The crypto currency market is in a boom right now and you’re probably thinking where to invest your crypto coins. Markets have popped up all over the digital web designed to sell and buy NFTs using cryptocurrency! OpenSea is among them and is worth checking out.
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 most popular marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.
So, hop on board and let’s explore the possibilities of OpenSea and also see the NFTs that you can see!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick review. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Hd Strain
The aim to create OpenSea was to offer artists with a marketplace/platform to upload their commissions, without having to pay any additional fees. It also has additional functions which allow you to market your work without having to deal with many difficulties.
For the registration process, you don’t have to give all of your personal details. All you have to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It can be as simple as that and without many hurdles as you walk into NFTs.
The most widely-used cryptocurrency used in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system, and this is used to carry out the majority of processes. It also functions with the Polygon blockchain to ensure low-cost and quicker trading.
With these two types of blockchains you can pick which one you would like to publish your NFT as seller. This ensures the safety of your NFT, along with those who wish to purchase it. All transactions will be made along with this blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace where you can trade in your NFTs or cryptocurrency for other NFTs. You can purchase anything from just a domain name to official art from an artist you admire. Anyone can become a seller however it takes a while for anyone to become an established seller.
There are a variety of NFTs in the collection of NFTs available at OpenSea, and you can also be a part of this! You can create your own market here, along with finding NFTs you want to purchase yourself.
What is an NFT?
A recent change in the crypto industry the term “NFT” has been going around for so long on the internet that the majority of young people are familiar with it , but aren’t exactly sure what it is. Let’s take a look at what NFT is for anyone who is new in cryptocurrency.
One of the newest things you can purchase your cryptocurrency includes an NFT. An NFT is a non-fungible currency that is very individual and cannot be changed. It can be an item of any rareness like rare baseball trading cards in mint condition or uncommon vinyl record.
There is no limit to what an NFT can be since it’s a non-fungible item you’re selling online. More straightforwardly, you can simply think of the NFT to be a type of digital item paid via cryptocurrency only.
Minting is similar to calling for dibs for your personal NFTs. It is a way of claiming the ownership of the particular item you uploaded on the marketplace, and you’re offering it for sale. Usually, this becomes official once you fill out the correct information about the NFT and then submit it for sale on.
On OpenSea It’s a very simple process to mint your NFTs by going to the store and create a collection! Input the appropriate and complete information about your NFT and choose what kind of settings you’d like to use it with (e.g. blockchain and payments tokens). Once that’s all done you are able to upload it, if it’s within the limit of 100MB.
It is possible to wait and see how the transactions go from here on out to determine whether OpenSea is the right marketplace for you.
What NFTs can you find here?
In this moment you’re probably asking yourself which kind of NFT be found here and what kind of NFTs you can also sell if you decide to go down that path. The type of NFT that you can purchase is unlimited as there’s a variety of how you can do it.
You could be selling digital items, trading cards game assets domain names, also physical goods! Find out what you think will reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that differentiates OpenSea from the others. There’s no cost for gas when you utilize this feature to make and then sell the NFTs. This simply means that you’ll receive the maximum profits when you begin selling since you don’t need to pay on any additional charges.
Not many NFT marketplaces have this feature, and it can be a fantastic way to make a huge profit from your NFT collection.
This Referral Program is a different aspect of OpenSea to admire. Similar to traditional online markets that offer advantages by referring your friend to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from there you’ll earn 2.50% of the sale amount, letting you earn more money by this method.
Other NFT marketplaces don’t offer this feature and that’s another benefit OpenSea has over them.
There’s an OpenSea mobile app, but it is mainly used to browse the marketplace. It isn’t able to purchase or sell anything while you browse through the listings.
The mobile apps from OpenSea are accessible on both iOS in addition to Android. Although you aren’t able to purchase or sell anything, you can still at least look through the options you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available to you You can also convert your fiat money into cryptocurrency on these platforms. Nft Hd Strain
You can swap your fiat currency using a your credit or debit card as well as Paypal via these reputable websites to exchange it for crypto:
- Bittrex, and many more!
All of them have the option of exchange for ETH which is the primary crypto payment in OpenSea.
Although OpenSea can be described as an NFT marketplace that is open to all forms of crypto, wallets are nevertheless more compatible than other. Since it is built mainly around the ETH blockchain, wallets that share that network will be suitable for this website.
Here’s a list different crypto wallets which you can use with OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each has its own limitations including simple registration, mobile-only usage, and the function to purchase cryptocurrency using credit cards. Nft Hd Strain
To know more about it You can go through their FAQs to see the steps you can begin and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets every one of them has its advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and cons here:
- Available as mobile apps for iOS as well as Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto industry and NFTs.
- Allows royalties 10% for artists (low royalty rates).
- You cannot buy or sell products on this mobile application.
- Only supports cryptocurrency as its type of payment.
- A Crypto wallet is required to access this marketplace.
OpenSea is available to anyone who has any crypto currency in their crypto wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. In the end, you’ll quickly regain that when you are actively selling since there’s no extra charge for it.
Frequently Asked Questions Nft Hd Strain
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to give artists a chance to market their work online and receive cryptocurrency as a form of payment. It’s an excellent platform for artists using the platform to market NFTs due to its low cost of gas and low commission fee rate you must pay.
You can shop and browse a vast collection of digital products on this NFT marketplace which is why you should definitely check it out!
Is OpenSea legit & is it safe?
Short answer: Yes! OpenSea has been a reliable marketplace since it was founded at the end of 2018. Because its system is based on a blockchain that is secure, you can say that your transactions are safe and secure.
Additionally as a seller you will be verified after you have built up your credibility. A blue checkmark will appear next to your account or any collection that you have uploaded to assure any customer. OpenSea’s team regularly reviews the content to ensure users are safe.
How can I earn royalties from OpenSea?
However, as an artist, you’ll get only 10 percent of the royalties after you have uploaded the NFT. This is believed to be reasonably low compared with other NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) can be commonly utilized on this website and numerous others to cater for more cryptocurrency users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can utilize to use OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. You can easily purchase or sell cryptocurrency on secure platforms that accept fiat money. All you have just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea have a desktop/mobile app?
As we mentioned earlier There is an official mobile app by OpenSea that is available for iOS as well as Android. You can download it through their app store, and you can start exploring the collection right now!
There is also a Desktop application that OpenSea can be downloaded via WebCatalog. With the desktop application you can manage multiple accounts as well as receive notifications on updates regarding your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).