Cryptocurrency is booming right now, and you’re probably wondering where you can invest your crypto-coins. Markets have popped up across the internet, designed to purchase and sell NFTs using cryptocurrency! OpenSea is one of them and is worth looking into.
If you’re familiar with cryptocurrency you’ve likely heard of OpenSea before for a good reason. It has become one of the biggest and most popular marketplaces among users of cryptocurrency due to its safety and speedy transactions.
So, hop on board 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. After, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Marketplace Art
The aim to create OpenSea was to offer artists with a marketplace/platform to upload their commissions without any extra fees. It also has additional functions that allow you to sell your work without having to deal with many problems.
In terms of registration, you don’t need to provide too many details about yourself. All you have to connect your crypto wallet–and voila!–you have an account on OpenSea! It can be as simple as that, without many hassles when you enter into NFTs.
The most well-known cryptocurrency to use on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology which is utilized for the majority of transactions. It also functions on the Polygon blockchain to ensure lower costs and faster trading.
There are two types of blockchains you can pick which one you would like to publish your NFT as an seller. This is to ensure the security of your NFT, along with those who wish to purchase it. All transactions will be made along with this blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless that lets you trade your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything the simplest domain name, to a piece of art from an artist that you admire. Anyone can become a seller, but it takes time before anyone can become an established seller.
There’s a huge selection from the selection on OpenSea and you could join in with this! You can set up your own market on this site, as well as find NFTs you’d like to buy for yourself.
What is an NFT?
In a recent development 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 many millennials are familiar with it , but aren’t exactly sure what it actually means. Let’s look at what an NFT is for anyone who is new in the field of cryptocurrency.
One of the latest ways that you can buy with cryptocurrency can be an NFT. A NFT is a token that is non-fungible which is extremely exclusive and cannot be replaced. It can be a piece of rareness like mint-condition baseball trading cards, or a 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. In simpler terms, you could just think of an NFT as a digital item paid via cryptocurrency only.
Minting is like calling dibs on your own NFTs. You’re claiming ownership over that particular token/item that you posted to market, as putting it up for sale. Typically, this is official after you fill in the proper information regarding the NFT and then 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 creating a collection to start! Complete the correct and complete information about your NFT and choose what kind of settings you want to use it with (e.g. blockchain, payment tokens). After that then you’re able to upload it to the internet if it’s in the 100 MB limit.
It is possible to wait and see the way transactions are handled from now to see if OpenSea is the marketplace for you.
What NFTs can you find here?
At this point you’re probably asking yourself the kind of NFTs can be found here, and what you could also sell if you choose to go down that path. The type of NFT it can be is indefinite because there’s a wide range of options for how to do it.
You could be selling digital items, trading cards, game assets, domain names, and some physical items! Consider what you believe will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that separates OpenSea from the others. There are no gas costs when you use this feature when you create and market NFTs. This means you’ll get the most profit when you sell because you won’t have to spend on any additional charges.
There aren’t many NFT marketplaces have this feature, so this is great for you to make a huge profit from your collection.
A Referral Program is another unique aspect of OpenSea to admire. Similar to traditional online markets, you can receive advantages when you refer someone else to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from there you’ll earn 2.50% of the sale amount, which means you can earn more money from this act.
Other NFT marketplaces don’t offer this feature and that’s another advantage OpenSea has over the other marketplaces.
There’s an OpenSea mobile application, however it is mainly used for perusing through the marketplace. Unfortunately, you can’t purchase or sell anything as you scroll through the list.
The mobile apps of OpenSea are available for the two platforms of iOS and Android. Even though you can’t buy or sell something, you can explore the products you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available at your disposal to trade your fiat currency for cryptocurrency using these platforms. Nft Marketplace Art
You can exchange your fiat money via the credit card, or Paypal via these reputable websites for cryptocurrency:
- Bittrex, and many more!
Each of them has the option of converting them into ETH which is the primary cryptocurrency used in OpenSea.
Although OpenSea can be described as an NFT marketplace that is open to all forms of cryptocurrency, wallets are nonetheless more compatible than others. Since it is built mainly around an ETH blockchain, wallets with a connection to the same network are suitable for the site.
Here is a list of several crypto wallets which you can use with OpenSea:
- Authereum and many 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, use on mobile devices only as well as the capability to buy cryptocurrency using a credit card. Nft Marketplace Art
To learn more about it You can go through their FAQs to see a rundown of how you can get started and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets every one of them has its advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and pros here:
- Mobile apps available for iOS and Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalties up to 10% for artists (low royalties).
- Cannot buy or sell on the mobile app.
- Only accepts cryptocurrency as a method of payment.
- The use of a Crypto account is needed for this marketplace.
OpenSea is accessible to everyone who has any crypto currency in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. But overall, you can easily recover that amount when you sell regularly since there’s no additional cost for it.
Frequently Asked Questions Nft Marketplace Art
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to give artists a chance to sell their works online to receive cryptocurrency as their form of payment. It’s an excellent option for artists who want to use for selling NFTs because of its zero cost of gas and the low commission rate that you have to pay.
You can browse and shop for an array of digital goods in this NFT marketplace and you must check it out!
Is OpenSea real and is it safe?
Answer: Yes! OpenSea has been a trusted marketplace since its inception on the 1st of December in the year of 2018. Because its system is built on blockchain technology, it is safe to claim that your transactions are safe and secure.
Additionally as a seller you will be verified after you’ve earned a reputation. A blue checkmark will appear next to your account or any 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 will get only 10% of the royalties once you upload the NFT. This is believed to be reasonably low compared with other NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) can be widely used on this site and other sites to provide more crypto users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can use for OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. You can buy and trade cryptocurrency using secure platforms that accept fiat money. All you have to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea have a desktop/mobile app?
As previously mentioned there’s an official mobile app by OpenSea available for both iOS or Android. You can download it through their app store, and then you can begin browsing through the collection right now!
The desktop application for OpenSea which can be downloaded from WebCatalog. With the desktop application you can manage multiple accounts and receive alerts on any updates that affect your account while you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).