The crypto currency market is in a boom right now and you’re probably wondering where you can invest your crypto currency. There are numerous marketplaces popping up across the web that allow users to purchase and sell NFTs via cryptocurrency! OpenSea is one of them and is worth looking into.
If you’re familiar with cryptocurrency you’ve probably heard about OpenSea prior to this for a valid reason. It’s now one of the largest and most popular marketplaces for cryptocurrency enthusiasts due to its security and rapid transactions.
Get on board, and let’s see the possibilities of OpenSea as well as examining what NFTs you can view!
Before you continue, 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 of OpenSea.
OpenSea as an NFT Marketplace Nft Grapes
The aim of OpenSea was to offer artists with a marketplace/platform to upload their commissions without any extra costs. It has more functions that allow you to sell your artwork without any problems.
When it comes to registration, you won’t have to provide all of your personal details. All you have to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as simple as that without going through much hassle as you step into NFTs.
The most widely-used cryptocurrency used within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology and is used to carry out the majority of processes. It also functions with the Polygon blockchain to ensure low-cost and quicker trading.
There are two types of blockchains available it is possible to choose which one you’d like to publish your NFT as an seller. This ensures the safety of your NFT as well as those who wish to purchase it. Every transaction will be conducted along with this blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything as simple as a domain name, to a piece of art by an artist you admire. Anyone can sell however it takes time for anyone to be an established seller.
There is a wide variety from the selection of NFTs available at OpenSea and you could become a part of this! You can create your own marketplace there, and also find NFTs that you would like to purchase for yourself.
What is an NFT?
A recent change in 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 a lot of millennials are familiar with it , but aren’t sure exactly what it actually means. Let’s break down what an NFT is for any beginners in cryptocurrency.
One of the newest things that you can buy with cryptocurrency is an NFT. An NFT is a token that is non-fungible that is very individual and cannot be substituted. This can be an item of any 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 object that you can sell on the internet. It is simpler to just think of the NFT to be a type of digital item paid via cryptocurrency only.
Minting is similar to calling for dibs on your own NFTs. You’re claiming the owner of the item or token you uploaded on the market place, but putting it up for sale. Usually, this is recognized once you fill out the correct information about the NFT and submit it for sale on.
On OpenSea it’s a straightforward process to mint your NFTs. All you have to do is visit the store and simply create a collection! Input the appropriate and complete information about your NFT and select the type of settings you’d like for it (e.g. blockchain, payment tokens). After you’ve completed the process you are able to upload it to the internet if it’s in the 100 MB limit.
You can wait and observe how the transactions go from here on out to see if OpenSea is the marketplace for you.
What NFTs can you find here?
In this moment you’re probably thinking about what kind of NFTs you shop for here and what kind of NFTs you can also sell if you decide to go that route. The kind of NFT that you can purchase is indefinite because there’s a wide range of ways to go about it.
It is possible to sell trade cards, digital goods games domain names, some physical items! Explore what you believe can bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that sets OpenSea from the other options. There are zero gas fees for using this feature when you create and market NFTs. This simply means that you’ll receive the maximum profits when you begin selling since you won’t have to spend on additional fees.
There aren’t many NFT marketplaces provide this feature, and it can be a fantastic way to earn a high return from your NFT collection.
This Referral Program is another unique aspect of OpenSea to admire. Like traditional online marketplaces there are rewards when you refer a friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from there, you’ll receive 2.50% of the sale amount, which allows you to earn more money by this method.
Other NFT marketplaces don’t have this kind of feature either This is a further advantage OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile application, however it is mainly used to browse the marketplace. Unfortunately, you can’t purchase or sell items as you scroll through the list.
OpenSea’s mobile apps are available for both iOS as well as Android. Even though you can’t buy or sell something, you can at least explore the products you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available to you You can also trade your fiat currency for cryptocurrency on these platforms. Nft Grapes
You can exchange your fiat money via credit card or Paypal on these reliable websites for cryptocurrency:
- Bittrex and other things!
All of these have the option to exchange for ETH that is the most common cryptocurrency used in OpenSea.
Although OpenSea is an NFT marketplace that is open to all kinds of crypto, wallets are still more compatible with it than others. Since it is built using an ETH blockchain, any wallets which are part of that network will be suitable for this site.
Here’s a list various crypto wallets that which you can use with OpenSea:
- Authereum and many more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions including simple registration, mobile-only usage and the ability to purchase cryptocurrency with credit cards. Nft Grapes
To know more about it to learn more, check out their FAQs to get the steps you can get started and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets every one of them has advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and cons here:
- Available as mobile apps that are compatible with iOS and Android.
- Smart contracts are utilized for 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 royalty).
- You cannot buy or sell products on the mobile app.
- Only accepts cryptocurrency as a method of payment.
- A Crypto digital wallet must be used for this marketplace.
OpenSea is open to everyone who owns any crypto coins in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. However, overall, you will easily recover that amount when you are actively selling since there’s no extra charge for it.
Frequently Asked Questions Nft Grapes
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed 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 who use it to sell NFTs due to its low gas fees and low commission fee rate which you are required to pay.
You can browse and shop for a vast collection of digital items on the NFT marketplace and you must go through it!
Is OpenSea legit & secure?
The short answer is yes! OpenSea has been a trusted marketplace since it was established in 2018. Since its system is based on a blockchain that is secure, you can declare that transactions are protected and secured.
In addition, as a seller, you’ll be verified when you build up your reputation. A blue checkmark will appear to your account or any collection you’ve uploaded to ensure the safety of any customer. The OpenSea team reviews regularly the contents to ensure users are safe.
How do I earn royalties from OpenSea?
As an artist, you can be paid only 10 percent of the royalties after you have uploaded the NFT. This is believed to be a reasonable amount compared with the other NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) can be widely used on this site and other sites to provide the increasing number of crypto users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can utilize to access OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. You can easily purchase or sell cryptocurrency through secure platforms that accept fiat money. All you have be able to connect is your credit or Paypal for the transaction.
Does OpenSea has a mobile or desktop application?
As we mentioned earlier There is an official mobile app by OpenSea available for both iOS as well as Android. Install it from their app store and you can start browsing through the collection right now!
There is also a version for desktops that OpenSea that can be downloaded through WebCatalog. With the desktop application, you can manage multiple accounts as well as receive 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/).