The crypto currency market is in a boom right now and you’re probably wondering where to invest your crypto coins. Marketplaces are popping up across the internet, designed to sell and buy NFTs via cryptocurrency! OpenSea is among them and is worth a look.
If you’re interested in crypto you’ve probably heard about 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 discover what you can do with OpenSea and also see what NFTs you can view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick review. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft L
The purpose for OpenSea was to simply provide artists with a marketplace/platform to upload commissions, without having to pay any additional costs. It has more functions that let you sell your artwork without any issues.
When it comes to registration, you don’t need to worry about giving any personal information about yourself. All you have to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as easy as that, without many hurdles as you walk into NFTs.
The most well-known cryptocurrency used in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it, and this is used for most processes. It is also based on the Polygon blockchain, which allows for lower costs and faster trading.
With these two kinds of blockchains available you can pick which one you would like to upload your NFT on as seller. This ensures the safety of your NFT, along with those who would like to buy it. All transactions are made using this blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace where you can exchange your NFTs or cryptocurrency for other NFTs. You can purchase anything from the simplest domain name, to a piece of art from an artist you admire. Anyone can sell however it takes some time for anyone to become an established seller.
There is a wide variety in the collection on OpenSea, and you can also be a part of that! You can create your own personal market here, along with finding NFTs you’d like to buy for yourself.
What is an NFT?
In a recent development for the crypto market”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that a lot of millennials have heard of it but aren’t exactly sure what it means. Let’s take a look at what NFT is for any beginners in the field of cryptocurrency.
One of the latest ways you can buy includes an NFT. An NFT is a non-fungible currency that is very individual and cannot be replaced. It could be a piece of rareness like mint-condition baseball trading cards or uncommon vinyl record.
There’s no limit on what an NFT can be as it’s a non-fungible thing you’re selling on the internet. In simpler terms, you could simply consider the NFT to be a type of digital collectible which is only paid in cryptocurrency.
Minting is like calling the shots on your own NFTs. It is a way of claiming ownership over that particular token/item you uploaded on market, as you’re offering it for sale. Usually, this becomes official once you fill out the proper information regarding the NFT and upload it to the marketplace.
On OpenSea It’s a very simple process to mint your NFTs by going to the store and creating a collection to start! Input the appropriate and accurate information about your NFT and then select what type of settings you’d like to use for it (e.g., blockchain and money transfer tokens). After you’ve completed the process you are able to upload it if it fits the limit of 100MB.
You can wait and observe how transactions progress from now on to determine if OpenSea is the marketplace for you.
What NFTs are available here?
In this moment, you’re probably wondering what kind of NFTs can you shop for here, and what you could also sell if you decide to go that route. The kind of NFT it can be isn’t limited because there’s a wide range of options for how to approach it.
You could be selling digital items, trading cards games, domain names, and some physical items! 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 separates OpenSea from other companies. There’s no cost for gas for using this feature to make and then sell the NFTs. This means you’ll be able to make the highest profits once you sell because you don’t need to pay on extra fees.
Not many NFT marketplaces offer this feature, so this is great for you to receive high profit from your portfolio.
The Referral Program is a different aspect of OpenSea to take note of. Like traditional online marketplaces there are advantages when you refer a friend to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from the site you’ll be rewarded with 2.50 percent of the purchase amount, letting you earn more cash through this action.
Other NFT marketplaces don’t offer the same feature This is a further benefit OpenSea has over the other marketplaces.
There’s an OpenSea mobile application, however it’s mostly to browse through the marketplace. Unfortunately, you can’t purchase or sell anything as you browse through the listings.
The mobile apps of OpenSea are available for the two platforms of iOS and Android. Even though you can’t buy or sell something, you can at least look through the options you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available for you to use, and you can trade your fiat currency for cryptocurrency on these platforms. Nft L
You can convert your fiat currency using a the credit card, or Paypal via these reputable websites to exchange it for crypto:
- Bittrex, and more!
Each of them has the option to exchange for ETH, which is the standard cryptocurrency payment option in OpenSea.
While OpenSea has been described as being an NFT marketplace that is open to all forms of crypto, wallets are nonetheless more compatible than other. Because it is based on the ETH blockchain, wallets that share the same network are suitable for the site.
Here’s a list of various crypto wallets that you can utilize in OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each wallet has its own restrictions, such as easy registration, mobile-only usage as well as the capability to buy cryptocurrency using credit cards. Nft L
To learn more about it You can go through their FAQs for the steps you can get started and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and pros here:
- Mobile apps available for iOS as well as Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto market and NFTs.
- Allows royalties up to 10% for artists (low royalty).
- Cannot buy or sell on this mobile application.
- Only supports cryptocurrency as its type of payment.
- The use of a Crypto wallet is required to use this marketplace.
OpenSea is open to everyone who has any crypto currency in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. But overall, you can quickly regain that when you sell regularly since there is no additional fee for it.
Frequently Asked Questions Nft L
What is OpenSea?
OpenSea is an NFT marketplace that seeks to give artists a chance for selling their artwork online to receive cryptocurrency as a form of payment. It’s an ideal platform for artists using it to sell NFTs because of its zero gas costs and low commission fee rate you must pay.
You can browse and purchase the vast array of digital products on this NFT marketplace, so you should go through it!
Is OpenSea real and secure?
Answer: Yes! OpenSea is a reputable marketplace since its inception in the year of 2018. Since its system is based on a blockchain and is secured, it is safe to declare that transactions are secure and safe.
In addition, as a seller, you’ll be verified when you’ve earned a reputation. A blue checkmark is placed next to your account or collection that you have uploaded to assure every customer. The OpenSea team reviews regularly the content to ensure that users are safe.
How do I earn royalties on OpenSea?
As an artist, you can be paid only 10 percent of the royalties after you have uploaded the NFT. This is considered to be reasonably low compared to the other NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) can be widely used on this site and other sites to provide more cryptocurrency users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can utilize for OpenSea.
What are the payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. You can easily purchase or sell cryptocurrency on 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 previously mentioned there’s an official mobile app by OpenSea available for both iOS as well as Android. You can download it through their app store, and begin exploring the collection right now!
There is also a desktop application for OpenSea that can be downloaded through WebCatalog. With the desktop application you are able to 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/).