The cryptocurrency market is on the rise and you’re probably wondering where you can invest your crypto currency. Markets have popped up across the web that allow users to purchase and sell NFTs with cryptocurrency! OpenSea can be one, and it’s worth looking into.
If you’re interested in crypto, you’ve likely heard of OpenSea previously for a valid reason. It’s one of the largest and most popular marketplaces for cryptocurrency enthusiasts due to its security and rapid transactions.
Now hop aboard, and let’s explore what you can do with OpenSea and also see the NFTs that you can see!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick review. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Gas Fees
The aim for OpenSea was to offer an online marketplace for artists to easily upload their commissions without any extra costs. There are additional features which allow you to market your work without having to deal with many issues.
For the registration process, you don’t have to provide too many details about yourself. All you need to 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 well-known cryptocurrency used within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system and is used for the majority of transactions. It is also based on the Polygon blockchain, which ensures lower costs and faster trading.
There are two types of blockchains you can pick which one you would like to upload your NFT on as an seller. This is to ensure the security of your NFT, along with the people who want to buy it. Every transaction will be conducted by using the blockchain, which is why you need to think about where to 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 the simplest domain name to official art from an artist you admire. Anyone can be a seller, but it takes time for anyone to be a reputable one.
There is a wide variety from the selection at OpenSea, and you can become a part of the collection! You can set up your own marketplace there, and also find NFTs you want to purchase yourself.
What is an NFT?
A recent change in the crypto industry,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on the internet that many millennials are familiar with it but not exactly sure what it is. Let’s take a look at what NFT is for any beginners in the field of cryptocurrency.
One of the newest things that you can buy with cryptocurrency can be an NFT. An NFT is a non-fungible currency which is extremely individual and cannot be replaced. This can be an item of any rarity like authentic baseball cards or a uncommon vinyl record.
There’s no limit to what an NFT could be, since it’s a non-fungible object that you can sell on the internet. In simpler terms, you could just think of an NFT being a virtual item which is only paid in cryptocurrency.
Minting is similar to calling for dibs for your personal NFTs. You’re claiming the ownership of the particular item that you posted to the marketplace, and putting it up for sale. Usually, this becomes official when you have filled in the correct information about the NFT and upload it to the marketplace.
On OpenSea, it’s a simple process to mine your NFTs. All you have to do is visit the store and creating a collection to start! Complete the correct and accurate information about your NFT and choose what kind of settings you’d like for it (e.g. blockchain, payments tokens). After you’ve completed the process, 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 to determine if OpenSea is the marketplace for you.
What NFTs can you find here?
So, at this point you’re probably thinking about what kind of NFTs can be purchased here, and what you could sell should you decide to go down that path. The kind of NFT it isn’t limited since there’s a broad range of options for how to go about it.
You could be selling digital items, trading cards games, domain names, and also physical goods! Consider what you believe will reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what sets OpenSea from the other options. There are zero gas fees when you use this feature to mint and sell NFTs. This simply means that you’ll receive the maximum profits when you begin selling since you don’t need to pay on extra fees.
There aren’t many NFT marketplaces provide this feature, and it is great for you to make a huge profit from your collection.
The Referral Program is a different aspect of OpenSea to take note of. Similar to traditional online markets, you can receive rewards by referring your friend to OpenSea! If you invite a friend to join OpenSea and buy an NFT from the site, you’ll receive 2.50 percent of the purchase amount, which means you can make more money by this method.
Other NFT marketplaces do not have this kind of feature either, so that’s just another advantage OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile application, however it’s mostly to browse through the marketplace. You can’t buy or sell anything while you browse through the listing.
OpenSea’s mobile apps are available for the two platforms of iOS in addition to 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
Various crypto exchange platforms are at your disposal to trade your fiat currency for cryptocurrency through these platforms. Nft Gas Fees
You can convert your fiat money via credit card or Paypal via these reputable websites for cryptocurrency:
- Bittrex, and other things!
All of them have the option of converting them into ETH, which is the most common cryptocurrency used in OpenSea.
While OpenSea can be described as an NFT marketplace open to all forms of crypto, wallets are still more compatible with it than others. Because it is based on the ETH blockchain, wallets with a connection to the same network are suitable for this website.
Here is a list of different crypto wallets you can use in OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each wallet has its own restrictions including simple registration, use on mobile devices only and the ability to buy cryptocurrency using a credit card. Nft Gas Fees
For more information about the service to learn more, check out their FAQs for a rundown of how you can begin and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with advantages and drawbacks. OpenSea isn’t an exception to this. You can view its pros and pros here:
- Mobile apps are 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 industry and NFTs.
- Allows royalty rates of 10% to artists (low royalty).
- You cannot buy or sell products via this mobile application.
- Only accepts cryptocurrency as a type of payment.
- An Crypto wallet is required for this marketplace.
OpenSea is open to everyone 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. But overall, you can quickly recover this amount if you sell regularly since there’s no additional cost for it.
Frequently Asked Questions Nft Gas Fees
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to provide artists a platform to sell their works online to receive cryptocurrency as a form of payment. It’s a great option for artists who want to use it to sell NFTs due to its low cost of gas and the low commission rate you must pay.
You can browse and purchase a vast collection of digital goods in this NFT marketplace, so you should check it out!
Is OpenSea legit & safe?
Short answer: Yes! OpenSea is a reputable marketplace since it was founded on the 1st of December in 2018. Since the system it operates on is based on a blockchain, it is safe to declare that transactions are secure and safe.
In addition, as a seller, you’ll be verified when you’ve earned a reputation. A blue checkmark is placed on your account or the collection that you have uploaded to assure every customer. The OpenSea team reviews regularly the content to ensure users are secure.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you can get only 10 percent of the royalties after you upload the NFT. This is believed to be reasonably low compared with the other NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) can be widely used on this site as well as numerous others to cater for more cryptocurrency users. These are other cryptos you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can utilize to use OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. It is easy to buy or trade cryptocurrency using reliable platforms using fiat currency. All you have just connect your debit or credit card to Paypal for the transaction.
Does OpenSea has a mobile or desktop app?
As we mentioned earlier, there is definitely an official mobile application from OpenSea available for both iOS or Android. Install it from their app store, and then you can begin exploring the collection right now!
The desktop application for OpenSea can be downloaded via WebCatalog. On the desktop app you are able to 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/).