The crypto currency market is in a boom right now, and you’re probably wondering where you can invest your crypto-coins. Markets have popped up across the internet, designed to purchase and sell NFTs using cryptocurrency! OpenSea is among them, and it’s worth looking into.
If you’re interested in crypto you’ve likely heard of 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 available to view!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick review. After, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft For Sale Art
The purpose for OpenSea was to provide artists with a marketplace/platform to easily upload their commissions without any extra costs. There are additional features that allow you to sell your art without too many difficulties.
For registration, you don’t need to provide any personal information about yourself. All you have to connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as easy as that and without many hassles when you enter into NFTs.
The most well-known cryptocurrency used in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology which is utilized for the majority of transactions. It also operates with the Polygon blockchain, which ensures lower costs and faster trading.
With these two kinds of blockchains that are available it is possible to choose which one you would like to transfer your NFT to as an seller. This will ensure the security of your NFT, along with those who wish 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 online shopping mall that is endless where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything the simplest domain name to official art from an artist that you admire. Anyone can sell, but it takes some time for anyone to be an established seller.
There is a wide variety in the collection of NFTs available at OpenSea and you can become a part of the collection! You can set up your own personal market there, and also find NFTs you want to purchase yourself.
What is an NFT?
A recent change in the crypto industry”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that a lot of millennials are familiar with it but aren’t sure exactly what it means. 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 new things that you can buy with cryptocurrency can be an NFT. The NFT is a token that is non-fungible that is very individual and cannot be substituted. It could be an item of any rareness, such as authentic baseball cards, or a rare vinyl record.
There is no limit to what an NFT can be since it’s a non-fungible object you’re selling online. In simpler terms, you could just think of as an NFT to be a type of digital collectible that is paid for using cryptocurrency only.
Minting is like calling dibs to your NFTs. It is a way of claiming ownership over that particular token/item that you posted to the marketplace, and you’re putting it up for sale. Usually, this is recognized when you have filled in all the necessary information about the NFT and then submit it for sale on.
On OpenSea, it’s a simple process to mint your NFTs. All you have to do is visit the store and simply create a collection! Complete the correct and complete information about your NFT and then select what type of settings you want for it (e.g. blockchain and payment tokens). After that you are able to upload it, if it’s within the 100 MB limit.
It is possible to wait and see how the transactions go from now to see whether OpenSea is the best marketplace for you.
What NFTs can you get here?
In this moment you’re probably asking yourself the kind of NFTs you shop for here and what kind of NFTs you can also sell if you decide to go that route. The kind of NFT that you can purchase is unlimited as there’s a variety of options for how to approach it.
You can be selling digital products, trading cards, game assets, domain names, and also physical goods! Explore what you believe can reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that sets OpenSea from the others. There are no gas costs for using this feature to create and market NFTs. This means you’ll get the most profit when you sell because you don’t need to pay on any additional charges.
Very few NFT marketplaces provide this feature, and it is a great way to make a huge profit from your portfolio.
The Referral Program is a different aspect of OpenSea to take note of. Like traditional online marketplaces there are benefits when you refer a friend to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from there you’ll be rewarded with 2.50 percent of the sales amount, letting you make more money through this action.
Other NFT marketplaces do not have this kind of feature either, so that’s just another benefit OpenSea has over them.
There’s an OpenSea mobile app, but it’s mostly to browse the marketplace. You can’t buy or sell items as you scroll through the list.
OpenSea’s mobile apps are available for the two platforms of iOS in addition to Android. Although you aren’t able to purchase or sell something, you can at least explore the products you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are to you, and you can convert your fiat money into cryptocurrency through these platforms. Nft For Sale Art
You can swap your fiat money via 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, which is the primary crypto payment in OpenSea.
While OpenSea is an NFT marketplace open to all types of cryptocurrency, wallets are nevertheless more compatible than others. Since it is built using the ETH blockchain, wallets that share the same network are suitable for this website.
Here’s a list different crypto wallets 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 including simple registration, only mobile usage, and the function to purchase cryptocurrency using credit cards. Nft For Sale Art
To learn more about it to learn more, check out their FAQs for a rundown of how you can get started and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with its advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and pros here:
- Mobile apps are available for iOS and Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalties of only up to 10% for artists (low royalty).
- You cannot buy or sell products on this mobile application.
- Only accepts cryptocurrency as a form of payment.
- An Crypto digital wallet must be used to use this marketplace.
OpenSea is open to everyone who has any crypto currency in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. But overall, you can easily recover that amount when you actively sell because there is no additional fee for it.
Frequently Asked Questions Nft For Sale Art
What is OpenSea?
OpenSea is an NFT marketplace that aims to provide artists a platform to market their work online to receive cryptocurrency as their form of payment. It’s an excellent platform for artists who use it to sell NFTs due to its low cost of gas and low commission fee rate you must pay.
You can shop and browse an array of digital products on this NFT marketplace and you must check it out!
Is OpenSea legit & is it safe?
Answer: Yes! OpenSea is a reputable marketplace since its inception in 2018. Because its system is built on blockchain technology and is secured, it is safe to declare that transactions are protected and secured.
In addition as a seller you can become verified once you build up your reputation. A blue checkmark is placed next to your account or collection that you have uploaded to assure anyone who buys from you. OpenSea’s team regularly reviews the contents to ensure users are protected.
How do I earn royalties on OpenSea?
Unfortunately, as an artist, you will get only 10 percent of the royalties after you have uploaded the NFT. This is thought to be quite low in comparison with others NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) is commonly utilized on this website and many others to accommodate the increasing number of crypto users. These are other cryptos you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can make use of to use OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. It is easy to buy or sell cryptocurrency through secure platforms that accept fiat money. All you have just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea have a desktop or mobile app?
As mentioned before there’s an official mobile app from OpenSea that is available for iOS and Android. Install it from their app store, and you can start exploring the collection now!
A desktop application for OpenSea which can be downloaded from WebCatalog. On the desktop app, you can manage multiple accounts and get 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/).