The cryptocurrency market is on the rise, and you’re probably wondering where you can invest your crypto currency. Marketplaces are popping up all over the web that allow users to buy and sell NFTs via cryptocurrency! OpenSea is among them and is worth checking out.
If you’re well-versed in cryptocurrency, you’ve probably heard of OpenSea before for a good reason. It’s one of the largest and most popular marketplaces for cryptocurrency enthusiasts due to its security and quick transactions.
So, hop on board and let’s explore what you can do with 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 review. After, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Inc Israel
The goal to create OpenSea was to simply provide an online marketplace for artists to upload their commissions without any extra charges. It has more functions that let you sell your artwork without any problems.
For registration, you don’t need to give too many details about yourself. All you need to do is connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as simple as that without going through much hassle as you step into NFTs.
The most widely-used cryptocurrency to use on 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 to carry out the majority of processes. It also functions on the Polygon blockchain, which ensures lower costs and faster trading.
There are two types of blockchains available, you can choose which one you would like to upload your NFT on as seller. This will ensure the security of your NFT as well as those who wish to buy it. All transactions are made by using the blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace where you can exchange your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything as simple as a domain name to an official artwork from an artist that you admire. Anyone can sell, but it takes a while for anyone to be an established seller.
There is a wide variety in the collection at OpenSea and you can also be a part of this! You can start your own marketplace here, along with finding NFTs you’d like to buy yourself.
What is an NFT?
In a recent advancement for the crypto industry the term “NFT” has been going around for so long on internet that a lot of millennials are familiar with it , but not exactly sure what it means. Let’s look at what an NFT is for any beginners in cryptocurrency.
One of the new things that you can buy with cryptocurrency can be an NFT. The NFT is a token that is non-fungible that is very unique and can’t be changed. It could be a piece of rareness like mint-condition baseball trading cards, or a unique vinyl album.
There’s no limit on what an NFT could be, since it’s a non-fungible thing that you sell on the internet. It is simpler to just think of as an NFT as a digital item which is only paid in cryptocurrency.
Minting is like calling the shots on your own NFTs. It is a way of claiming the owner of the item or token you uploaded on the marketplace, and putting it up for sale. Typically, this is official once you fill out the correct information about the NFT and finally submit it for sale on.
On OpenSea it’s a straightforward process to mint your NFTs by going to the store and creating a collection to start! Complete the correct and accurate information about your NFT and then select what type of settings you’d like to use it with (e.g. blockchain, payments tokens). After that, you can finally upload it if it fits the 100 MB limit.
It is possible to wait and see how the transactions go from here on out to see whether OpenSea is the right marketplace for you.
What NFTs are available here?
So, at this point, you’re probably wondering which kind of NFT you shop for here and what you can also sell if you decide to pursue that route. The type of NFT it is unlimited as there’s a variety of options for how to approach it.
You could be selling digital products, trading cards games, domain names, and also physical goods! Consider what you believe will reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that separates OpenSea from the other options. There are zero gas fees for using this feature to create and market NFTs. This means you’ll get the most profit when you sell because you don’t need to pay on additional fees.
There aren’t many NFT marketplaces provide this feature, so this can be a fantastic way to earn a high return from your NFT collection.
A Referral Program is a different aspect of OpenSea to take note of. Similar to traditional online markets that offer advantages when you refer someone else to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from the site, you’ll receive 2.50% of the sale amount, which means you can make more money through this action.
Other NFT marketplaces do not have the same feature This is a further advantage OpenSea has over the other marketplaces.
There is an OpenSea mobile application, however it’s mostly to browse the marketplace. Unfortunately, you can’t purchase or sell anything as you scroll through the list.
The mobile apps from OpenSea are accessible on the two platforms of iOS in addition to Android. While you’re not able to buy or sell something, you can look through the options you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are for you to use You can also exchange your fiat money for cryptocurrency using these platforms. Nft Inc Israel
You can exchange the fiat currency you have with a credit card or Paypal through these trusted sites to exchange it for crypto:
- Bittrex, and other things!
All of them have the option of converting them into ETH which is the standard crypto payment in OpenSea.
While OpenSea has been described as being an NFT marketplace open to all kinds of crypto, wallets are nevertheless more compatible than other. Since it is built mainly using the ETH blockchain, all wallets with a connection to that network will be suitable for this website.
Here is a list of different crypto wallets you can use in OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations like easy registration, use on mobile devices only, and the function to purchase cryptocurrency with a credit card. Nft Inc Israel
To know more about it, you can check their FAQs for the steps you can get started and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and pros here:
- Available as mobile apps for iOS as well as Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
- Allows royalties 10% to artists (low royalty).
- It is not possible to buy or sell items through the mobile app.
- Only accepts cryptocurrency as a form of payment.
- A Crypto wallet is required to use this marketplace.
OpenSea is open to everyone who has crypto coins in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. However, overall, you will easily recover that amount when you sell regularly since there is no additional fee for it.
Frequently Asked Questions Nft Inc Israel
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to offer artists a way for selling their artwork online, and to accept cryptocurrency as a method of payment. It’s an excellent option for artists who want to use it to sell NFTs due to its low gas fees and the low commission rate that you have to pay.
You can browse and shop for an array of digital goods in this NFT marketplace which is why you should definitely check it out!
Is OpenSea legitimate and secure?
Short answer: Yes! OpenSea has been a trusted marketplace since it was established on the 1st of December in 2018. Since the system it operates on is built on a blockchain that is secure, you can claim that your transactions are secure and safe.
Additionally as a seller you’ll be verified when you build up your reputation. A blue checkmark is placed on your account or collection you uploaded to reassure every customer. OpenSea’s team regularly reviews the contents to ensure users are secure.
How can I earn royalties on OpenSea?
Unfortunately, as an artist, you’ll get only 10% of the royalties once you upload the NFT. This is thought to be a reasonable amount compared to others NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) can be frequently utilized on this website and many others to accommodate the increasing number of crypto users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can utilize to access OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. You can easily purchase or sell cryptocurrency through trusted platforms with fiat money. All you need 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’s an official mobile application from OpenSea for both iOS as well as Android. You can download it through their app store and begin browsing through the collection right now!
There is also a Desktop application that OpenSea can be downloaded via WebCatalog. In 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/).