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 internet, designed to sell and buy NFTs via cryptocurrency! OpenSea can be one, and it’s worth looking into.
If you’re familiar with cryptocurrency, you’ve likely heard of OpenSea before for a good reason. It has become one of the largest and most popular marketplaces for cryptocurrency users because of its safety and speedy transactions.
Now hop aboard, and discover the possibilities of OpenSea, along with checking the NFTs that you can see!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Kunstwerk
The aim of OpenSea was to offer a platform/marketplace for artists to easily upload their commissions without any extra charges. It also has additional functions that let you sell your work without having to deal with many problems.
In terms of registration, you won’t have to give too many details about yourself. All you have 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 popular cryptocurrency that is used within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology which is utilized for most processes. It is also based using the Polygon blockchain to ensure lower costs and faster trading.
With these two types of blockchains that are available you can pick which one you’d like to publish your NFT as seller. This will ensure the security of your NFT and those who wish to purchase it. All transactions are made using this blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace that lets you trade your cryptocurrency or NFTs for other NFTs. You can buy anything just a domain name to official art from an artist that you admire. Anyone can be a seller however, it takes some time for anyone to be an established seller.
There is a wide variety in the collection at OpenSea and you could also be a part of the collection! You can start your own marketplace there, and also find NFTs you’d like to buy yourself.
What is an NFT?
In a recent development for the cryptocurrency industry,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that the majority of young people are familiar with it , but not exactly sure 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 newest things you can purchase your cryptocurrency is an NFT. The NFT is a non-fungible currency that is very exclusive and cannot be changed. This can be an item of rareness, such as mint-condition baseball trading cards or a uncommon vinyl record.
There is no limit to what an NFT can be as it’s a non-fungible item you’re selling online. In simpler terms, you could simply think of an NFT being a virtual collectible that is paid for using cryptocurrency only.
Minting is similar to calling for dibs to your NFTs. You’re claiming ownership over that particular token/item that you posted to the market place, but selling it. Typically, this is official 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 mine your NFTs by visiting the store and then creating a collection to start! Input the appropriate and correct information regarding your NFT and then select what type of settings you’d like to use for it (e.g. blockchain or money transfer tokens). Once that’s all done then you’re able to upload it if it fits the 100 MB limit.
You can watch and see the way transactions are handled from now on to see if OpenSea is the best marketplace for you.
What NFTs can you get here?
So, at this point you’re probably thinking about the kind of NFTs can be purchased here and what kind of NFTs you can also sell if you choose to go that route. The type of NFT that you can purchase is unlimited as there’s a variety of options for how to approach it.
You could be selling trade cards, digital goods games domain names, also physical goods! Find out what you think will reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that differentiates OpenSea from the others. There are no gas costs when you use 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 extra fees.
There aren’t many NFT marketplaces offer this feature, so this can be a fantastic way to earn a high return from your collection.
This Referral Program is another distinctive feature of OpenSea to admire. Similar to traditional online markets there are advantages when you refer someone else to OpenSea! If you invite a friend to join OpenSea and buy an NFT from the site, you’ll receive 2.50 percent of the sales amount, which means you can make more money by this method.
Other NFT marketplaces don’t have the same feature This is a further benefit OpenSea has over them.
There’s an OpenSea mobile app, but it is mainly used for perusing through the marketplace. Unfortunately, you can’t purchase or sell anything as you browse through the listing.
OpenSea’s mobile apps are available on both iOS in addition to Android. Although you aren’t able to purchase or sell something, you can at least look through the options you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available at your disposal to exchange your fiat money for cryptocurrency through these platforms. Nft Kunstwerk
You can convert your fiat currency using a the credit card, or Paypal on these reliable websites to exchange it for crypto:
- Bittrex and more!
All of them have the option of exchange for ETH that is the standard crypto payment in OpenSea.
Although OpenSea can be described as an NFT marketplace open to all types of cryptocurrency, wallets are still more compatible with it than other. Since it is built mainly on the ETH blockchain, all wallets that share the same network are suitable for the site.
Here’s a list several crypto wallets you can utilize in OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations including simple registration, only mobile usage, and the function to buy cryptocurrency using a credit card. Nft Kunstwerk
For more information about the service to learn more, check out their FAQs to see an overview of how you can get started and which other 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 read about its pros and cons here:
- Mobile apps available for iOS as well as 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 10% to artists (low royalty).
- Cannot buy or sell via our mobile apps.
- Only accepts cryptocurrency as a form of payment.
- The use of a Crypto digital wallet must be used to access this marketplace.
OpenSea is open to everyone who has crypto coins in their cryptocurrency 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 recover this amount if you are actively selling since there’s no additional cost for it.
Frequently Asked Questions Nft Kunstwerk
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to offer artists a way to market their work online to receive cryptocurrency as their form of payment. It’s a great option for artists who want to use for selling NFTs due to its no gas fees and the low commission rate which you are required to pay.
You can browse and shop for an array of digital goods in this NFT marketplace which is why you should definitely take a look!
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 that is secure, you can claim that your transactions are protected and secured.
In addition as a seller you can become verified once you build up your reputation. A blue checkmark will appear on your account or any collection you uploaded to reassure every customer. The team at OpenSea regularly checks the content to ensure that users are secure.
How can I earn royalties from OpenSea?
However, as an artist, you’ll be paid only 10 percent of the royalties when you upload the NFT. This is considered to be reasonably low compared with others NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) can be widely utilized on this website and other sites to provide the increasing number of crypto users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can utilize to use OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency through 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 we mentioned earlier there’s an official mobile app by OpenSea for both iOS or Android. Install it from their app store and you can start exploring the collection right now!
A desktop application for OpenSea that can be downloaded through 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/).