Cryptocurrency is booming right now, and you’re probably wondering where you can invest your crypto-coins. There are numerous marketplaces popping up all over the web that allow users to purchase and sell NFTs with cryptocurrency! OpenSea can be one, and it’s worth looking into.
If you’re interested in crypto you’ve likely heard of OpenSea before for a good reason. It has become one of the biggest and leading marketplaces among cryptocurrency users because of its safety and speedy transactions.
Now hop aboard, and let’s see 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 review. Afterward, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft/Gtb B/O
The aim to create OpenSea was to simply provide an online marketplace for artists to easily upload their commissions with no additional fees. It also has additional functions that let you sell your work without having to deal with many difficulties.
For registration, you don’t need to provide too many details about yourself. All you need to do is connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as simple as that and without many hurdles as you walk into NFTs.
The most popular cryptocurrency used on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology, and this is used for the majority of transactions. It is also based with the Polygon blockchain to ensure low-cost and quicker trading.
With these two types of blockchains that are available, you can choose which one you would like to publish your NFT as an seller. This will ensure the security of your NFT and the people who want to purchase it. All transactions will be made by using the blockchain, so you should think about where to 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. It is possible to purchase anything as simple as a domain name to an official artwork from an artist that you admire. Anyone can sell, but it takes time before anyone can become a reputable one.
There is a wide variety in the collection on OpenSea and you can join in with the collection! You can start your own market here, along with finding NFTs that you would like to purchase yourself.
What is an NFT?
In a recent advancement for the cryptocurrency industry,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that a lot of millennials are familiar with it , but not exactly sure what it is. Let’s break down what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the latest ways that you can buy with cryptocurrency can be an NFT. A NFT is a non-fungible currency that is individual and cannot be replaced. It could be an item of rareness like rare baseball trading cards in mint condition or a uncommon vinyl record.
There’s no limit to what an NFT can be as it’s a non-fungible object you’re selling on the internet. More straightforwardly, you can simply imagine as an NFT as a digital collectible paid via cryptocurrency only.
Minting is similar to calling for dibs to your NFTs. You are calling ownership over that particular token/item you uploaded on market, as you’re offering it for sale. Usually, this becomes official once you fill out the correct information about the NFT and upload it to the marketplace.
On OpenSea, it’s a simple process to mine your NFTs. All you have to do is visit the store and then making a collection to begin! Fill out the proper and complete information about your NFT and then select what type of settings you want for it (e.g. blockchain and payments tokens). After that you are able to upload it to the internet if it’s in the limit of 100MB.
It is possible to wait and see how the transactions go from now on to see if OpenSea is the right marketplace for you.
What NFTs can you get here?
So, at this point you’re probably thinking about which kind of NFT can be found here and what you can also sell if you decide to pursue that route. The type of NFT that you can purchase is unlimited since there’s a broad range of options for how to approach it.
You can be selling digital products, trading cards games domain names, some physical items! Consider what you believe will yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that sets OpenSea from other companies. There are zero gas fees when you use this feature to create and market NFTs. This is essentially a way to ensure that you receive the maximum profits when you sell because you won’t need to spend on additional fees.
There aren’t many NFT marketplaces offer this feature, and it can be a fantastic way to earn a high return from your NFT collection.
This Referral Program is another distinctive feature of OpenSea to admire. Like traditional online marketplaces there are advantages by referring someone else to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from the site, you’ll receive 2.50 percent of the sales amount, which means you can earn more money by this method.
Other NFT marketplaces do not have this kind of feature either This is a further advantage OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile app, but it’s mostly to browse the marketplace. Unfortunately, you can’t purchase or sell anything as you browse through the listings.
OpenSea’s mobile apps are available on both iOS and Android. Even though you can’t buy or sell anything, you can still browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are for you to use, and you can convert your fiat money into cryptocurrency using these platforms. Nft/Gtb B/O
You can exchange your fiat money via credit card or Paypal via these reputable websites for cryptocurrency:
- Bittrex, and many more!
Each of them has the option to exchange for ETH that is the standard crypto payment in OpenSea.
Although OpenSea has been described as being an NFT marketplace that is open to all kinds of crypto, wallets are still more compatible with it than others. Since it is built mainly on an ETH blockchain, wallets which are part of the same network are suitable for the site.
Here’s a list several crypto wallets 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 like easy registration, mobile-only usage, and the function to buy cryptocurrency using credit cards. Nft/Gtb B/O
To learn more about it to learn more, check out their FAQs to see a rundown of how you can start and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with its advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and cons here:
- Mobile apps available that are compatible with iOS as well as Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalties up to 10% for artists (low royalty).
- You cannot buy or sell products through this mobile application.
- Only supports cryptocurrency as its type of payment.
- The use of a Crypto digital wallet must be used for this marketplace.
OpenSea is open to everyone who has any crypto currency in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. But overall, you can quickly recover this amount if you sell regularly since there’s no extra charge for it.
Frequently Asked Questions Nft/Gtb B/O
What is OpenSea?
OpenSea is an NFT marketplace that aims to provide artists a platform to sell their works online to receive cryptocurrency as a form of payment. It’s an ideal option for artists who want to use the platform to market NFTs due to its low gas fees and low commission fee rate which you are required to pay.
You can browse and shop for the vast array of digital goods in this NFT marketplace which is why you should definitely go through it!
Is OpenSea legitimate and secure?
Answer: Yes! OpenSea has been a reliable marketplace since its inception at the end of 2018. Because its system is built on a blockchain that is secure, you can declare that 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 anyone who buys from you. OpenSea’s team regularly reviews the content to ensure that users are protected.
How can I earn royalties from OpenSea?
Unfortunately, as an artist, you will get only 10% of the royalties once you upload the NFT. This is considered to be reasonably low compared with other NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) is frequently used on this site and other sites to provide the increasing number of crypto users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can utilize for OpenSea.
What are the payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. It is easy to buy or sell cryptocurrency through trusted platforms with fiat money. All you need to do is connect your credit card or Paypal for the transaction.
Does OpenSea have a desktop or mobile application?
As we mentioned earlier, there is definitely an official mobile app by OpenSea that is available for iOS and Android. Download it at their respective app store, and you can start 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 alerts on any updates that affect your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).