The crypto currency market is in a boom right now and you’re probably wondering where you can invest your crypto-coins. Markets have popped up all over the web that allow users to buy and sell NFTs using cryptocurrency! OpenSea is one of them, and it’s worth a look.
If you’re familiar with cryptocurrency, you’ve probably heard about OpenSea prior to this for a valid reason. It’s now one of the biggest and leading marketplaces among cryptocurrency users because of its safety and speedy transactions.
So, hop on board and let’s explore what you can do with OpenSea, along with checking the NFTs available to view!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Pixel
The purpose for OpenSea was to offer artists with a marketplace/platform to easily upload their commissions, without having to pay any additional fees. There are additional features that let you sell your art without too many difficulties.
In terms of registration, you don’t need to worry about giving all of your personal details. All you have to connect your crypto 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 popular cryptocurrency to use on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology which is utilized to carry out the majority of processes. It is also based with the Polygon blockchain, which ensures lower costs and faster trading.
With these two kinds of blockchains that are available you can pick which one you’d like to upload your NFT on as a seller. This will 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 consider 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 for other NFTs. It is possible to purchase anything as simple as a domain name to official art from an artist that you admire. Anyone can be a seller however, it takes time for anyone to become an established seller.
There’s a huge selection in the collection at OpenSea, and you can become a part of that! You can start your own market there, and also find NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent development for the crypto industry the term “NFT” has been going around so long on the internet that a lot of millennials have heard of it but not exactly sure what it means. Let’s take a look at what NFT is for anyone who is new in cryptocurrency.
One of the new things you can buy can be an NFT. The NFT is a token that is non-fungible which is extremely unique and can’t be substituted. It could be an item of any rareness, such as rare baseball trading cards in mint condition or a rare vinyl record.
There’s no limit on what an NFT can be as it’s a non-fungible thing you’re selling online. It is simpler to simply think of as an NFT to be a type of digital item paid via cryptocurrency only.
Minting is like calling the shots to your NFTs. You are calling the ownership of the particular item you uploaded on the marketplace, and you’re offering it for sale. Usually, this is recognized once you fill out all the necessary information about the NFT and finally submit it for sale on.
On OpenSea it’s a straightforward process to mint your NFTs by going to the store and simply making a collection to begin! Complete the correct and accurate information about your NFT and choose what kind of settings you’d like for it (e.g., blockchain and payment tokens). After that you are able to upload it, if it’s within the 100 MB limit.
You can watch and see how transactions progress from now to determine if OpenSea is the best marketplace for you.
What NFTs can you find here?
In this moment you’re probably asking yourself the kind of NFTs be purchased here, and what you could also sell if you choose to pursue that route. The type of NFT that you can purchase is unlimited as there’s a variety of options for how to approach it.
You could be selling digital products, trading cards game assets domain names, even physical assets! Find out what you think will bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what separates OpenSea from the others. There are no gas costs when you use this feature to mint and sell NFTs. This is essentially a way to ensure that you be able to make the highest profits once you begin selling since you don’t need to pay on extra fees.
There aren’t many NFT marketplaces have this feature, so this can be a fantastic way to receive high profit from your portfolio.
A Referral Program is another distinctive feature of OpenSea to take note of. Similar to traditional online markets there are benefits when you refer a friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from there you’ll be rewarded with 2.50% of the sale amount, letting you earn more cash by this method.
Other NFT marketplaces do not have this kind of feature either This is a further advantage OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile app, but it’s mostly used to browse the marketplace. Unfortunately, you can’t purchase or sell anything while you scroll through the list.
OpenSea’s mobile apps are available on both iOS as well as Android. Although you aren’t able to purchase or sell things, you can at least explore the products you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available for you to use to exchange your fiat money for cryptocurrency using these platforms. Nft Pixel
You can exchange your fiat money via the credit card, or Paypal via these reputable websites for cryptocurrency:
- Bittrex and many more!
Each of them has the option to exchange for ETH which is the primary cryptocurrency payment option in OpenSea.
While OpenSea is an NFT marketplace open to all forms of crypto, wallets are nonetheless more compatible than other. Because it is based using an ETH blockchain, wallets which are part of the same network are suitable for the site.
Here’s a list of several crypto wallets you can utilize in OpenSea:
- Authereum and many 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 purchase cryptocurrency using a credit card. Nft Pixel
To know more about it, you can check their FAQs to get an overview of how you can start and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has its advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and pros here:
- Available as mobile apps for iOS and Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalty rates of up to 10% for artists (low royalties).
- You cannot buy or sell products through our mobile apps.
- Only supports cryptocurrency as its method of payment.
- A Crypto account is needed for this marketplace.
OpenSea is available to anyone who has any crypto currency in their crypto wallets. If you’re 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 are actively selling since there’s no extra charge for it.
Frequently Asked Questions Nft Pixel
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to provide artists a platform to market their work online and receive cryptocurrency as their form of payment. It’s an ideal platform for artists using it to sell NFTs because of its zero cost of gas and low commission fee rate which you are required to pay.
You can browse and shop for a vast collection of digital goods in this NFT marketplace and you must go through it!
Is OpenSea legitimate and secure?
Answer: Yes! OpenSea has been a trusted marketplace since its inception in 2018. Since the system it operates on is built on a blockchain, it is safe to declare that transactions are safe and secure.
Additionally as a seller you will be verified after you’ve earned a reputation. A blue checkmark will appear to your account or the collection you’ve uploaded to ensure the safety of anyone who buys from you. The OpenSea team reviews regularly the content to ensure users are secure.
How can I earn royalties from OpenSea?
As an artist, you’ll receive only up to 10 percent of the royalties after you have uploaded the NFT. This is thought to be reasonably low compared to others NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) can be commonly used on this site as well as numerous others to cater for more cryptocurrency users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can utilize for OpenSea.
How do I pay for OpenSea? What are my payment methods 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 have just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea has a mobile or desktop application?
As previously mentioned, there is definitely an official mobile application from OpenSea that is available for iOS as well as Android. You can download it through their app store, and then you can begin exploring the collection now!
The version for desktops that OpenSea that can be downloaded through WebCatalog. With the desktop application 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/).