The cryptocurrency market is on the rise, and you’re probably wondering where you can invest your crypto coins. Markets have popped up all over the internet, designed to purchase and sell NFTs with cryptocurrency! OpenSea is one of them, and it’s worth a look.
If you’re interested in crypto you’ve likely heard of OpenSea prior to this for a valid reason. It’s one of the largest and most popular marketplaces among users of cryptocurrency due to its security and quick transactions.
Now hop aboard, and let’s see the possibilities of OpenSea, along with checking the NFTs available to view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick review. Afterward, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft How To
The goal to create OpenSea was to provide artists with a marketplace/platform to upload commissions with no additional fees. It has more functions that allow you to sell your work without having to deal with many issues.
In terms of registration, you don’t need to worry about giving all of your personal details. All you have to do is connect your crypto wallet and voila! You have an account on OpenSea! It can be as simple as that, without many hurdles as you walk into NFTs.
The most well-known cryptocurrency to use in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it, and this is used for most processes. It also functions on the Polygon blockchain, which allows for lower costs and faster trading.
There are two types of blockchains that are available, you can choose which one you would like to publish your NFT as a seller. This is to ensure the security of your NFT and the people who want to purchase it. All transactions are made using this blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless 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 an official artwork from an artist that you admire. Anyone can become a seller however it takes a while for anyone to become an established one.
There is a wide variety of NFTs available of NFTs available at OpenSea, and you can join in with that! You can create your own market there, and also find NFTs you’d like to buy 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 the internet that the majority of young people are familiar with it but not exactly sure what it actually means. Let’s break down what an NFT is for any beginners in the field of cryptocurrency.
One of the newest things you can buy is an NFT. An NFT is a token that is non-fungible that is unique and can’t be changed. It can be an item of any rareness like mint-condition baseball trading cards or rare vinyl record.
There’s no limit to what an NFT can be as it’s a non-fungible item that you sell on the internet. In simpler terms, you could just imagine an NFT to be a type of digital collectible paid via cryptocurrency only.
Minting is like calling the shots to your NFTs. You’re claiming ownership over that particular token/item that you posted to market, as offering it for sale. Usually, this becomes official after you fill in all the necessary information about the NFT and then submit it for sale on.
On OpenSea it’s a straightforward process to mint your NFTs. All you have to do is visit the store and simply creating a collection to start! Complete the correct and correct information regarding your NFT and choose what kind of settings you’d like to use to use it with (e.g. blockchain, payment tokens). After you’ve completed the process then you’re able to upload it to the internet if it’s in the limit of 100MB.
You can wait and observe how transactions progress from now on to see if OpenSea is the best marketplace for you.
What NFTs can you get here?
In this moment, you’re probably wondering which kind of NFT can you shop for here and what you can also sell if you decide to pursue that route. The type of NFT it can be is indefinite since there’s a broad range of ways to do it.
You can be selling digital products, trading cards game assets domain names, also physical goods! Consider what you believe will bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what separates OpenSea from the others. There are no gas costs for using this feature when you mint and sell NFTs. This is essentially a way to ensure that you be able to make the highest profits once you begin selling since you don’t need to pay on any additional charges.
Not many NFT marketplaces offer this feature, so this is great for you to receive high profit from your NFT collection.
This Referral Program is another distinctive feature of OpenSea to take note of. Like traditional online marketplaces that offer rewards when you refer someone else to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from there you’ll be rewarded with 2.50 percent of the purchase amount, letting you earn more money through this action.
Other NFT marketplaces do not have the same feature and that’s another advantage OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile application, however it is mainly used to browse through the marketplace. You can’t buy or sell anything as you browse through the listing.
OpenSea’s mobile apps are available on the two platforms of iOS as well as Android. Although you aren’t able to purchase or sell something, you can browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are to you, and you can convert your fiat money into cryptocurrency through these platforms. Nft How To
You can convert your fiat currency using a your credit or debit card as well as Paypal on these reliable websites for cryptocurrency:
- Bittrex and other things!
All of them have the option of exchange for ETH which is the standard cryptocurrency used in OpenSea.
While OpenSea can be described as an NFT marketplace that is open to all types of crypto, wallets are nonetheless more compatible than other. Since it is built using the ETH blockchain, any wallets which are part of that network will be suitable for this site.
Here is a list of various crypto wallets that you can use in OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each one has its own set of limitations including simple registration, only mobile usage and the ability to buy cryptocurrency using credit cards. Nft How To
To learn more about it to learn more, check out their FAQs to see a rundown of how you can begin and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets, each one has its advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and cons here:
- Mobile apps available for iOS or Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto market and NFTs.
- Allows royalties of only up to 10% for artists (low royalty rates).
- Cannot buy or sell via the mobile app.
- Only accepts cryptocurrency as a method of payment.
- A Crypto account is needed to access this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. 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 How To
What is OpenSea?
OpenSea is an NFT marketplace that aims to offer artists a way for selling their artwork online to receive cryptocurrency as their form of payment. It’s an excellent platform for artists using for selling NFTs due to its low gas fees and low commission fees that you have to pay.
You can shop and browse the vast array of digital products on this NFT marketplace and you must go through it!
Is OpenSea real and is it safe?
Answer: Yes! OpenSea is a reputable marketplace since it was established in the year 2018. Since its system is built on blockchain technology that is secure, you can claim that your transactions are protected and secured.
Additionally, as a seller, you can become verified once you have built up your credibility. A blue checkmark is placed to your account or the collection that you have uploaded to assure any customer. The OpenSea team reviews regularly the content to ensure users are protected.
How can I earn royalties on OpenSea?
As an artist, you’ll get only 10% of the royalties once you have uploaded the NFT. This is considered to be a reasonable amount compared with the other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) can be widely used on this site and other sites to provide more crypto users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize for OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. You can easily purchase or sell cryptocurrency through reliable platforms using fiat currency. All you have be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea has a mobile or desktop app?
As previously mentioned 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 then you can begin exploring the collection now!
There is also a version for desktops that OpenSea that can be downloaded through WebCatalog. With the desktop application, you can manage multiple accounts as well as receive notifications on updates regarding your account while you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).