The cryptocurrency market is on the rise and you’re probably thinking where you can invest your crypto-coins. Markets have popped up across the internet, designed to buy and sell NFTs via cryptocurrency! OpenSea is among 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 largest and most popular marketplaces for users of cryptocurrency due to its security and quick transactions.
Now hop aboard, and let’s explore the possibilities of OpenSea as well as examining the NFTs available to view!
Before you go on, 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 the article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Krypto
The aim of OpenSea was to simply provide artists with a marketplace/platform to upload their commissions with no additional fees. It has more functions which allow you to market your work without having to deal with many problems.
For registration, you don’t need to provide any personal information about yourself. All you need to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as easy as that and without many hassles when you enter 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 with the Polygon blockchain, which ensures low-cost and quicker trading.
With these two types of blockchains 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 would like to buy it. All transactions will be 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 cryptocurrency or NFTs for other NFTs. You can buy anything the simplest domain name to an official artwork from an artist you admire. Anyone can sell, but it takes a while for anyone to become a reputable one.
There are a variety of NFTs from the selection at OpenSea and you could become a part of this! You can set up your own market there, and also find NFTs that you would like to purchase yourself.
What is an NFT?
In a recent development for the cryptocurrency industry the term “NFT” has been going around for so long on the internet that many millennials have heard of it but not exactly sure what it means. Let’s take a look at what NFT is for anyone who is new in cryptocurrency.
One of the new things that you can buy with cryptocurrency includes an NFT. An NFT is a non-fungible token that is individual and cannot be substituted. It could be an item of rareness like authentic baseball cards, or a rare vinyl record.
There’s no limit on what an NFT can be as it’s a non-fungible item that you sell online. It is simpler to just imagine as an NFT being a virtual item paid via cryptocurrency only.
Minting is similar to calling for dibs for your personal NFTs. It is a way of claiming the owner of the item or token that you have uploaded to market, as selling it. Usually, this is recognized after you fill in all the necessary information about the NFT and 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! Input the appropriate and correct information regarding your NFT and then select what type of settings you’d like to use it with (e.g., blockchain, money transfer tokens). After that, you can finally upload it, if it’s within the limit of 100MB.
You can wait and observe how transactions progress from now on to determine if OpenSea is the right marketplace for you.
What NFTs are available here?
In this moment, you’re probably wondering which kind of NFT can be found here and what you can sell should you decide to go down that path. The kind of NFT it is indefinite because there’s a wide range of options for how to do it.
You could be selling digital products, trading cards, game assets, domain names, and some physical items! Find out what you think will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that separates OpenSea from the others. There’s no cost for gas for using this feature when you create and market NFTs. This means you’ll get the most profit when you start selling because you won’t need to spend on extra fees.
Not many NFT marketplaces provide this feature, which is why this is a great way to receive high profit from your collection.
The Referral Program is a different aspect of OpenSea to admire. Similar to traditional online markets there are benefits when you refer someone else to OpenSea! If you invite a friend to join OpenSea and buy an NFT from there you’ll be rewarded with 2.50 percent of the sales amount, letting you earn more cash from this act.
Other NFT marketplaces don’t offer this kind of feature either and that’s another benefit OpenSea has over them.
There’s an OpenSea mobile app, but it’s mostly used to browse through the marketplace. It isn’t able to purchase or sell anything while you browse through the listings.
The mobile apps of OpenSea are available for both iOS as well as Android. Although you aren’t able to purchase or sell something, you can at least explore the products you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available to you to trade your fiat currency for cryptocurrency through these platforms. Nft Krypto
You can swap your fiat money via your credit or debit card as well as Paypal on these reliable websites 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 is an NFT marketplace that is open to all kinds of cryptocurrency, wallets are nevertheless more compatible than other. Since it is built on the ETH blockchain, all wallets that share that network will be suitable for this website.
Here’s a list of several crypto wallets which you can use with OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each has its own limitations like easy registration, only mobile usage and the ability to buy cryptocurrency using credit cards. Nft Krypto
To learn 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
Like many crypto marketplaces every one of them has its advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and cons here:
- Available as mobile apps for iOS as well as Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto industry and NFTs.
- Allows royalty rates of up to 10% for artists (low royalty rates).
- It is not possible to buy or sell items via this mobile application.
- Only supports cryptocurrency as its method of payment.
- A Crypto wallet is required for this marketplace.
OpenSea is available to anyone who has any crypto currency in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. However, overall, you will quickly regain that when you sell regularly since there’s no additional cost for it.
Frequently Asked Questions Nft Krypto
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to give artists a chance for selling their artwork online and receive cryptocurrency as a form of payment. It’s a great option for artists who want to use the platform to market NFTs due to its no gas fees and the low commission rate which you are required to pay.
You can browse and purchase an array of digital goods in this NFT marketplace, so you should check it out!
Is OpenSea legit & safe?
Answer: Yes! OpenSea has been a trusted marketplace since it was established at the end of the year 2018. Since its system is built on blockchain technology that is secure, you can declare that transactions are protected and secured.
Furthermore as a seller you’ll be verified when you build up your reputation. A blue checkmark is placed next to your account or the collection you’ve uploaded to ensure the safety of anyone who buys from you. OpenSea’s team regularly reviews the contents to ensure users are protected.
How can I earn royalties from OpenSea?
However, as an artist, you can receive only up to 10 percent of the royalties after you have uploaded the NFT. This is thought to be reasonably low compared with other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) has been commonly used on this site and other sites to provide many more crypto users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can use to use OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. You can easily purchase or sell cryptocurrency through trusted platforms with fiat money. All you need just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea has a mobile or desktop app?
As mentioned before There is an official mobile application from OpenSea for both iOS or Android. Download it at their respective app store, and begin exploring the collection now!
There is also a version for desktops that OpenSea which can be downloaded from WebCatalog. In the desktop application, you can manage multiple accounts as well as receive notifications about updates to 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/).