The crypto currency market is in a boom right now and you’re probably wondering where you can invest your crypto currency. Markets have popped up across the digital web designed to purchase and sell NFTs via cryptocurrency! OpenSea is one of them and is worth a look.
If you’re interested in crypto, you’ve probably heard about OpenSea previously for a valid reason. It has become one of the largest and most popular marketplaces among users of cryptocurrency due to its security and rapid transactions.
Now hop aboard, and discover the possibilities of OpenSea and also see the NFTs that you can see!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. Afterward, you will want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Nefsc Noaa Gov
The aim to create OpenSea was to provide a platform/marketplace for artists to upload their commissions without any extra fees. It also has additional functions which allow you to market your artwork without any difficulties.
In terms of registration, you won’t have to worry about giving too many details about yourself. All you need to do is connect your crypto wallet–and voila!–you have an account on OpenSea! It can be as simple as that and without many hurdles as you walk into NFTs.
The most widely-used cryptocurrency used within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology which is utilized to carry out the majority of processes. It is also based on the Polygon blockchain, which ensures lower costs and faster trading.
With these two types of blockchains available you can pick which one you would like to publish your NFT as a seller. This is to ensure the security of your NFT and those who wish to buy it. Every transaction will be conducted by using the blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless where you can trade in your cryptocurrency or NFTs for other NFTs. You can buy anything as simple as a domain name, to a piece of art from an artist you admire. Anyone can be a seller however it takes some time for anyone to become a reputable one.
There are a variety of NFTs of NFTs available on OpenSea and you can join in with that! You can set up your own personal market on this site, as well as find NFTs you want to purchase yourself.
What is an NFT?
A recent change in the cryptocurrency industry the term “NFT” has been going around for so long on internet that a lot of millennials are familiar with it but not exactly sure what it actually means. Let’s break down what an NFT is for anyone who is new in the field of cryptocurrency.
One of the latest ways that you can buy with cryptocurrency can be an NFT. An NFT is a non-fungible currency that is unique and can’t be replaced. This can be an item of rareness, such as rare baseball trading cards in mint condition, or a uncommon vinyl record.
There’s no limit on what an NFT can be since it’s a non-fungible object that you can sell on the internet. In simpler terms, you could just imagine an NFT to be a type of digital item paid via cryptocurrency only.
Minting is similar to calling for dibs to your NFTs. It is a way of claiming ownership over that particular token/item that you have uploaded to the marketplace, and selling it. Typically, this is official after you fill in the proper information regarding the NFT and then submit it for sale on.
On OpenSea It’s a very simple process to mint your NFTs. All you have to do is visit the store and creating a collection to start! Input the appropriate and complete information about your NFT and choose what kind of settings you’d like to use to use it with (e.g., blockchain and payments tokens). After you’ve completed the process you are able to upload it if it fits the limit of 100MB.
You can watch and see the way transactions are handled from now on to see whether OpenSea is the best marketplace for you.
What NFTs can you get here?
In this moment, you’re probably wondering the kind of NFTs can be purchased here and what you can sell should you decide to go that route. The type of NFT it can be is indefinite because there’s a wide range of ways to do it.
You can be selling digital products, trading cards game assets, domain names, and even physical assets! Explore what you believe can bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that separates OpenSea from other companies. There’s no cost for gas when you use this feature to create and market NFTs. This means you’ll get the most profit when you begin selling since you won’t need to spend on extra fees.
There aren’t many NFT marketplaces offer this feature, and it is a great way to receive high profit from your NFT collection.
The Referral Program is another distinctive feature of OpenSea to take note of. Similar to traditional online markets, you can receive advantages by referring someone else to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from there, you’ll receive 2.50 percent of the purchase amount, which allows you to earn more cash through this action.
Other NFT marketplaces do not have 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 for perusing through the marketplace. You can’t buy or sell anything as you scroll through the list.
OpenSea’s mobile apps are available for the two platforms of iOS in addition to Android. While you’re not able to buy or sell something, you can look through the options you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available for you to use You can also convert your fiat money into cryptocurrency through these platforms. Nft Nefsc Noaa Gov
You can exchange your fiat currency using a the credit card, or Paypal through these trusted sites to exchange it for crypto:
- Bittrex, and many more!
All of them have the option of exchange for ETH that is the most common cryptocurrency used in OpenSea.
While OpenSea has been described as being an NFT marketplace open to all forms of cryptocurrency, wallets are nonetheless more compatible than other. Because it is based around an ETH blockchain, all wallets which are part of this network are appropriate for the site.
Here’s a list of different crypto wallets which you can use with OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations including simple registration, use on mobile devices only as well as the capability to purchase cryptocurrency with a credit card. Nft Nefsc Noaa Gov
To know more about it to learn more, check out their FAQs to see an overview of how you can start and which other wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets every one of them has advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and cons here:
- Available as mobile apps that are compatible with iOS or 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 industry and NFTs.
- Allows royalty rates of 10% for artists (low royalty rates).
- Cannot buy or sell through our mobile apps.
- Only supports cryptocurrency as its type of payment.
- An Crypto account is needed for this marketplace.
OpenSea is open to everyone who has crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. In the end, you’ll quickly recover this amount if you actively sell because there’s no extra charge for it.
Frequently Asked Questions Nft Nefsc Noaa Gov
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to provide artists a platform to sell their works online, and to accept cryptocurrency as a method of payment. It’s an excellent platform for artists who use it to sell NFTs due to its no cost of gas and low commission fee rate that you have to pay.
You can browse and shop for an array of digital items on the NFT marketplace and you must check it out!
Is OpenSea real and safe?
Answer: Yes! OpenSea has been a trusted marketplace since it was founded in the year 2018. Because its system is built on a blockchain, it is safe to say that your transactions are protected and secured.
Furthermore as a seller you will be verified after you’ve earned a reputation. A blue checkmark will appear on your account or the collection you’ve uploaded to ensure the safety of anyone who buys from you. OpenSea’s team regularly reviews the contents to ensure users are safe.
How can I earn royalties on OpenSea?
As an artist, you can be paid only 10 percent of the royalties after you upload the NFT. This is considered to be a reasonable amount compared to other NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) has been widely used on this site and numerous others to cater for the increasing number of crypto users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can utilize to access OpenSea.
What are the payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. You can buy and sell cryptocurrency on trusted platforms with fiat money. All you have just connect your debit or credit card to Paypal for the transaction.
Does OpenSea have a desktop or mobile app?
As mentioned before there’s an official mobile app by OpenSea available for both iOS or Android. You can download it through their app store and then you can 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 notifications about updates to 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/).