The cryptocurrency market is on the rise and you’re probably wondering where you can invest your crypto coins. Marketplaces are popping up across the web that allow users to buy and sell NFTs using cryptocurrency! OpenSea can be one and is worth a look.
If you’re well-versed in cryptocurrency you’ve probably heard about OpenSea previously 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.
Now hop aboard, and discover what you can do with OpenSea and also see the NFTs available to view!
Before you continue, 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 the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Meaning Finance
The purpose to create OpenSea was to simply provide a platform/marketplace for artists to easily upload their commissions, without having to pay any additional costs. It has more functions that allow you to sell your artwork without any difficulties.
In terms of the registration process, you don’t have to give any personal information about yourself. All you have to do is connect your crypto wallet–and voila!–you have an account on OpenSea! It can be as simple as that and without much hassle as you step into NFTs.
The most well-known cryptocurrency that is used on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology, and this is used to carry out the majority of processes. It is also based on the Polygon blockchain to ensure low-cost and quicker trading.
There are two types of blockchains that are available, you can choose which one you want to publish your NFT as seller. This is to ensure the security of your NFT, along with those who would like to purchase it. All transactions will be made by using the blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless where you can exchange your NFTs or cryptocurrency for other NFTs. You can buy anything as simple as a domain name, to a piece of art by an artist you admire. Anyone can become a seller, but it takes some time for anyone to become an established seller.
There is a wide variety in the collection at OpenSea, and you can also be a part of that! You can create your own personal market there, and also find NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent development for the cryptocurrency industry”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that many millennials are familiar with it but not exactly sure what it means. Let’s look at what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the latest ways you can purchase your cryptocurrency includes an NFT. An NFT is a non-fungible token which is extremely exclusive and cannot be substituted. This can be an item of rareness like rare baseball trading cards in mint condition or a unique vinyl album.
There’s no limit to what an NFT can be as it’s a non-fungible object that you sell online. It is simpler to just consider as an NFT as a digital item which is only paid in cryptocurrency.
Minting is like calling dibs on your own NFTs. It is a way of claiming the ownership of the particular item that you posted to market, as you’re offering it for sale. Typically, this is official after you fill in the proper information regarding the NFT and submit it for sale on.
On OpenSea it’s a straightforward process to mint your NFTs by going to the store and then making a collection to begin! Fill out the proper and complete information about your NFT and then select what type of settings you want for it (e.g., blockchain, money transfer tokens). After you’ve completed the process, you can finally upload it if it fits the limit of 100MB.
You can watch and see how the transactions go from now to see if OpenSea is the best marketplace for you.
What NFTs can you get here?
So, at this point you’re probably asking yourself the kind of NFTs can be found here and what you can also sell if you decide to go that route. The kind of NFT it isn’t limited as there’s a variety of options for how to approach it.
You can be selling digital items, trading cards game assets domain names, even physical assets! Find out what you think will reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what sets OpenSea from the other options. There’s no cost for gas for using this feature to make and then sell the NFTs. This simply means that you’ll get the most profit when you sell because you won’t need to spend on additional fees.
Not many NFT marketplaces have this feature, which is why this can be a fantastic way to earn a high return from your collection.
A Referral Program is a different aspect of OpenSea to take note of. Like traditional online marketplaces that offer benefits when you refer your friend to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from there you’ll be rewarded with 2.50 percent of the sales amount, letting you earn more cash by this method.
Other NFT marketplaces don’t offer this kind of feature either and that’s another benefit OpenSea has over them.
There’s 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 listings.
The mobile apps from OpenSea are accessible for both iOS and Android. While you’re not able to buy or sell anything, you can still browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available for you to use You can also trade your fiat currency for cryptocurrency on these platforms. Nft Meaning Finance
You can convert the fiat currency you have with a the credit card, or Paypal via these reputable websites to exchange it for crypto:
- Bittrex, and more!
Each of them has the option to exchange for ETH which is the most common crypto payment in OpenSea.
Although OpenSea can be described as an NFT marketplace open to all forms of cryptocurrency, wallets are still more compatible with it than other. Since it is built mainly on an ETH blockchain, all wallets with a connection to this network are appropriate for the site.
Here’s a list of several crypto wallets you can utilize in OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each has its own limitations, such as easy registration, use on mobile devices only and the ability to purchase cryptocurrency using the credit card. Nft Meaning Finance
For more information about the service You can go through their FAQs for an overview of how you can get started and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and pros here:
- Mobile apps are available for iOS or Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalty rates of up to 10% for artists (low royalty).
- It is not possible to buy or sell items via our mobile apps.
- Only supports cryptocurrency as its type of payment.
- The use of a Crypto digital wallet must be used to use this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their crypto 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 sell regularly since there’s no extra charge for it.
Frequently Asked Questions Nft Meaning Finance
What is OpenSea?
OpenSea is an NFT marketplace that aims to provide artists a platform to sell their works online to receive cryptocurrency as their form of payment. It’s an ideal platform for artists who use for selling NFTs because of its zero gas fees and low commission fees that you have to pay.
You can shop and browse an array of digital items on the NFT marketplace which is why you should definitely go through it!
Is OpenSea legit & safe?
Short answer: Yes! OpenSea has been a trusted marketplace since it was established in the year 2018. Since its system is based on a blockchain and is secured, it is safe to say 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 will appear to your account or the collection that you have uploaded to assure every customer. The team at OpenSea regularly checks the content to ensure users are safe.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you’ll be paid only 10% of the royalties once you upload the NFT. This is believed to be quite low in comparison with others NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) can be widely utilized on this website and numerous others to cater for the increasing number of cryptocurrency users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of 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 through its website. You can buy and trade cryptocurrency using reliable platforms using fiat currency. All you need to do is connect your credit card or Paypal for the transaction.
Does OpenSea have a desktop/mobile app?
As previously mentioned there’s an official mobile app by OpenSea that is available for iOS or Android. You can download it through their app store, and you can start exploring the collection right now!
A desktop application for OpenSea which can be downloaded from 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/).