The crypto currency market is in a boom right now, and you’re probably wondering where to invest your crypto currency. There are numerous marketplaces popping up across the internet, designed to sell and buy NFTs via cryptocurrency! OpenSea is one of them, and it’s worth checking out.
If you’re well-versed in cryptocurrency, you’ve probably heard of OpenSea previously for a valid reason. It’s one of the biggest and leading marketplaces among cryptocurrency users because of its security and rapid transactions.
Get on board, and let’s see what you can do with OpenSea as well as examining the NFTs available to view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Patents
The purpose for OpenSea was to provide an online marketplace for artists to easily upload their commissions with no additional fees. It also has additional functions that allow you to sell your artwork without any issues.
When it comes to registration, you won’t have to give too many details about yourself. All you have to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It can be as simple as that and without many hurdles as you walk into NFTs.
The most well-known cryptocurrency to use on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system and is used for the majority of transactions. It is also based with the Polygon blockchain, which ensures lower costs and faster trading.
There are two types of blockchains available, you can choose which one you want to transfer your NFT to as a seller. This ensures the safety of your NFT and those who wish to purchase it. Every transaction will be conducted using this blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything the simplest domain name to an official artwork by an artist you admire. Anyone can be a seller however, it takes a while for anyone to be an established seller.
There’s a huge selection from the selection of NFTs available at OpenSea, and you can join in with the collection! You can start your own marketplace on this site, as well as find NFTs you want to purchase for yourself.
What is an NFT?
A recent change in the cryptocurrency industry the term “NFT” has been going around for so long on internet that the majority of young people have heard of it but aren’t exactly sure what it is. Let’s break down what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the new things you can buy includes an NFT. An NFT is a non-fungible currency that is very individual and cannot be substituted. It could be an item of any rareness, such as authentic baseball cards or unique vinyl album.
There is no limit to what an NFT could be, since it’s a non-fungible thing that you can sell online. More straightforwardly, you can just imagine the NFT as a digital collectible paid via cryptocurrency only.
Minting is similar to calling for dibs to your NFTs. You’re claiming ownership over that particular token/item you uploaded on market, as you’re putting it up for sale. Typically, this is official once you fill out all the necessary information about the NFT and finally add it on the market.
On OpenSea, it’s a simple process to mine your NFTs by visiting the store and simply create a collection! Complete the correct and accurate information about your NFT and choose what kind of settings you want to use it with (e.g., blockchain and payment tokens). After that, you can finally upload it to the internet if it’s in the 100 MB limit.
You can wait and observe how transactions progress from here on out to see if OpenSea is the best marketplace for you.
What NFTs are available here?
At this point, you’re probably wondering which kind of NFT be purchased here and what you can also sell if you decide to go down that path. The type of NFT it can be is unlimited since there’s a broad range of options for how to approach it.
You could be selling trade cards, digital goods game assets domain names, also physical goods! Find out what you think will yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that separates OpenSea from the other options. There are zero gas fees for using this feature when you mint and sell NFTs. This is essentially a way to ensure that you get the most profit when you begin selling since you won’t have to spend on additional fees.
Not many 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 another unique aspect of OpenSea to admire. Like traditional online marketplaces, you can receive benefits by referring a friend to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from the site you’ll earn 2.50% of the sale amount, letting you make more money from this act.
Other NFT marketplaces don’t have the same feature and that’s another benefit OpenSea has over them.
There is an OpenSea mobile app, but it’s mostly used to browse the marketplace. It isn’t able to purchase or sell items as you scroll through the list.
The mobile apps of OpenSea are available on both iOS and Android. While you’re not able to buy or sell anything, you can still browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are at your disposal to convert your fiat money into cryptocurrency through these platforms. Nft Patents
You can exchange your fiat money via your credit or debit card as well as Paypal through these trusted sites for cryptocurrency:
- Bittrex, and other things!
All of these have the option of converting them into ETH, which is the standard crypto payment in OpenSea.
Although OpenSea is an NFT marketplace open to all kinds of crypto, wallets are nevertheless more compatible than other. Since it is built mainly on the ETH blockchain, any wallets which are part of that network will be suitable for this website.
Here’s a list various crypto wallets that you can utilize in OpenSea:
- Authereum and more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations including simple registration, only mobile usage as well as the capability to purchase cryptocurrency using a credit card. Nft Patents
For more information about the service You can go through their FAQs to see an overview of how you can get started and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and cons here:
- Mobile apps available that are compatible with iOS and Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
- Allows royalties 10% to artists (low royalty).
- It is not possible to buy or sell items via this mobile application.
- Only supports cryptocurrency as its type of payment.
- The use of a Crypto digital wallet must be used for this marketplace.
OpenSea is available to anyone who has crypto coins 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. But overall, you can quickly regain that when you sell regularly since there is no additional fee for it.
Frequently Asked Questions Nft Patents
What is OpenSea?
OpenSea is an NFT marketplace that aims to offer artists a way to market their work online to receive cryptocurrency as their form of payment. It’s an excellent option for artists who want to use it to sell NFTs due to its low gas fees and low commission fee rate you must pay.
You can browse and purchase an array of digital items on the NFT marketplace which is why you should definitely check it out!
Is OpenSea legitimate and is it safe?
Answer: Yes! OpenSea has been a trusted marketplace since its inception in 2018. Since its system is built on a blockchain and is secured, it is safe to declare that transactions are safe and secure.
Furthermore as a seller you can become verified once you’ve earned a reputation. A blue checkmark is placed on your account or collection that you have uploaded to assure every customer. The OpenSea team reviews regularly the contents to ensure users are safe.
How can I earn royalties on OpenSea?
However, as an artist, you will be paid only 10 percent of the royalties when you upload the NFT. This is considered to be reasonably low compared to others NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) can be frequently used on this site as well as numerous others to cater for 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 use OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. You can buy and sell cryptocurrency on secure platforms that accept fiat money. All you need 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 from OpenSea for both iOS or Android. Install it from their app store, and you can start exploring the collection now!
There is also a Desktop application that OpenSea which can be downloaded from WebCatalog. On the desktop app, you can manage multiple accounts and receive notifications on updates regarding your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).