The crypto currency market is in a boom right now, and you’re probably wondering where to invest your crypto currency. There are numerous marketplaces popping up all over the web that allow users to sell and buy NFTs using cryptocurrency! OpenSea is one of them, and it’s worth a look.
If you’re well-versed in cryptocurrency you’ve probably heard about OpenSea before for a good 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 let’s explore what you can do with OpenSea and also see what NFTs you can view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. After, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Health
The goal to create OpenSea was to offer an online marketplace for artists to easily upload their commissions with no additional fees. It also has additional functions that let you sell your art without too many difficulties.
For registration, you don’t need to worry about giving any personal information about yourself. All you have to connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as easy as that without going through many hassles when you enter into NFTs.
The most widely-used cryptocurrency used within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology which is utilized for most processes. It is also based using the Polygon blockchain, which allows for the lowest cost and speediest trading.
With these two kinds of blockchains available it is possible to 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 purchase it. All transactions will be made along with this blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace where you can exchange your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything just a domain name to official art from an artist that you admire. Anyone can sell, but it takes some time for anyone to be an established one.
There is a wide variety in the collection at OpenSea and you could join in with the collection! You can set up your own marketplace on this site, as well as find NFTs that you would like to purchase yourself.
What is an NFT?
In a recent development for the cryptocurrency industry, the term “NFT” has been going around for so long on internet that many millennials are familiar with it but not exactly sure what it is. Let’s take a look at what NFT is for those who are just beginning to get started in cryptocurrency.
One of the latest ways that you can buy with cryptocurrency can be an NFT. The NFT is a non-fungible token that is very exclusive and cannot be substituted. It could be an item of any rareness, such as mint-condition baseball trading cards or rare vinyl record.
There is no limit to what an NFT can be since it’s a non-fungible thing that you sell online. It is simpler to just consider an NFT as a digital collectible paid via cryptocurrency only.
Minting is like calling dibs on your own NFTs. You’re claiming the owner of the item or token you uploaded on the market place, but you’re selling it. Typically, this is official once you fill out all the necessary information about the NFT and then add it on the market.
On OpenSea it’s a straightforward process to mine 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 want to use it with (e.g., blockchain and payments tokens). After you’ve completed the process, you can finally upload it to the internet if it’s in the limit of 100MB.
You can watch and see how the transactions go from now on to see if OpenSea is the right marketplace for you.
What NFTs can you find here?
In this moment you’re probably thinking about the kind of NFTs can be purchased here and what kind of NFTs you can sell should you decide to go down that path. The kind of NFT it is indefinite since there’s a broad range of how you can approach it.
It is possible to sell digital items, trading cards, game assets, domain names, and even physical assets! Find out what you think will reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what sets OpenSea from other companies. There are no gas costs when you utilize this feature when you make and then sell the NFTs. This simply means that you’ll get the most profit when you begin selling since you won’t have to spend on extra fees.
There aren’t many NFT marketplaces have this feature, so this is a great way to make a huge profit from your collection.
A Referral Program is a different aspect of OpenSea to take note of. Like traditional online marketplaces that offer advantages by referring your friend to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from the site you’ll be rewarded with 2.50% of the sale amount, letting you make more money by this method.
Other NFT marketplaces do not have this feature This is a further benefit OpenSea has over the other marketplaces.
There’s an OpenSea mobile application, however it’s mostly used for perusing through the marketplace. Unfortunately, you can’t purchase or sell anything as you browse through the listing.
The mobile apps of OpenSea are available on the two platforms of iOS as well as Android. Although you aren’t able to purchase or sell anything, you can still at least look through the options you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available to you You can also convert your fiat money into cryptocurrency using these platforms. Nft Health
You can swap your fiat money via your credit or debit card as well as Paypal via these reputable websites to exchange it for crypto:
- Bittrex and other things!
All of these have the option of converting them into ETH, which is the most common crypto payment in OpenSea.
Although OpenSea can be described as an NFT marketplace open to all forms of cryptocurrency, wallets are nonetheless more compatible than others. Since it is built on the ETH blockchain, any wallets which are part of the same network are suitable for the site.
Here’s a list of several crypto wallets you can use in OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each has its own limitations like easy registration, use on mobile devices only as well as the capability to purchase cryptocurrency with the credit card. Nft Health
For more information about the service You can go through their FAQs for the steps you can start and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and cons here:
- Mobile apps available that are compatible with iOS and Android.
- Smart contracts can be used to perform transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
- Allows royalty rates of up to 10% for artists (low royalty).
- You cannot buy or sell products on the mobile app.
- Only supports cryptocurrency as its form of payment.
- A Crypto account is needed to use this marketplace.
OpenSea is available to anyone who owns any crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. However, overall, you will quickly regain that when you sell regularly since there’s no extra charge for it.
Frequently Asked Questions Nft Health
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to provide artists a platform for selling their artwork online, and to accept cryptocurrency as their form of payment. It’s an excellent platform for artists who use for selling NFTs due to its low gas costs and low commission fee rate you must pay.
You can browse and shop for the vast array of digital products on this NFT marketplace, so you should go through it!
Is OpenSea legit & secure?
The short answer is yes! OpenSea is a reputable marketplace since its inception at the end of the year 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’ll be verified when you build up your reputation. A blue checkmark is placed on your account or collection you’ve uploaded to ensure the safety of anyone who buys from you. OpenSea’s team regularly reviews the contents to ensure users are protected.
How can I earn royalties from OpenSea?
Unfortunately, as an artist, you will receive only up to 10 percent of the royalties when you have uploaded the NFT. This is believed to be quite low in comparison with the other NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) has been frequently utilized on this website and numerous others to cater for the increasing number of crypto users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can utilize to access OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. You can buy and sell cryptocurrency through trusted platforms with fiat money. All you need be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea has a mobile or desktop application?
As we mentioned earlier, there is definitely an official mobile application from OpenSea for both iOS or Android. Install it from their app store and you can start exploring the collection now!
There is also a Desktop application 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/).