The cryptocurrency market is on the rise, and you’re probably wondering where you can invest your crypto coins. Markets have popped up all over the internet, designed to sell and buy NFTs via cryptocurrency! OpenSea is one of them and is worth looking into.
If you’re well-versed in cryptocurrency, you’ve probably heard of OpenSea prior to this for a valid reason. It has become one of the largest and leading marketplaces among users of cryptocurrency due to its security and quick transactions.
Get on board, and discover what you can do with OpenSea and also see what NFTs you can view!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. After, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Nfl
The aim of OpenSea was to simply provide a platform/marketplace for artists to upload their commissions without any extra fees. There are additional features that let you sell your art without too many problems.
In terms of the registration process, you don’t have to worry about giving too many details about yourself. All you have to connect your crypto wallet and voila! You have an account with OpenSea! It’s as easy as that and without much hassle as you step into NFTs.
The most well-known cryptocurrency that is used on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it and is used for most processes. It is also based using the Polygon blockchain to ensure lower costs and faster trading.
With these two kinds of blockchains it is possible to choose which one you’d like to transfer your NFT to as an seller. This will ensure the security of your NFT as well as the people who want to purchase it. All transactions will be made using this blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace where you can exchange your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything the simplest domain name, to a piece of art from an artist you admire. Anyone can become a seller however it takes time before anyone can become an established one.
There are a variety of NFTs in the collection on OpenSea, and you can join in with this! You can start your own marketplace there, and also find NFTs you want to purchase yourself.
What is an NFT?
In a recent development for the cryptocurrency industry”NFT” is a term that has been used in recent times “NFT” has been going around for so long on the internet that many millennials have heard of it but not exactly sure what it means. Let’s break down what an NFT is for anyone who is new in the field of cryptocurrency.
One of the newest things you can purchase your cryptocurrency can be an NFT. The NFT is a token that is non-fungible that is unique and can’t be replaced. This can be an item of any rareness, such as mint-condition baseball trading cards or a uncommon vinyl record.
There’s no limit on what an NFT could be, since it’s a non-fungible thing that you sell on the internet. It is simpler to just think of the NFT as a digital collectible that is paid for using cryptocurrency only.
Minting is like calling the shots on your own NFTs. You’re claiming the owner of the item or token you uploaded on the market place, but you’re putting it up for sale. Typically, this is official after you fill in the correct information about the NFT and finally submit it for sale on.
On OpenSea it’s a straightforward process to mint your NFTs by visiting the store and simply creating a collection to start! Input the appropriate and complete information about your NFT and choose what kind of settings you want for it (e.g., blockchain or payment tokens). Once that’s all done you are able to upload it to the internet if it’s in the limit of 100MB.
You can wait and observe the way transactions are handled from now on to see if OpenSea is the best marketplace for you.
What NFTs can you get here?
In this moment you’re probably thinking about the kind of NFTs can be purchased here and what kind of NFTs you can also sell if you decide to go down that path. The type of NFT that you can purchase isn’t limited as there’s a variety of ways to go about it.
You could be selling digital items, trading cards games, domain names, and some physical items! Find out what you think will yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that differentiates OpenSea from other companies. There’s no cost for gas for using this feature to make and then sell the NFTs. This simply means that you’ll get the most profit when you sell because you won’t have to spend on additional fees.
Very few NFT marketplaces provide this feature, so this can be a fantastic way to make a huge profit from your NFT collection.
This Referral Program is a different aspect of OpenSea to admire. Similar to traditional online markets, you can receive rewards when you refer your friend to OpenSea! If you invite a friend to join OpenSea and buy an NFT from the site you’ll be rewarded with 2.50% of the sale amount, which means you can make more money from this act.
Other NFT marketplaces don’t offer this kind of feature either, so that’s just another benefit OpenSea has over them.
There’s an OpenSea mobile app, but it’s mostly for perusing through the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listing.
The mobile apps of OpenSea are available for both iOS in addition to Android. Even though you can’t buy or sell anything, you can still browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are for you to use, and you can trade your fiat currency for cryptocurrency using these platforms. Nft Nfl
You can swap your fiat currency using a your credit or debit card as well as Paypal on these reliable websites for cryptocurrency:
- Bittrex, and many more!
All of them have the option of exchange for ETH that is the most common crypto payment in OpenSea.
While OpenSea is an NFT marketplace open to all kinds of cryptocurrency, the wallets still more compatible with it than others. Because it is based using the ETH blockchain, any wallets that share that network will be suitable for the site.
Here is a list of different crypto wallets you can utilize in OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each one has its own set of limitations, such as easy registration, only mobile usage as well as the capability to buy cryptocurrency using the credit card. Nft Nfl
For more information about the service You can go through their FAQs to get 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 its advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and cons here:
- Mobile apps are available that are compatible with iOS as well as Android.
- Smart contracts are used 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 of only 10% for artists (low royalties).
- Cannot buy or sell on our mobile apps.
- Only accepts cryptocurrency as a method of payment.
- The use of a Crypto digital wallet must be used for this marketplace.
OpenSea is open to everyone who owns any crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. However, overall, you will quickly regain that when you sell regularly since there’s no additional cost for it.
Frequently Asked Questions Nft Nfl
What is OpenSea?
OpenSea is an NFT marketplace that is designed to give artists a chance to market their work online and receive cryptocurrency as their form of payment. It’s an ideal platform for artists using it to sell NFTs due to its low cost of gas 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 go through it!
Is OpenSea legitimate and safe?
Answer: Yes! OpenSea has been a reliable marketplace since it was established in 2018. Since the system it operates on is based on a blockchain and is secured, it is safe to say that your transactions are protected and secured.
Furthermore as a seller you can become verified once you build up your reputation. A blue checkmark will appear on your account or the collection that you have uploaded to assure any customer. OpenSea’s team regularly reviews the content to ensure that users are safe.
How do I earn royalties from OpenSea?
However, as an artist, you can get only 10 percent of the royalties when you have uploaded the NFT. This is considered to be quite low in comparison to others NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) has been commonly used on this site as well as other sites to provide many more crypto users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can use to access OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. It is easy to buy or trade cryptocurrency using reliable platforms using fiat currency. All you need be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea have a desktop or mobile application?
As mentioned before there’s an official mobile app from OpenSea for both iOS as well as Android. Download it at their respective app store and then you can begin browsing through the collection right now!
The desktop application for OpenSea that can be downloaded through WebCatalog. In the desktop application you can manage multiple accounts as well as receive alerts on any updates that affect 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/).