The cryptocurrency market is on the rise and you’re probably thinking where to invest your crypto currency. Markets have popped up across the internet, designed to purchase and sell NFTs via cryptocurrency! OpenSea can be one, and it’s worth checking out.
If you’re well-versed in cryptocurrency you’ve probably heard about OpenSea prior to this for a valid reason. It’s one of the largest and most popular marketplaces for cryptocurrency enthusiasts due to its security and quick transactions.
Get on board, and let’s see the possibilities of OpenSea as well as examining the NFTs that you can see!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick review. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Nyc 2021
The aim to create OpenSea was to provide artists with a marketplace/platform to upload commissions, without having to pay any additional fees. It also has additional functions that let you sell your art without too many difficulties.
In terms of registration, you don’t need to provide all of your personal details. All you need to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It can be as simple as that and without much hassle as you step into NFTs.
The most widely-used cryptocurrency used on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system, and this is used for most processes. It also functions on the Polygon blockchain to ensure lower costs and faster trading.
With these two types of blockchains available you can pick which one you’d like to publish your NFT as seller. This ensures the safety of your NFT and those who wish to purchase it. All transactions will be made by using the blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything as simple as a domain name to official art from an artist you admire. Anyone can sell however it takes a while for anyone to be a reputable one.
There is a wide variety of NFTs available at OpenSea and you could join in with the collection! You can set up your own personal market on this site, as well as find NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent advancement for the cryptocurrency industry the term “NFT” has been going around for so long on the internet that a lot of millennials are familiar with it but aren’t sure exactly what it means. Let’s take a look at what NFT is for anyone who is new in the field of cryptocurrency.
One of the newest things you can purchase your cryptocurrency is an NFT. An NFT is a token that is non-fungible which is extremely unique and can’t be changed. This can be an item of any rarity like rare baseball trading cards in mint condition or rare vinyl record.
There’s no limit to what an NFT can be as it’s a non-fungible thing you’re selling online. More straightforwardly, you can just imagine the NFT as a digital item that is paid for using cryptocurrency only.
Minting is like calling the shots to your NFTs. You’re claiming ownership over that particular token/item that you posted to market, as you’re selling it. Usually, this becomes official after you fill in the proper information regarding the NFT and add it on the market.
On OpenSea it’s a straightforward procedure to create your own NFTs. All you have to do is visit the store and simply create a collection! Complete the correct and complete information about your NFT and select the type of settings you’d like to use to use it with (e.g. blockchain, payment tokens). After that you are able to upload it to the internet if it’s in the limit of 100MB.
It is possible to wait and see how the transactions go from now to determine if OpenSea is the right marketplace for you.
What NFTs can you find here?
In this moment you’re probably asking yourself the kind of NFTs can you shop for here, and what you could sell should you decide to pursue that route. The type of NFT that you can purchase isn’t limited as there’s a variety of how you can approach it.
You could be selling trade cards, digital goods, game assets, domain names, and some physical items! Consider what you believe will bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what sets OpenSea from other companies. There are no gas costs for using this feature when you create and market NFTs. This is essentially a way to ensure that you get the most profit when you begin selling since you won’t need to spend on additional fees.
Very few NFT marketplaces provide this feature, which is why this can be a fantastic way to receive high profit from your NFT collection.
A Referral Program is a different aspect of OpenSea to take note of. Similar to traditional online markets there are rewards by referring your friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from there you’ll earn 2.50 percent of the sales amount, which means you can earn more money by this method.
Other NFT marketplaces don’t have this feature, so that’s just another advantage OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile app, but it’s mostly for perusing through the marketplace. It isn’t able to purchase or sell items as you browse through the listing.
The mobile apps from OpenSea are accessible on the two platforms of iOS as well as Android. Even though you can’t buy or sell something, you can browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are for you to use You can also exchange your fiat money for cryptocurrency using these platforms. Nft Nyc 2021
You can convert your fiat money via the credit card, or Paypal on these reliable websites for cryptocurrency:
- Bittrex and more!
All of them have the option to exchange for ETH that is the most common cryptocurrency used in OpenSea.
While OpenSea can be described as an NFT marketplace open to all forms of cryptocurrency, the wallets nevertheless more compatible than other. Since it is built mainly using the ETH blockchain, any wallets with a connection to that network will be suitable for the site.
Here’s a list of several crypto wallets which you can use with OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each one has its own set of limitations including simple registration, mobile-only usage as well as the capability to purchase cryptocurrency using the credit card. Nft Nyc 2021
For more information about the service, you can check their FAQs to see an overview of how you can get started and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets every one of them has advantages and drawbacks. OpenSea isn’t the only one to have this. It is possible to read about its pros and cons here:
- Available as mobile apps for iOS as well as Android.
- Smart contracts are used for 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 up to 10% for artists (low royalty rates).
- It is not possible to buy or sell items through the mobile app.
- Only accepts cryptocurrency as a form of payment.
- An Crypto account is needed to use this marketplace.
OpenSea is available to anyone who has any crypto currency in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. But overall, you can quickly recover this amount if you sell regularly since there is no additional fee for it.
Frequently Asked Questions Nft Nyc 2021
What is OpenSea?
OpenSea is an NFT marketplace that aims to provide artists a platform for selling their artwork online, and to accept cryptocurrency as a form of payment. It’s an ideal option for artists who want to use for selling NFTs because of its zero gas costs and low commission fees that you have to pay.
You can browse and purchase a vast collection of digital products on this NFT marketplace, so you should take a look!
Is OpenSea real and safe?
The short answer is yes! OpenSea is a reputable marketplace since its inception on the 1st of December in 2018. Since its system is built on blockchain technology that is secure, you can declare that transactions are safe and secure.
Additionally, as a seller, you’ll be verified when you’ve earned a reputation. A blue checkmark will appear next to your account or the collection that you have uploaded to assure anyone who buys from you. OpenSea’s team regularly reviews the content to ensure users are protected.
How can I earn royalties on OpenSea?
Unfortunately, as an artist, you’ll receive only up to 10 percent of the royalties when you upload the NFT. This is believed to be reasonably low compared to the other NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) can be frequently used on this site as well as other sites to provide many more crypto users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can use for OpenSea.
What are the payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. You can easily purchase or sell cryptocurrency on secure platforms that accept fiat money. All you have just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea have a desktop/mobile application?
As previously mentioned, there is definitely an official mobile app by OpenSea for both iOS as well as Android. Install it from their app store, and then you can begin exploring the collection right now!
A desktop application for OpenSea which can be downloaded from WebCatalog. With 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/).