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 all over the digital web designed to purchase and sell NFTs via cryptocurrency! OpenSea can be one and is worth looking into.
If you’re familiar with cryptocurrency, you’ve probably heard of OpenSea before for a good reason. It’s one of the biggest and most popular marketplaces among users of cryptocurrency due to its security and rapid transactions.
Get on board, and let’s explore what you can do with OpenSea as well as examining what NFTs you can view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. After, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Market Value
The goal of OpenSea was to simply provide artists with a marketplace/platform to upload commissions without any extra costs. It has more functions which allow you to market your artwork without any problems.
In terms of registration, you won’t have to give all of your personal details. All you have to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as simple as that without going through much hassle as you step into NFTs.
The most well-known cryptocurrency used within 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 on the Polygon blockchain, which ensures lower costs and faster trading.
With these two kinds of blockchains it is possible to choose which one you want to transfer your NFT to as an seller. This will ensure the security of your NFT, along with those who wish to buy it. All transactions are made along with this blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall where you can trade in your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything the simplest domain name to an official artwork from an artist that you admire. Anyone can be a seller, but it takes some time for anyone to become an established one.
There are a variety of NFTs from the selection on OpenSea, and you can also be a part of the collection! You can set up your own market on this site, as well as find NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent advancement 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 sure exactly what it is. Let’s take a look at what NFT is for any beginners in cryptocurrency.
One of the latest ways you can purchase your cryptocurrency can be an NFT. The NFT is a non-fungible currency that is very individual and cannot be replaced. It can be a piece of rareness like rare baseball trading cards in mint condition or unique vinyl album.
There’s no limit to what an NFT can be as it’s a non-fungible thing you’re selling on the internet. It is simpler to simply consider the NFT being a virtual item paid via cryptocurrency only.
Minting is similar to calling for dibs for your personal NFTs. It is a way of claiming the owner of the item or token that you posted to the marketplace, and you’re offering it for sale. Typically, this is official after you fill in the correct information about the NFT and upload it to the marketplace.
On OpenSea, it’s a simple procedure to create your own NFTs. All you have to do is visit the store and simply making a collection to begin! Complete the correct and accurate information about your NFT and choose what kind of settings you’d like for it (e.g. blockchain, money transfer tokens). After that you are able to upload it to the internet if it’s in the 100 MB limit.
You can wait and observe how transactions progress from now on to see whether OpenSea is the best marketplace for you.
What NFTs can you find here?
In this moment you’re probably asking yourself what kind of NFTs can be purchased here, and what you could also sell if you decide to pursue that route. The kind of NFT it can be isn’t limited as there’s a variety of ways to do it.
You can be selling trade cards, digital goods game assets domain names, some physical items! Explore what you believe can reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what separates OpenSea from the other options. There are zero gas fees when you use this feature to make and then sell the NFTs. This means you’ll be able to make the highest profits once you start selling because you won’t have to spend on extra fees.
Not many NFT marketplaces have this feature, and it is a great way to receive high profit from your portfolio.
This Referral Program is another unique aspect of OpenSea to admire. Similar to traditional online markets, you can receive benefits by referring a friend to OpenSea! If you invite a friend to join OpenSea and buy an NFT from the site you’ll be rewarded with 2.50 percent of the sales amount, letting you earn more cash from this act.
Other NFT marketplaces do not have the same feature This is a further benefit OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile application, however it is mainly used to browse the marketplace. It isn’t able to purchase or sell items as you browse through the listing.
The mobile apps of OpenSea are available on the two platforms of iOS in addition to Android. While you’re not able to buy or sell things, you can at least look through the options you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are at your disposal to trade your fiat currency for cryptocurrency using these platforms. Nft Market Value
You can exchange the fiat currency you have with a your credit or debit card as well as Paypal on these reliable websites for cryptocurrency:
- Bittrex and more!
Each of them has the option of exchange for ETH which is the most common crypto payment in OpenSea.
Although OpenSea has been described as being an NFT marketplace that is open to all forms of cryptocurrency, wallets are nevertheless more compatible than others. Since it is built mainly on an ETH blockchain, all wallets which are part of that network will be suitable for this website.
Here is a list of different crypto wallets which you can use with OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations including simple registration, mobile-only usage, and the function to purchase cryptocurrency using credit cards. Nft Market Value
To learn more about it to learn more, check out their FAQs to get a rundown of how you can get started and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and cons here:
- Available as mobile apps for iOS and 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 of only 10% for artists (low royalty rates).
- You cannot buy or sell products via our mobile apps.
- Only accepts cryptocurrency as a method of payment.
- The use of a Crypto account is needed to use this marketplace.
OpenSea is open to everyone who has crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. In the end, you’ll easily recover that amount when you sell regularly since there’s no additional cost for it.
Frequently Asked Questions Nft Market Value
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to offer artists a way to sell their works online, and to accept cryptocurrency as their form of payment. It’s an ideal platform for artists who use the platform to market NFTs due to its low gas fees and the low commission rate you must pay.
You can browse and purchase an array of digital products on this NFT marketplace, so you should take a look!
Is OpenSea real and safe?
Short answer: Yes! OpenSea has been a trusted marketplace since it was founded in the year 2018. Since the system it operates on is built on blockchain technology and is secured, it is safe to claim that your transactions are protected and secured.
In addition, as a seller, you can become verified once you have built up your credibility. A blue checkmark will appear next to your account or any collection you uploaded to reassure any customer. The OpenSea team reviews regularly the content to ensure that users are secure.
How do I earn royalties on OpenSea?
As an artist, you will receive only up to 10% of the royalties once you have uploaded the NFT. This is believed to be quite low in comparison with the other NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) has been widely utilized on this website and numerous others to cater for many more cryptocurrency users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize 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 its website. You can buy and trade cryptocurrency using secure platforms that accept fiat money. All you have be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea has a mobile or desktop application?
As mentioned before 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 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 receive notifications about updates to your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).