The crypto currency market is in a boom right now, and you’re probably wondering where you can invest your crypto-coins. Markets have popped up all over the digital web designed to purchase and sell NFTs via cryptocurrency! OpenSea can be one and is worth checking out.
If you’re familiar with cryptocurrency, you’ve likely heard of OpenSea prior to this for a valid reason. It has become one of the largest and leading marketplaces among cryptocurrency enthusiasts due to its security and rapid transactions.
Now hop aboard, and discover what you can do with 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.
OpenSea as an NFT Marketplace Nft Neuron
The purpose for OpenSea was to simply provide an online marketplace for artists to upload their commissions with no additional costs. It also has additional functions that allow you to sell your work without having to deal with many difficulties.
In terms of registration, you don’t need to provide any personal information about yourself. All you need to connect your crypto wallet and voila! You have an account on OpenSea! It can be as simple as that without going through many hassles when you enter into NFTs.
The most popular cryptocurrency to use within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it which is utilized for the majority of transactions. It also functions with the Polygon blockchain, which allows for the lowest cost and speediest trading.
With these two types of blockchains available you can pick which one you’d like to publish your NFT as a seller. This ensures the safety of your NFT and those who wish to buy it. All transactions will be made using this blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything as simple as a domain name to an official artwork by an artist you admire. Anyone can be a seller, but it takes time before anyone can become a reputable one.
There is a wide variety in the collection on OpenSea and you can also be a part of that! You can set up your own marketplace there, and also 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 exactly sure what it is. Let’s look at what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the latest ways you can purchase your cryptocurrency includes an NFT. An NFT is a non-fungible token that is unique and can’t be changed. It could be an item of any rareness, such as mint-condition baseball trading 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. More straightforwardly, you can simply think of the NFT as a digital item which is only paid in cryptocurrency.
Minting is like calling dibs on your own NFTs. You are calling the owner of the item or token that you posted to the market place, but you’re offering it for sale. Usually, this becomes official when you have filled in all the necessary information about the NFT and finally submit it for sale on.
On OpenSea, it’s a simple procedure to create your own NFTs by going to the store and then creating a collection to start! Fill out the proper and complete information about your NFT and choose what kind of settings you’d like to use to use it with (e.g. blockchain or payment tokens). After you’ve completed the process you are able to upload it, if it’s within the 100 MB limit.
It is possible to wait and see the way transactions are handled from here on out to see if OpenSea is the right marketplace for you.
What NFTs can you find here?
In this moment you’re probably thinking about which kind of NFT be purchased here, and what you could also sell if you decide to go that route. The kind of NFT that you can purchase is indefinite as there’s a variety of how you can do it.
You can be selling digital products, trading cards game assets, domain names, and even physical assets! Consider what you believe will reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what separates OpenSea from the other options. There’s no cost for gas for using this feature to make and then sell the NFTs. This simply means that you’ll be able to make the highest profits once you start selling because you don’t need to pay on additional fees.
Not many NFT marketplaces offer this feature, so this is great for you to earn a high return from your collection.
The Referral Program is a different aspect of OpenSea to be admired. Similar to traditional online markets, you can receive rewards when you refer a friend to OpenSea! If you invite a friend to join OpenSea and buy an NFT from there you’ll earn 2.50 percent of the sales amount, letting you make more money from this act.
Other NFT marketplaces do not have this feature, so that’s just another advantage OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile application, however it is mainly used to browse through the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listing.
The mobile apps of OpenSea are available on both iOS in addition to Android. While you’re not able to buy or sell something, you can at least explore the products you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are at your disposal, and you can exchange your fiat money for cryptocurrency on these platforms. Nft Neuron
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 more!
All of these have the option of exchange for ETH which is the most common crypto payment in OpenSea.
While OpenSea can be described as an NFT marketplace that is open to all types of cryptocurrency, wallets are still more compatible with it than other. Since it is built on an ETH blockchain, any wallets with a connection to that network will be suitable for this website.
Here is a list of different crypto wallets you can utilize in OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each has its own limitations including simple registration, use on mobile devices only and the ability to purchase cryptocurrency with credit cards. Nft Neuron
For more information about the service to learn more, check out their FAQs to get the steps you can begin and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets, each one has its advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and cons here:
- Mobile apps available for iOS as well as Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto world and NFTs.
- Allows royalties up to 10% for artists (low royalty).
- Cannot buy or sell on our mobile apps.
- Only supports cryptocurrency as its type of payment.
- A Crypto account is needed to access this marketplace.
OpenSea is available to anyone who has crypto coins in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. In the end, you’ll quickly regain that when you actively sell because there’s no additional cost for it.
Frequently Asked Questions Nft Neuron
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to provide artists a platform to market their work online, and to accept cryptocurrency as a form of payment. It’s an ideal platform for artists who use for selling NFTs due to its low gas fees and the low commission rate that you have to pay.
You can browse and purchase the vast array of digital products on this 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 in the year of 2018. Since its system is based on a blockchain, it is safe to claim that your transactions are protected and secured.
In addition as a seller you’ll be verified when you build up your reputation. A blue checkmark will appear next to your account or collection that you have uploaded to assure anyone who buys from you. The team at OpenSea regularly checks the contents to ensure users are safe.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you will be paid only 10 percent of the royalties when you have uploaded the NFT. This is believed to be quite low in comparison with other NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) can be frequently utilized on this website and many others to accommodate many more cryptocurrency users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of to use OpenSea.
What are the payment methods 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 to do is connect your credit card or Paypal for the transaction.
Does OpenSea have a desktop/mobile application?
As previously mentioned there’s an official mobile app from OpenSea for both iOS and Android. Install it from their app store and you can start exploring the collection right now!
A version for desktops that OpenSea that can be downloaded through WebCatalog. With the desktop application, 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/).