The crypto currency market is in a boom right now, and you’re probably wondering where you can invest your crypto-coins. There are numerous marketplaces popping up across the web that allow users to buy and sell NFTs using cryptocurrency! OpenSea can be one and is worth a look.
If you’re interested in crypto you’ve probably heard about OpenSea previously for a valid reason. It has become one of the largest and most popular marketplaces among cryptocurrency users because of its safety and speedy transactions.
So, hop on board and discover the possibilities of 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 overview. Afterward, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Games 2021
The purpose for OpenSea was to simply provide a platform/marketplace for artists to upload their commissions, without having to pay any additional charges. It also has additional functions which allow you to market your art without too many issues.
For registration, you won’t have 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 without going through many hassles when you enter into NFTs.
The most well-known 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, and this is used to carry out the majority of processes. It also functions on the Polygon blockchain to ensure low-cost and quicker trading.
With these two kinds of blockchains, you can choose which one you’d like to publish your NFT as a seller. This is to ensure the security of your NFT, along with those who would like to purchase it. Every transaction will be conducted along with this blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything just a domain name to an official artwork from an artist that you admire. Anyone can become a seller however it takes some time before anyone can become a reputable one.
There’s a huge selection in the collection at OpenSea and you can join in with this! You can create your own personal market on this site, as well as find NFTs you want to purchase for yourself.
What is an NFT?
In a recent advancement for the crypto market”NFT” is a term that has been used in recent times “NFT” has been going around so long on the 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 those who are just beginning to get started in cryptocurrency.
One of the new things that you can buy with cryptocurrency includes an NFT. The NFT is a token that is non-fungible that is unique and can’t be replaced. This can be a piece of rareness, such as mint-condition baseball trading cards, or a uncommon vinyl record.
There’s no limit to what an NFT could be, since it’s a non-fungible item that you can sell on the internet. In simpler terms, you could just think of an NFT being a virtual item 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 market, as you’re selling it. 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 by visiting the store and making a collection to begin! Input the appropriate and correct information regarding your NFT and select the type of settings you’d like for it (e.g. blockchain and payment tokens). After that then you’re able to upload it if it fits the limit of 100MB.
You can watch and see how transactions progress from here on out to see whether OpenSea is the right marketplace for you.
What NFTs can you get here?
In this moment, you’re probably wondering which kind of NFT can be found here and what you can sell should you decide to pursue that route. The type of NFT it is unlimited because there’s a wide range of options for how to do it.
It is possible to sell trade cards, digital goods games, domain names, and also physical goods! Explore what you believe can bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what differentiates OpenSea from the other options. There are zero gas fees when you utilize this feature to make and then sell the NFTs. This simply means that you’ll receive the maximum profits when you sell because you won’t need to spend on additional fees.
Not many NFT marketplaces offer this feature, so this can be a fantastic way to earn a high return from your NFT collection.
The Referral Program is a different aspect of OpenSea to admire. Like traditional online marketplaces that offer rewards when you refer someone else to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from the site you’ll earn 2.50 percent of the sales amount, which allows you to earn more cash through this action.
Other NFT marketplaces do not have this feature This is a further benefit OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile app, but it’s mostly used for perusing through the marketplace. You can’t buy or sell anything as you browse through the listing.
The mobile apps from OpenSea are accessible for both iOS in addition to Android. Although you aren’t able to purchase or sell something, you can browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are to you You can also trade your fiat currency for cryptocurrency on these platforms. Nft Games 2021
You can swap the fiat currency you have with a the credit card, or Paypal via these reputable websites for cryptocurrency:
- Bittrex, and more!
Each of them has the option to exchange for ETH, which is the standard crypto payment in OpenSea.
Although OpenSea can be described as an NFT marketplace that is open to all kinds of cryptocurrency, wallets are nevertheless more compatible than others. Since it is built mainly using the ETH blockchain, all wallets that share this network are appropriate for the site.
Here’s a list of different crypto wallets you can utilize in OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations like easy registration, use on mobile devices only, and the function to purchase cryptocurrency using the credit card. Nft Games 2021
To know more about it to learn more, check out their FAQs for the steps you can begin and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets, 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 cons here:
- Mobile apps available that are compatible with iOS as well as Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalties of only 10% for artists (low royalty).
- It is not possible to buy or sell items through the mobile app.
- Only supports cryptocurrency as its form of payment.
- A Crypto account is needed for this marketplace.
OpenSea is open to everyone who has crypto coins in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. But overall, you can easily recover that amount when you actively sell because there’s no additional cost for it.
Frequently Asked Questions Nft Games 2021
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to offer artists a way to market their work online to receive cryptocurrency as their form of payment. It’s a great option for artists who want to use the platform to market NFTs due to its low gas fees and low commission fee rate you must pay.
You can browse and shop for a vast collection of digital goods in this NFT marketplace and you must take a look!
Is OpenSea real and secure?
Answer: Yes! OpenSea is a reputable marketplace since it was established in the year 2018. Because its system is built on blockchain technology that is secure, you can declare that transactions are secure and safe.
Furthermore as a seller you’ll be verified when you build up your reputation. A blue checkmark is placed next to your account or collection you uploaded to reassure every customer. OpenSea’s team regularly reviews the content to ensure users are secure.
How can I earn royalties on OpenSea?
As an artist, you will be paid only 10% of the royalties once you have uploaded the NFT. This is thought to be quite low in comparison against other NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) can be widely utilized on this website and other sites to provide more crypto users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize for OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. You can easily purchase 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 transaction.
Does OpenSea have a desktop/mobile app?
As previously mentioned, there is definitely an official mobile app by OpenSea for both iOS or Android. You can download it through their app store, and you can start exploring the collection now!
There is also a version for desktops that OpenSea that can be downloaded through WebCatalog. With the desktop application you are able to manage multiple accounts as well as receive notifications about updates to 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/).