The cryptocurrency market is on the rise, and you’re probably wondering where to invest your crypto currency. Marketplaces are popping up all over the digital web designed to purchase and sell NFTs using cryptocurrency! OpenSea is one of them, and it’s worth checking out.
If you’re familiar with cryptocurrency, you’ve probably heard of OpenSea before for a good reason. It has become one of the biggest and most popular marketplaces among users of cryptocurrency due to its safety and speedy transactions.
Now hop aboard, and discover what you can do with OpenSea and also see what NFTs you can 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.
OpenSea as an NFT Marketplace [Nft] Going Going, Back Back, To Cali Cali
The purpose of OpenSea was to simply provide an online marketplace for artists to easily upload their commissions without any extra costs. It has more functions which allow you to market your artwork without any issues.
When it comes to the registration process, you don’t have to give too many details about yourself. All you need to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as simple as that and without many hassles when you enter into NFTs.
The most popular cryptocurrency used in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it which is utilized to carry out the majority of processes. It is also based using the Polygon blockchain, which ensures low-cost and quicker trading.
With these two kinds of blockchains it is possible to choose which one you want to upload your NFT on as seller. This will ensure the security of your NFT, along with those who would like to buy it. All transactions are made using this blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything as simple as a domain name, to a piece of art by an artist you admire. Anyone can be a seller however it takes some time before anyone can become an established one.
There’s a huge selection from the selection on OpenSea and you can become a part of that! You can start your own market there, and also find NFTs you’d like to buy for yourself.
What is an NFT?
In a recent advancement for the crypto market, the term “NFT” has been going around for so long on internet that the majority of young people are familiar with it , but not exactly sure what it actually means. Let’s take a look at what NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the new things you can buy can be an NFT. An NFT is a non-fungible token which is extremely exclusive and cannot be changed. This can be an item of any rareness like rare baseball trading cards in mint condition or unique vinyl album.
There’s no limit to what an NFT can be since it’s a non-fungible object that you sell online. More straightforwardly, you can just think of an NFT being a virtual item that is paid for using cryptocurrency only.
Minting is similar to calling for dibs to your NFTs. It is a way of claiming the owner of the item or token that you have uploaded to market, as you’re putting it up for sale. Typically, this is official when you have filled in the correct information about the NFT and finally upload it to the marketplace.
On OpenSea It’s a very simple process to mint your NFTs by going to the store and simply creating a collection to start! Fill out the proper and correct information regarding your NFT and select the type of settings you’d like to use to use it with (e.g. blockchain, payment tokens). After you’ve completed the process then you’re able to upload it if it fits the limit of 100MB.
It is possible to wait and see the way transactions are handled from now to determine if OpenSea is the right marketplace for you.
What NFTs are available here?
So, at this point you’re probably asking yourself the kind of NFTs be purchased here and what kind of NFTs you can sell should you decide to pursue that route. The kind of NFT it can be isn’t limited because there’s a wide range of ways to do it.
You could be selling trade cards, digital goods game assets, domain names, and some physical items! Consider what you believe will reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that differentiates OpenSea from the other options. There are no gas costs when you use this feature to create and market NFTs. This means you’ll get the most profit when you start selling because you won’t have to spend on any additional charges.
There aren’t many NFT marketplaces offer this feature, which is why this can be a fantastic way to earn a high return from your portfolio.
This Referral Program is a different aspect of OpenSea to take note of. Similar to traditional online markets there are advantages by referring a friend to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from there you’ll earn 2.50% of the sale amount, letting you earn more cash by this method.
Other NFT marketplaces don’t offer this kind of feature either, so that’s just another benefit OpenSea has over the other marketplaces.
There is an OpenSea mobile application, however it’s mostly used to browse the marketplace. You can’t buy or sell anything as you browse through the listings.
The mobile apps from OpenSea are accessible for the two platforms of iOS and Android. Although you aren’t able to purchase or sell anything, you can still look through the options you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available to you, and you can exchange your fiat money for cryptocurrency using these platforms. [Nft] Going Going, Back Back, To Cali Cali
You can exchange your fiat currency using a the credit card, or Paypal on these reliable websites to exchange it for crypto:
- Bittrex, and more!
All of these have the option to exchange for ETH which is the primary cryptocurrency payment option in OpenSea.
Although OpenSea is an NFT marketplace that is open to all types of crypto, wallets are nevertheless more compatible than others. Since it is built mainly on the ETH blockchain, all wallets with a connection to the same network are suitable for the site.
Here’s a list various crypto wallets that which you can use with OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each has its own limitations, such as easy registration, mobile-only usage as well as the capability to purchase cryptocurrency with a credit card. [Nft] Going Going, Back Back, To Cali Cali
To learn more about it You can go through their FAQs for the steps you can begin and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has advantages and drawbacks. OpenSea isn’t an exception to this. It is possible to read about its pros and pros here:
- Mobile apps available for iOS and Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto market and NFTs.
- Allows royalties of only up to 10% for artists (low royalties).
- You cannot buy or sell products through this mobile application.
- Only supports cryptocurrency as its method of payment.
- An Crypto wallet is required to access this marketplace.
OpenSea is available to anyone who owns any crypto coins in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. In the end, you’ll quickly recover this amount if you are actively selling since there’s no extra charge for it.
Frequently Asked Questions [Nft] Going Going, Back Back, To Cali Cali
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to provide artists a platform to market their work online to receive cryptocurrency as a form of payment. It’s an ideal platform for artists using for selling NFTs because of its zero cost of gas and low commission fee rate you must pay.
You can browse and purchase the vast array of digital goods in this NFT marketplace which is why you should definitely take a look!
Is OpenSea legitimate and is it safe?
Answer: Yes! OpenSea has been a trusted marketplace since it was founded on the 1st of December in the year 2018. Since the system it operates on is based on a blockchain and is secured, it is safe to say that your transactions are secure and safe.
Furthermore as a seller you’ll be verified when you build up your reputation. A blue checkmark will appear next to your account or the collection you’ve uploaded to ensure the safety of every customer. The team at OpenSea regularly checks the content to ensure that users are safe.
How do I earn royalties on OpenSea?
Unfortunately, as an artist, you’ll get only 10 percent of the royalties when you upload the NFT. This is believed to be a reasonable amount compared against the other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) is commonly utilized on this website and many others to accommodate the increasing number of cryptocurrency users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize to use OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. It is easy to buy or trade cryptocurrency using secure platforms that accept fiat money. All you need to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea have a desktop or mobile app?
As mentioned before there’s an official mobile app by OpenSea that is available for iOS as well as Android. Download it at their respective app store, and begin exploring the collection now!
The Desktop application that OpenSea can be downloaded via WebCatalog. In the desktop application you can manage multiple accounts and get notifications about updates to your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).