The crypto currency market is in a boom right now and you’re probably thinking where to invest your crypto coins. Markets have popped up all over the digital web designed to sell and buy NFTs via cryptocurrency! OpenSea is among them, and it’s worth checking out.
If you’re interested in crypto you’ve probably heard of OpenSea previously for a valid reason. It has become one of the biggest and leading marketplaces among cryptocurrency users because of its security and quick transactions.
So, hop on board and let’s see what you can do with OpenSea as well as examining what NFTs you can view!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick review. Afterward, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Gallery
The aim for OpenSea was to simply provide an online marketplace for artists to easily upload their commissions with no additional charges. There are additional features which allow you to market your work without having to deal with many issues.
For registration, you don’t need to provide too many details about yourself. All you have to do is connect your crypto wallet and voila! You have an account with OpenSea! It can be as simple as that and without many hassles when you enter into NFTs.
The most popular cryptocurrency to use on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it which is utilized for most processes. It is also based on the Polygon blockchain to ensure the lowest cost and speediest trading.
With these two kinds of blockchains you can pick which one you’d like to upload your NFT on as a seller. This is to ensure the security of your NFT and those who would like to purchase it. Every transaction will be conducted by using the blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace where you can trade in your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything as simple as a domain name to official art from an artist that you admire. Anyone can become a seller however, it takes time before anyone can become an established one.
There’s a huge selection in the collection of NFTs available at OpenSea and you can become a part of the collection! You can set up your own market there, and also find NFTs you’d like to buy for yourself.
What is an NFT?
In a recent advancement for the cryptocurrency industry”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that many millennials are familiar with it but aren’t exactly sure what it is. Let’s break down what an NFT is for anyone who is new in the field of cryptocurrency.
One of the latest ways that you can buy with cryptocurrency includes an NFT. A NFT is a non-fungible token that is unique and can’t be substituted. It could be a piece of rarity like mint-condition baseball trading cards, or a rare vinyl record.
There’s no limit on what an NFT could be, since it’s a non-fungible thing that you sell on the internet. It is simpler to just imagine an NFT as a digital collectible which is only paid in cryptocurrency.
Minting is like calling the shots to your NFTs. It is a way of claiming the owner of the item or token you uploaded on the market place, but you’re offering it for sale. Typically, this is official when you have filled in the proper information regarding the NFT and upload it to the marketplace.
On OpenSea, it’s a simple procedure to create your own NFTs by visiting the store and creating a collection to start! Complete the correct and complete information about your NFT and choose what kind of settings you’d like for it (e.g., blockchain or payments tokens). Once that’s all done, you can finally upload it, if it’s within the limit of 100MB.
You can watch and see how the transactions go from here on out to determine whether OpenSea is the best marketplace for you.
What NFTs are available here?
At this point you’re probably thinking about which kind of NFT can be found here and what you can sell should you decide to pursue that route. The kind of NFT it can be is unlimited since there’s a broad range of ways to approach it.
It is possible to sell digital items, trading cards, game assets domain names, also physical goods! Find out what you think will reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that sets OpenSea from the others. There are no gas costs when you utilize this feature when you 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 have to spend on additional fees.
There aren’t many NFT marketplaces have this feature, so this can be a fantastic way to receive high profit from your collection.
This Referral Program is a different aspect of OpenSea to be admired. Like traditional online marketplaces there are rewards by referring your friend to OpenSea! If you invite a friend to join OpenSea and buy an NFT from the site you’ll earn 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 This is a further advantage OpenSea has over them.
There is an OpenSea mobile app, but it’s mostly for perusing through the marketplace. It isn’t able to purchase or sell anything while you browse through the listings.
The mobile apps of OpenSea are available on both iOS as well as Android. While you’re not able to buy or sell anything, you can still explore the products you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available at your disposal You can also exchange your fiat money for cryptocurrency on these platforms. Nft Gallery
You can exchange the fiat currency you have with a credit card or Paypal via these reputable websites for cryptocurrency:
- Bittrex, and many more!
Each of them has the option to exchange for ETH which is the standard cryptocurrency used in OpenSea.
While OpenSea can be described as an NFT marketplace open to all kinds of cryptocurrency, the wallets nevertheless more compatible than others. Since it is built around the ETH blockchain, all wallets with a connection to this network are appropriate for the site.
Here is a list of different crypto wallets which you can use with OpenSea:
- Authereum and more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, mobile-only usage as well as the capability to buy cryptocurrency using credit cards. Nft Gallery
For more information about the service to learn more, check out their FAQs to see the steps you can begin and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and cons here:
- Available as mobile apps for 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 world and NFTs.
- Allows royalties 10% to artists (low royalty).
- Cannot buy or sell on the mobile app.
- Only supports cryptocurrency as its method of payment.
- The use of a Crypto digital wallet must be used to use this marketplace.
OpenSea is open to everyone who has any crypto currency in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. In the end, you’ll quickly recover this amount if you sell regularly since there’s no extra charge for it.
Frequently Asked Questions Nft Gallery
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to give artists a chance to market their work online and receive cryptocurrency as a method of payment. It’s an excellent platform for artists using for selling NFTs due to its low gas costs and the low commission rate that you have to pay.
You can shop and browse a vast collection of digital products on this NFT marketplace and you must take a look!
Is OpenSea legit & secure?
The short answer is yes! OpenSea is a reputable marketplace since it was founded in the year 2018. Because its system is built on blockchain technology that is secure, you can claim that your transactions are protected and secured.
Additionally, as a seller, you’ll be verified when you build up your reputation. A blue checkmark will be assigned to your account or any collection that you have uploaded to assure anyone who buys from you. The team at OpenSea regularly checks the contents to ensure users are secure.
How do I earn royalties on OpenSea?
As an artist, you will receive only up to 10% of the royalties once you have uploaded the NFT. This is thought to be a reasonable amount compared to others NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) is frequently used on this site and numerous others to cater for many more crypto users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of for OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. It is easy to buy or sell cryptocurrency on reliable platforms using fiat currency. All you have be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea have a desktop or mobile application?
As previously mentioned, there is definitely an official mobile app by OpenSea that is available for iOS and Android. You can download it through their app store and begin exploring the collection right now!
A Desktop application that OpenSea that can be downloaded through WebCatalog. In the desktop application you can manage multiple accounts as well as receive notifications about updates to your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).