The crypto currency market is in a boom right now and you’re probably thinking where to invest your crypto-coins. There are numerous marketplaces popping up across the digital web designed to purchase and sell NFTs via cryptocurrency! OpenSea is among them and is worth a look.
If you’re interested in crypto you’ve probably heard of OpenSea prior to this for a valid reason. It’s one of the largest and most popular marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.
Get on board, and let’s explore 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. Afterward, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Garding
The aim for OpenSea was to offer an online marketplace for artists to upload their commissions with no additional costs. It also has additional functions that allow you to sell your work without having to deal with many difficulties.
When it comes to registration, you won’t have to provide any personal information about yourself. All you have to do is connect your crypto wallet and voila! You have an account with OpenSea! It’s as simple as that without going through many hassles when you enter into NFTs.
The most popular cryptocurrency to use in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system, and this is used for the majority of transactions. It also operates using the Polygon blockchain, which allows for lower costs and faster trading.
With these two kinds of blockchains available, you can choose which one you want to transfer your NFT to as an 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 consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from just a domain name to official art from an artist you admire. Anyone can sell, but it takes some time for anyone to be a reputable one.
There’s a huge selection of NFTs available at OpenSea, and you can join in with this! You can set up your own marketplace here, along with finding NFTs you’d like to buy for yourself.
What is an NFT?
In a recent development for the crypto market”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that many millennials have heard of it but not exactly sure what it is. Let’s break down what an NFT is for any beginners in cryptocurrency.
One of the newest things that you can buy with cryptocurrency includes an NFT. The NFT is a token that is non-fungible which is extremely exclusive and cannot be changed. It could be a piece of rareness like mint-condition baseball trading cards or a uncommon vinyl record.
There’s no limit to what an NFT can be as it’s a non-fungible item that you sell online. In simpler terms, you could simply think of as an NFT as a digital collectible that is paid for using cryptocurrency only.
Minting is like calling the shots to your NFTs. It is a way of claiming the owner of the item or token that you posted to the marketplace, and offering it for sale. Usually, this is recognized once you fill out the correct information about the NFT and add it on the market.
On OpenSea, it’s a simple procedure to create your own NFTs by going to the store and create a collection! Fill out the proper and accurate information about your NFT and then select what type of settings you’d like to use to use it with (e.g. blockchain and money transfer tokens). After that, you can finally upload it if it fits the 100 MB limit.
You can wait and observe the way transactions are handled from now on to see whether OpenSea is the right marketplace for you.
What NFTs can you get here?
So, at this point you’re probably thinking about the kind of NFTs you shop for here and what you can sell should you decide to go down that path. The kind of NFT it isn’t limited because there’s a wide range of ways to approach it.
It is possible to sell digital products, trading cards, game assets domain names, some physical items! Consider what you believe will reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what sets OpenSea from the others. There are no gas costs when you utilize this feature to make and then sell the NFTs. This is essentially a way to ensure that you get the most profit when you begin selling since you don’t need to pay on extra fees.
There aren’t many NFT marketplaces have this feature, and it can be a fantastic way to make a huge profit from your portfolio.
A Referral Program is a different aspect of OpenSea to be admired. Similar to traditional online markets that offer rewards by referring your friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from there you’ll be rewarded with 2.50 percent of the sales amount, letting you earn more cash by this method.
Other NFT marketplaces don’t have the same feature This is a further advantage OpenSea has over the other marketplaces.
There’s an OpenSea mobile application, however it is mainly used to browse the marketplace. You can’t buy or sell anything as you browse through the listing.
The mobile apps of OpenSea are available on the two platforms of iOS as well as Android. Although you aren’t able to purchase or sell something, you can look through the options you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available to you You can also exchange your fiat money for cryptocurrency using these platforms. Nft Garding
You can convert the fiat currency you have with a credit card or Paypal via these reputable websites to exchange it for crypto:
- Bittrex, and more!
Each of them has the option of converting them into ETH which is the most common crypto payment in OpenSea.
Although OpenSea is an NFT marketplace that is open to all kinds of cryptocurrency, wallets are nonetheless more compatible than other. Since it is built mainly on the ETH blockchain, wallets that share this network are appropriate for the site.
Here is a list of several crypto wallets you can utilize in OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations including simple registration, use on mobile devices only, and the function to buy cryptocurrency using a credit card. Nft Garding
For more information about the service You can go through their FAQs for an overview of how you can get started and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like all 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 are available that are compatible with 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 market and NFTs.
- Allows royalties of only up to 10% for artists (low royalties).
- You cannot buy or sell products via the mobile app.
- Only supports cryptocurrency as its type 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 to all the sellers who are on this platform. However, overall, you will easily recover that amount when you actively sell because there’s no extra charge for it.
Frequently Asked Questions Nft Garding
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to offer artists a way to market their work online, and to accept cryptocurrency as their form of payment. It’s an excellent platform for artists using the platform to market NFTs because of its zero gas costs and low commission fees which you are required to pay.
You can shop and browse the vast array of digital products on this NFT marketplace which is why you should definitely take a look!
Is OpenSea real and secure?
Short answer: Yes! OpenSea has been a trusted marketplace since it was established at the end of the year 2018. Since the system it operates on is based on a blockchain, it is safe to say that your transactions are secure and safe.
In addition, as a seller, you will be verified after you build up your reputation. A blue checkmark will appear next to your account or collection you uploaded to reassure any customer. The OpenSea team reviews regularly the content to ensure users are protected.
How do I earn royalties from OpenSea?
However, as an artist, you will be paid only 10% of the royalties once you have uploaded the NFT. This is considered to be quite low in comparison to others NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) can be widely used on this site and numerous others to cater for the increasing number of cryptocurrency users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can use for OpenSea.
What are the payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. You can easily purchase or sell cryptocurrency on reliable platforms using fiat currency. All you have be able to connect is your credit or Paypal for the transaction.
Does OpenSea have a desktop or mobile app?
As mentioned before there’s an official mobile application from OpenSea that is available for iOS or Android. You can download it through their app store, and you can start browsing through the collection right now!
The Desktop application that OpenSea that can be downloaded through WebCatalog. In the desktop application you can manage multiple accounts and get alerts on any updates that affect your account when you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).