Cryptocurrency is booming right now, and you’re probably wondering where to invest your crypto coins. There are numerous marketplaces popping up all over the internet, designed to sell and buy NFTs with cryptocurrency! OpenSea is among them, and it’s worth a look.
If you’re interested in crypto, you’ve likely heard of OpenSea prior to this for a valid reason. It’s now one of the biggest and leading marketplaces among cryptocurrency enthusiasts due to its security and rapid transactions.
Get on board, and discover the possibilities of OpenSea, along with checking what NFTs you can view!
Before you go on, 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 Ocean
The goal for OpenSea was to provide artists with a marketplace/platform to upload commissions with no additional charges. It also has additional functions that let you sell your artwork without any issues.
In terms of the registration process, you don’t have to worry about giving any personal information about yourself. All you have to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as easy as that, without many hurdles as you walk into NFTs.
The most popular cryptocurrency that is used in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system, and this is used for most processes. It is also based using the Polygon blockchain, which ensures lower costs and faster trading.
There are two types of blockchains you can pick which one you want to publish your NFT as a seller. This will 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 consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace where you can trade in your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything the simplest domain name to an official artwork from an artist you admire. Anyone can be a seller however, it takes some time before anyone can become an established one.
There’s a huge selection of NFTs available on OpenSea, and you can join in with the collection! You can create your own personal market there, and also find NFTs that you would like to purchase for 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 internet that a lot of millennials are familiar with it but not exactly sure what it is. Let’s take a look at what NFT is for any beginners in cryptocurrency.
One of the latest ways that you can buy with cryptocurrency can be an NFT. A NFT is a non-fungible token that is very exclusive and cannot be substituted. This can be an item of any rarity like authentic baseball cards or a unique vinyl album.
There’s no limit to what an NFT can be as it’s a non-fungible object that you sell online. More straightforwardly, you can simply imagine as an NFT as a digital collectible that is paid for using cryptocurrency only.
Minting is like calling dibs on your own NFTs. You’re claiming the owner of the item or token you uploaded on the marketplace, and selling it. Usually, this is recognized once you fill out the correct information about the NFT and submit it for sale on.
On OpenSea it’s a straightforward procedure to create your own NFTs by visiting the store and then create a collection! Input the appropriate and correct information regarding your NFT and select the type of settings you’d like to use to use it with (e.g. blockchain and payment tokens). After that, you can finally upload it, if it’s within the 100 MB limit.
You can watch and see how the transactions go from now to determine whether OpenSea is the marketplace for you.
What NFTs can you get here?
At this point you’re probably asking yourself which kind of NFT can be purchased here and what you can also sell if you decide to pursue that route. The type of NFT that you can purchase is indefinite because there’s a wide range of ways to do it.
You could be selling trade cards, digital goods, game assets, domain names, and even physical assets! Consider what you believe will bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that sets OpenSea from the other options. There’s no cost for gas for using this feature to create and market NFTs. This is essentially a way to ensure that you be able to make the highest profits once you start selling because you don’t need to pay on extra fees.
Not many NFT marketplaces have this feature, and it is great for you to make a huge profit from your portfolio.
This Referral Program is another distinctive feature of OpenSea to admire. Similar to traditional online markets, you can receive advantages when you refer someone else to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from there you’ll be rewarded with 2.50 percent of the sales amount, letting you earn more cash through this action.
Other NFT marketplaces don’t have this kind of feature either, so that’s just another advantage OpenSea has over them.
There is an OpenSea mobile application, however it’s mostly for perusing through the marketplace. You can’t buy or sell anything as you scroll through the list.
The mobile apps from OpenSea are accessible on both iOS in addition to Android. While you’re not able to buy or sell anything, you can still at least look through the options you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are for you to use to exchange your fiat money for cryptocurrency on these platforms. Nft Ocean
You can swap your fiat currency using a your credit or debit card as well as Paypal through these trusted sites for cryptocurrency:
- Bittrex, and other things!
Each of them has the option of converting them into ETH that is the most common crypto payment in OpenSea.
While OpenSea has been described as being an NFT marketplace that is open to all kinds of crypto, wallets are nevertheless more compatible than other. Since it is built around the ETH blockchain, any wallets which are part of that network will be suitable for this site.
Here’s a list of different crypto wallets you can utilize in 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 like easy registration, mobile-only usage and the ability to buy cryptocurrency using credit cards. Nft Ocean
To know more about it, you can check their FAQs for an overview of how you can get started and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has advantages and drawbacks. OpenSea isn’t the only one to have this. You can view its pros and pros here:
- Available as mobile apps that are compatible with iOS and Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto world and NFTs.
- Allows royalties 10% for artists (low royalty rates).
- Cannot buy or sell on the mobile app.
- Only supports cryptocurrency as its method of payment.
- The use of a Crypto account is needed to use 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 easily recover that amount when you are actively selling since there’s no extra charge for it.
Frequently Asked Questions Nft Ocean
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to provide artists a platform to sell their works online to receive cryptocurrency as a method of payment. It’s an excellent platform for artists who use it to sell NFTs because of its zero gas fees and low commission fees you must pay.
You can browse and purchase a vast collection of digital products on this NFT marketplace, so you should check it out!
Is OpenSea legitimate and is it safe?
The short answer is yes! OpenSea has been a reliable marketplace since it was established on the 1st of December in the year 2018. Because its system is based on a blockchain and is secured, it is safe to declare that transactions are secure and safe.
Additionally, as a seller, you will be verified after you have built up your credibility. A blue checkmark will appear to your account or collection you’ve uploaded to ensure the safety of anyone who buys from you. OpenSea’s team regularly reviews the contents to ensure users are protected.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you can receive only up to 10% of the royalties once you have uploaded the NFT. This is thought to be quite low in comparison with others NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) is widely used on this site and other sites to provide many more cryptocurrency users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of for OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. You can buy and sell cryptocurrency on trusted platforms with fiat money. All you have just connect your debit or credit card to Paypal for the transaction.
Does OpenSea have a desktop/mobile application?
As previously mentioned There is an official mobile application from OpenSea for both iOS and Android. Download it at their respective app store and you can start exploring the collection now!
The version for desktops that OpenSea that can be downloaded through WebCatalog. On the desktop app you are able to manage multiple accounts and receive notifications about updates to your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).