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 web that allow users to purchase and sell NFTs via cryptocurrency! OpenSea can be one, and it’s worth checking out.
If you’re interested in crypto you’ve probably heard about OpenSea before for a good reason. It has become one of the largest and most popular marketplaces among cryptocurrency enthusiasts due to its security and rapid transactions.
Get on board, and let’s see the possibilities of OpenSea and also see what NFTs you can view!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft In 2021
The aim of OpenSea was to simply provide a platform/marketplace for artists to easily upload their commissions without any extra costs. It has more functions which allow you to market your work without having to deal with many issues.
In terms of registration, you don’t need to give 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 much hassle as you step into NFTs.
The most widely-used cryptocurrency used in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it, and this is used for the majority of transactions. It is also based on the Polygon blockchain, which allows for low-cost and quicker trading.
There are two types of blockchains it is possible to choose which one you’d like to publish your NFT as a seller. This ensures the safety of your NFT as well as those who wish to purchase it. All transactions are made along with this blockchain, and you must 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 NFTs or cryptocurrency for other NFTs. You can buy anything just a domain name, to a piece of art from an artist you admire. Anyone can be a seller however it takes some time before anyone can become a reputable one.
There is a wide variety from the selection at OpenSea and you can become a part of the collection! You can start 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 crypto market”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 sure exactly what it is. Let’s take a look at what NFT is for anyone who is new in the field of cryptocurrency.
One of the latest ways that you can buy with cryptocurrency is an NFT. A NFT is a non-fungible currency that is exclusive and cannot be replaced. It could be an item of any rareness like rare baseball trading cards in mint condition or a unique vinyl album.
There’s no limit to what an NFT can be since it’s a non-fungible item that you can sell on the internet. In simpler terms, you could just imagine the NFT to be a type of digital item paid via cryptocurrency only.
Minting is similar to calling for dibs for your personal NFTs. You are calling ownership over that particular token/item that you posted to market, as you’re selling it. Usually, this is recognized after you fill in the correct information about the NFT and add it on the market.
On OpenSea, it’s a simple process to mine your NFTs by going to the store and making a collection to begin! Input the appropriate and accurate information about your NFT and select the type of settings you’d like to use to use it with (e.g., blockchain, payment tokens). Once that’s all done you are able to upload it if it fits the limit of 100MB.
It is possible to wait 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?
So, at this point, you’re probably wondering which kind of NFT be found here and what kind of NFTs you can sell should you decide to pursue that route. The kind of NFT it can be is indefinite because there’s a wide range of how you can go about it.
You can be selling digital items, trading cards game assets, domain names, and also physical goods! Find out what you think will reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that differentiates OpenSea from the others. There are zero gas fees when you utilize this feature to make and then sell the NFTs. This simply means that you’ll be able to make the highest profits once you start selling because you don’t need to pay on any additional charges.
Not many NFT marketplaces provide this feature, so this is a great way to receive high profit from your NFT collection.
A Referral Program is another distinctive feature of OpenSea to take note of. Like traditional online marketplaces that offer benefits by referring a friend to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from the site you’ll earn 2.50% of the sale amount, letting you earn more cash by this method.
Other NFT marketplaces don’t have this kind of feature either and that’s another benefit OpenSea has over the other marketplaces.
There’s an OpenSea mobile app, but it’s mostly to browse the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listings.
The mobile apps of OpenSea are available on both iOS and Android. Even though you can’t buy or sell something, you can look through the options you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available for you to use to trade your fiat currency for cryptocurrency on these platforms. Nft In 2021
You can swap your fiat currency using a 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 that is the standard crypto payment in OpenSea.
Although OpenSea has been described as being an NFT marketplace open to all kinds of cryptocurrency, the wallets still more compatible with it than other. Since it is built mainly using the ETH blockchain, wallets with a connection to that network will be suitable for this website.
Here’s a list various crypto wallets that you can use in OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each wallet has its own restrictions, such as easy registration, mobile-only usage, and the function to purchase cryptocurrency with credit cards. Nft In 2021
To know more about it You can go through their FAQs to see an overview of how you can get started and which other wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and pros here:
- Mobile apps are available that are compatible with iOS and Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalty rates of 10% for artists (low royalty rates).
- You cannot buy or sell products on the mobile app.
- Only supports cryptocurrency as its type of payment.
- An Crypto account is needed to use this marketplace.
OpenSea is open to everyone who has crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. However, overall, you will easily recover that amount when you sell regularly since there’s no extra charge for it.
Frequently Asked Questions Nft In 2021
What is OpenSea?
OpenSea is an NFT marketplace that aims to offer artists a way for selling their artwork online, and to accept cryptocurrency as a method of payment. It’s an excellent platform for artists using the platform to market NFTs due to its low gas fees and the low commission rate which you are required to pay.
You can browse and purchase the vast array of digital goods in this NFT marketplace which is why you should definitely take a look!
Is OpenSea legitimate and safe?
The short answer is yes! OpenSea has been a trusted marketplace since its inception at the end of the year 2018. Because its system is built on blockchain technology that is secure, you can say that your transactions are safe and secure.
In addition as a seller you can become verified once you have built up your credibility. A blue checkmark will be assigned next to your account or the collection you uploaded to reassure every customer. The OpenSea team reviews regularly the content to ensure that users are secure.
How do I earn royalties on OpenSea?
Unfortunately, as an artist, you will receive only up to 10 percent of the royalties when you upload the NFT. This is thought to be quite low in comparison with the other NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) is commonly 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 core cryptocurrencies you can use for OpenSea.
What are the payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. You can easily purchase or sell cryptocurrency on reliable platforms using fiat currency. All you have to do is connect your credit card or Paypal for the transaction.
Does OpenSea have a desktop/mobile application?
As we mentioned earlier There is an official mobile application from OpenSea for both iOS or Android. You can download it through their app store, and then you can begin exploring the collection now!
The Desktop application that OpenSea can be downloaded via WebCatalog. With the desktop application, you can manage multiple accounts as well as 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/).