The crypto currency market is in a boom right now and you’re probably wondering where to invest your crypto currency. Markets have popped up all over the internet, designed to sell and buy NFTs via cryptocurrency! OpenSea is among them and is worth a look.
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 for users of cryptocurrency due to its security and quick transactions.
Get on board, and discover the possibilities of OpenSea, along with checking the NFTs available to view!
Before you go on, 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 the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Meaning Art
The goal of OpenSea was to simply provide a platform/marketplace for artists to upload their commissions without any extra costs. There are additional features which allow you to market your art without too many problems.
For the registration process, you don’t have to provide 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 simple as that without going through many hurdles as you walk into NFTs.
The most well-known cryptocurrency used within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system and is used for the majority of transactions. It also operates with the Polygon blockchain to ensure the lowest cost and speediest trading.
With these two types of blockchains, you can choose which one you would like to upload your NFT on as seller. This ensures the safety of your NFT as well as the people who want to purchase it. All transactions will be made by using the blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace where you can trade in your NFTs or cryptocurrency for other NFTs. You can buy anything the simplest domain name to an official artwork by an artist you admire. Anyone can sell however it takes time before anyone can become an established seller.
There is a wide variety of NFTs available at OpenSea and you can join in with the collection! You can set up your own market there, and also find NFTs you want to purchase for yourself.
What is an NFT?
In a recent advancement for the crypto market the term “NFT” has been going around so long on the internet that a lot of millennials are familiar with it , but aren’t exactly sure what it means. Let’s look at what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the new things you can purchase your cryptocurrency is an NFT. An NFT is a token that is non-fungible which is extremely individual and cannot be changed. It can be an item of rareness like mint-condition baseball trading cards or rare vinyl record.
There is no limit to what an NFT could be, since it’s a non-fungible item you’re selling on the internet. More straightforwardly, you can just think of an NFT as a digital collectible paid via cryptocurrency only.
Minting is like calling dibs for your personal NFTs. It is a way of claiming the ownership of the particular item that you posted to the marketplace, and you’re offering it for sale. Usually, this becomes official after you fill in the proper information regarding the NFT and add it on the market.
On OpenSea it’s a straightforward procedure to create your own NFTs by going to the store and then create a collection! Fill out the proper and correct information regarding your NFT and choose what kind of settings you want to use it with (e.g. blockchain, payments tokens). After you’ve completed the process then you’re able to upload it if it fits the limit of 100MB.
You can wait and observe how the transactions go from now on to see if OpenSea is the best marketplace for you.
What NFTs can you find here?
So, at this point you’re probably asking yourself what kind of NFTs can be found here and what kind of NFTs you can also sell if you decide to pursue that route. The type of NFT it is indefinite because there’s a wide range of options for how to do it.
You could be selling trade cards, digital goods game assets, domain names, and even physical assets! Consider what you believe will reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what separates OpenSea from other companies. There are no gas costs for using this feature to make and then sell the NFTs. This is essentially a way to ensure that you be able to make the highest profits once you start selling because you don’t need to pay on any additional charges.
Not many NFT marketplaces offer this feature, and it can be a fantastic way to make a huge profit from your collection.
A Referral Program is a different aspect of OpenSea to be admired. Like traditional online marketplaces, you can receive rewards by referring your friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from the site you’ll be rewarded with 2.50% of the sale amount, which means you can make more money through this action.
Other NFT marketplaces don’t have this kind of feature either, so that’s just another advantage OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile application, however it’s mostly used to browse the marketplace. It isn’t able to purchase or sell anything while you scroll through the list.
The mobile apps of OpenSea are available for the two platforms of iOS and Android. While you’re not able to buy or sell anything, you can still at least explore the products you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are available to you You can also trade your fiat currency for cryptocurrency using these platforms. Nft Meaning Art
You can exchange your fiat money via credit card or Paypal on these reliable websites to exchange it for crypto:
- Bittrex, and many more!
All of these have the option of converting them into ETH which is the standard crypto payment in OpenSea.
Although OpenSea is an NFT marketplace open to all kinds of cryptocurrency, wallets are nonetheless more compatible than others. Since it is built mainly around the ETH blockchain, wallets that share the same network are suitable for this website.
Here’s a list of various crypto wallets that you can use in OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, use on mobile devices only and the ability to purchase cryptocurrency using credit cards. Nft Meaning Art
To know more about it to learn more, check out their FAQs to get an overview of how you can begin and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and pros here:
- Mobile apps are available for iOS and Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto industry and NFTs.
- Allows royalties 10% for artists (low royalties).
- It is not possible to buy or sell items on the mobile app.
- Only supports cryptocurrency as its type of payment.
- An Crypto wallet is required to use this marketplace.
OpenSea is open to everyone who owns any crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. In the end, you’ll quickly recover this amount if you actively sell because there’s no additional cost for it.
Frequently Asked Questions Nft Meaning Art
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to provide artists a platform to sell their works online, and to accept cryptocurrency as a method of payment. It’s an excellent platform for artists who use it to sell NFTs because of its zero cost of gas and low commission fee rate which you are required to pay.
You can shop and browse an array of digital products on this NFT marketplace and you must check it out!
Is OpenSea legit & is it safe?
Short answer: Yes! OpenSea has been a reliable marketplace since it was established in 2018. Since its system is built on blockchain technology, it is safe to claim that your transactions are protected and secured.
In addition, as a seller, you will be verified after you have built up your credibility. A blue checkmark is placed 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 secure.
How can I earn royalties from OpenSea?
As an artist, you’ll get only 10% of the royalties once you have uploaded the NFT. This is thought to be quite low in comparison against other NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) can be widely used on this site and many others to accommodate more crypto users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of for OpenSea.
What are the payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. You can buy and sell cryptocurrency on reliable platforms using fiat currency. All you need just connect your debit or credit card to Paypal for the transaction.
Does OpenSea have a desktop/mobile application?
As we mentioned earlier There is an official mobile app by OpenSea available for both iOS and Android. You can download it through their app store, and begin browsing through the collection right now!
The desktop application for OpenSea can be downloaded via WebCatalog. With the desktop application, you can manage multiple accounts as well as receive notifications about updates to 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/).