The cryptocurrency market is on the rise and you’re probably thinking where you can invest your crypto-coins. There are numerous marketplaces popping up across the digital web designed to sell and buy NFTs via cryptocurrency! OpenSea is one of them, and it’s worth a look.
If you’re familiar with cryptocurrency you’ve likely heard of OpenSea before for a good reason. It has become one of the biggest and most popular marketplaces among cryptocurrency users because of its security and rapid transactions.
So, hop on board and let’s see the possibilities of OpenSea and also see 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. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Near Protocol
The purpose for OpenSea was to offer a platform/marketplace for artists to upload commissions with no additional charges. It has more functions that let you sell your work without having to deal with many problems.
For 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 without going through many hassles when you enter into NFTs.
The most popular cryptocurrency that is used 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 operates with the Polygon blockchain, which ensures the lowest cost and speediest trading.
With these two kinds of blockchains available it is possible to choose which one you would like to upload your NFT on as seller. This will ensure the security of your NFT as well as those who would like to buy it. All transactions are made along with this blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall where you can exchange your cryptocurrency or NFTs for other NFTs. You can purchase anything from the simplest domain name to official art from an artist you admire. Anyone can sell however, it takes time before anyone can become an established one.
There is a wide variety of NFTs available on OpenSea and you could also be a part of that! You can set up your own personal 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 the internet that a lot of millennials are familiar with it , but aren’t sure exactly what it actually means. Let’s break down what an NFT is for any beginners in cryptocurrency.
One of the new things that you can buy with cryptocurrency is an NFT. A NFT is a non-fungible currency that is unique and can’t be replaced. It could be a piece of rareness like authentic baseball cards, or a uncommon vinyl record.
There is no limit to what an NFT can be as it’s a non-fungible thing that you sell online. It is simpler to just consider an NFT being a virtual item that is paid for using cryptocurrency only.
Minting is like calling dibs for your personal NFTs. It is a way of claiming ownership over that particular token/item that you have uploaded to the marketplace, and putting it up for sale. Usually, this becomes official when you have filled in all the necessary information about the NFT and upload it to the marketplace.
On OpenSea it’s a straightforward process to mint your NFTs by visiting the store and then making a collection to begin! Input the appropriate and complete information about your NFT and then select what type of settings you’d like for it (e.g., blockchain, payments tokens). After that, you can finally upload it if it fits the limit of 100MB.
It is possible to wait and see how transactions progress from now on to determine if OpenSea is the right marketplace for you.
What NFTs can you find here?
At this point, you’re probably wondering the kind of NFTs can be found here and what you can sell should you decide to pursue that route. The type of NFT it can be is indefinite since there’s a broad range of how you can do it.
You can be selling digital items, trading cards, game assets domain names, even physical assets! Consider what you believe will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what separates OpenSea from other companies. There’s no cost for gas for using this feature to make and then sell the NFTs. This means you’ll receive the maximum profits when you begin selling since you don’t need to pay on extra fees.
Very few NFT marketplaces offer this feature, which is why this can be a fantastic way to make a huge profit from your collection.
The Referral Program is another unique aspect of OpenSea to take note of. Similar to traditional online markets there are rewards by referring a friend to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from the site you’ll earn 2.50% of the sale amount, letting you earn more cash by this method.
Other NFT marketplaces do not have the same feature, so that’s just another advantage OpenSea has over them.
There’s 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.
The mobile apps from OpenSea are accessible for both iOS as well as Android. Even though you can’t buy or sell anything, you can still look through the options you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are for you to use You can also trade your fiat currency for cryptocurrency through these platforms. Nft Near Protocol
You can exchange the fiat currency you have with a the credit card, or Paypal via these reputable websites to exchange it for crypto:
- Bittrex and other things!
All of them have the option of converting them into ETH, which is the most common cryptocurrency used in OpenSea.
While OpenSea can be described as an NFT marketplace open to all kinds of crypto, wallets are still more compatible with it than others. Since it is built on an ETH blockchain, any wallets which are part of the same network are suitable for this website.
Here is a list of various crypto wallets that which you can use with OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations, such as easy registration, use on mobile devices only and the ability to purchase cryptocurrency with a credit card. Nft Near Protocol
For more information about the service, you can check their FAQs to get a rundown of how you can begin and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets every one of them has its advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and cons here:
- Mobile apps are available for iOS as well as Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new 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 through the mobile app.
- Only accepts cryptocurrency as a form of payment.
- An Crypto wallet is required to access this marketplace.
OpenSea is open to everyone who has crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. But overall, you can quickly recover this amount if you sell regularly since there’s no additional cost for it.
Frequently Asked Questions Nft Near Protocol
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to provide artists a platform to market their work online to receive cryptocurrency as a form of payment. It’s an ideal option for artists who want to use for selling NFTs because of its zero cost of gas and low commission fee rate that you have to pay.
You can shop and browse an array of digital products on this NFT marketplace and you must take a look!
Is OpenSea legitimate and secure?
Answer: Yes! OpenSea has been a reliable marketplace since it was established on the 1st of December in 2018. Because its system is based on a blockchain, it is safe to claim that your transactions are protected and secured.
Additionally, 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 the collection you uploaded to reassure every customer. OpenSea’s team regularly reviews the content to ensure users are secure.
How can I earn royalties on OpenSea?
As an artist, you can get only 10 percent of the royalties when you have uploaded the NFT. This is thought to be reasonably low compared to the other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) can be frequently utilized on this website and many others to accommodate many more crypto users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can make use of to access OpenSea.
What are the payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. You can easily purchase or trade cryptocurrency using secure platforms that accept fiat money. All you need be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea have a desktop/mobile application?
As we mentioned earlier there’s an official mobile application from OpenSea that is available for iOS as well as Android. Download it at their respective app store and you can start browsing through the collection right now!
There is also a Desktop application that OpenSea which can be downloaded from WebCatalog. With the desktop application you are able to 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/).