Cryptocurrency is booming right now and you’re probably thinking where you can invest your crypto coins. There are numerous marketplaces popping up all over the digital web designed to buy and sell NFTs via cryptocurrency! OpenSea is among them, and it’s worth checking out.
If you’re well-versed in cryptocurrency, you’ve likely heard of OpenSea before for a good reason. It’s now one of the biggest and leading marketplaces among users of cryptocurrency due to its safety and speedy transactions.
Get on board, and let’s see what you can do with OpenSea, along with checking 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 Pepe
The purpose of OpenSea was to offer artists with a marketplace/platform to easily upload their commissions without any extra charges. It also has additional functions which allow you to market your art without too many difficulties.
When it comes to registration, you don’t need to give too many details about yourself. All you need to do is connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It can be as simple as that and without many hurdles as you walk into NFTs.
The most popular cryptocurrency used on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system which is utilized to carry out the majority of processes. It is also based on the Polygon blockchain to ensure the lowest cost and speediest trading.
With these two types of blockchains available you can pick which one you’d like to transfer your NFT to as a seller. This is to ensure the security of your NFT, along with the people who want to buy it. Every transaction will be conducted using this blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an online shopping mall that is endless where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything just a domain name to official art from an artist that you admire. Anyone can be a seller however, it takes a while for anyone to be an established seller.
There are a variety of NFTs in the collection on OpenSea, and you can also be a part of that! You can start your own market there, and also find NFTs that you would like to purchase yourself.
What is an NFT?
In a recent advancement for the crypto industry, the term “NFT” has been going around for so long on internet that many millennials are familiar with it , but aren’t exactly sure what it actually means. Let’s look at what an NFT is for anyone who is new in the field of cryptocurrency.
One of the latest ways that you can buy with cryptocurrency includes an NFT. The NFT is a non-fungible token that is exclusive and cannot be substituted. It could be a piece of rarity like rare baseball trading cards in mint condition or a rare vinyl record.
There’s no limit to what an NFT can be since it’s a non-fungible item that you can sell online. More straightforwardly, you can just consider the NFT to be a type of digital collectible which is only paid in cryptocurrency.
Minting is like calling dibs on your own NFTs. You’re claiming ownership over that particular token/item you uploaded on market, as you’re offering it for sale. Usually, this is recognized after you fill in the correct information about the NFT and finally 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! Input the appropriate and complete information about your NFT and then select what type of settings you want for it (e.g., blockchain or payment tokens). Once that’s all done then you’re able to upload it if it fits the limit of 100MB.
You can wait and observe how the transactions go from now to determine if OpenSea is the best marketplace for you.
What NFTs can you find here?
At this point you’re probably asking yourself what kind of NFTs can be found here and what you can sell should you decide to pursue that route. The type of NFT that you can purchase is indefinite since there’s a broad range of how you can go about it.
You could be selling trade cards, digital goods, game assets, domain names, and some physical items! Explore what you believe can bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what differentiates OpenSea from the others. There are zero gas fees when you use this feature to make and then sell the NFTs. This simply means that you’ll get the most profit when you sell because you don’t need to pay on extra fees.
Very few NFT marketplaces provide this feature, which is why this is great for you to earn a high return from your portfolio.
The Referral Program is another unique aspect of OpenSea to admire. Similar to traditional online markets that offer rewards when you refer your friend to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from the site you’ll be rewarded with 2.50 percent of the sales amount, which allows you to make more money from this act.
Other NFT marketplaces don’t have this feature This is a further benefit OpenSea has over them.
There’s an OpenSea mobile app, but it’s mostly to browse the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listings.
The mobile apps from OpenSea are accessible on both iOS and Android. Even though you can’t buy or sell things, you can 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 You can also trade your fiat currency for cryptocurrency on these platforms. Nft Pepe
You can convert the fiat currency you have with a the credit card, or Paypal via these reputable websites for cryptocurrency:
- Bittrex, and other things!
All of them have the option to exchange for ETH which is the primary crypto payment in OpenSea.
Although OpenSea has been described as being an NFT marketplace open to all kinds of crypto, wallets are nevertheless more compatible than other. Because it is based on an ETH blockchain, all wallets with a connection to that network will be suitable for this site.
Here’s a list different crypto wallets you can use in OpenSea:
- Authereum and many more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each has its own limitations, such as easy registration, use on mobile devices only and the ability to purchase cryptocurrency with a credit card. Nft Pepe
For more information about the service You can go through their FAQs to see a rundown of how you can get started and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with its advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and pros here:
- Mobile apps are available for iOS and Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto market and NFTs.
- Allows royalty rates of 10% to artists (low royalty rates).
- It is not possible to buy or sell items through our mobile apps.
- Only supports cryptocurrency as its form of payment.
- A Crypto wallet is required to use this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. But overall, you can quickly recover this amount if you sell regularly since there’s no additional cost for it.
Frequently Asked Questions Nft Pepe
What is OpenSea?
OpenSea is an NFT marketplace that seeks to offer artists a way to sell their works online and receive cryptocurrency as a method of payment. It’s an ideal platform for artists using it to sell NFTs due to its low gas costs and low commission fees that you have to pay.
You can browse and purchase a vast collection of digital goods in this NFT marketplace which is why you should definitely check it out!
Is OpenSea legitimate and safe?
Answer: Yes! OpenSea has been a trusted marketplace since its inception at the end of the year of 2018. Since the system it operates on is built on a blockchain and is secured, it is safe to declare that transactions are secure and safe.
In addition as a seller you will be verified after you’ve earned a reputation. A blue checkmark will appear to your account or collection you’ve uploaded to ensure the safety of every customer. The OpenSea team reviews regularly the content to ensure users are secure.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you’ll receive only up to 10 percent of the royalties when you upload the NFT. This is thought to be a reasonable amount compared to the other NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) has been frequently used on this site as well as many others to accommodate more cryptocurrency users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can use to access OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. You can easily purchase or trade cryptocurrency using secure platforms that accept fiat money. All you have be able to connect is your credit or Paypal for the transaction.
Does OpenSea have a desktop/mobile app?
As previously mentioned, there is definitely an official mobile application from OpenSea for both iOS as well as Android. Install it from their app store, and begin browsing through the collection right now!
The desktop application for OpenSea can be downloaded via WebCatalog. With the desktop application you are able to manage multiple accounts and receive notifications about updates to 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/).