The crypto currency market is in a boom right now and you’re probably thinking where you can invest your crypto-coins. Marketplaces are popping up across the digital web designed to sell and buy NFTs with cryptocurrency! OpenSea is one of them, and it’s worth looking into.
If you’re interested in crypto, you’ve likely heard of OpenSea previously for a valid reason. It’s one of the largest and most popular marketplaces for cryptocurrency users because of its security and rapid transactions.
Get on board, and let’s explore the possibilities of OpenSea and also see the NFTs available to view!
Before you go on, you may want to watch 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 On Bitcoin
The goal of OpenSea was to provide a platform/marketplace for artists to easily upload their commissions without any extra fees. It also has additional functions that let you sell your art without too many difficulties.
When it comes to registration, you won’t have to provide all of your personal details. All you need to do is connect your crypto wallet and voila! You have an account with OpenSea! It can be as simple as that and without many hassles when you enter into NFTs.
The most well-known cryptocurrency to use within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system and is used to carry out the majority of processes. It also operates using the Polygon blockchain to ensure lower costs and faster trading.
With these two kinds of blockchains, you can choose which one you’d like to publish your NFT as seller. This ensures the safety of your NFT, along with those who wish to buy it. All transactions will be made using this blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall that lets you trade your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything just a domain name, to a piece of art from an artist you admire. Anyone can sell however, it takes a while for anyone to be an established seller.
There’s a huge selection of NFTs available of NFTs available at OpenSea, and you can also be a part of the collection! You can start your own market on this site, as well as find NFTs you’d like to buy for 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 internet that the majority of young people are familiar with it , but not exactly sure 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. The NFT is a non-fungible currency which is extremely individual and cannot be changed. It can be a piece of rareness like rare baseball trading cards in mint condition, or a uncommon vinyl record.
There is no limit to what an NFT could be, since it’s a non-fungible item that you sell on the internet. It is simpler to just imagine the NFT being a virtual collectible which is only paid in cryptocurrency.
Minting is similar to calling for dibs to your NFTs. It is a way of claiming the ownership of the particular item that you have uploaded to the marketplace, and putting it up for sale. Usually, this becomes official after you fill in the proper information regarding the NFT and then add it on the market.
On OpenSea it’s a straightforward process to mint your NFTs by going to the store and then making a collection to begin! Complete the correct and complete information about your NFT and then select what type of settings you want to use it with (e.g. blockchain and money transfer tokens). After that then you’re able to upload it if it fits the limit of 100MB.
It is possible to wait and see how transactions progress from now on to see if OpenSea is the best marketplace for you.
What NFTs can you find here?
So, at this point you’re probably thinking about what kind of NFTs can you shop for here and what kind of NFTs you can also sell if you decide to go down that path. The kind of NFT that you can purchase isn’t limited since there’s a broad range of options for how to approach it.
It is possible to sell trade cards, digital goods game assets, domain names, and also physical goods! Consider what you believe will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that separates OpenSea from the other options. There are no gas costs when you utilize this feature to create and market NFTs. This is essentially a way to ensure that you get the most profit when you sell because you don’t need to pay on additional fees.
Very few NFT marketplaces offer this feature, which is why this can be a fantastic way to make a huge profit from your portfolio.
A Referral Program is another distinctive feature of OpenSea to admire. Similar to traditional online markets, you can receive rewards when you refer your friend to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from there you’ll be rewarded with 2.50 percent of the sales amount, which means you can earn more cash by this method.
Other NFT marketplaces don’t have this kind of feature either and that’s another benefit OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile application, however it’s mostly for perusing through the marketplace. You can’t buy or sell items as you browse through the listing.
OpenSea’s mobile apps are available for the two platforms of iOS and Android. While you’re not able to buy or sell things, you can browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available to you You can also convert your fiat money into cryptocurrency on these platforms. Nft On Bitcoin
You can swap your fiat currency using a the credit card, or Paypal on these reliable websites to exchange it for crypto:
- Bittrex and many more!
Each of them has the option to exchange for ETH which is the primary cryptocurrency used in OpenSea.
While OpenSea has been described as being an NFT marketplace open to all types of cryptocurrency, the wallets still more compatible with it than other. Because it is based on an ETH blockchain, any wallets which are part of the same network are suitable for this website.
Here’s a list different crypto wallets you can use in OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations, such as easy registration, use on mobile devices only and the ability to purchase cryptocurrency using credit cards. Nft On Bitcoin
To know more about it to learn more, check out their FAQs to get a rundown of how you can start and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets every one of them has its advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and cons here:
- Mobile apps available that are compatible with iOS or Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- The best option for beginners to the crypto world and NFTs.
- Allows royalty rates of 10% for artists (low royalty).
- You cannot buy or sell products via the mobile app.
- Only accepts cryptocurrency as a form of payment.
- A Crypto account is needed to use this marketplace.
OpenSea is open to everyone who has any crypto currency in their crypto wallets. When you are selling, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. In the end, you’ll easily recover that amount when you actively sell because there is no additional fee for it.
Frequently Asked Questions Nft On Bitcoin
What is OpenSea?
OpenSea is an NFT marketplace that aims to provide artists a platform to market their work online, and to accept cryptocurrency as a form of payment. It’s an ideal platform for artists using it to sell NFTs due to its low gas costs and the low commission rate which you are required to pay.
You can browse and shop for the vast array of digital items on the NFT marketplace and you must check it out!
Is OpenSea real and is it safe?
Short answer: Yes! OpenSea has been a reliable marketplace since it was established at the end of the year of 2018. Since the system it operates on is built on blockchain technology and is secured, it is safe to claim that your transactions are protected and secured.
In addition as a seller you’ll be verified when you have built up your credibility. A blue checkmark will be assigned next to your account or collection that you have uploaded to assure any customer. The OpenSea team reviews regularly the contents to ensure users are protected.
How do I earn royalties from OpenSea?
However, as an artist, you can get only 10% of the royalties once you have uploaded the NFT. This is thought to be quite low in comparison to other NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) can be frequently used on this site and numerous others to cater for more crypto users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can use to use OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. You can easily purchase or sell cryptocurrency on trusted platforms with fiat money. All you need just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea have a desktop or mobile app?
As we mentioned earlier, there is definitely an official mobile app from OpenSea for both iOS and Android. You can download it through their app store, and then you can begin browsing through the collection right now!
The Desktop application that OpenSea that can be downloaded through WebCatalog. On the desktop app 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/).