Cryptocurrency is booming right now and you’re probably thinking where to invest your crypto coins. Marketplaces are popping up across the internet, designed to purchase and sell NFTs via cryptocurrency! OpenSea can be one and is worth looking into.
If you’re interested in crypto, you’ve probably heard about OpenSea before for a good reason. It has become one of the largest and most popular marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.
Now hop aboard, and let’s explore what you can do with OpenSea and also see what NFTs you can view!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick review. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Lighting
The aim to create OpenSea was to provide an online marketplace for artists to easily upload their commissions, without having to pay any additional fees. It also has additional functions that allow you to sell your work without having to deal with many problems.
When it comes to the registration process, you don’t have to provide too many details about yourself. All you need to do is connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It can be as simple as that, without much hassle as you step into NFTs.
The most popular cryptocurrency used in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system which is utilized for the majority of transactions. It also operates with the Polygon blockchain to ensure low-cost and quicker trading.
With these two types of blockchains, you can choose which one you want to publish your NFT as seller. This will ensure the security of your NFT, along with those who wish 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 that lets you trade your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything just a domain name to official art from an artist that you admire. Anyone can be a seller however it takes a while for anyone to be a reputable one.
There is a wide variety of NFTs available of NFTs available at OpenSea and you can also be a part of this! You can create your own marketplace there, and also find NFTs you want to purchase yourself.
What is an NFT?
In a recent advancement for the cryptocurrency industry, the term “NFT” has been going around for so long on the internet that a lot of millennials have heard of it but aren’t exactly sure what it means. Let’s look at what an NFT is for any beginners in cryptocurrency.
One of the newest things you can purchase your cryptocurrency includes an NFT. An NFT is a token that is non-fungible that is individual and cannot be substituted. It could be a piece of rareness like rare baseball trading cards in mint condition or rare vinyl record.
There is no limit to what an NFT can be as it’s a non-fungible item that you can sell online. It is simpler to simply think of an NFT as a digital item paid via cryptocurrency only.
Minting is like calling dibs on your own NFTs. You’re claiming the owner of the item or token that you have uploaded to market, as you’re offering it for sale. Usually, this becomes official once you fill out all the necessary information about the NFT and then submit it for sale on.
On OpenSea It’s a very simple process to mine your NFTs by visiting the store and then making a collection to begin! Fill out the proper and complete information about your NFT and select the type of settings you’d like to use for it (e.g. blockchain or money transfer tokens). Once that’s all done, you can finally upload it, if it’s within the 100 MB limit.
You can watch and see the way transactions are handled from here on out to determine whether OpenSea is the marketplace for you.
What NFTs can you get here?
At this point you’re probably thinking about which kind of NFT be purchased here, and what you could also sell if you decide to go down that path. The type of NFT that you can purchase isn’t limited because there’s a wide range of ways to do it.
You can be selling digital items, trading cards, game assets, domain names, and also physical goods! 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 other options. There’s no cost for gas for using this feature to make and then sell the NFTs. This is essentially a way to ensure that you receive the maximum profits when you start selling because you don’t need to pay on extra fees.
Very few NFT marketplaces have this feature, so this is a great way to make a huge profit from your NFT collection.
This Referral Program is a different aspect of OpenSea to admire. Like traditional online marketplaces, you can receive benefits when you refer someone else to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from there you’ll earn 2.50 percent of the sales amount, which allows you to earn more cash from this act.
Other NFT marketplaces do not have this kind of feature either, so that’s just another advantage OpenSea has over the other marketplaces.
There is an OpenSea mobile application, however it is mainly used for perusing through the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listing.
OpenSea’s mobile apps are available for both iOS as well as Android. Even though you can’t buy or sell things, you can browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available to you You can also convert your fiat money into cryptocurrency through these platforms. Nft Lighting
You can exchange your fiat currency using a the credit card, or Paypal through these trusted sites to exchange it for crypto:
- Bittrex and more!
All of them have the option of converting them into ETH that is the most common crypto payment in OpenSea.
Although OpenSea has been described as being an NFT marketplace open to all types of crypto, wallets are still more compatible with it than other. Because it is based using the ETH blockchain, all wallets that share that network will be suitable for this website.
Here’s a list of different 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 including simple registration, use on mobile devices only, and the function to purchase cryptocurrency using a credit card. Nft Lighting
For more information about the service, you can check their FAQs to get a rundown of how you can begin and which other wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets, each one has advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and pros here:
- Available as mobile apps for iOS or Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalty rates of 10% to artists (low royalties).
- Cannot buy or sell on this mobile application.
- Only accepts cryptocurrency as a type of payment.
- A Crypto account is needed to use this marketplace.
OpenSea is open to everyone who has crypto coins in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. In the end, you’ll quickly regain that when you actively sell because there’s no extra charge for it.
Frequently Asked Questions Nft Lighting
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to give artists a chance to sell their works online to receive cryptocurrency as a method of payment. It’s an excellent platform for artists who use for selling NFTs due to its low gas fees and low commission fee rate that you have to pay.
You can browse and purchase an array of digital goods in this NFT marketplace, so you should check it out!
Is OpenSea legitimate and safe?
Short answer: Yes! OpenSea has been a reliable marketplace since its inception in the year of 2018. Since its system is based on a blockchain that is secure, you can declare that transactions are safe and secure.
In addition, as a seller, you can become verified once you have built up your credibility. A blue checkmark is placed to your account or collection that you have uploaded to assure any customer. The OpenSea team reviews regularly the contents to ensure users are secure.
How do I earn royalties on OpenSea?
As an artist, you’ll be paid only 10 percent of the royalties when you have uploaded the NFT. This is believed to be a reasonable amount compared with the other NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) is frequently utilized on this website and numerous others to cater for many more crypto users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can make use of for OpenSea.
What are the payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. It is easy to buy or trade cryptocurrency using reliable platforms using fiat currency. All you have just connect your debit or credit card to Paypal for the transaction.
Does OpenSea have a desktop or mobile app?
As previously mentioned, there is definitely an official mobile app by OpenSea for both iOS as well as Android. Download it at their respective app store and begin exploring the collection now!
The Desktop application that OpenSea that can be downloaded through WebCatalog. With the desktop application, you can manage multiple accounts as well as receive alerts on any updates that affect your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).