The cryptocurrency market is on the rise, and you’re probably wondering where you can invest your crypto currency. Marketplaces are popping up across the web that allow users to sell and buy NFTs using cryptocurrency! OpenSea can be one, and it’s worth a look.
If you’re well-versed in cryptocurrency you’ve probably heard about OpenSea prior to this for a valid reason. It has become one of the biggest and leading marketplaces among users of cryptocurrency due to its security and rapid transactions.
So, hop on board and let’s see 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 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 Maryland
The goal of OpenSea was to provide artists with a marketplace/platform to easily upload their commissions without any extra charges. There are additional features that allow you to sell your work without having to deal with many problems.
In terms of registration, you don’t need to give any personal information about yourself. All you have to do is connect your crypto wallet and voila! You have an account with OpenSea! It’s as easy as that, without much hassle as you step into NFTs.
The most popular cryptocurrency used on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system, and this is used for most processes. It is also based on the Polygon blockchain to ensure lower costs and faster trading.
With these two kinds of blockchains available you can pick which one you would like to publish your NFT as an seller. This will ensure the security of your NFT, along with those who wish to buy it. Every transaction will be conducted by using the blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace that lets you trade your cryptocurrency or NFTs for other NFTs. You can buy anything just a domain name, to a piece of art from an artist you admire. Anyone can sell however it takes some time for anyone to become an established seller.
There are a variety of NFTs in the collection of NFTs available at OpenSea and you can also be a part of the collection! You can start your own marketplace on this site, as well as find NFTs that you would like to purchase yourself.
What is an NFT?
In a recent advancement for the crypto industry the term “NFT” has been going around so long on the internet that the majority of young people are familiar with it , but aren’t sure exactly what it actually means. Let’s break down what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the new things you can buy includes an NFT. A NFT is a non-fungible currency that is very exclusive and cannot be substituted. It can be an item of any rarity like rare baseball trading cards in mint condition or unique vinyl album.
There is no limit to what an NFT could be, since it’s a non-fungible thing that you sell on the internet. It is simpler to just imagine the NFT being a virtual collectible that is paid for using cryptocurrency only.
Minting is similar to calling for dibs on your own NFTs. You are calling the owner of the item or token that you have uploaded to market, as you’re selling it. Usually, this is recognized when you have filled in all the necessary information about the NFT and add it on the market.
On OpenSea It’s a very simple process to mint your NFTs by going to the store and creating a collection to start! Complete the correct and correct information regarding your NFT and choose what kind of settings you’d like to use for it (e.g., blockchain, payments tokens). After you’ve completed the process then you’re able to upload it if it fits the 100 MB limit.
It is possible to wait and see how the transactions go from now to determine if OpenSea is the best marketplace for you.
What NFTs are available here?
In this moment, you’re probably wondering what kind of NFTs can you shop for here and what kind of NFTs you can also sell if you choose to go down that path. The kind of NFT it can be is indefinite because there’s a wide range of ways to go about it.
It is possible to sell digital products, trading cards, game assets, domain names, and also physical goods! Consider what you believe will bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that separates OpenSea from the others. There’s no cost for gas when you use this feature to make and then sell the NFTs. This is essentially a way to ensure that you get the most profit when you begin selling since you won’t have to spend on extra fees.
Not many NFT marketplaces provide this feature, and it is a great way to make a huge profit from your collection.
This Referral Program is another distinctive feature of OpenSea to be admired. Like traditional online marketplaces, you can receive benefits when you refer a friend to OpenSea! If you encourage a friend join OpenSea and buy an NFT from the site you’ll be rewarded with 2.50 percent of the purchase amount, which allows you to earn more cash through this action.
Other NFT marketplaces don’t offer this feature and that’s another benefit OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile application, however it’s mostly for perusing through the marketplace. You can’t buy or sell anything while you scroll through the list.
The mobile apps from OpenSea are accessible for the two platforms of iOS in addition to Android. Even though you can’t buy or sell something, you can at least explore the products you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available for you to use, and you can trade your fiat currency for cryptocurrency using these platforms. Nft Maryland
You can convert the fiat currency you have with a credit card or Paypal via these reputable websites to exchange it for crypto:
- Bittrex and other things!
All of them have the option of converting them into ETH which is the standard cryptocurrency payment option in OpenSea.
While OpenSea can be described as an NFT marketplace open to all types of crypto, wallets are still more compatible with it than other. Since it is built mainly around the ETH blockchain, all wallets that share the same network are suitable for the site.
Here is a list of various crypto wallets that which you can use with OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each one has its own set of limitations including simple registration, only mobile usage and the ability to purchase cryptocurrency with the credit card. Nft Maryland
To learn more about it to learn more, check out their FAQs to see the steps you can get started and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with advantages and drawbacks. OpenSea isn’t the only one to have this. You can view its pros and cons here:
- Mobile apps available that are compatible with iOS or Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalties up to 10% for artists (low royalties).
- It is not possible to buy or sell items through this mobile application.
- Only accepts cryptocurrency as a method of payment.
- An Crypto account is needed for this marketplace.
OpenSea is open to everyone who owns any crypto coins in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. In the end, you’ll easily recover that amount when you actively sell because there is no additional fee for it.
Frequently Asked Questions Nft Maryland
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to provide artists a platform to market their work online, and to accept cryptocurrency as a method of payment. It’s an excellent platform for artists using it to sell NFTs due to its no cost of gas and low commission fee rate which you are required to pay.
You can browse and purchase a vast collection of digital products on this NFT marketplace and you must go through it!
Is OpenSea legit & safe?
Short answer: Yes! OpenSea has been a trusted marketplace since it was established in the year 2018. Because its system is built on blockchain technology that is secure, you can say that your transactions are protected and secured.
Additionally as a seller you can become verified once you build up your reputation. A blue checkmark will be assigned next to your account or collection you uploaded to reassure anyone who buys from you. The OpenSea team reviews regularly the content to ensure users are safe.
How can I earn royalties on OpenSea?
However, as an artist, you will receive only up to 10% of the royalties once you have uploaded the NFT. This is considered to be reasonably low compared against the other NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) is frequently used on this site and numerous others to cater for many more crypto users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can use for OpenSea.
What are the payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. You can easily purchase or trade cryptocurrency using secure platforms that accept fiat money. All you need to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea has a mobile or desktop app?
As we mentioned earlier there’s an official mobile app by OpenSea available for both iOS as well as Android. Install it from their app store and then you can begin exploring the collection now!
A desktop application for OpenSea that can be downloaded through WebCatalog. With the desktop application you can manage multiple accounts and get notifications on updates regarding your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).