Cryptocurrency is booming right now, and you’re probably wondering where to invest your crypto coins. Marketplaces are popping up across the internet, designed to purchase and sell NFTs using cryptocurrency! OpenSea is among them and is worth checking out.
If you’re familiar with cryptocurrency, you’ve likely heard of OpenSea before for a good reason. It’s one of the biggest and leading marketplaces among cryptocurrency users because of 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 continue, 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 our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Office In Nashville
The aim to create OpenSea was to simply provide a platform/marketplace for artists to upload commissions, without having to pay any additional charges. There are additional features that let you sell your work without having to deal with many problems.
When it comes to registration, you won’t have to give any personal information about yourself. All you need to connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as simple as that, without many hassles when you enter into NFTs.
The most widely-used cryptocurrency used on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it, and this is used for the majority of transactions. It also operates on the Polygon blockchain, which ensures lower costs and faster trading.
With these two kinds of blockchains that are available it is possible to choose which one you would like to transfer your NFT to as a seller. This will ensure the security of your NFT and those who would like to buy it. All transactions are made using this blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace where you can exchange your cryptocurrency or NFTs for other NFTs. You can purchase anything from the simplest domain name to an official artwork from an artist you admire. Anyone can be a seller, but it takes a while for anyone to be an established one.
There’s a huge selection of NFTs available at OpenSea, and you can become a part of that! You can start your own market here, along with finding NFTs you want to purchase yourself.
What is an NFT?
In a recent advancement for the crypto market, the term “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 actually means. Let’s break down what an NFT is for any beginners in the field of cryptocurrency.
One of the latest ways that you can buy with cryptocurrency includes an NFT. A NFT is a token that is non-fungible which is extremely exclusive and cannot be substituted. It could be an item of any rareness like mint-condition baseball trading cards or unique vinyl album.
There is no limit to what an NFT can be since it’s a non-fungible item that you can sell on the internet. It is simpler to just consider as an NFT being a virtual collectible paid via cryptocurrency only.
Minting is similar to calling for dibs on your own NFTs. You are calling ownership over that particular token/item that you have uploaded to the marketplace, and offering it for sale. Usually, this becomes official when you have filled in the correct information about the NFT and finally upload it to the marketplace.
On OpenSea it’s a straightforward process to mine your NFTs by visiting the store and create a collection! Complete the correct and accurate information about your NFT and select the type of settings you’d like to use to use it with (e.g. blockchain or payment tokens). After you’ve completed the process you are able to upload it if it fits the limit of 100MB.
It is possible to wait and see how the transactions go from now on to see if OpenSea is the marketplace for you.
What NFTs can you get here?
So, at this point, you’re probably wondering which kind of NFT can be purchased here, and what you could also sell if you decide to go down that path. The type of NFT that you can purchase is unlimited since there’s a broad range of options for how to go about it.
It is possible to sell trade cards, digital goods game assets domain names, some physical items! Explore what you believe can yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that sets OpenSea from the others. There’s no cost for gas when you utilize this feature when you create and market NFTs. This simply means that you’ll receive the maximum profits when you start selling because you won’t have to spend on extra fees.
There aren’t many NFT marketplaces have this feature, so this is great for you to receive high profit from your collection.
A Referral Program is another distinctive feature of OpenSea to admire. Like traditional online marketplaces that offer benefits by referring a friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from the site, you’ll receive 2.50% of the sale amount, letting you earn more cash from this act.
Other NFT marketplaces don’t have this kind of feature either This is a further benefit OpenSea has over the other marketplaces.
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 scroll through the list.
OpenSea’s mobile apps are available on the two platforms of iOS and Android. While you’re not able to buy or sell something, you can at least look through the options you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available at your disposal to exchange your fiat money for cryptocurrency through these platforms. Nft Office In Nashville
You can convert the fiat currency you have with a your credit or debit card as well as Paypal via these reputable websites for cryptocurrency:
- Bittrex, and other things!
All of these have the option to exchange for ETH which is the primary cryptocurrency used in OpenSea.
While OpenSea is an NFT marketplace that is open to all kinds of cryptocurrency, the wallets still more compatible with it than other. Since it is built around the ETH blockchain, any wallets with a connection to the same network are suitable for the site.
Here is a list of different crypto wallets which you can use with OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions, such as easy registration, mobile-only usage and the ability to purchase cryptocurrency using a credit card. Nft Office In Nashville
To know more about it to learn more, check out their FAQs to get the steps you can get started and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and pros here:
- Mobile apps are available for iOS as well as Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto market and NFTs.
- Allows royalties 10% to artists (low royalty).
- You cannot buy or sell products via our mobile apps.
- Only accepts cryptocurrency as a method of payment.
- The use of a Crypto digital wallet must be used to access this marketplace.
OpenSea is open to everyone who has any crypto currency in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. However, overall, you will easily recover that amount when you sell regularly since there’s no additional cost for it.
Frequently Asked Questions Nft Office In Nashville
What is OpenSea?
OpenSea is an NFT marketplace that seeks to give artists a chance to sell their works online to receive cryptocurrency as a method of payment. It’s a great platform for artists using for selling NFTs because of its zero gas fees and low commission fees which you are required to pay.
You can browse and shop for the vast array of digital products on this NFT marketplace, so you should go through it!
Is OpenSea legitimate and secure?
Short answer: Yes! OpenSea is a reputable marketplace since its inception on the 1st of December in 2018. Since the system it operates on is built on blockchain technology and is secured, it is safe to say that your transactions are safe and secure.
Furthermore as a seller you will be verified after you build up your reputation. A blue checkmark is placed next to your account or collection you’ve uploaded to ensure the safety of any customer. The team at OpenSea regularly checks the contents to ensure users are protected.
How can I earn royalties on OpenSea?
As an artist, you’ll receive only up to 10 percent of the royalties after you have uploaded the NFT. This is believed to be quite low in comparison to others NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) is commonly used on this site and numerous others to cater for many more crypto users. These are other cryptos you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can use for OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. You can easily purchase or trade cryptocurrency using reliable platforms using fiat currency. All you need just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea have a desktop/mobile application?
As previously mentioned There is an official mobile application from OpenSea for both iOS or Android. You can download it through their app store and you can start exploring the collection right now!
The version for desktops that OpenSea that can be downloaded through WebCatalog. In the desktop application, you can manage multiple accounts and get notifications on updates regarding 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/).