The cryptocurrency market is on the rise and you’re probably wondering where to invest your crypto-coins. Marketplaces are popping up all over the web that allow users to purchase and sell NFTs using cryptocurrency! OpenSea is among them and is worth a look.
If you’re well-versed in cryptocurrency, you’ve probably heard of OpenSea previously for a valid reason. It has become one of the biggest and most popular marketplaces for cryptocurrency users because of its safety and speedy transactions.
Now hop aboard, and let’s see what you can do with OpenSea and also see the NFTs available to view!
Before you continue, you may want to check out 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 Jojo
The goal of OpenSea was to provide 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 problems.
For the registration process, you don’t have to worry about giving all of your personal details. All you have to connect your crypto wallet–and voila!–you have an account with OpenSea! It can be as simple as that and without many hurdles as you walk into NFTs.
The most popular cryptocurrency that is used within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology, and this is used for most processes. It also operates on the Polygon blockchain, which ensures the lowest cost and speediest trading.
There are two types of blockchains that are available you can pick which one you’d like to upload your NFT on as an seller. This is to ensure the security of your NFT as well as the people who want to purchase it. All transactions are made along with this blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything the simplest domain name to an official artwork from an artist you admire. Anyone can become a seller however, it takes some time before anyone can become a reputable one.
There is a wide variety in the collection at OpenSea and you could become a part of the collection! You can create your own personal market there, and also find NFTs you’d like to buy for yourself.
What is an NFT?
A recent change in the crypto market the term “NFT” has been going around so long on the internet that many millennials have heard of it but not exactly sure what it means. Let’s look at what an 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. An NFT is a non-fungible currency that is very exclusive and cannot be substituted. This can be an item of any rareness like authentic baseball cards, or a unique vinyl album.
There is no limit to what an NFT can be since it’s a non-fungible thing that you can sell online. More straightforwardly, you can just imagine the NFT being a virtual item which is only paid in cryptocurrency.
Minting is like calling dibs to your NFTs. It is a way of claiming ownership over that particular token/item that you have uploaded to the marketplace, and you’re selling it. Typically, this is official once you fill out the proper information regarding the NFT and then add it on the market.
On OpenSea, it’s a simple process to mint your NFTs. All you have to do is visit the store and then create a collection! Complete the correct and correct information regarding your NFT and select the type of settings you’d like for it (e.g. blockchain and payment tokens). Once that’s all done then you’re able to upload it if it fits the limit of 100MB.
It is possible to wait and see how transactions progress from now to determine if OpenSea is the right marketplace for you.
What NFTs can you get here?
So, at this point, you’re probably wondering the kind of NFTs be purchased here and what kind of NFTs you can sell should you decide to pursue that route. The kind of NFT that you can purchase is unlimited as there’s a variety of options for how to do it.
You can be selling trade cards, digital goods games, domain names, and some physical items! Consider what you believe will reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what differentiates OpenSea from the others. There’s no cost for gas when you use this feature when you create and market NFTs. This means you’ll get the most profit when you sell because you won’t have to spend on extra fees.
Not many NFT marketplaces have this feature, which is why this can be a fantastic way to receive high profit from your collection.
A Referral Program is another distinctive feature of OpenSea to take note of. Like traditional online marketplaces that offer rewards by referring your friend to OpenSea! If you refer a friend to join OpenSea and buy an NFT from there you’ll earn 2.50% of the sale amount, letting you earn more money by this method.
Other NFT marketplaces don’t have the same feature, so that’s just another advantage 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 items as you browse through the listings.
The mobile apps from OpenSea are accessible for the two platforms of iOS as well as Android. Although you aren’t able to purchase or sell anything, you can still explore the products you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are to you You can also convert your fiat money into cryptocurrency using these platforms. Nft Jojo
You can swap your fiat currency using a your credit or debit card as well as Paypal through these trusted sites for cryptocurrency:
- Bittrex, and more!
Each of them has the option to exchange for ETH that is the primary cryptocurrency payment option in OpenSea.
While OpenSea has been described as being an NFT marketplace that is open to all types of cryptocurrency, the wallets nonetheless more compatible than others. Since it is built mainly using an ETH blockchain, wallets which are part of that network will be suitable for the site.
Here’s a list different crypto wallets you can utilize in OpenSea:
- Authereum and more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each wallet has its own restrictions including simple registration, mobile-only usage as well as the capability to buy cryptocurrency using the credit card. Nft Jojo
To know more about it, you can check their FAQs for a rundown of how you can start and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with its advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and cons here:
- Available as mobile apps for iOS or Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalties of only 10% for artists (low royalty rates).
- Cannot buy or sell via the mobile app.
- Only supports cryptocurrency as its form of payment.
- A Crypto account is needed to access this marketplace.
OpenSea is accessible to everyone 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. But overall, you can quickly regain that when you are actively selling since there’s no additional cost for it.
Frequently Asked Questions Nft Jojo
What is OpenSea?
OpenSea is an NFT marketplace that seeks to offer artists a way to sell their works online, and to accept cryptocurrency as a form of payment. It’s an excellent platform for artists who use it to sell NFTs due to its no cost of gas and low commission fees you must pay.
You can shop and browse the vast array of digital items on the NFT marketplace which is why you should definitely go through it!
Is OpenSea real and secure?
Short answer: Yes! OpenSea has been a trusted marketplace since its inception on the 1st of December in the year of 2018. Since its system is built on blockchain technology, it is safe to declare that transactions are safe and secure.
Additionally as a seller you can become verified once you’ve earned a reputation. A blue checkmark is placed next to your account or collection you uploaded to reassure anyone who buys from you. OpenSea’s team regularly reviews the content to ensure users are safe.
How can I earn royalties on OpenSea?
Unfortunately, as an artist, you will get only 10% of the royalties once you upload the NFT. This is considered to be quite low in comparison to the other NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) has been widely used on this site as well as many others to accommodate more crypto users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can utilize for OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. It is easy to buy or sell cryptocurrency on reliable platforms using fiat currency. All you have to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea have a desktop/mobile app?
As we mentioned earlier, there is definitely an official mobile app from OpenSea that is available for iOS as well as Android. Install it from their app store and then you can begin exploring the collection now!
A desktop application for OpenSea which can be downloaded from WebCatalog. On the desktop app you are able to manage multiple accounts and receive alerts on any updates that affect 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/).