The crypto currency market is in a boom right now and you’re probably wondering where to invest your crypto-coins. There are numerous marketplaces popping up all over the web that allow users to buy and sell NFTs via cryptocurrency! OpenSea is one of them, and it’s worth looking into.
If you’re interested in crypto, you’ve probably heard about OpenSea before for a good reason. It’s now one of the largest and leading marketplaces among users of cryptocurrency due to its security and quick transactions.
Now hop aboard, and let’s explore what you can do with OpenSea, along with checking the NFTs available to view!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Going Down
The goal to create OpenSea was to simply provide a platform/marketplace for artists to upload their commissions without any extra costs. There are additional features that let you sell your art without too many issues.
When it comes to registration, you don’t need to give too many details about yourself. All you have to do is connect your cryptocurrency 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 well-known cryptocurrency used in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology which is utilized for the majority of transactions. It also functions with the Polygon blockchain, which ensures the lowest cost and speediest trading.
With these two types of blockchains you can pick which one you would like to transfer your NFT to as seller. This is to ensure the security of your NFT and those who would like to purchase it. Every transaction will be conducted along with this blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from just a domain name, to a piece of art from an artist you admire. Anyone can sell however, it takes a while for anyone to become a reputable one.
There’s a huge selection in the collection on OpenSea and you could also be a part of this! You can create your own market there, and also find NFTs you’d like to buy for 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 so long on the internet that the majority of young people are familiar with it , but aren’t sure exactly what it actually means. Let’s break down what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the newest things that you can buy with cryptocurrency includes an NFT. A NFT is a non-fungible currency which is extremely individual and cannot be substituted. This can be an item of any rarity like authentic baseball cards or uncommon vinyl record.
There’s no limit to what an NFT can be since it’s a non-fungible item that you sell on the internet. More straightforwardly, you can simply consider as an NFT being a virtual item that is paid for using cryptocurrency only.
Minting is similar to calling for dibs for your personal NFTs. It is a way of claiming the ownership of the particular item you uploaded on market, as putting it up 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 procedure to create your own NFTs. All you have to do is visit the store and then creating a collection to start! Complete the correct 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 or payment tokens). After that, you can finally upload it if it fits the 100 MB limit.
It is possible to wait and see how transactions progress from now on to determine whether OpenSea is the best marketplace for you.
What NFTs are available here?
So, at this point, you’re probably wondering which kind of NFT can you shop for here, and what you could sell should you decide to go that route. The kind of NFT it can be isn’t limited as there’s a variety of how you can approach it.
You can be selling digital items, trading cards game assets, domain names, and even physical assets! Find out what you think will yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that separates OpenSea from the other options. There’s no cost for gas for using this feature to create and market NFTs. This is essentially a way to ensure that you get the most profit when you sell because you don’t need to pay on extra fees.
There aren’t many NFT marketplaces offer this feature, which is why this is a great way to earn a high return from your collection.
A Referral Program is another distinctive feature of OpenSea to take note of. Like traditional online marketplaces, you can receive benefits by referring someone else to OpenSea! If you refer a friend to join OpenSea and buy an NFT from the site you’ll earn 2.50 percent of the sales amount, letting you earn more cash from this act.
Other NFT marketplaces don’t offer this feature and that’s another benefit OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile app, but it’s mostly for perusing through the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listing.
The mobile apps of OpenSea are available on both iOS in addition to Android. Even though you can’t buy or sell things, you can at least explore the products you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available to you You can also convert your fiat money into cryptocurrency through these platforms. Nft Going Down
You can convert your fiat money via the credit card, or Paypal on these reliable websites for cryptocurrency:
- Bittrex and many more!
All of these have the option of exchange for ETH which is the standard crypto payment in OpenSea.
While OpenSea can be described as an NFT marketplace that is open to all types of cryptocurrency, wallets are still more compatible with it than others. Since it is built mainly around an ETH blockchain, wallets that share this network are appropriate for this site.
Here’s a list several crypto wallets which you can use with OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, use on mobile devices only as well as the capability to purchase cryptocurrency using credit cards. Nft Going Down
To know more about it to learn more, check out their FAQs to get an overview of how 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. You can view its pros and cons here:
- Available as mobile apps that are compatible with iOS as well as Android.
- Smart contracts can be used to perform transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
- Allows royalties of only up to 10% for artists (low royalty rates).
- Cannot buy or sell via this mobile application.
- Only accepts cryptocurrency as a method of payment.
- A Crypto account is needed to use this marketplace.
OpenSea is accessible to everyone who has any crypto currency in their crypto wallets. When you are a seller, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. But overall, you can easily recover that amount when you actively sell because there’s no additional cost for it.
Frequently Asked Questions Nft Going Down
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to give artists a chance for selling their artwork online, and to accept cryptocurrency as a method of payment. It’s a great platform for artists who use it to sell NFTs due to its no gas costs and low commission fees which you are required to pay.
You can shop and browse an array of digital items on the NFT marketplace which is why you should definitely go through it!
Is OpenSea legit & is it safe?
Answer: Yes! OpenSea is a reputable marketplace since it was established in 2018. Since its system is based on a blockchain and is secured, it is safe to say that your transactions are safe and secure.
In addition, as a seller, you will be verified after you’ve earned a reputation. A blue checkmark will appear to your account or the collection that you have uploaded to assure any customer. The team at OpenSea regularly checks the content to ensure users are safe.
How can I earn royalties from OpenSea?
However, as an artist, you can receive only up to 10 percent of the royalties when you have uploaded the NFT. This is thought to be quite low in comparison to the other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) has been widely used on this site and numerous others to cater for many more cryptocurrency users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can use to use OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. You can easily purchase or sell cryptocurrency through trusted platforms with fiat money. All you have to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea have a desktop/mobile app?
As previously mentioned There is an official mobile app from OpenSea for both iOS or Android. You can download it through their app store and begin exploring the collection now!
A Desktop application that OpenSea that can be downloaded through WebCatalog. With the desktop application, you can manage multiple accounts and receive notifications on updates regarding 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/).