The cryptocurrency market is on the rise, and you’re probably wondering where to invest your crypto-coins. There are numerous marketplaces popping up all over the digital web designed to buy and sell NFTs using cryptocurrency! OpenSea is among them, and it’s worth checking out.
If you’re interested in crypto, you’ve likely heard of OpenSea previously for a valid reason. It has become one of the largest and leading marketplaces among cryptocurrency users because of its security and quick transactions.
Now hop aboard, and let’s explore the possibilities of OpenSea, along with checking the NFTs available to view!
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 Market Growth
The goal for OpenSea was to provide an online marketplace for artists to upload their commissions with no additional fees. It has more functions which allow you to market your artwork without any problems.
For the registration process, you don’t have to worry about giving all of your personal details. All you need to connect your crypto wallet and voila! You have an account with OpenSea! It can be as simple as that without going through many hassles when you enter into NFTs.
The most well-known cryptocurrency used in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it, and this is used for the majority of transactions. It also functions with the Polygon blockchain, which ensures low-cost and quicker trading.
With these two types of blockchains it is possible to choose which one you’d like to publish your NFT as an seller. This is to ensure the security of your NFT and those who wish to buy it. Every transaction will be conducted using this blockchain, so you should think about where you should 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 for other NFTs. You can buy anything just a domain name to an official artwork by an artist you admire. Anyone can become a seller however it takes time before anyone can become a reputable one.
There are a variety of NFTs of NFTs available on OpenSea, and you can also be a part of this! You can create your own market here, along with finding NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent advancement for the crypto industry”NFT” is a term that has been used in recent times “NFT” has been going around for so long on the internet that many millennials are familiar with it but not exactly sure what it actually means. Let’s take a look at what NFT is for any beginners in cryptocurrency.
One of the new things you can buy can be an NFT. A NFT is a non-fungible token that is very exclusive and cannot be changed. It can be an item of rareness like rare baseball trading cards in mint condition, or a unique vinyl album.
There is no limit to what an NFT can be as it’s a non-fungible object that you can sell on the internet. It is simpler to just imagine the NFT as a digital item that is paid for using cryptocurrency only.
Minting is like calling the shots on your own NFTs. You’re claiming the owner of the item or token that you have uploaded to the marketplace, and offering it for sale. Typically, this is official after you fill in all the necessary information about the NFT and then upload it to the marketplace.
On OpenSea, it’s a simple process to mine your NFTs. All you have to do is visit the store and simply making a collection to begin! Input the appropriate and accurate information about your NFT and then select what type of settings you want to use it with (e.g. blockchain and payments tokens). After that then you’re able to upload it, if it’s within the limit of 100MB.
You can watch and see how transactions progress from now to determine if OpenSea is the right marketplace for you.
What NFTs can you find here?
At this point you’re probably thinking about which kind of NFT can be found here, and what you could also sell if you decide to pursue that route. The kind of NFT it can be is unlimited since there’s a broad range of ways to go about it.
You can be selling digital products, trading cards games, domain names, and even physical assets! Consider what you believe will yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what separates OpenSea from the others. There are zero gas fees when you utilize this feature to mint and sell NFTs. This is essentially a way to ensure that you be able to make the highest profits once you begin selling since you won’t have to spend on extra fees.
Very few NFT marketplaces offer this feature, which is why this is great for you to make a huge profit from your collection.
A Referral Program is a different aspect of OpenSea to take note of. Similar to traditional online markets, you can receive rewards by referring a friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from the site, 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 offer this kind of feature either, so that’s just another benefit OpenSea has over the other marketplaces.
There’s an OpenSea mobile app, but it’s mostly used for perusing through the marketplace. It isn’t able to purchase or sell items as you browse through the listings.
OpenSea’s mobile apps are available on the two platforms of iOS and Android. Although you aren’t able to purchase or sell things, you can at least look through the options you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available to you to convert your fiat money into cryptocurrency on these platforms. Nft Market Growth
You can exchange your fiat money via your credit or debit card as well as Paypal via these reputable websites for cryptocurrency:
- Bittrex and other things!
All of these have the option of converting them into ETH that is the most common cryptocurrency payment option in OpenSea.
While OpenSea is an NFT marketplace that is open to all forms of crypto, wallets are nevertheless more compatible than others. Since it is built mainly around an ETH blockchain, any wallets with a connection to this network are appropriate for the site.
Here is a list of several crypto wallets you can use in OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each one has its own set of limitations, such as easy registration, mobile-only usage and the ability to buy cryptocurrency using a credit card. Nft Market Growth
To know more about it, you can check their FAQs for a rundown of how you can begin and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets, each one has advantages and drawbacks. OpenSea isn’t an exception to this. You can view its pros and cons here:
- Mobile apps are available for iOS and Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalties 10% to artists (low royalties).
- It is not possible to buy or sell items on our mobile apps.
- Only supports cryptocurrency as its form of payment.
- The use of a Crypto digital wallet must be used to use this marketplace.
OpenSea is open to everyone who has any crypto currency in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions for all sellers on the 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 Market Growth
What is OpenSea?
OpenSea is an NFT marketplace that aims to give artists a chance for selling their artwork online, and to accept cryptocurrency as their form of payment. It’s an ideal option for artists who want to use it to sell NFTs due to its no gas fees and low commission fees that you have to pay.
You can browse and shop for a vast collection of digital items on the NFT marketplace which is why you should definitely go through it!
Is OpenSea legitimate and safe?
Answer: Yes! OpenSea has been a trusted marketplace since it was founded at the end of the year 2018. Because its system is built on a blockchain, 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 the collection you uploaded to reassure anyone who buys from you. OpenSea’s team regularly reviews the content to ensure that users are protected.
How can I earn royalties on OpenSea?
As an artist, you’ll receive only up to 10% of the royalties once you have uploaded the NFT. This is believed to be a reasonable amount compared to others NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) has been widely used on this site and many others to accommodate more cryptocurrency users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can use for OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. You can easily purchase or sell cryptocurrency through reliable platforms using fiat currency. All you have to do is connect your credit card or Paypal for the transaction.
Does OpenSea has a mobile or desktop app?
As previously mentioned, there is definitely an official mobile application from OpenSea for both iOS or Android. Install it from their app store, and begin browsing through the collection right now!
The desktop application for OpenSea that can be downloaded through WebCatalog. With the desktop application you are able to manage multiple accounts and receive 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/).