The crypto currency market is in a boom right now, and you’re probably wondering where you can invest your crypto currency. There are numerous marketplaces popping up all over the internet, designed to sell and buy NFTs using cryptocurrency! OpenSea can be one and is worth looking into.
If you’re familiar with cryptocurrency, you’ve likely heard of OpenSea previously for a valid reason. It’s one of the largest and most popular marketplaces for users of cryptocurrency due to its safety and speedy transactions.
Now hop aboard, and let’s explore the possibilities of OpenSea and also see 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 the article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Mining
The goal for OpenSea was to offer artists with a marketplace/platform to upload their commissions, without having to pay any additional charges. It has more functions that let you sell your artwork without any problems.
When it comes to registration, you don’t need to worry about giving all of your personal details. 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 much hassle as you step into NFTs.
The most well-known cryptocurrency to use on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system, and this is used for the majority of transactions. It is also based using the Polygon blockchain, which ensures lower costs and faster trading.
With these two kinds of blockchains you can pick which one you would like to transfer your NFT to as a seller. This is to ensure the security of your NFT and the people who want to purchase it. All transactions will be made by using the blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall where you can exchange your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything just a domain name, to a piece of art by an artist you admire. Anyone can become a seller however it takes some time for anyone to become an established one.
There’s a huge selection from the selection on OpenSea, and you can also be a part of that! You can start 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 crypto market,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that many millennials have heard of it but not exactly sure what it means. Let’s take a look at what NFT is for any beginners in the field of cryptocurrency.
One of the newest things you can buy includes an NFT. The NFT is a non-fungible token which is extremely exclusive and cannot be substituted. This can be an item of any rareness, such as rare baseball trading cards in mint condition or unique vinyl album.
There’s no limit on what an NFT could be, since it’s a non-fungible object that you can sell online. More straightforwardly, you can simply imagine an NFT to be a type of digital collectible paid via cryptocurrency only.
Minting is like calling dibs on your own NFTs. You are calling ownership over that particular token/item that you have uploaded to market, as offering it for sale. Typically, this is official after you fill in the proper information regarding the NFT and upload it to the marketplace.
On OpenSea, it’s a simple procedure to create your own NFTs by visiting the store and then making a collection to begin! Complete the correct and correct information regarding your NFT and then select what type of settings you want for it (e.g., blockchain and 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 the way transactions are handled from now on to see whether OpenSea is the best marketplace for you.
What NFTs can you get here?
So, at this point you’re probably thinking about which kind of NFT you shop for here and what kind of NFTs you can sell should you decide to go down that path. The type of NFT it can be isn’t limited as there’s a variety of options for how to do it.
It is possible to sell trade cards, digital goods, game assets domain names, also physical goods! Consider what you believe will reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that differentiates OpenSea from the other options. There’s no cost for gas for using this feature to mint and sell NFTs. This is essentially a way to ensure that you get the most profit when you start selling because you won’t need to spend on extra fees.
There aren’t many NFT marketplaces have this feature, so this is great for you to earn a high return from your NFT collection.
A Referral Program is a different aspect of OpenSea to admire. Similar to traditional online markets there are benefits when you refer someone else to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from the site you’ll be rewarded with 2.50% of the sale amount, which means you can earn more cash from this act.
Other NFT marketplaces don’t offer this kind of feature either and that’s another advantage OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile application, however it’s mostly used for perusing through the marketplace. It isn’t able to purchase or sell anything while you browse through the listings.
OpenSea’s mobile apps are available for the two platforms of iOS and Android. Even though you can’t buy or sell something, you can explore the products you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are at your disposal to exchange your fiat money for cryptocurrency through these platforms. Nft Mining
You can swap your fiat currency using a your credit or debit card as well as Paypal on these reliable websites to exchange it for crypto:
- Bittrex, and more!
All of them have the option of exchange for ETH which is the primary crypto payment in OpenSea.
Although OpenSea has been described as being an NFT marketplace that is open to all kinds of crypto, wallets are nonetheless more compatible than others. Since it is built mainly around the ETH blockchain, all wallets that share this network are appropriate for the site.
Here’s a list several crypto wallets you can use in OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each has its own limitations including simple registration, mobile-only usage, and the function to buy cryptocurrency using a credit card. Nft Mining
To know more about it to learn more, check out their FAQs for the steps you can begin and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets, each one has advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and pros here:
- Mobile apps are available for iOS as well as Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
- Allows royalties 10% for artists (low royalty).
- It is not possible to buy or sell items via our mobile apps.
- Only supports cryptocurrency as its form of payment.
- An Crypto digital wallet must be used to use this marketplace.
OpenSea is available to anyone who owns any crypto coins in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. But overall, you can quickly recover this amount if you actively sell because there’s no additional cost for it.
Frequently Asked Questions Nft Mining
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to provide artists a platform to market their work online, and to accept cryptocurrency as a method of payment. It’s a great option for artists who want to use it to sell NFTs because of its zero gas fees and the low commission rate which you are required to pay.
You can browse and purchase a vast collection of digital goods in this NFT marketplace, so you should take a look!
Is OpenSea real and safe?
The short answer is yes! OpenSea has been a reliable marketplace since it was established on the 1st of December in the year of 2018. Because its system is built on blockchain technology and is secured, it is safe to say that your transactions are protected and secured.
In addition as a seller you’ll be verified when you have built up your credibility. A blue checkmark will be assigned to your account or the collection you uploaded to reassure any customer. The team at OpenSea regularly checks the content to ensure that users are safe.
How do I earn royalties on OpenSea?
However, as an artist, you will receive only up to 10% of the royalties once you upload the NFT. This is considered to be reasonably low compared to the other NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) can be commonly used on this site and other sites to provide more crypto users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can make use of to access OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. You can buy and sell cryptocurrency through secure platforms that accept fiat money. All you have to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea have a desktop/mobile application?
As we mentioned earlier, there is definitely an official mobile application from OpenSea available for both iOS and Android. Download it at their respective app store and begin exploring the collection right now!
There is also a desktop application for OpenSea that can be downloaded through WebCatalog. On the desktop app, you can manage multiple accounts as well as receive notifications about updates to your account when you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).