The crypto currency market is in a boom right now and you’re probably wondering where you can invest your crypto currency. There are numerous marketplaces popping up across the web that allow users to sell and buy NFTs via cryptocurrency! OpenSea is among 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 has become one of the biggest and most popular marketplaces among cryptocurrency users because of its safety and speedy transactions.
Get on board, and let’s explore what you can do with OpenSea, along with checking the NFTs available to view!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick review. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Intellectual Property
The goal to create OpenSea was to simply provide artists with a marketplace/platform to upload commissions without any extra costs. It also has additional functions which allow you to market your art without too many issues.
For registration, you won’t have to worry about giving any personal information about yourself. All you have to connect your crypto wallet and voila! You have an account on OpenSea! It’s as easy as that and without much hassle as you step into NFTs.
The most widely-used cryptocurrency used in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology and is used for most processes. It is also based on the Polygon blockchain to ensure the lowest cost and speediest trading.
With these two types of blockchains you can pick which one you want to transfer your NFT to as a seller. This is to ensure the security of your NFT, along with those who would like to purchase it. All transactions will be made along with this blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an online shopping mall that is endless that lets you trade your NFTs or cryptocurrency for other NFTs. You can buy anything as simple as a domain name to official art from an artist that you admire. Anyone can become a seller however it takes a while for anyone to become a reputable one.
There’s a huge selection of NFTs available at OpenSea and you could also be a part of that! You can set up your own market there, and also find NFTs you want to purchase for yourself.
What is an NFT?
In a recent development for the crypto 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 sure exactly what it actually means. Let’s look at what an NFT is for anyone who is new in the field of cryptocurrency.
One of the latest ways you can purchase your cryptocurrency is an NFT. An NFT is a token that is non-fungible which is extremely individual and cannot be substituted. It could be an item of rareness like authentic baseball cards or uncommon vinyl record.
There’s no limit to what an NFT can be since it’s a non-fungible thing that you can sell online. In simpler terms, you could just imagine an NFT to be a type of digital collectible which is only paid in cryptocurrency.
Minting is similar to calling for dibs for your personal NFTs. You are calling ownership over that particular token/item you uploaded on the marketplace, and you’re selling it. Usually, this becomes official after you fill in the proper information regarding the NFT and then upload it to the marketplace.
On OpenSea it’s a straightforward procedure to create your own NFTs. All you have to do is visit the store and then creating a collection to start! Complete the correct and accurate information about your NFT and choose what kind of settings you want to use it with (e.g. blockchain, payments tokens). After that you are able to upload it to the internet if it’s in the 100 MB limit.
You can watch and see how transactions progress from here on out to see whether OpenSea is the right marketplace for you.
What NFTs are available here?
At this point you’re probably asking yourself what kind of NFTs be purchased here and what you can also sell if you decide to go that route. The kind of NFT it isn’t limited since there’s a broad range of options for how to approach it.
You could be selling digital items, trading cards games, domain names, and even physical assets! Find out what you think will reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that sets OpenSea from other companies. There are no gas costs for using this feature to mint and sell NFTs. This simply means that you’ll receive the maximum profits when you begin selling since you don’t need to pay on any additional charges.
Very few NFT marketplaces have this feature, and it is a great way to receive high profit from your portfolio.
The Referral Program is a different aspect of OpenSea to admire. Like traditional online marketplaces that offer rewards when you refer your friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from the site you’ll be rewarded with 2.50 percent of the purchase amount, which allows you to earn more money by this method.
Other NFT marketplaces do not have this kind of feature either and that’s another benefit OpenSea has over them.
There’s an OpenSea mobile application, however it’s mostly used to browse the marketplace. You can’t buy or sell items as you browse through the listings.
OpenSea’s mobile apps are available on both iOS in addition to Android. Even though you can’t buy or sell something, you can look through the options you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are for you to use, and you can trade your fiat currency for cryptocurrency through these platforms. Nft Intellectual Property
You can exchange your fiat currency using a credit card or Paypal via these reputable 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 has been described as being an NFT marketplace open to all forms of crypto, wallets are nevertheless more compatible than others. Since it is built using the ETH blockchain, any wallets with a connection to that network will be suitable for this website.
Here is a list of various crypto wallets that which you can use with OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions, such as easy registration, only mobile usage, and the function to purchase cryptocurrency with credit cards. Nft Intellectual Property
To learn more about it to learn more, check out their FAQs to see the steps you can get started and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has its advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and pros here:
- Available as mobile apps for iOS or Android.
- Smart contracts can be used to perform transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
- Allows royalties of only 10% to artists (low royalty rates).
- It is not possible to buy or sell items via our mobile apps.
- Only accepts cryptocurrency as a method of payment.
- An Crypto account is needed for this marketplace.
OpenSea is available to anyone who owns any crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. In the end, you’ll quickly recover this amount if you are actively selling since there’s no additional cost for it.
Frequently Asked Questions Nft Intellectual Property
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to provide artists a platform to sell their works online, and to accept cryptocurrency as their form of payment. It’s a great platform for artists using the platform to market NFTs due to its low gas fees and low commission fee rate that you have to pay.
You can shop and browse an array of digital items on the NFT marketplace, so you should go through it!
Is OpenSea legit & is it safe?
The short answer is yes! OpenSea is a reputable marketplace since it was established on the 1st of December in 2018. Since the system it operates on is built on blockchain technology, it is safe to say that your transactions are safe and secure.
Furthermore, as a seller, you will be verified after you have built up your credibility. A blue checkmark is placed next to your account or the collection you’ve uploaded to ensure the safety of any customer. The OpenSea team reviews regularly the content to ensure users are protected.
How do I earn royalties on OpenSea?
As an artist, you’ll receive only up to 10 percent of the royalties after you have uploaded the NFT. This is believed to be reasonably low compared against the other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) is frequently utilized on this website and many others to accommodate many more crypto users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can use for OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. You can easily purchase or trade cryptocurrency using trusted platforms with fiat money. All you need to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea has a mobile or desktop application?
As previously mentioned there’s an official mobile app by OpenSea available for both iOS and Android. You can download it through their app store, and begin exploring the collection right now!
The Desktop application 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/).