The cryptocurrency market is on the rise and you’re probably thinking where you can invest your crypto-coins. Marketplaces are popping up across the internet, designed to buy and sell NFTs using cryptocurrency! OpenSea can be one, and it’s worth a look.
If you’re well-versed in cryptocurrency you’ve likely heard of OpenSea previously for a valid reason. It’s one of the largest and most popular marketplaces for cryptocurrency enthusiasts due to its security and quick transactions.
So, hop on board and let’s see the possibilities of OpenSea, along with checking the NFTs that you can see!
Before you continue, 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 of OpenSea.
OpenSea as an NFT Marketplace Nft Platforms
The goal for OpenSea was to simply provide artists with a marketplace/platform to easily upload their commissions, without having to pay any additional fees. It has more functions that allow you to sell your art without too many issues.
For the registration process, you don’t have to worry about giving any personal information about yourself. All you have to connect your crypto 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 widely-used cryptocurrency that is used within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system and is used for the majority of transactions. It is also based with the Polygon blockchain, which allows for low-cost and quicker trading.
With these two kinds of blockchains you can pick which one you’d like to upload your NFT on as a seller. This will ensure the security of your NFT as well as those who wish to buy it. All transactions will be made by using the blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace where you can exchange your NFTs or cryptocurrency for other NFTs. You can buy anything as simple as a domain name to an official artwork by an artist you admire. Anyone can become a seller however it takes time for anyone to be a reputable one.
There are a variety of NFTs from the selection on OpenSea, and you can join in with the collection! You can set up your own personal market there, and also find NFTs you’d like to buy yourself.
What is an NFT?
In a recent development for the cryptocurrency industry”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that many millennials are familiar with it , but aren’t exactly sure what it is. Let’s look at what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the new things you can purchase your cryptocurrency can be an NFT. A NFT is a non-fungible token that is exclusive and cannot be changed. This can be an item of rareness, such as mint-condition baseball trading cards, or a unique vinyl album.
There’s no limit on what an NFT could be, since it’s a non-fungible object that you can sell on the internet. It is simpler to just consider the NFT being a virtual collectible which is only paid in cryptocurrency.
Minting is like calling the shots to your NFTs. You’re claiming the owner of the item or token that you have uploaded to the marketplace, and putting it up for sale. Typically, this is official when you have filled in the proper information regarding the NFT and then upload it to the marketplace.
On OpenSea It’s a very simple procedure to create your own NFTs by going to the store and then creating a collection to start! Fill out the proper and accurate information about your NFT and select the type of settings you’d like to use it with (e.g. blockchain or payment tokens). Once that’s all done then you’re able to upload it, if it’s within the 100 MB limit.
It is possible to wait and see the way transactions are handled from now to see whether OpenSea is the marketplace for you.
What NFTs are available here?
So, at this point, you’re probably wondering the kind of NFTs can you shop for here and what you can also sell if you choose to pursue that route. The type of NFT it can be isn’t limited since there’s a broad range of options for how to go about it.
You can be selling digital items, trading cards games domain names, also physical goods! Consider what you believe will bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that differentiates OpenSea from other companies. There are no gas costs for using this feature to mint and sell NFTs. This is essentially a way to ensure that you get the most profit when you start selling because you won’t have to spend on any additional charges.
Not many NFT marketplaces have this feature, which is why this is great for you to make a huge profit from your collection.
A Referral Program is a different aspect of OpenSea to admire. Similar to traditional online markets, you can receive advantages by referring someone else to OpenSea! If you encourage a friend join OpenSea and buy an NFT from the site you’ll earn 2.50 percent of the purchase amount, which means you can earn more money by this method.
Other NFT marketplaces don’t offer this feature, so that’s just another benefit OpenSea has over the other marketplaces.
There is an OpenSea mobile application, however it is mainly used to browse through the marketplace. It isn’t able to purchase or sell anything while you browse through the listings.
OpenSea’s mobile apps are available on the two platforms of iOS as well as Android. Even though you can’t buy or sell something, you can explore the products you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are at your disposal, and you can trade your fiat currency for cryptocurrency through these platforms. Nft Platforms
You can swap the fiat currency you have with a the credit card, or Paypal on these reliable websites for cryptocurrency:
- Bittrex, and many more!
Each of them has the option of converting them into ETH which is the primary cryptocurrency payment option in OpenSea.
Although OpenSea can be described as an NFT marketplace that is open to all forms of cryptocurrency, the wallets still more compatible with it than others. Since it is built around the ETH blockchain, all wallets that share that network will be suitable for this website.
Here’s a list of various crypto wallets that which you can use with OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations including simple registration, use on mobile devices only, and the function to purchase cryptocurrency with a credit card. Nft Platforms
To know more about it to learn more, check out their FAQs for an overview of how you can begin and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with advantages and drawbacks. OpenSea isn’t the only one to have this. You can view its pros and pros here:
- Mobile apps are available that are compatible with iOS as well as Android.
- Smart contracts are used for transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in the crypto market and NFTs.
- Allows royalties of only 10% for artists (low royalty rates).
- You cannot buy or sell products via this mobile application.
- Only supports cryptocurrency as its method of payment.
- An Crypto account is needed to use this marketplace.
OpenSea is open to everyone who has crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. In the end, you’ll quickly recover this amount if you actively sell because there’s no additional cost for it.
Frequently Asked Questions Nft Platforms
What is OpenSea?
OpenSea is an NFT marketplace that is designed to offer artists a way to market their work online and receive cryptocurrency as their form of payment. It’s an ideal platform for artists who use it to sell NFTs due to its low cost of gas and low commission fees you must pay.
You can browse and purchase an array of digital goods in this NFT marketplace and you must check it out!
Is OpenSea legitimate and is it safe?
Short answer: Yes! OpenSea has been a reliable marketplace since it was founded on the 1st of December in 2018. Since its system is based on a blockchain, it is safe to claim that your transactions are secure and safe.
Furthermore, as a seller, you can become verified once you have built up your credibility. A blue checkmark will be assigned next to your account or any collection that you have uploaded to assure every customer. OpenSea’s team regularly reviews the content to ensure users are safe.
How do 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 believed to be a reasonable amount compared against the other NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) can be frequently utilized on this website and other sites to provide many more crypto users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can make use of to access OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. It is easy to buy or sell cryptocurrency through trusted platforms with 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 app?
As we mentioned earlier There is an official mobile application from OpenSea that is available for iOS and Android. Download it at their respective app store and then you can begin browsing through the collection right now!
There is also a Desktop application that OpenSea can be downloaded via WebCatalog. In the desktop application, you can manage multiple accounts and get alerts on any updates that affect 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/).