The crypto currency market is in a boom right now and you’re probably thinking where to invest your crypto currency. Marketplaces are popping up all over the web that allow users to sell and buy NFTs via cryptocurrency! OpenSea can be one, and it’s worth a look.
If you’re interested in crypto you’ve probably heard of OpenSea before for a good reason. It’s now one of the biggest and most popular marketplaces among cryptocurrency users because of its security and rapid transactions.
Get on board, and let’s see what you can do with 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. After, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Non Fungible Tokens List
The goal of OpenSea was to provide artists with a marketplace/platform to upload their commissions without any extra costs. It also has additional functions that let you sell your work without having to deal with many problems.
When it comes to 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 can be as simple as that without going through many hurdles as you walk into NFTs.
The most popular cryptocurrency to use in 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 the majority of transactions. It also functions with the Polygon blockchain, which ensures the lowest cost and speediest trading.
With these two kinds of blockchains that are available it is possible to choose which one you would like to upload your NFT on as an seller. This is to ensure the security of your NFT as well as those who wish 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 is like an endless online mall where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything the simplest domain name to an official artwork by an artist you admire. Anyone can sell, but it takes some time for anyone to become a reputable one.
There are a variety of NFTs from the selection at OpenSea and you can also be a part of that! You can create your own market here, along with finding NFTs you’d like to buy yourself.
What is an NFT?
A recent change in the crypto industry,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that the majority of young people have heard of it but aren’t exactly sure what it actually means. Let’s look at what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the new things that you can buy with cryptocurrency is an NFT. The NFT is a token that is non-fungible that is individual and cannot be changed. It can be a piece of rarity like rare baseball trading cards in mint condition or unique vinyl album.
There’s no limit to what an NFT could be, since it’s a non-fungible object you’re selling on the internet. More straightforwardly, you can just consider an NFT as a digital item paid via cryptocurrency only.
Minting is like calling the shots for your personal NFTs. You are calling the owner of the item or token you uploaded on market, as putting it up for sale. Usually, this is recognized when you have filled in all the necessary information about the NFT and finally upload it to the marketplace.
On OpenSea It’s a very simple procedure to create your own NFTs. All you have to do is visit the store and then creating a collection to start! Complete the correct and accurate 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 then you’re able to upload it, if it’s within the limit of 100MB.
It is possible to wait and see how transactions progress from here on out to see if OpenSea is the right marketplace for you.
What NFTs can you find here?
So, at this point, you’re probably wondering which kind of NFT be purchased here, and what you could also sell if you decide to pursue that route. The type of NFT it can be is unlimited as there’s a variety of how you can approach it.
You could be selling trade cards, digital goods game assets domain names, also physical goods! Find out what you think will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that differentiates OpenSea from the other options. There are zero gas fees when you utilize this feature to mint and sell NFTs. This means you’ll get the most profit when you begin selling since you won’t have to spend on additional fees.
There aren’t many NFT marketplaces provide this feature, and it is great for you to make a huge profit from your portfolio.
The Referral Program is another unique aspect of OpenSea to be admired. Like traditional online marketplaces that offer benefits when you refer your friend to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from the site, you’ll receive 2.50% of the sale amount, letting you earn more money by this method.
Other NFT marketplaces don’t offer the same feature, so that’s just another advantage OpenSea has over them.
There’s an OpenSea mobile app, but it is mainly used for perusing through the marketplace. You can’t buy or sell anything as you browse through the listing.
The mobile apps from OpenSea are accessible on both iOS as well as Android. Even though you can’t buy or sell something, you can 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 to exchange your fiat money for cryptocurrency on these platforms. Nft Non Fungible Tokens List
You can convert your fiat currency using a credit card or Paypal through these trusted sites for cryptocurrency:
- Bittrex and more!
Each of them has the option to exchange for ETH which is the primary cryptocurrency payment option in OpenSea.
Although OpenSea is an NFT marketplace open to all kinds of cryptocurrency, wallets are still more compatible with it than other. Since it is built on the ETH blockchain, all wallets which are part of that network will be suitable for this site.
Here’s a list several crypto wallets which you can use with OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each has its own limitations like easy registration, only mobile usage, and the function to buy cryptocurrency using the credit card. Nft Non Fungible Tokens List
To know more about it to learn more, check out their FAQs to see the steps you can start and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets every one of them has 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 for iOS or Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalties of only up to 10% for artists (low royalty).
- Cannot buy or sell through this mobile application.
- Only supports cryptocurrency as its form of payment.
- An Crypto digital wallet must be used to access this marketplace.
OpenSea is accessible to everyone who has any crypto currency in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. But overall, you can quickly recover this amount if you are actively selling since there is no additional fee for it.
Frequently Asked Questions Nft Non Fungible Tokens List
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to offer artists a way for selling their artwork online to receive cryptocurrency as a form of payment. It’s an ideal platform for artists using the platform to market NFTs because of its zero gas costs and the low commission rate you must 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 real and safe?
The short answer is yes! OpenSea has been a trusted marketplace since its inception on the 1st of December in the year 2018. Because its system is based on a blockchain that is secure, you can claim that your transactions are protected and secured.
Additionally, as a seller, you’ll be verified when you build up your reputation. A blue checkmark is placed on your account or any collection that you have uploaded to assure anyone who buys from you. The OpenSea team reviews regularly the content to ensure users are secure.
How do I earn royalties on OpenSea?
Unfortunately, as an artist, you’ll be paid only 10% of the royalties once you have uploaded the NFT. This is considered to be reasonably low compared with other NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) can be commonly used on this site and numerous others to cater for the increasing number of cryptocurrency users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can make use of for OpenSea.
What are the payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. You can buy and trade cryptocurrency using reliable platforms using fiat currency. All you need to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea has a mobile or desktop app?
As previously mentioned, there is definitely an official mobile app by OpenSea available for both iOS or Android. You can download it through their app store, and you can start exploring the collection now!
The version for desktops that OpenSea that can be downloaded through WebCatalog. In the desktop application you can manage multiple accounts as well as 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/).