The cryptocurrency market is on the rise, and you’re probably wondering where you can invest your crypto currency. There are numerous marketplaces popping up across the internet, designed to sell and buy NFTs using cryptocurrency! OpenSea can be one and is worth looking into.
If you’re familiar with cryptocurrency you’ve probably heard of OpenSea before for a good reason. It’s one of the biggest and leading marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.
So, hop on board and let’s see what you can do with OpenSea as well as examining the NFTs available to view!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. After, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Postal
The aim of OpenSea was to simply provide a platform/marketplace for artists to upload their commissions with no additional costs. It has more functions that allow you to sell your art without too many difficulties.
In terms of registration, you don’t need to worry about giving too many details about yourself. All you need to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as easy as that without going through many hassles when you enter into NFTs.
The most widely-used cryptocurrency that is used within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology, and this is used to carry out the majority of processes. It also operates on the Polygon blockchain, which ensures low-cost and quicker trading.
With these two types of blockchains available, you can choose which one you want to transfer your NFT to as seller. This ensures the safety of your NFT, along with the people who want to purchase it. Every transaction will be conducted by using the blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace that lets you trade your cryptocurrency or NFTs for other NFTs. You can purchase anything from just a domain name, to a piece of art by an artist you admire. Anyone can sell however it takes some time for anyone to become an established one.
There is a wide variety in the collection of NFTs available at OpenSea and you can become a part of that! You can start your own marketplace there, and also find NFTs you want to purchase yourself.
What is an NFT?
A recent change in the crypto industry,”NFT,” a popular term in the crypto industry “NFT” has been going around so long on the 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 those who are just beginning to get started in cryptocurrency.
One of the latest ways you can buy is an NFT. An NFT is a non-fungible currency that is very unique and can’t be changed. This can be an item of any rarity like rare baseball trading cards in mint condition or a unique vinyl album.
There’s no limit on what an NFT can be as it’s a non-fungible object that you can sell on the internet. More straightforwardly, you can just think of an NFT to be a type of digital item that is paid for using cryptocurrency only.
Minting is similar to calling for dibs for your personal NFTs. You’re claiming the ownership of the particular item you uploaded on the market place, but selling it. Usually, this becomes official once you fill out the proper information regarding the NFT and finally upload it to the marketplace.
On OpenSea It’s a very simple process to mine your NFTs by visiting the store and simply making a collection to begin! Fill out the proper and complete information about your NFT and then select what type of settings you’d like to use for it (e.g., blockchain and payments tokens). After you’ve completed the process then you’re able to upload it, if it’s within the limit of 100MB.
You can wait and observe the way transactions are handled from here on out to see if OpenSea is the right marketplace for you.
What NFTs can you get here?
In this moment you’re probably asking yourself what kind of NFTs be found here, and what you could also sell if you choose to go that route. The type of NFT it isn’t limited since there’s a broad range of ways to do it.
It is possible to sell trade cards, digital goods, game assets domain names, also physical goods! Consider what you believe will bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what differentiates OpenSea from the others. There are zero gas fees for using this feature when you create and market NFTs. This is essentially a way to ensure that you be able to make the highest profits once you start selling because you don’t need to pay on any additional charges.
There aren’t many NFT marketplaces provide this feature, so this can be a fantastic way to earn a high return from your portfolio.
This Referral Program is another distinctive feature of OpenSea to admire. Similar to traditional online markets, you can receive rewards when you refer your friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from there you’ll be rewarded with 2.50% of the sale amount, letting you earn more cash through this action.
Other NFT marketplaces do not have this kind of feature either This is a further benefit OpenSea has over them.
There is an OpenSea mobile application, however it is mainly used for perusing through the marketplace. You can’t buy or sell anything while you browse through the listing.
OpenSea’s mobile apps are available on both iOS and Android. Although you aren’t able to purchase or sell things, you can browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available to you, and you can exchange your fiat money for cryptocurrency using these platforms. Nft Postal
You can exchange the fiat currency you have with a your credit or debit card as well as Paypal through these trusted sites for cryptocurrency:
- Bittrex and more!
All of them have the option to exchange for ETH, which is the standard crypto payment in OpenSea.
While OpenSea is an NFT marketplace open to all types of crypto, wallets are nonetheless more compatible than other. Since it is built around the ETH blockchain, any wallets which are part of this network are appropriate for this website.
Here is a list of different crypto wallets you can use in OpenSea:
- Authereum and much 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, mobile-only usage as well as the capability to purchase cryptocurrency using the credit card. Nft Postal
To know more about it You can go through their FAQs to get the steps you can get started and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has advantages and drawbacks. OpenSea isn’t an exception to this. You can read about its pros and pros here:
- Available as mobile apps for iOS as well as Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto market and NFTs.
- Allows royalties 10% to artists (low royalty rates).
- You cannot buy or sell products through our mobile apps.
- Only accepts cryptocurrency as a form of payment.
- A Crypto wallet is required to access this marketplace.
OpenSea is available to anyone who owns any crypto coins in their crypto wallets. When you are a seller, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. In the end, you’ll quickly regain that when you sell regularly since there’s no extra charge for it.
Frequently Asked Questions Nft Postal
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to offer artists a way to sell their works online and receive cryptocurrency as a form of payment. It’s a great platform for artists who use the platform to market NFTs due to its low gas fees and low commission fee rate that you have to pay.
You can browse and shop for an array of digital items on the NFT marketplace and you must take a look!
Is OpenSea legitimate and safe?
Answer: Yes! OpenSea has been a reliable marketplace since its inception in the year 2018. Since the system it operates on is built on a blockchain that is secure, you can say that your transactions are secure and safe.
In addition, as a seller, you can become verified once you’ve earned a reputation. A blue checkmark will be assigned to your account or the collection you uploaded to reassure any customer. The OpenSea team reviews regularly the contents to ensure users are safe.
How do I earn royalties from OpenSea?
As an artist, you will get only 10 percent of the royalties after you have uploaded the NFT. This is considered to be quite low in comparison with other NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) has been commonly used on this site and other sites to provide many more cryptocurrency users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can make use of for OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. It is easy to buy or sell cryptocurrency through reliable platforms using fiat currency. All you need to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea have a desktop/mobile application?
As previously mentioned There is an official mobile app from OpenSea for both iOS and Android. You can download it through their app store and begin browsing through the collection right now!
The desktop application for OpenSea which can be downloaded from WebCatalog. With the desktop application, you can manage multiple accounts and get alerts on any updates that affect your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).