The crypto currency market is in a boom right now, and you’re probably wondering where you can invest your crypto coins. Markets have popped up across the digital web designed to buy and sell NFTs via cryptocurrency! OpenSea can be one, and it’s worth checking out.
If you’re well-versed in cryptocurrency you’ve likely heard of OpenSea prior to this for a valid reason. It has become one of the biggest and leading marketplaces among cryptocurrency enthusiasts due to its security and rapid transactions.
Now hop aboard, and discover the possibilities of OpenSea, along with checking 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’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft-Mah-T
The aim of OpenSea was to provide an online marketplace for artists to upload their commissions without any extra fees. It also has additional functions that allow you to sell your artwork without any issues.
When it comes to the registration process, you don’t have to give any personal information about yourself. All you have to connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as easy as that, without many hassles when you enter into NFTs.
The most popular cryptocurrency that is used on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system and is used for the majority of transactions. It also operates with the Polygon blockchain, which ensures lower costs and faster trading.
With these two types of blockchains available it is possible to choose which one you’d like to upload your NFT on as seller. This ensures the safety of your NFT as well as those who wish to purchase it. All transactions are made by using the blockchain, and you must think about where you should 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 official art from an artist you admire. Anyone can become a seller however, it takes time before anyone can become an established one.
There are a variety of NFTs from the selection of NFTs available at OpenSea and you could also be a part of that! You can set up your own market on this site, as well as find NFTs that you would like to purchase yourself.
What is an NFT?
In a recent development for the cryptocurrency industry”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that many millennials are familiar with it but aren’t sure exactly what it actually means. Let’s take a look at what NFT is for anyone who is new in cryptocurrency.
One of the new things you can purchase your cryptocurrency includes an NFT. An NFT is a token that is non-fungible which is extremely exclusive and cannot be replaced. It can be an item of rareness, such as authentic baseball cards, or a unique vinyl album.
There is no limit to what an NFT can be since it’s a non-fungible thing that you sell on the internet. In simpler terms, you could simply imagine the NFT to be a type of digital item that is paid for using cryptocurrency only.
Minting is like calling dibs to your NFTs. It is a way of claiming the ownership of the particular item you uploaded on the marketplace, and you’re offering it for sale. Typically, this is official after you fill in the proper information regarding the NFT and finally upload it to the marketplace.
On OpenSea, it’s a simple process to mine your NFTs by visiting the store and then create a collection! Fill out the proper and accurate information about your NFT and then select what type of settings you’d like for it (e.g., blockchain, money transfer tokens). After you’ve completed the process you are able to upload it if it fits the 100 MB limit.
You can watch and see how the transactions go from now on to determine if 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 purchased here, and what you could also sell if you choose to go that route. The kind of NFT that you can purchase isn’t limited as there’s a variety of options for how to approach it.
You can be selling digital items, trading cards games, domain names, and also physical goods! Explore what you believe can yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what sets OpenSea from the other options. There are no gas costs when you utilize this feature when you create and market NFTs. This simply means that you’ll receive the maximum profits when you start selling because you won’t have to spend on extra fees.
Very few NFT marketplaces have this feature, so this is a great way to receive high profit from your NFT collection.
This Referral Program is another unique aspect of OpenSea to admire. Like traditional online marketplaces that offer benefits when you refer your friend to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from there, you’ll receive 2.50 percent of the sales amount, which means you can make more money from this act.
Other NFT marketplaces don’t have this kind of feature either This is a further benefit OpenSea has over the other marketplaces.
There is an OpenSea mobile application, however it’s mostly used for perusing through the marketplace. It isn’t able to purchase or sell anything while you browse through the listing.
The mobile apps from OpenSea are accessible for both iOS as well as Android. Even though you can’t buy or sell anything, you can still look through the options you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are for you to use, and you can trade your fiat currency for cryptocurrency on these platforms. Nft-Mah-T
You can exchange the fiat currency you have with a the credit card, or Paypal on these reliable websites to exchange it for crypto:
- Bittrex, and other things!
Each of them has the option of converting them into ETH that is the primary cryptocurrency used in OpenSea.
While OpenSea can be described as an NFT marketplace open to all types of cryptocurrency, the wallets nevertheless more compatible than others. Since it is built mainly on an ETH blockchain, wallets which are part of the same network are suitable for this website.
Here’s a list of several crypto wallets you can use in OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, mobile-only usage, and the function to purchase cryptocurrency using credit cards. Nft-Mah-T
For more information about the service to learn more, check out their FAQs for the steps you can begin and which other 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 the only one to have this. You can view its pros and pros here:
- Mobile apps available that are compatible with iOS and Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalties 10% to artists (low royalty rates).
- You cannot buy or sell products via this mobile application.
- Only supports cryptocurrency as its type of payment.
- A Crypto account is needed to use this marketplace.
OpenSea is open to everyone who has any crypto currency in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. However, overall, you will quickly recover this amount if you are actively selling since there’s no additional cost for it.
Frequently Asked Questions Nft-Mah-T
What is OpenSea?
OpenSea is 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 an ideal option for artists who want to use for selling NFTs because of its zero cost of gas and low commission fees that you have to pay.
You can browse and purchase a vast collection of digital items on the NFT marketplace which is why you should definitely go through it!
Is OpenSea legitimate and safe?
The short answer is yes! OpenSea is a reputable marketplace since its inception on the 1st of December in 2018. Because its system is built on a blockchain and is secured, it is safe to claim that your transactions are protected and secured.
In addition as a seller you’ll be verified when you build up your reputation. A blue checkmark will appear on your account or collection you’ve uploaded to ensure the safety of anyone who buys from you. The team at OpenSea regularly checks the content to ensure that users are safe.
How do I earn royalties on OpenSea?
However, as an artist, you can get only 10 percent of the royalties when you have uploaded the NFT. This is believed to be quite low in comparison to others NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) is commonly used on this site as well as many others to accommodate the increasing number of crypto users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize to access OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. It is easy to buy or trade cryptocurrency using trusted platforms with fiat money. All you have be able to connect is your credit or Paypal for the transaction.
Does OpenSea have a desktop or mobile app?
As we mentioned earlier there’s an official mobile app by OpenSea available for both iOS or Android. Download it at their respective app store and you can start exploring the collection right now!
There is also a Desktop application that OpenSea which can be downloaded from WebCatalog. In the desktop application you can manage multiple accounts and 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/).