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 across the web that allow users to buy and sell NFTs with cryptocurrency! OpenSea is one of them, and it’s worth looking into.
If you’re interested in crypto you’ve probably heard about OpenSea prior to this for a valid reason. It’s now one of the largest and most popular marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.
Get on board, and let’s see the possibilities of OpenSea and also see what NFTs you can view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. Afterward, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Growing Steps
The aim to create OpenSea was to offer artists with a marketplace/platform to upload their commissions without any extra charges. There are additional features that allow you to sell your work without having to deal with many issues.
For the registration process, you don’t have to worry about giving any personal information about yourself. All you need to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as easy as that without going through many hurdles as you walk into NFTs.
The most widely-used cryptocurrency to use on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system, and this is used for the majority of transactions. It is also based using the Polygon blockchain, which ensures lower costs and faster trading.
With these two types of blockchains, you can choose which one you’d like to transfer your NFT to as seller. This is to ensure the security of your NFT as well as the people who want to purchase it. Every transaction will be conducted by using the blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless where you can trade in your NFTs or cryptocurrency for other NFTs. You can buy anything just a domain name to an official artwork by an artist you admire. Anyone can be a seller however it takes a while for anyone to become an established seller.
There are a variety of NFTs of NFTs available at OpenSea and you can also be a part of the collection! You can create your own marketplace here, along with finding NFTs you want to purchase yourself.
What is an NFT?
A recent change in the cryptocurrency industry”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that the majority of young people have heard of it but aren’t sure exactly what it is. Let’s take a look at what NFT is for those who are just beginning to get started in cryptocurrency.
One of the new things you can buy can be an NFT. An NFT is a non-fungible token which is extremely individual and cannot be substituted. It could be an item of rareness like mint-condition baseball trading cards or a unique vinyl album.
There’s no limit to what an NFT can be as it’s a non-fungible item that you sell on the internet. In simpler terms, you could simply consider an NFT as a digital item which is only paid in cryptocurrency.
Minting is similar to calling for dibs to your NFTs. You’re claiming the ownership of the particular item that you have uploaded to market, as you’re selling it. Usually, this becomes official when you have filled in all the necessary information about the NFT and then upload it to the marketplace.
On OpenSea it’s a straightforward procedure to create your own NFTs by visiting the store and simply making a collection to begin! Input the appropriate and accurate information about your NFT and then select what type of settings you want for it (e.g., blockchain and payment tokens). After you’ve completed the process, you can finally 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 whether OpenSea is the best marketplace for you.
What NFTs can you get here?
In this moment, you’re probably wondering what kind of NFTs can be found here and what you can also sell if you decide to pursue that route. The kind of NFT it is indefinite as there’s a variety of options for how to go about it.
You can be selling digital items, trading cards games domain names, also physical goods! Consider what you believe will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what differentiates OpenSea from the others. There are zero gas fees when you use this feature when you make and then sell the NFTs. This means you’ll get the most profit when you begin selling since you don’t need to pay on extra fees.
Very few NFT marketplaces provide this feature, so this can be a fantastic way to make a huge profit from your NFT collection.
This Referral Program is another unique aspect of OpenSea to take note of. Like traditional online marketplaces that offer rewards by referring your friend to OpenSea! If you refer a friend to join OpenSea and buy an NFT from there you’ll earn 2.50 percent of the sales amount, which means you can make more money by this method.
Other NFT marketplaces don’t have the same feature This is a further benefit OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile application, however it’s mostly used to browse the marketplace. It isn’t able to purchase or sell items as you scroll through the list.
The mobile apps from OpenSea are accessible for both iOS in addition to Android. While you’re not able to buy or sell things, you can at least browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available for you to use You can also exchange your fiat money for cryptocurrency using these platforms. Nft Growing Steps
You can exchange your fiat money via credit card or Paypal on these reliable websites for cryptocurrency:
- Bittrex, and many more!
All of these have the option to exchange for ETH that is the most common cryptocurrency used in OpenSea.
Although OpenSea can be described as an NFT marketplace open to all kinds of crypto, wallets are nonetheless more compatible than others. Because it is based using an ETH blockchain, any wallets which are part of this network are appropriate for this website.
Here’s a list of various crypto wallets that you can utilize in OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations like easy registration, only mobile usage as well as the capability to buy cryptocurrency using a credit card. Nft Growing Steps
For more information about the service, you can check their FAQs to get the steps you can get started and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with its advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and pros here:
- Mobile apps are available for iOS as well as 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 industry and NFTs.
- Allows royalty rates of up to 10% for artists (low royalty rates).
- Cannot buy or sell on this mobile application.
- Only supports cryptocurrency as its type of payment.
- The use of a Crypto account is needed for this marketplace.
OpenSea is available to anyone who has any crypto currency in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. But overall, you can quickly regain that when you are actively selling since there’s no extra charge for it.
Frequently Asked Questions Nft Growing Steps
What is OpenSea?
OpenSea is an NFT marketplace that seeks to give artists a chance to sell their works online to receive cryptocurrency as a form of payment. It’s an ideal option for artists who want to use it to sell NFTs because of its zero cost of gas and low commission fee rate that you have to pay.
You can browse and purchase an array of digital items on the NFT marketplace which is why you should definitely check it out!
Is OpenSea real and secure?
Short answer: Yes! OpenSea has been a trusted marketplace since it was founded on the 1st of December in the year 2018. Because its system is built on a blockchain, it is safe to declare that transactions are safe and secure.
In addition as a seller you will be verified after you’ve earned a reputation. A blue checkmark is placed next to your account or the collection you uploaded to reassure anyone who buys from you. The OpenSea team reviews regularly the contents to ensure users are protected.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you will be paid only 10% of the royalties once you have uploaded the NFT. This is thought to be reasonably low compared to others NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) is frequently used on this site as well as other sites to provide the increasing number of cryptocurrency users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can use for OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. You can buy and sell cryptocurrency on trusted platforms with fiat money. All you need to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea has a mobile or desktop app?
As previously mentioned, there is definitely an official mobile application from OpenSea that is available for iOS as well as Android. Install it from their app store and then you can begin exploring the collection 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 and get notifications on updates regarding 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/).