Cryptocurrency is booming right now, and you’re probably wondering where to invest your crypto coins. Marketplaces are popping up all over the digital web designed to sell and buy NFTs using cryptocurrency! OpenSea is among them and is worth checking out.
If you’re well-versed in cryptocurrency, you’ve probably heard of OpenSea previously for a valid reason. It’s now one of the biggest and most popular marketplaces for cryptocurrency enthusiasts due to its security and rapid transactions.
So, hop on board and let’s see the possibilities of OpenSea as well as examining 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’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Prices
The goal for OpenSea was to offer a platform/marketplace for artists to upload their commissions with no additional costs. There are additional features that let you sell your work without having to deal with many difficulties.
For the registration process, you don’t have to worry about giving any personal information about yourself. All you need to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It can be as simple as that, without many hassles when you enter into NFTs.
The most popular cryptocurrency to use on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it which is utilized to carry out the majority of processes. It is also based with the Polygon blockchain, which allows for low-cost and quicker trading.
With these two kinds of blockchains, you can choose which one you want to upload your NFT on as a seller. This is to ensure the security of your NFT, along with those who wish to buy it. All transactions are made using this 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 trade in your cryptocurrency or NFTs for other NFTs. You can buy anything the simplest domain name to an official artwork by an artist you admire. Anyone can become a seller, but it takes time before anyone can become a reputable one.
There are a variety of NFTs of NFTs available of NFTs available at OpenSea, and you can become a part of that! You can set up your own market on this site, as well as find NFTs that you would like to purchase for yourself.
What is an NFT?
A recent change in the cryptocurrency industry”NFT” is a term that has been used in recent times “NFT” has been going around so long on the internet that many millennials are familiar with it , but aren’t sure exactly what it is. Let’s break down what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the newest things you can purchase your cryptocurrency can be an NFT. A NFT is a token that is non-fungible that is very unique and can’t be changed. It could be an item of any rareness, such as rare baseball trading cards in mint condition or uncommon vinyl record.
There is no limit to what an NFT can be as it’s a non-fungible thing you’re selling on the internet. It is simpler to just consider as an NFT as a digital collectible which is only paid in cryptocurrency.
Minting is like calling dibs to your NFTs. You are calling the ownership of the particular item you uploaded on market, as selling it. Usually, this becomes official when you have filled in the proper information regarding the NFT and then add it on the market.
On OpenSea It’s a very simple process to mine your NFTs by visiting the store and making a collection to begin! Complete the correct and correct information regarding your NFT and then select what type of settings you’d like to use to use it with (e.g., blockchain and payments tokens). Once that’s all done then you’re able to upload it to the internet if it’s in the limit of 100MB.
It is possible to wait and see how transactions progress from now on to determine whether OpenSea is the right marketplace for you.
What NFTs can you find here?
So, at this point you’re probably asking yourself what kind of NFTs can you shop for here and what kind of NFTs you can also sell if you decide to pursue that route. The kind of NFT it can be is unlimited because there’s a wide range of ways to go about it.
You could be selling digital items, trading cards, game assets, domain names, and some physical items! Explore what you believe can bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what sets OpenSea from the other options. There are no gas costs when you use this feature to mint and sell NFTs. This is essentially a way to ensure that you receive the maximum profits when you sell because you won’t need to spend on any additional charges.
Very few NFT marketplaces provide this feature, which is why this is a great way to earn a high return from your portfolio.
This Referral Program is another distinctive feature of OpenSea to take note of. Like traditional online marketplaces, you can receive advantages when you refer your friend to OpenSea! If you invite a friend to join OpenSea and buy an NFT from the site you’ll earn 2.50% of the sale amount, letting you make more money through this action.
Other NFT marketplaces don’t offer this feature This is a further benefit OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile application, however it is mainly used for perusing through the marketplace. You can’t buy or sell items as you browse through the listing.
The mobile apps of OpenSea are available on both iOS as well as Android. Even though you can’t buy or sell things, you can browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available for you to use You can also exchange your fiat money for cryptocurrency through these platforms. Nft Prices
You can swap the fiat currency you have with a the credit card, or Paypal through these trusted sites for cryptocurrency:
- Bittrex, and other things!
All of them have the option to exchange for ETH that is the primary crypto payment in OpenSea.
While OpenSea can be described as an NFT marketplace that is open to all kinds of cryptocurrency, wallets are nonetheless more compatible than others. Since it is built mainly on the ETH blockchain, all wallets with a connection to that network will be suitable for the site.
Here is a list of various crypto wallets that you can use in OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each wallet has its own restrictions including simple registration, use on mobile devices only, and the function to purchase cryptocurrency with credit cards. Nft Prices
To know more about it, you can check their FAQs to get the steps you can begin and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has its advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and pros here:
- Available as mobile apps that are compatible with iOS or Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalty rates of up to 10% for artists (low royalties).
- It is not possible to buy or sell items via this mobile application.
- Only supports cryptocurrency as its form of payment.
- The use of a Crypto digital wallet must be used to use this marketplace.
OpenSea is available to anyone who has crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. However, overall, you will quickly regain that when you actively sell because there is no additional fee for it.
Frequently Asked Questions Nft Prices
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to offer artists a way to sell their works online, and to accept cryptocurrency as a method of payment. It’s a great option for artists who want to use it to sell NFTs due to its no gas fees and low commission fee rate you must pay.
You can browse and purchase the vast array of digital products on this NFT marketplace, so you should check it out!
Is OpenSea legit & safe?
Answer: Yes! OpenSea has been a reliable marketplace since it was founded at the end of the year 2018. Since its system is based on a blockchain that is secure, you can declare that transactions are protected and secured.
Additionally, as a seller, you will be verified after you have built up your credibility. A blue checkmark will be assigned on your account or any collection that you have uploaded to assure anyone who buys from you. OpenSea’s team regularly reviews the content to ensure users are safe.
How do I earn royalties on OpenSea?
However, as an artist, you will get only 10 percent of the royalties when you have uploaded the NFT. This is considered to be a reasonable amount compared to other NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) has been commonly utilized on this website and numerous others to cater for the increasing number of crypto users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can utilize to use OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. You can easily purchase or sell cryptocurrency through trusted platforms with fiat money. All you have just connect your debit or credit card to Paypal for the transaction.
Does OpenSea have a desktop/mobile application?
As we mentioned earlier, there is definitely an official mobile application from OpenSea that is available for iOS and Android. Install it from their app store and begin exploring the collection right now!
The desktop application for OpenSea that can be downloaded through WebCatalog. With the desktop application, you can manage multiple accounts as well as receive alerts on any updates that affect 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/).