The cryptocurrency market is on the rise, and you’re probably wondering where you can invest your crypto-coins. Marketplaces are popping up across the internet, designed to sell and buy NFTs using cryptocurrency! OpenSea is among them and is worth a look.
If you’re interested in crypto you’ve probably heard about OpenSea prior to this for a valid reason. It has become one of the biggest and leading marketplaces among cryptocurrency users because of its safety and speedy transactions.
Get on board, and let’s explore the possibilities of 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. Afterward, you will want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Hperfire
The goal of OpenSea was to offer artists with a marketplace/platform to easily upload their commissions with no additional charges. There are additional features which allow you to market your art without too many issues.
In terms of registration, you won’t have to provide any personal information about yourself. All you have to connect your crypto wallet–and voila!–you have an account with OpenSea! It can be as simple as that, without many hassles when you enter into NFTs.
The most popular cryptocurrency used on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology which is utilized for the majority of transactions. It also functions with the Polygon blockchain to ensure low-cost and quicker trading.
With these two kinds of blockchains it is possible to choose which one you want to upload your NFT on as an seller. This will ensure the security of your NFT, along with those who would like to buy it. All transactions will be made using this blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall where you can exchange your NFTs or cryptocurrency for other NFTs. You can buy anything just a domain name to an official artwork by an artist you admire. Anyone can sell, but it takes time before anyone can become a reputable one.
There is a wide variety in the collection at OpenSea and you can also be a part of that! You can create your own market here, along with finding NFTs that you would like to purchase yourself.
What is an NFT?
In a recent advancement for the crypto market,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that a lot of millennials have heard of it but not exactly sure what it actually means. Let’s take a look at what NFT is for anyone who is new in the field of cryptocurrency.
One of the new things you can purchase your cryptocurrency can be an NFT. The NFT is a non-fungible currency which is extremely unique and can’t be replaced. It could be a piece of rarity like mint-condition baseball trading cards or unique vinyl album.
There is no limit to what an NFT can be as it’s a non-fungible item that you sell online. More straightforwardly, you can just consider the NFT as a digital item which is only paid in cryptocurrency.
Minting is similar to calling for dibs on your own NFTs. It is a way of claiming ownership over that particular token/item that you have uploaded to the market place, but selling it. Usually, this is recognized when you have filled in the proper information regarding the NFT and then upload it to the marketplace.
On OpenSea It’s a very simple process to mine your NFTs by visiting the store and simply creating a collection to start! Input the appropriate 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 or payment tokens). After you’ve completed the process you are able to upload it, if it’s within the 100 MB limit.
You can watch and see how transactions progress from now to determine whether OpenSea is the right marketplace for you.
What NFTs can you get here?
In this moment you’re probably thinking about the kind of NFTs can be found here, and what you could also sell if you choose to go that route. The type of NFT that you can purchase is unlimited as there’s a variety of ways to go about it.
It is possible to sell trade cards, digital goods games, domain names, and also physical goods! Explore what you believe can yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that sets OpenSea from the other options. There are no gas costs when you utilize this feature to make and then sell the NFTs. This means you’ll receive the maximum profits when you begin selling since you don’t need to pay on extra fees.
Very few NFT marketplaces have this feature, and it 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. Similar to traditional online markets there are benefits by referring someone else to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from there, you’ll receive 2.50% of the sale amount, which allows you to earn more cash from this act.
Other NFT marketplaces don’t offer the same feature, so that’s just another advantage OpenSea has over the other marketplaces.
There’s an OpenSea mobile application, however it’s mostly to browse through the marketplace. It isn’t able to purchase or sell items as you scroll through the list.
The mobile apps of OpenSea are available for the two platforms of iOS and Android. Although you aren’t able to purchase or sell something, you can at least browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available to you You can also trade your fiat currency for cryptocurrency using these platforms. Nft Hperfire
You can swap your fiat currency using a the credit card, or Paypal on these reliable websites to exchange it for crypto:
- Bittrex and other things!
Each of them has the option of exchange for ETH, which is the most common cryptocurrency payment option in OpenSea.
Although OpenSea is an NFT marketplace that is open to all kinds of crypto, wallets are still more compatible with it than other. Because it is based on the ETH blockchain, any wallets with a connection to the same network are suitable for this site.
Here’s a list several crypto wallets you can utilize in OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets 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 using a credit card. Nft Hperfire
For more information about the service to learn more, check out their FAQs for an overview of how you can start and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with advantages and drawbacks. OpenSea isn’t the only one to have this. You can view its pros and pros here:
- Mobile apps available that are compatible with iOS and Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto market and NFTs.
- Allows royalties 10% for artists (low royalties).
- It is not possible to buy or sell items on the mobile app.
- Only supports cryptocurrency as its method of payment.
- A Crypto account is needed for this marketplace.
OpenSea is available to anyone who has any crypto currency in their crypto wallets. If you’re selling, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. But overall, you can easily recover that amount when you sell regularly since there’s no additional cost for it.
Frequently Asked Questions Nft Hperfire
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to offer artists a way to sell their works online and receive cryptocurrency as a method of payment. It’s an ideal option for artists who want to use for selling NFTs because of its zero gas fees and the low commission rate which you are required to pay.
You can browse and purchase a vast collection of digital items on the NFT marketplace, so you should take a look!
Is OpenSea real and is it safe?
The short answer is yes! OpenSea is a reputable marketplace since its inception on the 1st of December in the year 2018. Since its system is built on a blockchain, it is safe to claim that your transactions are protected and secured.
Additionally as a seller you can become verified once you’ve earned a reputation. A blue checkmark will be assigned on your account or any collection that you have uploaded to assure any customer. OpenSea’s team regularly reviews the content to ensure users are secure.
How can I earn royalties on OpenSea?
Unfortunately, as an artist, you’ll receive only up to 10 percent of the royalties after you have uploaded the NFT. This is considered to be quite low in comparison with other NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) has been widely used on this site and other sites to provide many more crypto users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can utilize for OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. You can easily purchase or sell cryptocurrency on secure platforms that accept fiat money. All you have 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 app from 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 now!
A version for desktops that OpenSea that can be downloaded through WebCatalog. In the desktop application, you can manage multiple accounts and get notifications about updates to 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/).