widely-used cryptocurrency that is used in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system, and this is used for most processes. It is also based on the Polygon blockchain, which allows for the lowest cost and speediest trading.
With these two kinds of blockchains available, you can choose which one you want to upload your NFT on as an seller. This ensures the safety of your NFT, along with those who wish to purchase it. All transactions are made along with this blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall where you can trade in your cryptocurrency or NFTs for other NFTs. You can buy anything as simple as a domain name to an official artwork by an artist you admire. Anyone can become a seller, but it takes a while for anyone to be a reputable one.
There is a wide variety from the selection at OpenSea, and you can also be a part of this! You can set up your own marketplace on this site, as well as find NFTs you’d like to buy for yourself.
What is an NFT?
In a recent advancement for the crypto market”NFT,” a popular term in the crypto industry “NFT” has been going around so long on the internet that the majority of young people are familiar with it , but aren’t sure exactly what it is. Let’s break down what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the latest ways that you can buy with cryptocurrency includes an NFT. An NFT is a token that is non-fungible which is extremely unique and can’t be substituted. It could be an item of any rarity like rare baseball trading cards in mint condition or uncommon vinyl record.
There is no limit to what an NFT can be since it’s a non-fungible thing you’re selling online. More straightforwardly, you can just think of an NFT being a virtual collectible paid via cryptocurrency only.
Minting is like calling dibs on your own NFTs. You’re claiming the owner of the item or token that you posted to the marketplace, and offering it for sale. Typically, this is official when you have filled in the proper information regarding the NFT and finally upload it to the marketplace.
On OpenSea it’s a straightforward process to mint your NFTs by going to the store and create a collection! Input the appropriate and correct information regarding your NFT and choose what kind of settings you’d like to use to use it with (e.g., blockchain or payment tokens). Once that’s all done, you can finally upload it if it fits the 100 MB limit.
You can wait and observe how the transactions go from now on to see if OpenSea is the best marketplace for you.
What NFTs can you find here?
So, at this point, you’re probably wondering what kind of NFTs can you shop for here, and what you could sell should you decide to go that route. The kind of NFT that you can purchase is unlimited since there’s a broad range of ways to go about it.
You can be selling trade cards, digital goods, game assets domain names, even physical assets! Explore what you believe can reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what separates OpenSea from the others. There are no gas costs for using this feature to create and market NFTs. This is essentially a way to ensure that you receive the maximum profits when you begin selling since you don’t need to pay on any additional charges.
Very few NFT marketplaces have this feature, so this can be a fantastic way to make a huge profit from your collection.
The Referral Program is a different aspect of OpenSea to admire. Similar to traditional online markets there are rewards by referring someone else to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from there you’ll earn 2.50 percent of the purchase amount, which allows you to earn more cash 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’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 of OpenSea are available for both iOS in addition to Android. While you’re not able to buy or sell something, you can look through the options you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available for you to use, and you can trade your fiat currency for cryptocurrency on these platforms. Nft For Real Estate
You can exchange your fiat money via your credit or debit card as well as Paypal on these reliable websites for cryptocurrency:
- Bittrex and more!
All of them have the option of exchange for ETH, which is the most common cryptocurrency used in OpenSea.
Although OpenSea can be described as an NFT marketplace open to all forms of cryptocurrency, the wallets nevertheless more compatible than other. Because it is based on an ETH blockchain, all wallets with a connection to this network are appropriate for the site.
Here is a list of various crypto wallets that you can utilize in OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each has its own limitations including simple registration, only mobile usage as well as the capability to buy cryptocurrency using the credit card. Nft For Real Estate
For more information about the service, you can check their FAQs to get the steps you can start and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has its advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and pros here:
- Mobile apps are available that are compatible with iOS and Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
- Allows royalty rates of 10% for artists (low royalties).
- Cannot buy or sell via our mobile apps.
- Only accepts cryptocurrency as a form of payment.
- An Crypto account is needed for this marketplace.
OpenSea is open to everyone who owns any crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. However, overall, you will easily recover that amount when you are actively selling since there’s no additional cost for it.
Frequently Asked Questions Nft For Real Estate
What is OpenSea?
OpenSea is an NFT marketplace that aims to give artists a chance for selling their artwork online, and to accept cryptocurrency as their form of payment. It’s an ideal platform for artists using for selling NFTs due to its no gas costs and low commission fee rate you must pay.
You can browse and shop for a vast collection of digital items on the NFT marketplace, so you should take a look!
Is OpenSea legit & safe?
The short answer is yes! OpenSea has been a reliable marketplace since it was founded at the end of the year of 2018. Because its system is built on blockchain technology that is secure, you can claim that your transactions are secure and safe.
Additionally as a seller you will be verified after you have built up your credibility. A blue checkmark will be assigned next to your account or the collection you uploaded to reassure every customer. The OpenSea team reviews regularly the contents to ensure users are protected.
How can I earn royalties on OpenSea?
However, as an artist, you’ll get only 10 percent of the royalties when you have uploaded the NFT. This is considered to be quite low in comparison with the other NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) can be commonly utilized on this website and other sites to provide many more crypto users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize for OpenSea.
What are the payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. It is easy to buy or trade cryptocurrency using secure platforms that accept fiat money. All you have to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea have a desktop/mobile application?
As we mentioned earlier, there is definitely an official mobile application from OpenSea that is available for iOS as well as Android. You can download it through their app store, and you can start exploring the collection now!
There is also a desktop application for OpenSea which can be downloaded from WebCatalog. With the desktop application you are able to manage multiple accounts as well as 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/).