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 digital web designed to buy and sell NFTs via cryptocurrency! OpenSea is among them and is worth a look.
If you’re interested in crypto, you’ve likely heard of OpenSea previously for a valid reason. It’s now one of the largest and leading marketplaces among cryptocurrency enthusiasts due to its security and quick transactions.
Now hop aboard, and let’s see the possibilities of 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. After, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Fur
The aim of OpenSea was to provide an online marketplace for artists to easily upload their commissions without any extra fees. It also has additional functions that let you sell your art without too many problems.
For registration, you won’t have to worry about giving all of your personal details. All you need to do is connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as simple as that and without much hassle as you step into NFTs.
The most popular cryptocurrency to use in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system which is utilized to carry out the majority of processes. It is also based with the Polygon blockchain to ensure low-cost and quicker trading.
With these two types of blockchains available, you can choose which one you’d like to publish your NFT as seller. This ensures the safety of your NFT and those who wish to buy it. All transactions are made by using the blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace where you can exchange your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything the simplest domain name to official art from an artist that you admire. Anyone can be a seller however, it takes some time for anyone to become a reputable one.
There are a variety of NFTs in the collection at OpenSea and you can join in with this! You can set up your own marketplace here, along with finding NFTs you want to purchase yourself.
What is an NFT?
A recent change in the crypto market, the term “NFT” has been going around so long on the internet that the majority of young people are familiar with it but aren’t exactly sure what it means. Let’s take a look at what NFT is for anyone who is new in the field of cryptocurrency.
One of the latest ways you can buy can be an NFT. An NFT is a non-fungible token which is extremely exclusive and cannot be changed. This can be an item of rareness, such as authentic baseball cards, or a unique vinyl album.
There is no limit to what an NFT could be, since it’s a non-fungible thing that you sell online. It is simpler to simply consider as an NFT being a virtual item paid via cryptocurrency only.
Minting is similar to calling for dibs on your own NFTs. It is a way of claiming the owner of the item or token you uploaded on the market place, but you’re putting it up for sale. Usually, this is recognized after you fill in all the necessary information about the NFT and upload it to the marketplace.
On OpenSea, it’s a simple procedure to create your own NFTs. All you have to do is visit 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, payments tokens). After that, you can finally upload it, if it’s within the 100 MB limit.
You can watch and see the way transactions are handled from now on to determine whether OpenSea is the marketplace for you.
What NFTs can you get here?
At this point, you’re probably wondering which kind of NFT can be purchased here and what you can also sell if you choose to go that route. The type of NFT it can be isn’t limited because there’s a wide range of how you can do it.
You can be selling trade cards, digital goods game assets domain names, some physical items! Find out what you think will yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what separates OpenSea from other companies. There are zero gas fees when you utilize this feature when you mint and sell NFTs. This simply means that you’ll be able to make the highest profits once you sell because you don’t need to pay on any additional charges.
There aren’t many NFT marketplaces offer this feature, and it is a great way to earn a high return from your NFT collection.
A Referral Program is a different aspect of OpenSea to admire. Like traditional online marketplaces there are benefits when you refer your friend to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from there you’ll be rewarded with 2.50 percent of the sales amount, which means you can earn more money from this act.
Other NFT marketplaces do not have this feature, so that’s just another benefit OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile app, but it is mainly used for perusing through the marketplace. It isn’t able to purchase or sell anything while you scroll through the list.
OpenSea’s mobile apps are available on both iOS as well as Android. Even though you can’t buy or sell something, you can at least browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are for you to use, and you can convert your fiat money into cryptocurrency using these platforms. Nft Fur
You can swap the fiat currency you have with a the credit card, or Paypal via these reputable websites to exchange it for crypto:
- Bittrex, and many more!
All of them have the option to exchange for ETH which is the most common crypto payment in OpenSea.
Although OpenSea has been described as being an NFT marketplace open to all types of cryptocurrency, wallets are still more compatible with it than other. Because it is based around an ETH blockchain, wallets that share the same network are suitable for this website.
Here’s a list various crypto wallets that you can utilize in OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, only mobile usage and the ability to purchase cryptocurrency using the credit card. Nft Fur
To learn more about it, you can check their FAQs for an overview of how you can get started and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and cons here:
- Mobile apps are available that are compatible with iOS as well as Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- The best option for beginners to the crypto industry and NFTs.
- Allows royalty rates of up to 10% for artists (low royalty).
- Cannot buy or sell through this mobile application.
- Only supports cryptocurrency as its method of payment.
- The use of a Crypto digital wallet must be used to access this marketplace.
OpenSea is available to anyone who owns any crypto coins in their cryptocurrency 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 regain that when you actively sell because there’s no additional cost for it.
Frequently Asked Questions Nft Fur
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to provide artists a platform to market their work online, and to accept cryptocurrency as their form of payment. It’s a great platform for artists who use the platform to market NFTs due to its low gas costs and the low commission rate which you are required to pay.
You can browse and purchase the vast array of digital products on this NFT marketplace and you must go through it!
Is OpenSea real and secure?
Answer: Yes! OpenSea has been a trusted marketplace since it was founded at the end of the year of 2018. Since the system it operates on is built on blockchain technology, it is safe to say that your transactions are secure and safe.
Furthermore as a seller you’ll be verified when you’ve earned a reputation. A blue checkmark will appear on your account or any collection you’ve uploaded to ensure the safety of anyone who buys from you. The team at OpenSea regularly checks the content to ensure that users are secure.
How can I earn royalties on OpenSea?
As an artist, you can be paid only 10 percent of the royalties after you upload the NFT. This is believed to be a reasonable amount compared against the other NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) can be commonly used on this site as well as many others to accommodate the increasing number of crypto users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize to access OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. You can easily purchase or sell cryptocurrency through trusted platforms with fiat money. All you have to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea has a mobile or desktop app?
As previously mentioned there’s an official mobile app from OpenSea available for both iOS as well as Android. You can download it through their app store, and then you can begin exploring the collection now!
The Desktop application that OpenSea can be downloaded via WebCatalog. With the desktop application you are able to 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/).