The cryptocurrency market is on the rise and you’re probably wondering where to invest your crypto currency. Marketplaces are popping up across the web that allow users to purchase and sell NFTs using cryptocurrency! OpenSea can be one and is worth checking out.
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 largest and leading marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.
So, hop on board and discover the possibilities of OpenSea, along with checking the NFTs available to view!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Political Quiz
The purpose for OpenSea was to simply provide an online marketplace for artists to upload commissions without any extra fees. It has more functions that let you sell your artwork without any problems.
When it comes to the registration process, you don’t have to provide 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 hassles when you enter into NFTs.
The most widely-used cryptocurrency that is used on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology, and this is used to carry out the majority of processes. It also operates with the Polygon blockchain, which ensures the lowest cost and speediest trading.
With these two kinds of blockchains available, you can choose which one you would 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. All transactions will be made by using the blockchain, and you must 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 in exchange for other NFTs. You can purchase anything from just a domain name to an official artwork from an artist you admire. Anyone can sell, but it takes a while for anyone to become an established seller.
There’s a huge selection from the selection at OpenSea and you could join in with the collection! You can set up your own personal market there, and also find NFTs you’d like to buy for 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 internet that many millennials are familiar with it but not exactly sure what it means. Let’s look at what an NFT is for anyone who is new in cryptocurrency.
One of the newest things that you can buy with cryptocurrency is an NFT. A NFT is a token that is non-fungible which is extremely exclusive and cannot be changed. It can be a piece of rarity like mint-condition baseball trading cards, or a unique vinyl album.
There is no limit to what an NFT can be as it’s a non-fungible thing that you sell online. More straightforwardly, you can just think of the NFT to be a type of digital item that is paid for using cryptocurrency only.
Minting is like calling the shots to your NFTs. It is a way of claiming the owner of the item or token that you posted to the market place, but selling it. Usually, this is recognized when you have filled in all the necessary information about the NFT and finally upload it to the marketplace.
On OpenSea, it’s a simple process to mine your NFTs by going to the store and then making a collection to begin! Complete the correct and complete information about your NFT and then select what type of settings you want for it (e.g. blockchain, payment tokens). After you’ve completed the process you are able to upload it, if it’s within the limit of 100MB.
You can wait and observe how the transactions go from here on out to determine whether OpenSea is the right marketplace for you.
What NFTs can you find here?
In this moment, you’re probably wondering which kind of NFT can be found here and what kind of NFTs you can also sell if you decide to go that route. The type of NFT it can be is indefinite because there’s a wide range of how you can do it.
It is possible to sell digital products, trading cards game assets, domain names, and even physical assets! Consider what you believe will reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what sets OpenSea from the other options. There’s no cost for gas when you use this feature to mint and sell NFTs. This is essentially a way to ensure that you get the most profit when you sell because you don’t need to pay on extra fees.
Very few NFT marketplaces offer this feature, and it can be a fantastic way to earn a high return from your NFT collection.
The Referral Program is another unique aspect of OpenSea to take note of. Similar to traditional online markets, you can receive benefits by referring someone else to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from there, you’ll receive 2.50 percent of the purchase amount, which allows you to earn more cash through this action.
Other NFT marketplaces don’t have this feature This is a further advantage OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile app, but it’s mostly for perusing through the marketplace. It isn’t able to purchase or sell anything while you scroll through the list.
OpenSea’s mobile apps are available for both iOS and Android. Although you aren’t able to purchase or sell anything, you can still at least explore the products you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available to you You can also convert your fiat money into cryptocurrency on these platforms. Nft Political Quiz
You can convert the fiat currency you have with a credit card or Paypal through these trusted sites for cryptocurrency:
- Bittrex and more!
All of these have the option to exchange for ETH which is the primary cryptocurrency used in OpenSea.
Although OpenSea has been described as being an NFT marketplace that is open to all types of crypto, wallets are nevertheless more compatible than other. Since it is built around an ETH blockchain, any wallets with a connection to that network will be suitable for the site.
Here is a list of several crypto wallets which you can use with OpenSea:
- Authereum and many more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, only mobile usage, and the function to purchase cryptocurrency with credit cards. Nft Political Quiz
To know more about it, you can check their FAQs for an overview of how you can start and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with advantages and drawbacks. OpenSea isn’t the only one to have this. You can read about its pros and cons here:
- Mobile apps are available that are compatible with iOS and Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in the crypto market and NFTs.
- Allows royalties of only up to 10% for artists (low royalties).
- You cannot buy or sell products via this mobile application.
- Only accepts cryptocurrency as a type of payment.
- The use of a Crypto digital wallet must be used for this marketplace.
OpenSea is open to everyone who has any crypto currency in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. But overall, you can easily recover that amount when you actively sell because there’s no extra charge for it.
Frequently Asked Questions Nft Political Quiz
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to offer artists a way to market their work online, and to accept cryptocurrency as a method of payment. It’s an ideal platform for artists using the platform to market NFTs due to its low cost of gas and low commission fee rate that you have to pay.
You can browse and shop for an array 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 on the 1st of December in the year 2018. Since 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 can become verified once you have built up your credibility. A blue checkmark will appear to your account or collection that you have uploaded to assure any customer. The OpenSea team reviews regularly the content to ensure users are protected.
How can I earn royalties on OpenSea?
However, as an artist, you’ll receive only up to 10% of the royalties once you have uploaded the NFT. This is believed to be quite low in comparison with other NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) has been commonly utilized on this website and many others to accommodate more cryptocurrency users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize to use OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency on reliable platforms using fiat currency. All you need to do is connect your credit card or Paypal for the transaction.
Does OpenSea has a mobile or desktop application?
As we mentioned earlier There is an official mobile application from OpenSea that is available for iOS as well as Android. Download it at their respective app store and you can start exploring the collection right now!
There is also a desktop application for OpenSea can be downloaded via WebCatalog. With the desktop application you can manage multiple accounts as well as receive notifications on updates regarding 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/).