Cryptocurrency is booming right now and you’re probably thinking where you can invest your crypto currency. Markets have popped up all over the web that allow users to sell and buy NFTs using cryptocurrency! OpenSea can be one and is worth looking into.
If you’re familiar with cryptocurrency you’ve probably heard about OpenSea before for a good reason. It’s one of the largest and most popular marketplaces among cryptocurrency enthusiasts due to its security and quick transactions.
Now hop aboard, and let’s see what you can do with OpenSea, along with checking the NFTs available to view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick review. Afterward, you will want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Program
The goal to create OpenSea was to provide an online marketplace for artists to upload commissions, without having to pay any additional costs. It also has additional functions that allow you to sell your art without too many difficulties.
For registration, you don’t need to worry about giving any personal information about yourself. All you need to connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as simple as that, without many hurdles as you walk into NFTs.
The most popular cryptocurrency used in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology, and this is used to carry out the majority of processes. It also operates with the Polygon blockchain, which ensures lower costs and faster trading.
With these two types of blockchains that are available it is possible to choose which one you want to transfer your NFT to as a seller. This will ensure the security of your NFT as well as the people who want to buy it. Every transaction will be conducted using this blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless that lets you trade your cryptocurrency or NFTs 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 a while for anyone to be an established one.
There’s a huge selection of NFTs available at OpenSea and you could also be a part of this! You can set up your own marketplace here, along with finding NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent advancement for the cryptocurrency industry the term “NFT” has been going around 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 look at what an NFT is for anyone who is new in the field of cryptocurrency.
One of the newest things that you can buy with cryptocurrency includes an NFT. A NFT is a non-fungible currency which is extremely unique and can’t be changed. It could be a piece of rarity like authentic baseball cards, or a uncommon vinyl record.
There’s no limit on what an NFT could be, since it’s a non-fungible item you’re selling online. In simpler terms, you could just imagine as an NFT to be a type of digital collectible which is only paid in cryptocurrency.
Minting is similar to calling for dibs to your NFTs. It is a way of claiming the ownership of the particular item you uploaded on the market place, but you’re selling it. Typically, this is official after you fill in the correct information about the NFT and then upload it to the marketplace.
On OpenSea, it’s a simple process to mine your NFTs. All you have to do is visit the store and simply making a collection to begin! Input the appropriate and accurate information about your NFT and choose what kind of settings you’d like to use for it (e.g. blockchain and payments tokens). After that then you’re able to upload it, if it’s within the limit of 100MB.
It is possible to wait and see the way transactions are handled from now to determine whether OpenSea is the best marketplace for you.
What NFTs can you get here?
So, at this point you’re probably thinking about what kind of NFTs be purchased here and what kind of NFTs you can also sell if you decide to go that route. The type of NFT that you can purchase is unlimited as there’s a variety of ways to go about it.
You can be selling digital items, trading cards, game assets domain names, also physical goods! Consider what you believe will reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that differentiates OpenSea from other companies. 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 don’t need to pay on additional fees.
Not many NFT marketplaces provide this feature, and it is great for you to make a huge profit from your collection.
This Referral Program is another distinctive feature of OpenSea to take note of. Similar to traditional online markets there are rewards by referring someone else to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from the site, you’ll receive 2.50 percent of the purchase amount, letting you earn more money through this action.
Other NFT marketplaces don’t offer the same feature, so that’s just another benefit OpenSea has over the other marketplaces.
There’s an OpenSea mobile application, however it is mainly used to browse through the marketplace. Unfortunately, you can’t purchase or sell anything while you scroll through the list.
The mobile apps of OpenSea are available on the two platforms of iOS and Android. Even though you can’t buy or sell things, you can at least look through the options you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available for you to use, and you can trade your fiat currency for cryptocurrency on these platforms. Nft Program
You can swap your fiat currency using a your credit or debit card as well as Paypal via these reputable websites for cryptocurrency:
- Bittrex, and other things!
All of these have the option of converting them into ETH that is the most common crypto payment in OpenSea.
Although OpenSea has been described as being an NFT marketplace that is open to all kinds of crypto, wallets are nevertheless more compatible than other. Since it is built mainly using an ETH blockchain, all wallets with a connection to that network will be suitable for the site.
Here’s a list several crypto wallets which you can use with OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each one has its own set of limitations including simple registration, only mobile usage as well as the capability to purchase cryptocurrency using a credit card. Nft Program
To know more about it to learn more, check out their FAQs to see the steps you can begin and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with its advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and pros here:
- Mobile apps are available for iOS and 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 industry and NFTs.
- Allows royalty rates of up to 10% for artists (low royalties).
- You cannot buy or sell products via this mobile application.
- Only supports cryptocurrency as its method of payment.
- A Crypto account is needed to access this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. However, overall, you will quickly regain that when you are actively selling since there is no additional fee for it.
Frequently Asked Questions Nft Program
What is OpenSea?
OpenSea is an NFT marketplace that is designed to provide artists a platform to market their work online and receive cryptocurrency as a method of payment. It’s a great option for artists who want to use for selling NFTs due to its no gas fees and low commission fee rate that you have to pay.
You can browse and shop for the vast array of digital items on the NFT marketplace which is why you should definitely go through it!
Is OpenSea legitimate and is it safe?
Answer: Yes! OpenSea is a reputable marketplace since it was established in 2018. Since its system is built on a blockchain, it is safe to claim that your transactions are secure and safe.
Furthermore, as a seller, you will be verified after you’ve earned a reputation. A blue checkmark is placed to your account or any collection you uploaded to reassure anyone who buys from you. The OpenSea team reviews regularly the contents to ensure users are secure.
How can I earn royalties from OpenSea?
However, as an artist, you’ll receive only up to 10% of the royalties once you have uploaded the NFT. This is thought to be a reasonable amount compared against other NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) has been frequently used on this site as well as many others to accommodate the increasing number of cryptocurrency users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can use to access OpenSea.
What are the payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. You can buy and sell cryptocurrency through secure platforms that accept fiat money. 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 an official mobile app from OpenSea that is available for iOS or Android. Install it from their app store, and begin exploring the collection right now!
A Desktop application that OpenSea can be downloaded via WebCatalog. In the desktop application you are able to manage multiple accounts and get notifications about updates to your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).