The cryptocurrency market is on the rise, and you’re probably wondering where to invest your crypto currency. Markets have popped up all over the web that allow users to purchase and sell NFTs using cryptocurrency! OpenSea is one of them and is worth a look.
If you’re familiar with cryptocurrency you’ve likely heard of OpenSea previously for a valid reason. It’s one of the largest and leading marketplaces among users of cryptocurrency due to its security and rapid transactions.
Now hop aboard, and let’s see what you can do with OpenSea as well as examining what NFTs you can view!
Before you go on, you may want to watch 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 Nosoilsolutions
The aim for OpenSea was to provide a platform/marketplace for artists to upload their commissions without any extra costs. It has more functions that let you sell your artwork without any difficulties.
In terms of the registration process, you don’t have to provide any personal information about yourself. All you have to do is connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as simple as that and without many hurdles as you walk into NFTs.
The most well-known cryptocurrency that is used within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it which is utilized to carry out the majority of processes. It also functions with the Polygon blockchain, which ensures lower costs and faster trading.
With these two kinds of blockchains, you can choose which one you want to transfer your NFT to as a seller. This is to ensure the security of your NFT as well as those who would like to purchase it. Every transaction will be conducted by using the blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall where you can exchange your NFTs or cryptocurrency for other NFTs. You can buy anything just a domain name to an official artwork from an artist you admire. Anyone can be a seller, but it takes some time for anyone to be an established seller.
There are a variety of NFTs from the selection on OpenSea and you can also be a part of the collection! You can create your own personal market there, and also find NFTs you want to purchase yourself.
What is an NFT?
In a recent advancement for the crypto industry the term “NFT” has been going around for so long on internet that many millennials are familiar with it , but not exactly sure what it actually means. Let’s break down what an NFT is for any beginners in the field of cryptocurrency.
One of the newest things you can buy is an NFT. A NFT is a non-fungible token that is individual and cannot be changed. It could be a piece of rareness, such as authentic baseball cards 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 simply think of an NFT to be a type of digital collectible that is paid for using cryptocurrency only.
Minting is like calling the shots for your personal NFTs. You are calling the ownership of the particular item that you posted to market, as offering it for sale. Usually, this becomes official once you fill out all the necessary information about the NFT and add it on the market.
On OpenSea It’s a very simple procedure to create your own NFTs by visiting the store and then making a collection to begin! Input the appropriate and complete information about your NFT and choose what kind of settings you’d like to use it with (e.g., blockchain or money transfer tokens). Once that’s all done you are able to upload it to the internet if it’s in the 100 MB limit.
You can watch and see how the transactions go from now on to see whether OpenSea is the right marketplace for you.
What NFTs can you get here?
So, at this point, you’re probably wondering what kind of NFTs can you shop for here, and what you could sell should you decide to go down that path. The type of NFT it can be is indefinite since there’s a broad range of how you can go about it.
You could be selling trade cards, digital goods games domain names, some physical items! Find out what you think will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what separates OpenSea from the others. There’s no cost for gas when you utilize this feature when you make and then sell the NFTs. This is essentially a way to ensure that you get the most profit when you sell because you won’t have to spend on extra fees.
Not many NFT marketplaces offer this feature, and it is great for you to earn a high return from your collection.
The Referral Program is a different aspect of OpenSea to be admired. Like traditional online marketplaces, you can receive benefits by referring a friend 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 sales amount, which allows you to earn more cash through this action.
Other NFT marketplaces do not have the same feature and that’s another benefit OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile application, however it’s mostly used to browse through the marketplace. It isn’t able to purchase or sell anything while you browse through the listing.
The mobile apps from OpenSea are accessible for the two platforms of iOS as well as Android. While you’re not able to buy or sell something, you can browse through the selections you’re looking for on the move.
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 Nosoilsolutions
You can swap your fiat money via the credit card, or Paypal on these reliable websites for cryptocurrency:
- Bittrex and more!
All of them have the option of exchange for ETH which is the standard cryptocurrency payment option in OpenSea.
Although OpenSea can be described as an NFT marketplace that is open to all kinds of crypto, wallets are nonetheless more compatible than others. Since it is built on an ETH blockchain, any wallets with a connection to that network will be suitable for the site.
Here’s a list different crypto wallets you can use in OpenSea:
- Authereum and many more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each one has its own set of limitations, such as easy registration, only mobile usage, and the function to purchase cryptocurrency using the credit card. Nft Nosoilsolutions
To learn more about it You can go through their FAQs for a rundown of how you can begin and which other wallets work 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. It is possible to read about its pros and pros here:
- Mobile apps available for iOS as well as Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto market and NFTs.
- Allows royalty rates of 10% to artists (low royalty rates).
- Cannot buy or sell through our mobile apps.
- Only supports cryptocurrency as its type of payment.
- A Crypto account is needed to use this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. However, overall, you will quickly recover this amount if you are actively selling since there’s no extra charge for it.
Frequently Asked Questions Nft Nosoilsolutions
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to provide artists a platform to sell their works online, and to accept cryptocurrency as a form of payment. It’s an ideal option for artists who want to use it to sell NFTs due to its no cost of gas and low commission fees you must pay.
You can shop and browse an array of digital items on the NFT marketplace which is why you should definitely go through it!
Is OpenSea legit & is it safe?
Short answer: Yes! OpenSea has been a reliable marketplace since it was established at the end of the year 2018. Since the system it operates on is based on a blockchain that is secure, you can declare that transactions are safe and secure.
In addition as a seller you will be verified after you’ve earned a reputation. A blue checkmark is placed on your account or the collection you’ve uploaded to ensure the safety of anyone who buys from you. The team at OpenSea regularly checks the content to ensure that users are secure.
How do I earn royalties on OpenSea?
As an artist, you’ll be paid only 10 percent of the royalties when you upload the NFT. This is believed to be a reasonable amount compared to the other NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) can be commonly utilized on this website and other sites to provide the increasing number of crypto 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 access OpenSea.
What are the payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency on reliable platforms using fiat currency. All you have to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea have a desktop/mobile application?
As mentioned before there’s an official mobile app by OpenSea available for both iOS as well as Android. Install it from their app store, and you can start browsing through the collection right now!
There is also a desktop application for OpenSea can be downloaded via WebCatalog. In the desktop application, you can manage multiple accounts as well as receive alerts on any updates that affect 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/).