The cryptocurrency market is on the rise and you’re probably thinking where to invest your crypto-coins. There are numerous marketplaces popping up across the digital web designed to purchase and sell NFTs using cryptocurrency! OpenSea can be one and is worth looking into.
If you’re interested in crypto you’ve likely heard of OpenSea previously for a valid reason. It’s one of the biggest and most popular marketplaces among cryptocurrency enthusiasts due to its security and rapid transactions.
Now hop aboard, and let’s explore the possibilities of 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. After, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Herb Garden
The goal of OpenSea was to provide a platform/marketplace for artists to easily upload their commissions with no additional fees. It also has additional functions that let you sell your artwork without any issues.
When it comes to the registration process, you don’t have to worry about giving all of your personal details. All you need to do is connect your crypto wallet–and voila!–you have an account on OpenSea! It can be as simple as that and without many hassles when you enter into NFTs.
The most widely-used cryptocurrency to use within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it and is used for most processes. It also functions using the Polygon blockchain to ensure low-cost and quicker trading.
With these two kinds of blockchains that are available you can pick which one you want to transfer your NFT to as a seller. This ensures the safety of your NFT, along with those who wish 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’s like an endless online marketplace where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything as simple as a domain name, to a piece of art from an artist that you admire. Anyone can be a seller however it takes some time for anyone to become a reputable one.
There are a variety of NFTs from the selection at OpenSea and you can join in with the collection! You can create your own marketplace there, and also find NFTs that you would like to purchase for yourself.
What is an NFT?
A recent change in 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 aren’t sure exactly what it actually means. Let’s take a look at what NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the newest things that you can buy with cryptocurrency is an NFT. An NFT is a non-fungible token that is very individual and cannot be substituted. This can be an item of rareness like mint-condition baseball trading cards or uncommon vinyl record.
There’s no limit on what an NFT could be, since it’s a non-fungible object that you can sell on the internet. In simpler terms, you could just imagine an NFT to be a type of digital collectible that is paid for using cryptocurrency only.
Minting is like calling the shots for your personal NFTs. You are calling the owner of the item or token that you posted to the marketplace, and selling it. Typically, this is official once you fill out all the necessary information about the NFT and upload it to the marketplace.
On OpenSea It’s a very simple process to mint your NFTs. All you have to do is visit the store and then create a collection! Fill out the proper and correct information regarding your NFT and then select what type of settings you’d like to use to use it with (e.g. blockchain and money transfer tokens). After you’ve completed the process, you can finally upload it if it fits the limit of 100MB.
It is possible to wait and see how the transactions go from now on to determine whether OpenSea is the marketplace for you.
What NFTs can you find here?
In this moment you’re probably asking yourself the kind of NFTs can be found here and what kind of NFTs you can sell should you decide to go down that path. The kind of NFT it can be is indefinite since there’s a broad range of options for how to approach it.
You can be selling trade cards, digital goods games, domain names, and even physical assets! Explore what you believe can reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what sets OpenSea from the others. There are no gas costs for using this feature when you make and then sell the NFTs. This simply means that you’ll receive the maximum profits when you begin selling since you won’t have to spend on any additional charges.
Not many NFT marketplaces provide this feature, which is why this is great for you to make a huge profit from your collection.
This Referral Program is another distinctive feature of OpenSea to take note of. Like traditional online marketplaces there are advantages by referring someone else to OpenSea! If you encourage a friend join OpenSea and buy an NFT from there you’ll earn 2.50 percent of the purchase amount, which allows you to earn more cash by this method.
Other NFT marketplaces don’t have the same feature, so that’s just another benefit OpenSea has over them.
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 listing.
The mobile apps from OpenSea are accessible for both iOS in addition to Android. Even though you can’t buy or sell something, you can at least look through the options you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are available to you to convert your fiat money into cryptocurrency on these platforms. Nft Herb Garden
You can convert your fiat currency using a the credit card, or Paypal on these reliable websites to exchange it for crypto:
- Bittrex, and many more!
All of them have the option to exchange for ETH, which is the most common cryptocurrency used in OpenSea.
While OpenSea is an NFT marketplace that is open to all forms of cryptocurrency, the wallets nonetheless more compatible than other. Because it is based around the ETH blockchain, wallets with a connection to that network will be suitable for this site.
Here’s a list various crypto wallets that you can use in OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each wallet has its own restrictions including simple registration, mobile-only usage and the ability to purchase cryptocurrency with credit cards. Nft Herb Garden
To learn more about it You can go through their FAQs to see the steps you can begin and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with its advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and cons here:
- Mobile apps available for iOS as well as 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 rates).
- You cannot buy or sell products through our mobile apps.
- Only accepts cryptocurrency as a form of payment.
- An Crypto account is needed to access this marketplace.
OpenSea is accessible to everyone who has any crypto currency in their crypto wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. But overall, you can quickly regain that when you are actively selling since there is no additional fee for it.
Frequently Asked Questions Nft Herb Garden
What is OpenSea?
OpenSea is an NFT marketplace that seeks to give artists a chance for selling their artwork online, and to accept cryptocurrency as a method of payment. It’s a great platform for artists using for selling NFTs because of its zero gas fees and low commission fee rate which you are required to pay.
You can browse and purchase an array of digital goods in this NFT marketplace which is why you should definitely check it out!
Is OpenSea real and safe?
Short answer: Yes! OpenSea has been a reliable marketplace since its inception in the year of 2018. Because its system is built on blockchain technology, it is safe to declare that transactions are protected and secured.
Additionally, as a seller, you’ll be verified when you build up your reputation. A blue checkmark is placed to your account or the collection that you have uploaded to assure every customer. The team at OpenSea regularly checks the content to ensure that users are secure.
How do I earn royalties on OpenSea?
As an artist, you’ll be paid only 10 percent of the royalties after you have uploaded the NFT. This is considered to be reasonably low compared with other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) has been frequently used on this site and numerous others to cater for more crypto users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can utilize for OpenSea.
What are the payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. You can easily purchase or trade cryptocurrency using reliable platforms using fiat currency. All you need be able to connect is your credit or Paypal for the transaction.
Does OpenSea have a desktop/mobile application?
As we mentioned earlier there’s an official mobile app from OpenSea for both iOS as well as Android. Install it from their app store, and begin exploring the collection now!
There is also a Desktop application that OpenSea can be downloaded via WebCatalog. In the desktop application you can manage multiple accounts and get notifications about updates to your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).