The crypto currency market is in a boom right now and you’re probably thinking where to invest your crypto-coins. There are numerous marketplaces popping up all over the digital web designed to sell and buy NFTs with cryptocurrency! OpenSea is among them, and it’s worth checking out.
If you’re well-versed in cryptocurrency you’ve likely heard of OpenSea prior to this for a valid reason. It’s one of the biggest and leading marketplaces among cryptocurrency enthusiasts due to its security and rapid transactions.
So, hop on board and let’s explore the possibilities of OpenSea and also see the NFTs available to view!
Before you continue, 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 our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Photography Marketplace
The purpose of OpenSea was to offer an online marketplace for artists to upload commissions without any extra charges. There are additional features which allow you to market your work without having to deal with many problems.
In terms of registration, you don’t need to provide too many details 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 hurdles as you walk into NFTs.
The most popular cryptocurrency that is used within 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 most processes. It also operates with the Polygon blockchain, which allows for the lowest cost and speediest trading.
With these two types of blockchains that are available you can pick which one you would like to publish your NFT as seller. This is to ensure the security of your NFT and those who would like to buy it. Every transaction will be conducted by using the blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace 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 an official artwork by an artist you admire. Anyone can be a seller, but it takes some time for anyone to be a reputable one.
There is a wide variety in the collection of NFTs available at OpenSea, and you can become a part of this! You can set up your own market on this site, as well as find NFTs you want to purchase yourself.
What is an NFT?
A recent change in the cryptocurrency industry,”NFT,” a popular term in the crypto industry “NFT” has been going around so long on the internet that a lot of millennials are familiar with it but not exactly sure what it actually means. Let’s look at what an NFT is for any beginners in the field of cryptocurrency.
One of the new things you can buy includes an NFT. A NFT is a non-fungible currency which is extremely individual and cannot be substituted. This can be an item of any rarity like mint-condition baseball trading cards, 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 online. In simpler terms, you could just consider as an NFT as a digital item which is only paid in cryptocurrency.
Minting is like calling the shots to your NFTs. You are calling the owner of the item or token that you have uploaded to the market place, but putting it up for sale. Usually, this becomes official after you fill in the correct information about the NFT and finally add it on the market.
On OpenSea, it’s a simple process to mine your NFTs. All you have to do is visit the store and then create a collection! Fill out the proper and accurate information about your NFT and choose what kind of settings you want for it (e.g., blockchain or payments tokens). Once that’s all done you are able to upload it if it fits the 100 MB limit.
You can wait and observe how the transactions go from here on out to determine if OpenSea is the best marketplace for you.
What NFTs can you get here?
At this point you’re probably thinking about which kind of NFT be purchased here and what kind of NFTs you can sell should you decide to go down that path. The kind of NFT that you can purchase is indefinite as there’s a variety of how you can do it.
It is possible to sell digital items, trading cards games domain names, also physical goods! Explore what you believe can reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that sets OpenSea from the others. There’s no cost for gas 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 start selling because you don’t need to pay on extra fees.
Not many NFT marketplaces have this feature, so this is a great way to receive high profit from your portfolio.
A Referral Program is another unique aspect of OpenSea to admire. Similar to traditional online markets there are advantages when you refer a 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, letting you make more money through this action.
Other NFT marketplaces do not have this feature This is a further benefit OpenSea has over them.
There is an OpenSea mobile app, but it’s mostly to browse the marketplace. You can’t buy or sell anything while you browse through the listings.
OpenSea’s mobile apps are available for both iOS in addition to Android. Although you aren’t able to purchase or sell anything, you can still browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available at your disposal to trade your fiat currency for cryptocurrency using these platforms. Nft Photography Marketplace
You can exchange your fiat money via credit card or Paypal on these reliable websites to exchange it for crypto:
- Bittrex and many more!
Each of them has the option of converting them into ETH, which is the primary cryptocurrency used in OpenSea.
While OpenSea can be described as an NFT marketplace that is open to all types of cryptocurrency, the wallets nevertheless more compatible than other. Because it is based using an ETH blockchain, any wallets which are part of that network will be suitable for the site.
Here’s a list different crypto wallets you can utilize in OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each has its own limitations including simple registration, mobile-only usage, and the function to buy cryptocurrency using the credit card. Nft Photography Marketplace
To learn more about it, you can check their FAQs to get the steps you can get started and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets every one of them has advantages and drawbacks. OpenSea isn’t the only one to have this. You can read about its pros and pros here:
- Mobile apps are available for iOS and Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- The best option for beginners to the crypto industry and NFTs.
- Allows royalties up to 10% for artists (low royalty rates).
- Cannot buy or sell on the mobile app.
- Only supports cryptocurrency as its method of payment.
- A Crypto wallet is required for this marketplace.
OpenSea is open to everyone who has crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. In the end, you’ll quickly recover this amount if you sell regularly since there’s no additional cost for it.
Frequently Asked Questions Nft Photography Marketplace
What is OpenSea?
OpenSea is an NFT marketplace that aims to provide artists a platform for selling their artwork 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 no cost of gas and low commission fee rate you must pay.
You can shop and browse the vast array of digital goods in this NFT marketplace, so you should check it out!
Is OpenSea real and is it safe?
Answer: Yes! OpenSea has been a trusted marketplace since it was established on the 1st of December in the year of 2018. Because its system is built on blockchain technology 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 be assigned 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 be paid only 10% of the royalties once you have uploaded the NFT. This is thought to be a reasonable amount compared to other NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) has been widely utilized on this website and numerous others to cater for more crypto users. These are other cryptos you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can make use of for OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency on secure platforms that accept fiat money. All you have just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea have a desktop or mobile application?
As we mentioned earlier There is an official mobile app by OpenSea available for both iOS as well as Android. Download it at their respective app store, and you can start exploring the collection right now!
A version for desktops that OpenSea which can be downloaded from WebCatalog. With the desktop application, you can manage multiple accounts and get 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/).