The crypto currency market is in a boom right now and you’re probably wondering where to invest your crypto currency. Marketplaces are popping up across the digital web designed to buy and sell NFTs with cryptocurrency! OpenSea is among them and is worth a look.
If you’re familiar with cryptocurrency, you’ve likely heard of OpenSea previously for a valid reason. It has become one of the largest and most popular marketplaces for users of cryptocurrency due to its security and rapid transactions.
Now hop aboard, and discover what you can do with OpenSea, along with checking the NFTs available to view!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick review. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Proeteins
The goal for OpenSea was to simply provide an online marketplace for artists to easily upload their commissions without any extra costs. It has more functions that allow you to sell your artwork without any problems.
In terms of registration, you don’t need to provide all of your personal details. All you have to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as simple as that and without much hassle as you step into NFTs.
The most popular cryptocurrency to use within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system which is utilized for the majority of transactions. It also functions using the Polygon blockchain to ensure the lowest cost and speediest 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 ensures the safety of your NFT, along with those who would like to purchase it. All transactions are made along with this blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall where you can exchange your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything as simple as a domain name to official art from an artist you admire. Anyone can sell, but it takes some time for anyone to become an established seller.
There’s a huge selection in the collection on OpenSea and you can become a part of that! You can set up your own market here, along with finding NFTs you’d like to buy for yourself.
What is an NFT?
In a recent development for the cryptocurrency industry,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that a lot of millennials are familiar with it , but not exactly sure what it means. Let’s look at what an NFT is for anyone who is new in the field of cryptocurrency.
One of the new things you can buy is an NFT. An NFT is a non-fungible token that is individual and cannot be changed. This can be a piece of rareness like rare baseball trading cards in mint condition, or a rare vinyl record.
There is no limit to what an NFT could be, since it’s a non-fungible thing that you can sell online. More straightforwardly, you can simply think of an NFT being a virtual item which is only paid in cryptocurrency.
Minting is similar to calling for dibs on your own NFTs. You’re claiming ownership over that particular token/item you uploaded on market, as you’re selling it. Typically, this is official after you fill in the proper information regarding the NFT and submit it for sale on.
On OpenSea, it’s a simple process to mint your NFTs. All you have to do is visit the store and then making a collection to begin! Fill out the proper and accurate information about your NFT and select the type of settings you’d like to use it with (e.g. blockchain and money transfer tokens). After that, you can finally upload it if it fits the limit of 100MB.
You can wait and observe how transactions progress from here on out to see if OpenSea is the best marketplace for you.
What NFTs are available here?
So, at this point, you’re probably wondering what kind of NFTs you shop for here and what you can sell should you decide to go down that path. The kind of NFT it is unlimited as there’s a variety of ways to do it.
You can be selling trade cards, digital goods games, domain names, and some physical items! Explore what you believe can yield the most profit 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 utilize this feature when you mint and sell NFTs. This simply means that you’ll get the most profit when you sell because you don’t need to pay on any additional charges.
Very few NFT marketplaces offer this feature, and it is great for you to make a huge profit from your NFT collection.
A Referral Program is another distinctive feature of OpenSea to be admired. Like traditional online marketplaces that offer benefits by referring a friend to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from the site, you’ll receive 2.50 percent of the sales amount, letting you earn more cash by this method.
Other NFT marketplaces do not have this feature This is a further benefit OpenSea has over them.
There’s an OpenSea mobile application, however it’s mostly used to browse the marketplace. It isn’t able to purchase or sell anything while you browse through the listing.
The mobile apps from OpenSea are accessible on the two platforms of iOS and Android. Even though you can’t buy or sell anything, you can still at least explore the products you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are at your disposal You can also exchange your fiat money for cryptocurrency through these platforms. Nft Proeteins
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 them have the option of converting them into ETH which is the primary cryptocurrency used in OpenSea.
Although OpenSea has been described as being an NFT marketplace open to all kinds of cryptocurrency, the wallets nevertheless more compatible than others. Because it is based on the ETH blockchain, any wallets that share that network will be suitable for the site.
Here’s a list of different 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 as well as the capability to buy cryptocurrency using credit cards. Nft Proeteins
To learn more about it You can go through their FAQs to see the steps you can start 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 an exception to this. You can view its pros and cons here:
- Mobile apps are available for iOS and Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto world and NFTs.
- Allows royalty rates of 10% to artists (low royalty).
- Cannot buy or sell via the mobile app.
- Only supports cryptocurrency as its type of payment.
- The use of a Crypto wallet is required to access this marketplace.
OpenSea is available to anyone who has crypto coins in their cryptocurrency 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 actively sell because there’s no additional cost for it.
Frequently Asked Questions Nft Proeteins
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to give artists a chance to market their work online and receive cryptocurrency as a method of payment. It’s an excellent platform for artists using for selling NFTs because of its zero gas costs and low commission fees that you have to pay.
You can browse and shop for a vast collection of digital goods in this NFT marketplace and you must go through it!
Is OpenSea legitimate and safe?
Answer: Yes! OpenSea has been a trusted marketplace since its inception at the end of the year of 2018. Since its system is based on a blockchain that is secure, you can say that your transactions are secure and safe.
Furthermore as a seller you can become verified once you have built up your credibility. A blue checkmark will be assigned on your account or any collection you’ve uploaded to ensure the safety of every customer. The team at OpenSea regularly checks the content to ensure users are safe.
How can I earn royalties from OpenSea?
However, as an artist, you can be paid only 10 percent of the royalties when you have uploaded the NFT. This is thought to be a reasonable amount compared to the other NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) is widely utilized on this website and numerous others to cater for many more cryptocurrency users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize to access OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on the 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 or mobile app?
As mentioned before, there is definitely an official mobile app by OpenSea that is available for iOS or Android. You can download it through their app store and you can start browsing through the collection right now!
A Desktop application that OpenSea can be downloaded via WebCatalog. With the desktop application you are able to 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/).