Cryptocurrency is booming right now and you’re probably wondering where you can invest your crypto coins. Marketplaces are popping up across the web that allow users to sell and buy NFTs via cryptocurrency! OpenSea can be one, and it’s worth looking into.
If you’re interested in crypto you’ve probably heard of OpenSea prior to this for a valid reason. It has become one of the biggest and most popular marketplaces for users of cryptocurrency due to its security and rapid transactions.
Now hop aboard, and discover the possibilities of OpenSea as well as examining 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 overview. After, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Horse Racing
The goal to create OpenSea was to provide artists with a marketplace/platform to easily upload their commissions with no additional charges. It also has additional functions which allow you to market your artwork without any issues.
In terms of registration, you don’t need to give any personal information about yourself. All you have to connect your crypto wallet and voila! You have an account on OpenSea! It can be as simple as that without going through many hassles when you enter into NFTs.
The most widely-used cryptocurrency used on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system, and this is used to carry out the majority of processes. It also functions with the Polygon blockchain, which allows for the lowest cost and speediest trading.
With these two types of blockchains available you can pick which one you want to publish your NFT as seller. This will ensure the security of your NFT as well as those who would like to purchase it. All transactions will be made along with this blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall that lets you trade your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything the simplest domain name, to a piece of art from an artist that you admire. Anyone can become a seller however, it takes time for anyone to be an established seller.
There are a variety of NFTs from the selection on OpenSea, and you can also be a part of that! You can create your own personal market here, along with finding NFTs you’d like to buy yourself.
What is an NFT?
In a recent advancement for the cryptocurrency industry”NFT” is a term that has been used in recent times “NFT” has been going around for so long on the internet that a lot of millennials are familiar with it , but aren’t exactly sure what it means. Let’s look at what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the new things you can purchase your cryptocurrency is an NFT. A NFT is a non-fungible currency that is individual and cannot be substituted. It could be an item of any rareness like mint-condition baseball trading cards or a rare vinyl record.
There’s no limit to what an NFT can be since it’s a non-fungible object that you can sell online. In simpler terms, you could simply imagine an NFT being a virtual item that is paid for using cryptocurrency only.
Minting is similar to calling for dibs for your personal NFTs. It is a way of claiming ownership over that particular token/item you uploaded on the market place, but you’re putting it up for sale. Usually, this becomes official once you fill out the proper information regarding the NFT and finally add it on the market.
On OpenSea it’s a straightforward procedure to create your own NFTs by visiting the store and simply making a collection to begin! Complete the correct and complete information about your NFT and choose what kind of settings you’d like to use it with (e.g. blockchain, money transfer tokens). After that you are able to upload it to the internet if it’s in the limit of 100MB.
You can watch and see how transactions progress from now to determine whether OpenSea is the right marketplace for you.
What NFTs can you find here?
In this moment you’re probably thinking about what kind of NFTs you shop for here and what kind of NFTs you can also sell if you decide to go down that path. The type of NFT it can be is indefinite since there’s a broad range of options for how to do it.
You could be selling trade cards, digital goods games domain names, even physical assets! Consider what you believe will reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that separates OpenSea from other companies. There are no gas costs when you use this feature when you create and market NFTs. This means you’ll be able to make the highest profits once you start selling because you won’t need to spend on additional fees.
There aren’t many NFT marketplaces provide this feature, which is why this is a great way to earn a high return from your NFT collection.
This Referral Program is another unique aspect of OpenSea to take note of. Similar to traditional online markets there are rewards by referring a friend to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from there you’ll earn 2.50 percent of the sales amount, letting you earn more money from this act.
Other NFT marketplaces don’t offer this feature, so that’s just another benefit OpenSea has over them.
There is an OpenSea mobile application, however it is mainly used to browse through the marketplace. It isn’t able to purchase or sell items as you browse through the listings.
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 things, you can at least explore the products you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available for you to use You can also exchange your fiat money for cryptocurrency using these platforms. Nft Horse Racing
You can convert your fiat currency using a your credit or debit card as well as Paypal via these reputable websites for cryptocurrency:
- Bittrex and more!
Each of them has the option of exchange for ETH that is the most common cryptocurrency used in OpenSea.
Although OpenSea is an NFT marketplace that is open to all types of cryptocurrency, wallets are still more compatible with it than other. Since it is built on an ETH blockchain, any wallets with a connection to this network are appropriate for this website.
Here’s a list of various crypto wallets that you can use in OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations like easy registration, only mobile usage as well as the capability to purchase cryptocurrency with credit cards. Nft Horse Racing
For more information about the service to learn more, check out their FAQs to see the steps you can get started 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:
- Available as mobile apps for iOS and Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalty rates of 10% to artists (low royalty rates).
- You cannot buy or sell products on this mobile application.
- Only accepts cryptocurrency as a type of payment.
- The use of a Crypto wallet is required for this marketplace.
OpenSea is available to anyone who owns any crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. In the end, you’ll easily recover that amount when you actively sell because there’s no additional cost for it.
Frequently Asked Questions Nft Horse Racing
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to offer artists a way for selling their artwork online to receive cryptocurrency as a form of payment. It’s a great platform for artists who use it to sell NFTs due to its no gas costs and low commission fees which you are required to pay.
You can browse and shop for the vast array of digital goods in this NFT marketplace and you must check it out!
Is OpenSea legit & is it safe?
Short answer: Yes! OpenSea is a reputable marketplace since it was established in the year of 2018. Since the system it operates on is built on blockchain technology, it is safe to declare that transactions are protected and secured.
In addition, as a seller, you will be verified after you’ve earned a reputation. A blue checkmark is placed to your account or the collection that you have uploaded to assure every customer. OpenSea’s team regularly reviews the contents to ensure users are protected.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you’ll receive only up to 10 percent of the royalties when you have uploaded the NFT. This is thought to be a reasonable amount compared with the other NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) has been widely used on this site and other sites to provide many more cryptocurrency users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize to access OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. You can buy and trade cryptocurrency using trusted platforms with fiat money. All you need 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’s an official mobile application from OpenSea available for both iOS as well as Android. You can download it through their app store, and you can start browsing through the collection right now!
There is also a Desktop application that OpenSea that can be downloaded through WebCatalog. With the desktop application you can manage multiple accounts and receive alerts on any updates that affect your account when you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).