The cryptocurrency market is on the rise and you’re probably wondering where to invest your crypto currency. Marketplaces are popping up all over the digital web designed to buy and sell NFTs via cryptocurrency! OpenSea is among them, and it’s worth checking out.
If you’re interested in crypto, you’ve probably heard of OpenSea before for a good reason. It has become one of the largest and most popular marketplaces among cryptocurrency users because of its security and rapid transactions.
So, hop on board and let’s see what you can do with OpenSea and also see the NFTs that you can see!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Price Chart
The goal of OpenSea was to simply provide artists with a marketplace/platform to easily upload their commissions with no additional costs. It also has additional functions which allow you to market your artwork without any issues.
For the registration process, you don’t have to worry about giving too many details about yourself. All you need to do is connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as easy as that and without many hurdles as you walk into NFTs.
The most well-known cryptocurrency to use on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology which is utilized for most processes. It also functions using the Polygon blockchain, which ensures the lowest cost and speediest trading.
With these two types of blockchains available it is possible to choose which one you would like to publish your NFT as a seller. This ensures the safety of your NFT and those who wish to purchase it. All transactions will be made along with this blockchain, and you must think about where to 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. It is possible to purchase anything just a domain name to official art from an artist that you admire. Anyone can become a seller, but it takes a while before anyone can 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 market there, and also find NFTs that you would like to purchase yourself.
What is an NFT?
In a recent development for the cryptocurrency industry,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on the internet that the majority of young people are familiar with it but aren’t exactly sure what it is. Let’s break down what an NFT is for anyone who is new in cryptocurrency.
One of the new things you can purchase your cryptocurrency can be an NFT. An NFT is a token that is non-fungible which is extremely exclusive and cannot be changed. It can be an item of rareness, such as authentic baseball cards, or a uncommon vinyl record.
There’s no limit to what an NFT can be as it’s a non-fungible object that you can sell online. In simpler terms, you could simply think of the NFT being a virtual item paid via cryptocurrency only.
Minting is like calling the shots to your NFTs. You are calling the ownership of the particular item that you posted to the marketplace, and you’re putting it up for sale. Usually, this is recognized when you have filled in the proper information regarding the NFT and then submit it for sale on.
On OpenSea It’s a very simple process to mine your NFTs by visiting the store and then creating a collection to start! Input the appropriate and complete information about your NFT and select the type of settings you’d like to use for it (e.g., blockchain, payments tokens). After that, you can finally upload it if it fits the limit of 100MB.
You can watch and see how transactions progress from here on out to determine if OpenSea is the marketplace for you.
What NFTs can you get here?
At this point you’re probably asking yourself which kind of NFT can be purchased here and what kind of NFTs you can also sell if you choose to go that route. The type of NFT it can be is indefinite as there’s a variety of ways to do it.
It is possible to sell digital products, trading cards, game assets, domain names, and even physical assets! Find out what you think will bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that separates OpenSea from the other options. There’s no cost for gas when you utilize this feature to make and then sell the NFTs. This means you’ll receive the maximum profits when you sell because you won’t have to spend on extra fees.
Very few NFT marketplaces offer this feature, so this is a great way to make a huge profit from your collection.
This Referral Program is another distinctive feature of OpenSea to admire. Similar to traditional online markets, you can receive rewards by referring someone else to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from the site you’ll be rewarded with 2.50% of the sale amount, letting you make more money by this method.
Other NFT marketplaces do not have this kind of feature either and that’s another advantage OpenSea has over them.
There is an OpenSea mobile app, but it’s mostly for perusing through the marketplace. You can’t buy or sell items as you scroll through the list.
The mobile apps of OpenSea are available on the two platforms of iOS in addition to Android. While you’re not able to buy or sell things, you can explore the products you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available for you to use to trade your fiat currency for cryptocurrency through these platforms. Nft Price Chart
You can exchange your fiat money via the credit card, or Paypal via these reputable websites for cryptocurrency:
- Bittrex and more!
All of them have the option to exchange for ETH that is the primary cryptocurrency payment option in OpenSea.
Although OpenSea has been described as being an NFT marketplace that is open to all forms of cryptocurrency, wallets are nevertheless more compatible than others. Since it is built mainly on the ETH blockchain, all wallets that share this network are appropriate for this website.
Here is a list of several crypto wallets you can utilize in OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations, such as easy registration, use on mobile devices only, and the function to purchase cryptocurrency with the credit card. Nft Price Chart
For more information about the service You can go through their FAQs to see a rundown of how you can get started and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with advantages and drawbacks. OpenSea isn’t an exception to this. You can read about its pros and pros here:
- Mobile apps available that are compatible with iOS and Android.
- Smart contracts can be used to perform transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto industry and NFTs.
- Allows royalties of only up to 10% for artists (low royalty).
- You cannot buy or sell products through our mobile apps.
- Only supports cryptocurrency as its form of payment.
- An Crypto wallet is required to access 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 for all sellers on the platform. But overall, you can easily recover that amount when you sell regularly since there is no additional fee for it.
Frequently Asked Questions Nft Price Chart
What is OpenSea?
OpenSea is an NFT marketplace that aims to give artists a chance to market their work online and receive cryptocurrency as a form of payment. It’s an excellent option for artists who want to use it to sell NFTs due to its no gas costs and low commission fees you must pay.
You can shop and browse the vast array of digital items on the NFT marketplace which is why you should definitely go through it!
Is OpenSea real and safe?
Short answer: Yes! OpenSea is a reputable marketplace since it was established 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 protected and secured.
In addition, as a seller, you can become verified once you build up your reputation. A blue checkmark will appear on your account or any collection that you have uploaded to assure any customer. The team at OpenSea regularly checks the content to ensure that users are protected.
How can I earn royalties from OpenSea?
Unfortunately, as an artist, you’ll be paid only 10 percent of the royalties after you upload the NFT. This is thought to be reasonably low compared against other NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) can be frequently used on this site and numerous others to cater for more crypto users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize to use OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. You can buy and sell cryptocurrency on reliable platforms using fiat currency. All you need be able to connect is your credit or Paypal for the transaction.
Does OpenSea have a desktop/mobile app?
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 Desktop application that OpenSea which can be downloaded from WebCatalog. With the desktop application, you can manage multiple accounts as well as 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/).