The cryptocurrency market is on the rise and you’re probably thinking where to invest your crypto-coins. Marketplaces are popping up across the internet, designed to purchase and sell NFTs using 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 biggest and leading marketplaces among cryptocurrency users because of its safety and speedy transactions.
Get on board, and let’s explore the possibilities of OpenSea, along with checking the NFTs that you can see!
Before you continue, you may want to check out 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 Gt205
The goal for OpenSea was to simply provide an online marketplace for artists to easily upload their commissions without any extra charges. It also has additional functions which allow you to market your work without having to deal with many difficulties.
When it comes to the registration process, you don’t have to give any personal information about yourself. All you need to do is connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as easy as that, without many hassles when you enter into NFTs.
The most popular cryptocurrency to use within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it which is utilized for the majority of transactions. It is also based on the Polygon blockchain, which ensures the lowest cost and speediest trading.
There are two types of blockchains available you can pick which one you want to transfer your NFT to as seller. This will ensure the security of your NFT and those who would like to purchase it. Every transaction will be conducted by using the blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything the simplest domain name, to a piece of art by an artist you admire. Anyone can be a seller, but it takes time for anyone to become a reputable one.
There are a variety of NFTs from the selection of NFTs available at OpenSea and you can also be a part of the collection! You can start your own marketplace here, along with finding 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 internet that a lot of millennials are familiar with it but aren’t sure exactly what it is. Let’s take a look at what NFT is for any beginners in the field of cryptocurrency.
One of the new things that you can buy with cryptocurrency can be an NFT. The NFT is a token that is non-fungible that is exclusive and cannot be replaced. This can be a piece of rarity like authentic baseball cards, or a rare vinyl record.
There is 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 simply imagine an NFT as a digital item paid via cryptocurrency only.
Minting is similar to calling for dibs for your personal NFTs. You are calling ownership over that particular token/item you uploaded on the marketplace, and 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 by going to the store and simply creating a collection to start! Complete the correct and complete information about your NFT and select the type of settings you want for it (e.g., blockchain, money transfer tokens). After you’ve completed the process, you can finally upload it, if it’s within the limit of 100MB.
You can wait and observe how transactions progress from now to see whether OpenSea is the right marketplace for you.
What NFTs can you find here?
In this moment you’re probably thinking about which kind of NFT you shop for here, and what you could also sell if you decide to pursue that route. The kind of NFT it can be isn’t limited since there’s a broad range of options for how to go about it.
You can be selling trade cards, digital goods games, domain names, and even physical assets! Consider what you believe will reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what sets OpenSea from the other options. There’s no cost for gas when you utilize this feature to make and then sell the NFTs. This means you’ll receive the maximum profits when you begin selling since you don’t need to pay on additional fees.
There aren’t many NFT marketplaces offer this feature, so this is great for you to earn a high return from your portfolio.
A Referral Program is another unique aspect of OpenSea to admire. Similar to traditional online markets, you can receive benefits when you refer a friend to OpenSea! If you refer a friend to join OpenSea and buy an NFT from the site you’ll be rewarded with 2.50 percent of the purchase amount, which means you can earn more cash by this method.
Other NFT marketplaces don’t 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 is mainly used to browse through the marketplace. You can’t buy or sell anything while you browse through the listing.
The mobile apps from OpenSea are accessible for the two platforms of iOS in addition to Android. While you’re not able to buy or sell anything, you can still at least look through the options you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are to you to trade your fiat currency for cryptocurrency using these platforms. Nft Gt205
You can convert the fiat currency you have with a credit card or Paypal via these reputable websites to exchange it for crypto:
- Bittrex and more!
All of these have the option of converting them into ETH that is the standard crypto payment in OpenSea.
Although OpenSea can be described as an NFT marketplace open to all kinds of crypto, wallets are nonetheless more compatible than others. Since it is built mainly around the ETH blockchain, wallets that share the same network are suitable for the site.
Here’s a list of various crypto wallets that you can use in OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations, such as easy registration, only mobile usage as well as the capability to purchase cryptocurrency with credit cards. Nft Gt205
For more information about the service to learn more, check out their FAQs to get a rundown of how you can get started and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets every one of them has advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and pros here:
- Available as mobile apps for iOS or Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto market and NFTs.
- Allows royalties of only 10% to artists (low royalties).
- You cannot buy or sell products via this mobile application.
- Only accepts cryptocurrency as a form of payment.
- A Crypto wallet is required to use this marketplace.
OpenSea is accessible to everyone who has any crypto currency in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. But overall, you can quickly recover this amount if you actively sell because there’s no additional cost for it.
Frequently Asked Questions Nft Gt205
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to provide artists a platform to sell their works online, and to accept cryptocurrency as their form of payment. It’s an excellent platform for artists using it to sell NFTs due to its low gas costs and low commission fee rate which you are required to pay.
You can browse and purchase a vast collection of digital products on this NFT marketplace and you must check it out!
Is OpenSea legit & is it safe?
The short answer is yes! OpenSea has been a trusted marketplace since it was established on the 1st of December in 2018. Since its system is built on a blockchain and is secured, it is safe to say that your transactions are safe and secure.
Furthermore, as a seller, you will be verified after you’ve earned a reputation. A blue checkmark is placed to your account or collection that you have uploaded to assure any customer. The team at OpenSea regularly checks the content to ensure users are secure.
How do I earn royalties on OpenSea?
As an artist, you can be paid only 10 percent of the royalties after you have uploaded the NFT. This is considered to be a reasonable amount compared to others NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) has been widely utilized on this website and other sites to provide more cryptocurrency users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can use for OpenSea.
Which are the accepted 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 need to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea has a mobile or desktop application?
As mentioned before there’s an official mobile application from OpenSea that is available for iOS as well as Android. You can download it through their app store, and begin browsing through the collection right now!
The version for desktops that OpenSea that can be downloaded through WebCatalog. In the desktop application, you can manage multiple accounts and get alerts on any updates that affect 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/).