The crypto currency market is in a boom right now and you’re probably thinking where to invest your crypto coins. Marketplaces are popping up all over the digital web designed to purchase and sell NFTs with cryptocurrency! OpenSea is among them and is worth checking out.
If you’re interested in crypto you’ve probably heard of OpenSea before for a good reason. It’s now one of the biggest and most popular marketplaces for users of cryptocurrency due to its security and quick transactions.
So, hop on board and discover the possibilities of OpenSea, along with checking the NFTs that you can see!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick review. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Metros System Inc
The aim of OpenSea was to offer an online marketplace for artists to easily upload their commissions, without having to pay any additional fees. It also has additional functions which allow you to market your artwork without any difficulties.
For registration, you don’t need to give too many details about yourself. All you have to do is connect your crypto wallet and voila! You have an account on OpenSea! It’s as easy as that and without much hassle as you step into NFTs.
The most popular cryptocurrency to use within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it which is utilized to carry out the majority of processes. It also functions with the Polygon blockchain to ensure low-cost and quicker trading.
There are two types of blockchains that are available it is possible to choose which one you’d like to transfer your NFT to as seller. This will ensure the security of your NFT as well as those who would like to buy it. All transactions will be made along with this blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall that lets you trade your cryptocurrency or NFTs for other NFTs. You can buy anything as simple as a domain name to an official artwork by an artist you admire. Anyone can be a seller however it takes a while for anyone to become a reputable one.
There is a wide variety from the selection of NFTs available at OpenSea, and you can become a part of that! You can create your own market on this site, as well as find NFTs you’d like to buy for yourself.
What is an NFT?
A recent change in the cryptocurrency industry”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that a lot of millennials are familiar with it , but aren’t sure exactly what it means. Let’s break down what an NFT is for any beginners in cryptocurrency.
One of the new things you can purchase your cryptocurrency can be an NFT. A NFT is a non-fungible token that is very individual and cannot be changed. This can be a piece of rarity like mint-condition baseball trading cards or unique vinyl album.
There is no limit to what an NFT could be, since it’s a non-fungible item you’re selling online. More straightforwardly, you can simply consider as an NFT to be a type of digital item which is only paid in cryptocurrency.
Minting is like calling the shots to your NFTs. You are calling ownership over that particular token/item that you posted to the market place, but you’re offering it for sale. Typically, this is official when you have filled in all the necessary information about the NFT and upload it to the marketplace.
On OpenSea, it’s a simple process to mint your NFTs. All you have to do is visit the store and then create a collection! Fill out the proper and complete information about your NFT and then select what type of settings you’d like to use it with (e.g. blockchain and money transfer tokens). Once that’s all done you are able to upload it, if it’s within the 100 MB limit.
It is possible to wait and see how the transactions go from here on out to see if OpenSea is the right marketplace for you.
What NFTs can you find here?
At this point you’re probably asking yourself which kind of NFT can you shop for here, and what you could sell should you decide to go that route. The type of NFT that you can purchase is indefinite since there’s a broad range of how you can approach it.
You can be selling trade cards, digital goods, game assets, domain names, and even physical assets! Consider what you believe will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that separates OpenSea from the others. There are zero gas fees when you use this feature to make and then sell the NFTs. This means you’ll receive the maximum profits when you begin selling since you won’t need to spend on additional fees.
There aren’t many NFT marketplaces provide this feature, which is why this can be a fantastic way to earn a high return from your portfolio.
The Referral Program is a different aspect of OpenSea to be admired. Similar to traditional online markets, you can receive benefits when you refer your friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from the site you’ll be rewarded with 2.50 percent of the sales amount, which allows you to earn more cash from this act.
Other NFT marketplaces don’t have this kind of feature either, so that’s just another benefit OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile app, but it is mainly used for perusing through the marketplace. Unfortunately, you can’t purchase or sell anything as you browse through the listings.
The mobile apps from OpenSea are accessible on both iOS in addition to 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
A variety of cryptocurrency exchange platforms are available at your disposal, and you can exchange your fiat money for cryptocurrency using these platforms. Nft Metros System Inc
You can exchange your fiat money via credit card or Paypal on these reliable websites for cryptocurrency:
- Bittrex, and other things!
All of them have the option to exchange for ETH, which is the standard crypto payment in OpenSea.
Although OpenSea is an NFT marketplace that is open to all kinds of cryptocurrency, wallets are nonetheless more compatible than other. Because it is based around an ETH blockchain, wallets which are part of that network will be suitable for this site.
Here’s a list different crypto wallets you can use in OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions including simple registration, use on mobile devices only as well as the capability to purchase cryptocurrency with a credit card. Nft Metros System Inc
To know more about it, you can check their FAQs to see an overview of how you can start and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with advantages and drawbacks. OpenSea isn’t the only one to have this. You can view its pros and pros here:
- Mobile apps available for iOS or Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
- Allows royalties up to 10% for artists (low royalty rates).
- You cannot buy or sell products on our mobile apps.
- Only accepts cryptocurrency as a type of payment.
- An Crypto digital wallet must be used for this marketplace.
OpenSea is accessible to everyone who has crypto coins in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. However, overall, you will easily recover that amount when you actively sell because there’s no additional cost for it.
Frequently Asked Questions Nft Metros System Inc
What is OpenSea?
OpenSea is an NFT marketplace that is designed to offer artists a way for selling their artwork online and receive cryptocurrency as a method of payment. It’s an excellent option for artists who want to use it to sell NFTs due to its low cost of gas and low commission fees which you are required to pay.
You can browse and shop for the vast array of digital items on the NFT marketplace which is why you should definitely take a look!
Is OpenSea legit & safe?
Answer: Yes! OpenSea has been a trusted marketplace since it was established at the end of 2018. Since the system it operates on is based on a blockchain, it is safe to claim that your transactions are safe and secure.
Furthermore, as a seller, you can become verified once you’ve earned a reputation. A blue checkmark will appear on your account or collection you’ve uploaded to ensure the safety of every customer. The OpenSea team reviews regularly the contents to ensure users are secure.
How do I earn royalties from OpenSea?
As an artist, you can be paid only 10 percent of the royalties when you have uploaded the NFT. This is believed to be a reasonable amount compared against the other NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) is widely used on this site and other sites to provide the increasing number of cryptocurrency users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can use to use OpenSea.
What are the payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. You can buy and trade cryptocurrency using trusted platforms with fiat money. All you have just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea has a mobile or desktop app?
As mentioned before, there is definitely an official mobile app from OpenSea available for both iOS or Android. Install it from their app store and then you can begin browsing through the collection right now!
A version for desktops that OpenSea which can be downloaded from WebCatalog. With the desktop application you are able to manage multiple accounts and get notifications on updates regarding 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/).