The crypto currency market is in a boom right now and you’re probably thinking where you can invest your crypto coins. Markets have popped up all over the internet, designed to buy and sell NFTs via cryptocurrency! OpenSea is one of them, and it’s worth checking out.
If you’re interested in crypto you’ve probably heard about OpenSea prior to this for a valid reason. It’s now one of the largest and leading marketplaces among users of cryptocurrency due to its safety and speedy transactions.
Get on board, and let’s see the possibilities of OpenSea, along with checking the NFTs that you can see!
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 our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Marketplace
The goal for OpenSea was to offer an online marketplace for artists to easily upload their commissions without any extra charges. It has more functions that allow you to sell your art without too many problems.
For the registration process, you don’t have to provide all of your personal details. All you have to do is connect your crypto wallet and voila! You have an account on OpenSea! It’s as simple as that and without many hurdles as you walk into NFTs.
The most well-known cryptocurrency to use on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it which is utilized for the majority of transactions. It also operates on the Polygon blockchain, which allows for low-cost and quicker trading.
With these two kinds of blockchains that are available it is possible to choose which one you want to upload your NFT on as seller. This is to ensure the security of your NFT as well as those who would like to buy it. All transactions are made using this blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall where you can exchange your NFTs or cryptocurrency for other NFTs. You can purchase anything from the simplest domain name to official art by an artist you admire. Anyone can be a seller however, it takes a while for anyone to be an established seller.
There is a wide variety in the collection at OpenSea and you could join in with the collection! You can set up your own personal market there, and also find NFTs you’d like to buy for yourself.
What is an NFT?
A recent change in the cryptocurrency industry”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that the majority of young people are familiar with it , but aren’t sure exactly what it actually means. Let’s look at what an 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 non-fungible token that is very exclusive and cannot be substituted. This can be an item of any rarity like mint-condition baseball trading cards or unique vinyl album.
There’s no limit on what an NFT can be since it’s a non-fungible thing you’re selling online. It is simpler to just imagine as an NFT as a digital collectible which is only paid in cryptocurrency.
Minting is like calling dibs for your personal NFTs. It is a way of claiming ownership over that particular token/item you uploaded on the market place, but putting it up for sale. Typically, this is official when you have filled in all the necessary information about the NFT and finally add it on the market.
On OpenSea it’s a straightforward procedure to create your own NFTs by visiting the store and creating a collection to start! Input the appropriate and accurate information about your NFT and choose what kind of settings you’d like for it (e.g. blockchain and money transfer tokens). After that you are able to upload it if it fits the limit of 100MB.
You can wait and observe the way transactions are handled from now on to determine if OpenSea is the marketplace for you.
What NFTs can you find here?
In this moment you’re probably asking yourself which kind of NFT can you shop for here and what you can also sell if you decide to pursue that route. The type of NFT it is unlimited because there’s a wide range of options for how to do it.
It is possible to sell trade cards, digital goods, game assets, domain names, and some physical items! Consider what you believe will bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that separates OpenSea from the other options. There’s no cost for gas when you utilize this feature when you make and then sell the NFTs. This means you’ll receive the maximum profits when you sell because you won’t need to spend on additional fees.
Very few NFT marketplaces offer this feature, and it can be a fantastic way to make a huge profit from your portfolio.
A Referral Program is another distinctive feature of OpenSea to take note of. Like traditional online marketplaces that offer benefits by referring a friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from the site, you’ll receive 2.50 percent of the purchase amount, which means you can make more money by this method.
Other NFT marketplaces do not have this kind of feature either This is a further benefit OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile application, however it’s mostly to browse through the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listing.
OpenSea’s mobile apps are available on both iOS in addition to Android. Although you aren’t able to purchase or sell something, you can browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are at your disposal to convert your fiat money into cryptocurrency using these platforms. Nft Marketplace
You can exchange your fiat money via credit card or Paypal via these reputable websites to exchange it for crypto:
- Bittrex, and more!
All of these have the option of converting them into ETH which is the standard cryptocurrency used in OpenSea.
While OpenSea can be described as an NFT marketplace open to all kinds of crypto, wallets are nonetheless more compatible than other. Because it is based around the ETH blockchain, wallets which are part of that network will be suitable for this site.
Here’s a list of various crypto wallets that you can utilize in OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations including simple registration, only mobile usage, and the function to purchase cryptocurrency with the credit card. Nft Marketplace
For more information about the service, you can check their FAQs to get a rundown of how you can begin and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets, each one has its advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and cons here:
- Available as mobile apps for iOS as well as Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalties 10% to artists (low royalty).
- It is not possible to buy or sell items via our mobile apps.
- Only accepts cryptocurrency as a type of payment.
- The use of a Crypto wallet is required to use this marketplace.
OpenSea is accessible to everyone who has crypto coins in their cryptocurrency wallets. If you’re 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 sell regularly since there’s no extra charge for it.
Frequently Asked Questions Nft Marketplace
What is OpenSea?
OpenSea is an NFT marketplace that is designed to give artists a chance to sell their works online, and to accept cryptocurrency as a method of payment. It’s an excellent option for artists who want to use it to sell NFTs due to its no gas costs and the low commission rate which you are required to pay.
You can browse and shop for an array of digital products on this NFT marketplace and you must check it out!
Is OpenSea real and is it safe?
Short answer: Yes! OpenSea has been a reliable marketplace since it was established at the end of the year 2018. Since its system is built on a blockchain, it is safe to say that your transactions are protected and secured.
In addition, as a seller, you’ll be verified when you’ve earned a reputation. A blue checkmark will appear on your account or any collection that you have uploaded to assure any customer. The team at OpenSea regularly checks the content to ensure users are secure.
How do I earn royalties on OpenSea?
However, as an artist, you will get only 10 percent of the royalties after you have uploaded the NFT. This is believed to be a reasonable amount compared with other NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) can be widely utilized on this website and numerous others to cater for more cryptocurrency users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can utilize for OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. It is easy to buy or sell cryptocurrency through reliable platforms using fiat currency. All you have be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea has a mobile or desktop application?
As we mentioned earlier There is an official mobile app from OpenSea available for both iOS or Android. Install it from their app store and you can start exploring the collection right now!
There is also a desktop application for OpenSea can be downloaded via WebCatalog. With the desktop application you are able to 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/).