The cryptocurrency market is on the rise and you’re probably thinking where you can invest your crypto-coins. There are numerous marketplaces popping up all over the digital web designed to sell and buy NFTs with cryptocurrency! OpenSea can be one and is worth looking into.
If you’re familiar with cryptocurrency, you’ve probably heard about OpenSea before for a good reason. It’s now one of the biggest and most popular marketplaces for cryptocurrency users because of its security and rapid transactions.
Now hop aboard, and let’s explore the possibilities of OpenSea and also see the NFTs that you can see!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick review. Afterward, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Light Support Frame 8- 4
The goal of OpenSea was to provide a platform/marketplace for artists to upload commissions without any extra fees. It has more functions that allow you to sell your art without too many difficulties.
When it comes to registration, you won’t have to worry about giving too many details about yourself. All you have to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It can be as simple as that and without many hassles when you enter into NFTs.
The most popular cryptocurrency to use in 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 on the Polygon blockchain, which ensures low-cost and quicker trading.
With these two types of blockchains you can pick which one you’d like to upload your NFT on as an seller. This will ensure the security of your NFT and the people who want to purchase it. All transactions are made using this blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything as simple as a domain name to an official artwork by an artist you admire. Anyone can become a seller however, it takes a while before anyone can become an established seller.
There’s a huge selection of NFTs available of NFTs available at OpenSea and you could become a part of that! You can start your own marketplace there, and also find NFTs you’d like to buy yourself.
What is an NFT?
A recent change in the crypto industry,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that a lot of millennials are familiar with it but aren’t sure exactly what it means. Let’s take a look at what NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the new things that you can buy with cryptocurrency is an NFT. The NFT is a non-fungible token that is individual and cannot be changed. It could be an item of rareness, such as rare baseball trading cards in mint condition or a unique vinyl album.
There’s no limit on what an NFT can be as it’s a non-fungible thing that you sell on the internet. In simpler terms, you could simply consider an NFT as a digital collectible paid via cryptocurrency only.
Minting is similar to calling for dibs for your personal NFTs. You are calling ownership over that particular token/item that you posted to market, as putting it up for sale. Typically, this is official once you fill out all the necessary information about the NFT and upload it to the marketplace.
On OpenSea It’s a very simple process to mint your NFTs. All you have to do is visit the store and then create a collection! Fill out the proper and correct information regarding your NFT and select the type of settings you want for it (e.g., blockchain, money transfer tokens). After that, you can finally upload it if it fits the 100 MB limit.
You can watch and see how transactions progress from now on to determine whether OpenSea is the best marketplace for you.
What NFTs can you find here?
So, at this point you’re probably thinking about which kind of NFT can be found here and what you can sell should you decide to pursue that route. The type of NFT that you can purchase is unlimited because there’s a wide range of ways to go about it.
It is possible to sell digital products, trading cards games, domain names, and some physical items! Find out what you think will reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that differentiates OpenSea from the other options. There are no gas costs for using this feature when you mint and sell NFTs. This simply means that you’ll get the most profit when you sell because you don’t need to pay on additional fees.
Very few NFT marketplaces have this feature, which is why this is a great way to receive high profit from your NFT collection.
This Referral Program is a different aspect of OpenSea to be admired. Similar to traditional online markets that offer benefits by referring someone else to OpenSea! If you encourage a friend join OpenSea and buy an NFT from there, you’ll receive 2.50 percent of the sales amount, letting you make more money by this method.
Other NFT marketplaces do not have the same feature and that’s another benefit OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile app, but it is mainly used to browse through the marketplace. It isn’t able to purchase or sell anything as you browse through the listing.
The mobile apps from OpenSea are accessible on the two platforms of iOS as well as Android. While you’re not able to buy or sell anything, you can still explore the products you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are at your disposal, and you can convert your fiat money into cryptocurrency through these platforms. Nft Light Support Frame 8- 4
You can exchange the fiat currency you have with a your credit or debit card as well as Paypal on these reliable websites to exchange it for crypto:
- Bittrex and other things!
Each of them has the option of exchange for ETH that is the primary cryptocurrency used 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 others. Since it is built mainly on the ETH blockchain, all wallets with a connection to that network will be suitable for this website.
Here’s a list several crypto wallets you can utilize in OpenSea:
- Authereum and more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each has its own limitations like easy registration, only mobile usage, and the function to buy cryptocurrency using credit cards. Nft Light Support Frame 8- 4
For more information about the service, you can check their FAQs to get the steps you can get started and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets every one of them has advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and cons here:
- Available as mobile apps that are compatible with 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 world and NFTs.
- Allows royalties up to 10% for artists (low royalty rates).
- Cannot buy or sell via this mobile application.
- Only supports cryptocurrency as its type of payment.
- An Crypto account is needed to use this marketplace.
OpenSea is open to everyone who has crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. But overall, you can quickly recover this amount if you actively sell because there is no additional fee for it.
Frequently Asked Questions Nft Light Support Frame 8- 4
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to offer artists a way to market their work online and receive cryptocurrency as their form of payment. It’s a great platform for artists who use it to sell NFTs because of its zero cost of gas and low commission fee rate that you have to pay.
You can browse and purchase an array of digital products on this NFT marketplace, so you should take a look!
Is OpenSea legit & safe?
The short answer is yes! OpenSea has been a trusted marketplace since it was established in 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 can become verified once you’ve earned a reputation. A blue checkmark will appear next to your account or collection that you have uploaded to assure any customer. OpenSea’s team regularly reviews the content to ensure that users are secure.
How can I earn royalties on OpenSea?
As an artist, you’ll get only 10 percent of the royalties after you upload the NFT. This is believed to be quite low in comparison with others NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) can be commonly used on this site and other sites to provide the increasing number of cryptocurrency users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can use to use OpenSea.
How do I pay for OpenSea? What are my payment options 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 have be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea has a mobile or desktop application?
As we mentioned earlier, there is definitely an official mobile app by OpenSea for both iOS as well as Android. You can download it through their app store and begin browsing through the collection right now!
There is also a Desktop application that OpenSea which can be downloaded from WebCatalog. On the desktop app you can manage multiple accounts and get notifications on updates regarding your account when you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).