Cryptocurrency is booming right now and you’re probably wondering where you can invest your crypto-coins. There are numerous marketplaces popping up across the web that allow users to sell and buy NFTs using cryptocurrency! OpenSea is one of them and is worth a look.
If you’re familiar with cryptocurrency you’ve probably heard of OpenSea prior to this for a valid reason. It’s one of the biggest and most popular marketplaces for cryptocurrency enthusiasts due to its security and rapid transactions.
So, hop on board and discover what you can do with OpenSea and also see what NFTs you can view!
Before you continue, you may want to watch 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 of OpenSea.
OpenSea as an NFT Marketplace Nft Hair
The goal for OpenSea was to offer an online marketplace for artists to upload their commissions with no additional charges. It has more functions that allow you to sell your art without too many difficulties.
For registration, you won’t have to provide any personal information about yourself. All you need to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as easy as that without going through much hassle as you step into NFTs.
The most popular cryptocurrency used on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology and is used for most processes. It is also based using the Polygon blockchain, which ensures low-cost and quicker trading.
There are two types of blockchains, you can choose which one you would like to upload your NFT on as seller. This is to ensure the security of your NFT as well as those who wish to buy it. All transactions are made along with this blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall where you can exchange your NFTs or cryptocurrency for other NFTs. You can purchase anything from as simple as a domain name to official art from an artist you admire. Anyone can sell, but it takes a while before anyone can become an established one.
There’s a huge selection in the collection of NFTs available at OpenSea, and you can become a part of the collection! You can create your own personal market there, and also find NFTs you want to purchase yourself.
What is an NFT?
A recent change in the crypto industry,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that many millennials are familiar with it , but aren’t exactly sure what it actually means. Let’s take a look at what NFT is for any beginners in the field of cryptocurrency.
One of the latest ways you can buy is an NFT. A NFT is a non-fungible token which is extremely exclusive and cannot be substituted. It could be an item of rareness, such as authentic baseball cards or uncommon vinyl record.
There’s no limit on what an NFT can be as it’s a non-fungible item that you sell on the internet. More straightforwardly, you can simply imagine an NFT to be a type of digital item that is paid for using cryptocurrency only.
Minting is similar to calling for dibs for your personal NFTs. You’re claiming the owner of the item or token that you posted to the market place, but you’re selling it. Usually, this becomes official after you fill in the correct information about the NFT and then upload it to the marketplace.
On OpenSea, it’s a simple procedure to create your own NFTs by visiting the store and creating a collection to start! Complete the correct and correct information regarding your NFT and select the type of settings you want to use it with (e.g. blockchain or payments tokens). Once that’s all done then you’re able to upload it if it fits the limit of 100MB.
You can watch and see the way transactions are handled from now to see if OpenSea is the marketplace for you.
What NFTs can you find here?
At this point you’re probably thinking about what kind of NFTs can you shop for here and what kind of NFTs you can also sell if you decide to go that route. The type of NFT it is unlimited as there’s a variety of ways to do it.
It is possible to sell trade cards, digital goods games domain names, even physical assets! Find out what you think will bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that separates OpenSea from the others. There’s no cost for gas when you use this feature to mint and sell NFTs. This means you’ll get the most profit when you begin selling since you don’t need to pay on additional fees.
There aren’t many NFT marketplaces provide this feature, which is why this is a great way to receive high profit from your collection.
The Referral Program is a different aspect of OpenSea to be admired. Like traditional online marketplaces that offer advantages by referring your friend to OpenSea! If you refer a friend to join OpenSea and buy an NFT from there, you’ll receive 2.50 percent of the sales amount, letting you make more money through this action.
Other NFT marketplaces don’t have this feature This is a further benefit OpenSea has over them.
There is an OpenSea mobile app, but it is mainly used to browse through the marketplace. It isn’t able to purchase or sell anything as you scroll through the list.
OpenSea’s mobile apps are available on both iOS as well as Android. While you’re not able to 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 at your disposal, and you can convert your fiat money into cryptocurrency using these platforms. Nft Hair
You can exchange your fiat currency using a the credit card, or Paypal through these trusted sites for cryptocurrency:
- Bittrex and many more!
All of these have the option to exchange for ETH which is the standard cryptocurrency used in OpenSea.
While OpenSea is an NFT marketplace open to all forms of cryptocurrency, wallets are nonetheless more compatible than other. Because it is based on an ETH blockchain, wallets which are part of this network are appropriate for this site.
Here’s a list of different crypto wallets which you can use with OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each has its own limitations, such as easy registration, only mobile usage, and the function to purchase cryptocurrency using the credit card. Nft Hair
To learn more about it to learn more, check out their FAQs to get an overview of how you can get started and also what other crypto wallets work 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. It is possible to read about its pros and pros here:
- Mobile apps 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.
- The best option for beginners to the crypto industry 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 type of payment.
- An Crypto account is needed to use this marketplace.
OpenSea is open to everyone who owns any crypto coins in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions 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 Hair
What is OpenSea?
OpenSea is an NFT marketplace that seeks to provide artists a platform to market their work online to receive cryptocurrency as a form of payment. It’s a great option for artists who want to use for selling NFTs due to its no cost of gas and low commission fees you must pay.
You can browse and purchase a vast collection of digital goods in this NFT marketplace which is why you should definitely check it out!
Is OpenSea legit & safe?
The short answer is yes! OpenSea has been a trusted marketplace since it was established at the end of 2018. Since the system it operates on is based on a blockchain and is secured, it is safe to claim that your transactions are safe and secure.
Additionally, as a seller, you will be verified after you build up your reputation. A blue checkmark will be assigned next to your account or any collection you’ve uploaded to ensure the safety of every customer. OpenSea’s team regularly reviews the contents to ensure users are protected.
How do I earn royalties on OpenSea?
Unfortunately, as an artist, you can be paid only 10% of the royalties once you have uploaded the NFT. This is thought to be reasonably low compared with others NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) has been frequently utilized on this website and numerous others to cater for more crypto users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of to use OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. It is easy to buy or trade cryptocurrency using trusted platforms with fiat money. All you have just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea has a mobile or desktop application?
As previously mentioned There is an official mobile application from OpenSea that is available for iOS as well as Android. Download it at their respective app store, and begin exploring the collection now!
There is also a version for desktops that OpenSea which can be downloaded from WebCatalog. On the desktop app you are able to 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/).