Cryptocurrency is booming right now, and you’re probably wondering where you can invest your crypto coins. Markets have popped up all over the digital web designed to sell and buy NFTs with cryptocurrency! OpenSea is one of them and is worth looking into.
If you’re well-versed in cryptocurrency you’ve likely heard of OpenSea before for a good reason. It’s now one of the largest and most popular marketplaces for cryptocurrency users because of its security and rapid transactions.
So, hop on board and let’s explore the possibilities of OpenSea, along with checking the NFTs available to view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. After, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Games
The aim of OpenSea was to offer artists with a marketplace/platform to easily upload their commissions, without having to pay any additional fees. It has more functions which allow you to market your work without having to deal with many issues.
For the registration process, you don’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 simple as that without going through many hurdles as you walk into NFTs.
The most popular cryptocurrency to use within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology which is utilized to carry out the majority of processes. It also operates on the Polygon blockchain to ensure lower costs and faster trading.
With these two kinds of blockchains available you can pick which one you would like to transfer your NFT to as seller. This will ensure the security of your NFT as well as the people who want to purchase it. All transactions are made along with this blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless where you can trade in your NFTs or cryptocurrency for other NFTs. You can purchase anything from just a domain name, to a piece of art by an artist you admire. Anyone can become a seller however it takes time before anyone can become an established one.
There is a wide variety in the collection on OpenSea and you could also be a part of that! You can set up your own market on this site, as well as find NFTs you want to purchase yourself.
What is an NFT?
In a recent development for the crypto industry”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that many millennials have heard of it but not exactly sure what it is. 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 purchase your cryptocurrency includes an NFT. A NFT is a token that is non-fungible that is very exclusive and cannot be substituted. It can be a piece of rareness like mint-condition baseball trading cards or a unique vinyl album.
There’s no limit on what an NFT can be since it’s a non-fungible item you’re selling online. In simpler terms, you could just think of an NFT being a virtual collectible paid via cryptocurrency only.
Minting is like calling dibs for your personal NFTs. It is a way of claiming the owner of the item or token that you have uploaded to the market place, but offering it for sale. Usually, this becomes official when you have filled in the correct information about the NFT and then add it on the market.
On OpenSea, it’s a simple process to mine your NFTs by going to the store and creating a collection to start! Input the appropriate and accurate information about your NFT and select the type of settings you’d like to use to use it with (e.g., blockchain, payment tokens). After that then you’re able to upload it, if it’s within the limit of 100MB.
It is possible to wait and see how transactions progress from now on to see whether OpenSea is the marketplace for you.
What NFTs are available here?
In this moment you’re probably asking yourself the kind of NFTs be found here, and what you could sell should you decide to pursue that route. The type of NFT it can be is unlimited because there’s a wide range of ways to approach it.
It is possible to sell digital items, trading cards, game assets, domain names, and some physical items! Find out what you think will yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that differentiates OpenSea from the others. There are zero gas fees for using this feature when you mint and sell NFTs. This is essentially a way to ensure that you receive the maximum profits when you sell because you won’t need to spend on extra fees.
Not many NFT marketplaces have this feature, which is why this is great for you to make a huge profit from your NFT collection.
The Referral Program is another distinctive feature of OpenSea to admire. Like traditional online marketplaces that offer advantages by referring your friend to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from there, you’ll receive 2.50 percent of the purchase amount, which allows you to earn more cash through this action.
Other NFT marketplaces don’t offer this feature, so that’s just another benefit OpenSea has over them.
There is an OpenSea mobile app, but it is mainly used for perusing through the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listings.
The mobile apps of OpenSea are available for the two platforms of iOS and 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 available at your disposal You can also convert your fiat money into cryptocurrency through these platforms. Nft Games
You can exchange the fiat currency you have with a credit card or Paypal via these reputable websites for cryptocurrency:
- Bittrex and more!
Each of them has the option to exchange for ETH that is the standard cryptocurrency payment option in OpenSea.
While OpenSea has been described as being an NFT marketplace open to all forms of cryptocurrency, the wallets nonetheless more compatible than others. Because it is based around an ETH blockchain, all wallets which are part of this network are appropriate for this site.
Here’s a list several crypto wallets you can use in OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations, such as easy registration, use on mobile devices only as well as the capability to purchase cryptocurrency with the credit card. Nft Games
To know more about it You can go through their FAQs to see a rundown of how you can start and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with advantages and drawbacks. OpenSea isn’t an exception to this. You can read about its pros and pros here:
- Mobile apps are available for iOS as well as Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto industry and NFTs.
- Allows royalties 10% to artists (low royalty rates).
- Cannot buy or sell on our mobile apps.
- Only supports cryptocurrency as its method of payment.
- An Crypto account is needed for this marketplace.
OpenSea is accessible to everyone who has crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. In the end, you’ll easily recover that amount when you sell regularly since there’s no additional cost for it.
Frequently Asked Questions Nft Games
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to offer artists a way to sell their works online and receive cryptocurrency as their form of payment. It’s an excellent platform for artists who use it to sell NFTs due to its no gas fees and the low commission rate that you have to pay.
You can shop and browse an array of digital goods in this NFT marketplace which is why you should definitely take a look!
Is OpenSea legitimate and safe?
Answer: Yes! OpenSea is a reputable marketplace since its inception on the 1st of December in the year 2018. Since the system it operates on is built on blockchain technology, it is safe to say that your transactions are safe and secure.
In addition 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 any customer. The team at OpenSea regularly checks the contents to ensure users are protected.
How can I earn royalties on OpenSea?
However, as an artist, you will receive only up to 10 percent of the royalties when you upload the NFT. This is considered to be quite low in comparison with others NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) has been commonly used on this site and many others to accommodate more crypto users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of for OpenSea.
What are the payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. You can buy and sell cryptocurrency through secure platforms that accept fiat money. All you need just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea have a desktop or mobile app?
As we mentioned earlier there’s an official mobile application from OpenSea available for both iOS or Android. You can download it through their app store, and begin browsing through the collection right now!
The desktop application for OpenSea can be downloaded via WebCatalog. In the desktop application, you can manage multiple accounts and get 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/).