The crypto currency market is in a boom right now, and you’re probably wondering where to invest your crypto currency. There are numerous marketplaces popping up all over the digital web designed to buy and sell NFTs using cryptocurrency! OpenSea can be one, and it’s worth checking out.
If you’re well-versed in cryptocurrency you’ve probably heard about OpenSea previously for a valid reason. It has become one of the largest and most popular marketplaces for users of cryptocurrency due to its safety and speedy transactions.
Get on board, and discover the possibilities of OpenSea, along with checking the NFTs available to view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. After, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Mediu
The purpose of OpenSea was to provide artists with a marketplace/platform to upload their commissions with no additional charges. There are additional features that allow you to sell your artwork without any difficulties.
When it comes to registration, you won’t have to worry about giving any personal information about yourself. All you have to connect your crypto wallet–and voila!–you have an account with OpenSea! It can be as simple as that and without much hassle as you step into NFTs.
The most popular cryptocurrency to use within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology and is used to carry out the majority of processes. It also functions using the Polygon blockchain, which allows for lower costs and faster trading.
With these two kinds of blockchains available you can pick which one you would like to transfer your NFT to as an seller. This ensures the safety of your NFT, along with those who wish to purchase it. All transactions will be made along with this blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace that lets you trade your cryptocurrency or NFTs for other NFTs. You can purchase anything from as simple as a domain name, to a piece of art from an artist that you admire. Anyone can sell however, it takes a while for anyone to be an established seller.
There is a wide variety from the selection at OpenSea and you can join in with this! You can set up your own marketplace there, and also find NFTs that you would like to purchase yourself.
What is an NFT?
In a recent advancement for the cryptocurrency industry the term “NFT” has been going around for so long on the internet that a lot of millennials are familiar with it , but aren’t exactly sure what it actually means. Let’s take a look at what NFT is for any beginners in the field of cryptocurrency.
One of the new things that you can buy with cryptocurrency can be an NFT. The NFT is a token that is non-fungible that is exclusive and cannot be replaced. It could be an item of rarity like rare baseball trading cards in mint condition or uncommon vinyl record.
There is no limit to what an NFT could be, since it’s a non-fungible thing you’re selling online. More straightforwardly, you can simply think of the NFT to be a type of digital collectible that is paid for using cryptocurrency only.
Minting is like calling the shots to your NFTs. You are calling ownership over that particular token/item that you posted to market, as putting it up for sale. Usually, this is recognized after you fill in the proper information regarding the NFT and then upload it to the marketplace.
On OpenSea, it’s a simple process to mine your NFTs by visiting the store and then making a collection to begin! Fill out the proper and accurate information about your NFT and then select what type of settings you want for it (e.g. blockchain or payments tokens). After that, you can finally upload it if it fits the limit of 100MB.
It is possible to wait and see how the transactions go from now on to determine if OpenSea is the right marketplace for you.
What NFTs can you get here?
At this point you’re probably thinking about which kind of NFT can be purchased here, and what you could also sell if you decide to go down that path. The type of NFT it can be is indefinite since there’s a broad range of how you can approach it.
You could be selling trade cards, digital goods game assets, domain names, and even physical assets! Find out what you think will yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that differentiates OpenSea from other companies. There’s no cost for gas for using this feature when you mint and sell NFTs. This means you’ll get the most profit when you start selling because you won’t need to spend on additional fees.
Not many NFT marketplaces offer this feature, so this can be a fantastic way to earn a high return 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 invite a friend to join OpenSea and purchase an NFT from there you’ll be rewarded with 2.50 percent of the sales amount, which means you can earn more cash from this act.
Other NFT marketplaces don’t have the same feature, so that’s just another benefit OpenSea has over the other marketplaces.
There is an OpenSea mobile app, but it’s mostly to browse through the marketplace. It isn’t able to purchase or sell anything while you scroll through the list.
The mobile apps from OpenSea are accessible for the two platforms of iOS and Android. While you’re not able to buy or sell something, you can explore the products you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are at your disposal, and you can trade your fiat currency for cryptocurrency on these platforms. Nft Mediu
You can convert the fiat currency you have with a your credit or debit card as well as Paypal via these reputable websites to exchange it for crypto:
- Bittrex, and more!
All of them have the option to exchange for ETH, which is the standard cryptocurrency used in OpenSea.
While OpenSea has been described as being an NFT marketplace open to all types of cryptocurrency, the wallets still more compatible with it than other. Since it is built mainly using an ETH blockchain, wallets with a connection to the same network are suitable for this site.
Here’s a list several crypto wallets which you can use with OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations including simple registration, use on mobile devices only, and the function to purchase cryptocurrency with credit cards. Nft Mediu
To learn more about it You can go through their FAQs for an overview of how you can start and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with its advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and cons here:
- Mobile apps available for iOS and Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalty rates of 10% to artists (low royalties).
- You cannot buy or sell products through this mobile application.
- Only supports cryptocurrency as its form of payment.
- A Crypto wallet is required for this marketplace.
OpenSea is open to everyone who has any crypto currency in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. However, overall, you will quickly regain that when you sell regularly since there is no additional fee for it.
Frequently Asked Questions Nft Mediu
What is OpenSea?
OpenSea is an NFT marketplace that seeks to offer artists a way for selling their artwork online and receive cryptocurrency as their form of payment. It’s an ideal platform for artists using it to sell NFTs due to its no cost of gas and low commission fees you must pay.
You can shop and browse the vast array of digital items on the NFT marketplace which is why you should definitely go through it!
Is OpenSea real and is it safe?
Answer: Yes! OpenSea is a reputable marketplace since it was established at the end of the year of 2018. Since its system is based on a blockchain, it is safe to claim that your transactions are secure and safe.
Furthermore, as a seller, you will be verified after you have built up your credibility. A blue checkmark will be assigned next to your account or collection you’ve uploaded to ensure the safety of anyone who buys from you. OpenSea’s team regularly reviews the content to ensure that users are safe.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you’ll receive only up to 10 percent of the royalties after you upload the NFT. This is considered to be quite low in comparison against the other NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) can be widely utilized on this website and other sites to provide many more cryptocurrency users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize for OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. You can easily purchase or trade cryptocurrency using reliable platforms using fiat currency. All you have just connect your debit or credit card to Paypal for the transaction.
Does OpenSea has a mobile or desktop app?
As previously mentioned There is an official mobile app by OpenSea available for both iOS and Android. You can download it through their app store and begin exploring the collection now!
There is also a version for desktops that OpenSea can be downloaded via 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/).