The cryptocurrency market is on the rise, and you’re probably wondering what you can do with your crypto coins. Marketplaces are popping up all over the internet, designed to purchase and sell NFTs using cryptocurrency! OpenSea can be one and is worth checking out.
If you’re interested in crypto, you’ve likely heard of OpenSea prior to this for a valid reason. It’s now one of the largest and most popular marketplaces among users of cryptocurrency due to its security and rapid transactions.
Now hop aboard, and let’s see the possibilities of OpenSea as well as examining what NFTs you can 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 of OpenSea.
OpenSea as an NFT Marketplace Nft Pre Release
The purpose for OpenSea was to simply provide a platform/marketplace for artists to upload their commissions with no additional costs. It also has additional functions that let you sell your art without too many issues.
When it comes to the registration process, you don’t have to give any personal information about yourself. All you need to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as simple as that without going through many hurdles as you walk into NFTs.
The most widely-used cryptocurrency that is used on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology, and this is used for the majority of transactions. It also functions using the Polygon blockchain, which allows for the lowest cost and speediest trading.
With these two kinds of blockchains available it is possible to choose which one you would like to publish your NFT as seller. This will ensure the security of your NFT, along with those who would like to buy it. All transactions are made by using the blockchain, which is why you need to think about where you should 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. You can buy anything just a domain name to an official artwork from an artist that you admire. Anyone can be a seller however it takes some time before anyone can become an established one.
There are a variety of NFTs from the selection of NFTs available at OpenSea, and you can become a part of the collection! You can set up your own personal market on this site, as well as find NFTs you want to purchase for yourself.
What is an NFT?
A recent change in the crypto market, the term “NFT” has been going around for so long on internet that the majority of young people have heard of it but aren’t exactly sure what it means. Let’s break down what an NFT is for anyone who is new in cryptocurrency.
One of the newest things you can purchase your cryptocurrency is an NFT. An NFT is a non-fungible token which is extremely unique and can’t be substituted. This can be an item of any rareness, such as mint-condition baseball trading cards or unique vinyl album.
There’s no limit to what an NFT can be since it’s a non-fungible thing that you can sell online. More straightforwardly, you can simply consider the NFT as a digital item which is only paid in cryptocurrency.
Minting is like calling the shots on your own NFTs. You’re claiming the ownership of the particular item that you have uploaded to the marketplace, and selling it. Typically, this is official when you have filled in all the necessary information about the NFT and add it on the market.
On OpenSea It’s a very simple procedure to create your own NFTs by visiting the store and simply making a collection to begin! Fill out the proper and accurate information about your NFT and then select what type of settings you want for it (e.g., blockchain or payments tokens). After you’ve completed the process you are 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 here on out to determine if OpenSea is the marketplace for you.
What NFTs can you get here?
In this moment, you’re probably wondering the kind of NFTs can be found here and what kind of NFTs you can also sell if you decide to pursue that route. The kind of NFT that you can purchase is unlimited because there’s a wide range of ways to approach it.
You can be selling digital items, trading cards game assets domain names, also physical goods! Find out what you think will reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that differentiates OpenSea from the others. There’s no cost for gas when you use this feature to create and market NFTs. This is essentially a way to ensure that you get the most profit when you start selling because you won’t need to spend on additional fees.
Very few NFT marketplaces offer this feature, and it can be a fantastic way to earn a high return from your portfolio.
A Referral Program is another unique aspect of OpenSea to be admired. Like traditional online marketplaces that offer rewards when you refer your friend to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from there, you’ll receive 2.50 percent of the sales amount, which allows you to earn more money by this method.
Other NFT marketplaces don’t offer this feature and that’s another advantage OpenSea has over the other marketplaces.
There’s an OpenSea mobile application, however it’s mostly for perusing through the marketplace. Unfortunately, you can’t purchase or sell anything as you browse through the listings.
The mobile apps of OpenSea are available on the two platforms of iOS and Android. Even though you can’t buy or sell anything, you can still at least look through the options you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are at your disposal You can also convert your fiat money into cryptocurrency using these platforms. Nft Pre Release
You can convert the fiat currency you have with a the credit card, or Paypal on these reliable websites to exchange it for crypto:
- Bittrex and other things!
Each of them has the option to exchange for ETH that is the standard cryptocurrency used in OpenSea.
Although OpenSea can be described as an NFT marketplace that is open to all kinds of cryptocurrency, the wallets nonetheless more compatible than other. Since it is built mainly using the ETH blockchain, any wallets that share the same network are suitable for this site.
Here’s a list of different crypto wallets you can use in OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each has its own limitations like easy registration, use on mobile devices only, and the function to purchase cryptocurrency using a credit card. Nft Pre Release
To know more about it, you can check their FAQs to get the steps you can begin and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and pros here:
- Available as mobile apps that are compatible with iOS or 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 market and NFTs.
- Allows royalties up to 10% for artists (low royalty).
- You cannot buy or sell products through this mobile application.
- Only supports cryptocurrency as its form of payment.
- The use of a Crypto digital wallet must be used for this marketplace.
OpenSea is accessible 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. However, overall, you will easily recover that amount when you are actively selling since there’s no extra charge for it.
Frequently Asked Questions Nft Pre Release
What is OpenSea?
OpenSea is an NFT marketplace that seeks to give artists a chance to sell their works online, and to accept cryptocurrency as a form of payment. It’s an ideal option for artists who want to use for selling NFTs because of its zero cost of gas and the low commission rate that you have to pay.
You can browse and shop for an array of digital products on this NFT marketplace, so you should take a look!
Is OpenSea legitimate and secure?
Answer: Yes! OpenSea has been a reliable marketplace since it was founded at the end of the year 2018. Since its system is built on blockchain technology and is secured, it is safe to declare that transactions are safe and secure.
In addition as a seller you can become verified once you build up your reputation. A blue checkmark will be assigned on your account or the collection you’ve uploaded to ensure the safety of every customer. The team at OpenSea regularly checks the content to ensure users are protected.
How can I earn royalties from OpenSea?
However, as an artist, you will receive only up to 10 percent of the royalties when you upload the NFT. This is believed to be reasonably low compared against others NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) can be widely used on this site as well as many others to accommodate the increasing number of cryptocurrency users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can utilize for OpenSea.
What are the payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. It is easy to buy or trade cryptocurrency using secure platforms that accept fiat money. All you need just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea has a mobile or desktop application?
As previously mentioned there’s an official mobile app from OpenSea available for both iOS and Android. Install it from their app store and begin browsing through the collection right now!
The version for desktops that OpenSea that can be downloaded through WebCatalog. In 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/).