The cryptocurrency market is on the rise and you’re probably wondering what you can do with your crypto currency. Marketplaces are popping up all over the digital web designed to buy and sell NFTs using cryptocurrency! OpenSea is one of them, and it’s worth looking into.
If you’re well-versed in cryptocurrency, you’ve probably heard of OpenSea before for a good reason. It’s one of the biggest and leading marketplaces among users of cryptocurrency due to its security and quick transactions.
Get on board, and let’s see what you can do with OpenSea as well as examining the NFTs available to view!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Investment
The goal of OpenSea was to simply provide a platform/marketplace for artists to upload commissions without any extra costs. There are additional features which allow you to market your work without having to deal with many problems.
When it comes to the registration process, you don’t have to provide any personal information about yourself. All you need to do is connect your crypto wallet and voila! You have an account with OpenSea! It can be as simple as that without going through much hassle as you step 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 which is utilized for most processes. It also functions on the Polygon blockchain, which allows for lower costs and faster trading.
With these two types of blockchains available you can pick which one you want to transfer your NFT to as an seller. This will ensure the security of your NFT and those who wish to purchase it. All transactions are made by using the blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless where you can exchange your cryptocurrency or NFTs for other NFTs. You can purchase anything from the simplest domain name, to a piece of art by an artist you admire. Anyone can be a seller however, it takes some time for anyone to become an established seller.
There is a wide variety in the collection on OpenSea and you could become a part of that! You can set up your own market on this site, as well as find NFTs you’d like to buy yourself.
What is an NFT?
In a recent advancement for the cryptocurrency industry the term “NFT” has been going around so long on the internet that many millennials are familiar with it , but aren’t exactly sure what it is. Let’s break down what an NFT is for any beginners in cryptocurrency.
One of the new things you can purchase your cryptocurrency can be an NFT. An NFT is a non-fungible token that is exclusive and cannot be substituted. It could be an item of rareness, such as rare baseball trading cards in mint condition or a rare vinyl record.
There’s no limit to what an NFT can be as it’s a non-fungible object that you can sell online. More straightforwardly, you can simply consider as an NFT to be a type of digital item which is only paid in cryptocurrency.
Minting is like calling the shots on your own NFTs. You are calling the ownership of the particular item that you have uploaded to the market place, but selling it. Usually, this is recognized once you fill out the correct information about the NFT and then submit it for sale on.
On OpenSea It’s a very simple process to mint your NFTs. All you have to do is visit the store and then making a collection to begin! Fill out the proper and complete information about your NFT and then select what type of settings you’d like to use it with (e.g., blockchain, payments tokens). After you’ve completed the process, you can finally upload it, if it’s within the 100 MB limit.
You can wait and observe how the transactions go from here on out to see whether OpenSea is the best marketplace for you.
What NFTs can you get here?
So, at this point you’re probably asking yourself which kind of NFT you shop for here and what you can also sell if you decide to pursue that route. The kind of NFT it is unlimited since there’s a broad range of options for how to go about it.
You could be selling trade cards, digital goods game assets, domain names, and even physical assets! Find out what you think will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what differentiates OpenSea from other companies. There are zero gas fees when you utilize this feature when you make and then sell the NFTs. This simply means that you’ll be able to make the highest profits once you sell because you don’t need to pay on additional fees.
Very few NFT marketplaces offer this feature, and it is great for you to receive high profit from your portfolio.
A Referral Program is a different aspect of OpenSea to take note of. Like traditional online marketplaces, you can receive advantages when you refer a friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from there, you’ll receive 2.50% of the sale amount, which means you can earn more cash by this method.
Other NFT marketplaces don’t offer the same feature, so that’s just another benefit OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile application, however it’s mostly to browse through the marketplace. Unfortunately, you can’t purchase or sell items as you scroll through the list.
The mobile apps from OpenSea are accessible on both iOS in addition to Android. Although you aren’t able to purchase or sell something, you can at least browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are to you, and you can exchange your fiat money for cryptocurrency on these platforms. Nft Investment
You can convert your fiat currency using a credit card or Paypal via these reputable websites for cryptocurrency:
- Bittrex and many more!
All of them have the option to exchange for ETH which is the primary crypto payment in OpenSea.
Although OpenSea has been described as being an NFT marketplace open to all forms of cryptocurrency, the wallets nonetheless more compatible than other. Since it is built mainly around an ETH blockchain, any wallets which are part of this network are appropriate for this website.
Here’s a list different crypto wallets you can use in OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations like easy registration, only mobile usage and the ability to purchase cryptocurrency with a credit card. Nft Investment
To learn more about it, you can check their FAQs to get a rundown of how you can get started and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets every one of them has advantages and drawbacks. OpenSea isn’t an exception to this. You can read about its pros and cons here:
- Mobile apps available for iOS as well as Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalty rates of 10% to artists (low royalty).
- Cannot buy or sell on our mobile apps.
- Only accepts cryptocurrency as a type of payment.
- A Crypto digital wallet must be used to use this marketplace.
OpenSea is available to anyone who has any crypto currency in their crypto wallets. If you’re a seller, 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 Investment
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to offer artists a way to market their work online, and to accept cryptocurrency as a form of payment. It’s an ideal platform for artists who use it to sell NFTs due to its low gas costs and low commission fees that you have to pay.
You can shop and browse the vast array of digital products on this NFT marketplace, so you should check it out!
Is OpenSea legit & secure?
Answer: Yes! OpenSea has been a reliable marketplace since it was founded in 2018. Since the system it operates on is based on a blockchain that is secure, you can declare that transactions are protected and secured.
In addition, as a seller, you’ll be verified when you have built up your credibility. A blue checkmark will be assigned on your account or collection that you have uploaded to assure any customer. OpenSea’s team regularly reviews the content to ensure that users are safe.
How can I earn royalties on OpenSea?
As an artist, you can get only 10 percent of the royalties after you upload the NFT. This is considered to be a reasonable amount compared with other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) can be commonly used on this site as well as many others to accommodate the increasing number of crypto users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can utilize to access OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. You can easily purchase or trade cryptocurrency using reliable platforms using fiat currency. All you have just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea have a desktop or mobile app?
As mentioned before, there is definitely an official mobile app from OpenSea available for both iOS as well as Android. Download it at their respective app store and begin exploring the collection right now!
There is also a version for desktops that OpenSea that can be downloaded through WebCatalog. On the desktop app, you can manage multiple accounts and get alerts on any updates that affect your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).