The cryptocurrency market is on the rise and you’re probably thinking where to invest your crypto currency. Markets have popped up across the digital web designed to purchase and sell NFTs via cryptocurrency! OpenSea is among them, and it’s worth checking out.
If you’re interested in crypto you’ve probably heard about OpenSea previously for a valid reason. It’s now one of the biggest and most popular marketplaces for users of cryptocurrency due to its security and rapid transactions.
Now hop aboard, and let’s explore the possibilities of OpenSea and also see the NFTs that you can see!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick review. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Gullies
The goal to create OpenSea was to offer a platform/marketplace for artists to upload their commissions with no additional costs. It also has additional functions that allow you to sell your artwork without any difficulties.
In terms of registration, you don’t need to give any personal information about yourself. All you have to do is connect your crypto wallet and voila! You have an account with OpenSea! It’s as simple as that without going through many hurdles as you walk into NFTs.
The most widely-used cryptocurrency that is used in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it and is used to carry out the majority of processes. It also functions using the Polygon blockchain, which allows for the lowest cost and speediest trading.
With these two kinds of blockchains that are available you can pick which one you would like to upload your NFT on as an seller. This will ensure the security of your NFT as well as the people who want to buy it. Every transaction will be conducted along with this blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace where you can exchange your NFTs or cryptocurrency 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 sell, but it takes a while for anyone to be an established one.
There’s a huge selection in the collection of NFTs available at OpenSea, and you can join in with this! You can start your own personal market on this site, as well as find NFTs that you would like to purchase yourself.
What is an NFT?
In a recent advancement for the crypto industry, the term “NFT” has been going around for so long on internet that the majority of young people 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 includes an NFT. A NFT is a non-fungible token which is extremely individual and cannot be substituted. It can be an item of any rareness like authentic baseball cards or uncommon vinyl record.
There’s no limit on what an NFT could be, since it’s a non-fungible thing that you can sell online. More straightforwardly, you can simply think of an NFT as a digital collectible that is paid for using cryptocurrency only.
Minting is like calling dibs for your personal NFTs. You are calling ownership over that particular token/item you uploaded on the marketplace, and selling it. Usually, this becomes official after you fill in the proper information regarding the NFT and then add it on the market.
On OpenSea it’s a straightforward process to mine your NFTs by visiting the store and creating a collection to start! Complete the correct and correct information regarding your NFT and choose what kind of settings you’d like to use to use it with (e.g. blockchain and 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 how the transactions go from now to determine whether OpenSea is the marketplace for you.
What NFTs can you find here?
So, at this point you’re probably asking yourself the kind of NFTs be found here, and what you could sell should you decide to go that route. The type of NFT it isn’t limited as there’s a variety of options for how to go about it.
You could be selling digital products, trading cards game assets, domain names, and even physical assets! Find out what you think will bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that separates OpenSea from the other options. There are no gas costs for using this feature when you mint and sell NFTs. This is essentially a way to ensure that you be able to make the highest profits once you sell because you don’t need to pay on extra fees.
Not many NFT marketplaces offer this feature, which is why this is a great way to make a huge profit from your portfolio.
A Referral Program is another distinctive feature of OpenSea to admire. Similar to traditional online markets that offer advantages when you refer your friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from the site, you’ll receive 2.50 percent of the purchase amount, letting you earn more money by this method.
Other NFT marketplaces don’t have this kind of feature either and that’s another advantage OpenSea has over the other marketplaces.
There’s an OpenSea mobile app, but it is mainly used to browse through the marketplace. Unfortunately, you can’t purchase or sell items as you scroll through the list.
The mobile apps from OpenSea are accessible for the two platforms of iOS in addition to Android. Even though you can’t buy or sell something, you can browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available to you You can also exchange your fiat money for cryptocurrency through these platforms. Nft Gullies
You can convert your fiat money via credit card or Paypal on these reliable websites to exchange it for crypto:
- Bittrex, and other things!
All of them have the option of converting them into ETH which is the most common crypto payment in OpenSea.
Although OpenSea is an NFT marketplace that is open to all kinds of cryptocurrency, wallets are nevertheless more compatible than other. Since it is built mainly around an ETH blockchain, any wallets which are part of the same network are suitable for this website.
Here is a list of several crypto wallets you can use in OpenSea:
- Authereum and more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations including simple registration, mobile-only usage, and the function to purchase cryptocurrency using credit cards. Nft Gullies
For more information about the service, you can check their FAQs for the steps you can start and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has its advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and cons here:
- Mobile apps available for iOS and Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalty rates of up to 10% for artists (low royalties).
- You cannot buy or sell products through our mobile apps.
- Only accepts cryptocurrency as a type of payment.
- 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 percent commission fee to all the sellers who are on this platform. In the end, you’ll quickly recover this amount if you sell regularly since there is no additional fee for it.
Frequently Asked Questions Nft Gullies
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to provide artists a platform to sell their works online to receive cryptocurrency as their form of payment. It’s a great option for artists who want to use for selling NFTs because of its zero cost of gas and low commission fees you must pay.
You can browse and purchase an array of digital goods in this NFT marketplace and you must check it out!
Is OpenSea legitimate and safe?
The short answer is yes! OpenSea is a reputable marketplace since its inception in the year of 2018. Since the system it operates on is built on a blockchain and is secured, it is safe to say that your transactions are protected and secured.
Furthermore as a seller you can become verified once you build up your reputation. A blue checkmark is placed next to your account or collection you’ve uploaded to ensure the safety of every customer. The team at OpenSea regularly checks the content to ensure that users are secure.
How can I earn royalties from OpenSea?
Unfortunately, as an artist, you can be paid only 10 percent of the royalties when you have uploaded the NFT. This is considered to be quite low in comparison to the other NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) is frequently used on this site as well as many others to accommodate more cryptocurrency users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can utilize to use OpenSea.
What are the payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. You can buy and trade cryptocurrency using reliable platforms using fiat currency. All you need be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea have a desktop/mobile app?
As we mentioned earlier, there is definitely an official mobile app from OpenSea that is available for iOS and Android. Download it at their respective app store and begin browsing through the collection right now!
The Desktop application that OpenSea which can be downloaded from WebCatalog. With the desktop application you can manage multiple accounts and receive notifications on updates regarding 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/).