Cryptocurrency is booming right now, and you’re probably wondering where to invest your crypto coins. Markets have popped up all over the digital web designed to purchase and sell NFTs with cryptocurrency! OpenSea can be one and is worth looking into.
If you’re familiar with cryptocurrency, you’ve probably heard of OpenSea previously for a valid reason. It has become one of the largest and most popular marketplaces for cryptocurrency enthusiasts due to its security and rapid transactions.
Now hop aboard, and discover what you can do with OpenSea, along with checking the NFTs that you can see!
Before you continue, you may want to watch 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 Problems
The aim of OpenSea was to offer artists with a marketplace/platform to upload their commissions without any extra costs. It also has additional functions that allow you to sell your work without having to deal with many difficulties.
In terms of the registration process, you don’t have to worry about giving any personal information about yourself. All you have to connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as simple as that, without much hassle as you step into NFTs.
The most well-known cryptocurrency used in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology, and this is used for most processes. It also operates using the Polygon blockchain, which allows for low-cost and quicker trading.
With these two kinds of blockchains that are available, you can choose which one you’d like to transfer your NFT to as an seller. This is to ensure the security of your NFT and those who wish to purchase it. Every transaction will be conducted by using the blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless that lets you trade your NFTs or cryptocurrency for other NFTs. You can purchase anything from the simplest domain name to an official artwork by an artist you admire. Anyone can be a seller, but it takes time for anyone to become an established one.
There is a wide variety in the collection of NFTs available at OpenSea and you could join in with that! You can set up your own marketplace here, along with finding NFTs that you would like to purchase yourself.
What is an NFT?
In a recent advancement for the crypto market”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that a lot of millennials 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 latest ways you can buy is an NFT. An NFT is a token that is non-fungible that is exclusive and cannot be changed. It could be an item of rarity like authentic baseball cards, or a unique vinyl album.
There’s no limit to what an NFT could be, since it’s a non-fungible thing that you sell on the internet. More straightforwardly, you can simply consider as an NFT to be a type of digital item that is paid for using cryptocurrency only.
Minting is similar to calling for dibs to your NFTs. You are calling the owner of the item or token that you posted to the marketplace, and you’re selling it. Usually, this becomes official once you fill out all the necessary information about the NFT and finally upload it to the marketplace.
On OpenSea it’s a straightforward process to mint your NFTs by going to the store and simply create a collection! Fill out the proper and correct information regarding your NFT and then select what type of settings you’d like to use for it (e.g. blockchain or money transfer tokens). After that you are able to upload it to the internet if it’s in the 100 MB limit.
You can watch and see the way transactions are handled from here on out to see whether OpenSea is the right marketplace for you.
What NFTs are available here?
At this point, you’re probably wondering the kind of NFTs can you shop for here, and what you could also sell if you choose to go down that path. The kind of NFT it can be isn’t limited because there’s a wide range of how you can go about it.
You can be selling trade cards, digital goods game assets domain names, also physical goods! Consider what you believe will yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what sets OpenSea from the others. There are zero gas fees when you use this feature when you create and market NFTs. This means you’ll be able to make the highest profits once you sell because you won’t have to spend on any additional charges.
There aren’t many NFT marketplaces offer this feature, so this is a great way to receive high profit from your NFT collection.
A Referral Program is another unique aspect of OpenSea to admire. Like traditional online marketplaces that offer advantages by referring your friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from there you’ll earn 2.50 percent of the purchase amount, which allows you to earn more money by this method.
Other NFT marketplaces do not have this kind of feature either, so that’s just another benefit OpenSea has over them.
There is an OpenSea mobile application, however it is mainly used for perusing through the marketplace. It isn’t able to purchase or sell anything as you browse through the listings.
OpenSea’s mobile apps are available on both iOS and Android. Although you aren’t able to purchase or sell anything, you can still explore the products you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are at your disposal to exchange your fiat money for cryptocurrency on these platforms. Nft Problems
You can exchange your fiat money via your credit or debit card as well as Paypal via these reputable websites to exchange it for crypto:
- Bittrex and other things!
All of these have the option of exchange for ETH that is the standard cryptocurrency payment option in OpenSea.
While OpenSea has been described as being an NFT marketplace that is open to all forms of cryptocurrency, wallets are nevertheless more compatible than other. Since it is built using an ETH blockchain, all wallets with a connection to this network are appropriate for the site.
Here is a list of several crypto wallets you can utilize in OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each has its own limitations including simple registration, use on mobile devices only and the ability to purchase cryptocurrency using credit cards. Nft Problems
To learn more about it You can go through their FAQs to see a rundown of how you can start and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets every one of them has advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and pros here:
- Mobile apps available that are compatible with iOS or Android.
- Smart contracts are used for transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalties of only 10% to artists (low royalty rates).
- Cannot buy or sell on the mobile app.
- Only supports cryptocurrency as its method of payment.
- A Crypto wallet is required to use this marketplace.
OpenSea is open to everyone who owns any crypto coins in their crypto wallets. When you are a seller, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. But overall, you can quickly regain that when you sell regularly since there’s no extra charge for it.
Frequently Asked Questions Nft Problems
What is OpenSea?
OpenSea is an NFT marketplace that seeks to offer artists a way to sell their works online to receive cryptocurrency as a method of payment. It’s an excellent platform for artists using for selling NFTs because of its zero gas fees and the low commission rate that you have to pay.
You can shop and browse an array of digital products on this NFT marketplace, so you should check it out!
Is OpenSea legitimate and is it safe?
The short answer is yes! OpenSea is a reputable marketplace since it was established at the end of 2018. Since the system it operates on is built on blockchain technology that is secure, you can say that your transactions are secure and safe.
In addition, as a seller, you’ll be verified when you build up your reputation. A blue checkmark will appear to your account or any collection you uploaded to reassure every customer. The OpenSea team reviews regularly the content to ensure that users are secure.
How can I earn royalties on OpenSea?
However, as an artist, you can get only 10 percent of the royalties after you have uploaded the NFT. This is considered to be reasonably low compared to others NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) has been frequently used on this site and other sites to provide the increasing number of crypto users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can use to access OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. You can buy and sell cryptocurrency through secure platforms that accept fiat money. All you need just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea have a desktop/mobile app?
As previously mentioned, there is definitely an official mobile app by OpenSea available for both iOS or Android. Install it from their app store, and then you can begin exploring the collection right now!
The Desktop application that OpenSea can be downloaded via WebCatalog. In the desktop application you can manage multiple accounts as well as receive notifications about updates to your account while you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).