The cryptocurrency market is on the rise and you’re probably thinking where you can invest your crypto currency. Markets have popped up across the digital web designed to sell and buy NFTs with cryptocurrency! OpenSea is among them, and it’s worth a look.
If you’re well-versed in cryptocurrency, you’ve probably heard about OpenSea before for a good reason. It’s one of the largest and most popular marketplaces among users of cryptocurrency due to its security and rapid transactions.
Get on board, and let’s explore 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 review. Afterward, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Pyramid
The goal for OpenSea was to simply provide a platform/marketplace for artists to upload commissions with no additional charges. It has more functions which allow you to market your work without having to deal with many issues.
When it comes to registration, you don’t need to worry about giving any personal information about yourself. All you need to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as easy as that and without much hassle as you step into NFTs.
The most widely-used cryptocurrency used in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it and is used to carry out the majority of processes. It is also based with the Polygon blockchain, which ensures lower costs and faster trading.
With these two kinds of blockchains available it is possible to choose which one you want to upload your NFT on as a seller. This will ensure the security of your NFT as well as those who would like to buy it. All transactions are made by using the blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall where you can exchange your cryptocurrency or NFTs for other NFTs. You can buy anything as simple as a domain name to an official artwork from an artist you admire. Anyone can become a seller, but it takes time for anyone to become an established one.
There is a wide variety in the collection at OpenSea, and you can also be a part of the collection! You can create your own marketplace there, and also find NFTs that you would like to purchase yourself.
What is an NFT?
In a recent advancement for the crypto market”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that many millennials have heard of it but not exactly sure 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 latest ways that you can buy with cryptocurrency is an NFT. The NFT is a non-fungible token which is extremely exclusive and cannot be changed. It can be an item of any rareness, such as rare baseball trading cards in mint condition or a rare vinyl record.
There is no limit to what an NFT can be since it’s a non-fungible object that you sell on the internet. In simpler terms, you could just think of the NFT being a virtual collectible paid via cryptocurrency only.
Minting is like calling dibs to your NFTs. You are calling the ownership of the particular item that you posted to the marketplace, and you’re selling it. Typically, this is official when you have filled in all the necessary information about the NFT and then upload it to the marketplace.
On OpenSea, it’s a simple procedure to create your own NFTs by going to the store and making a collection to begin! Fill out the proper and accurate information about your NFT and then select what type of settings you’d like to use it with (e.g. blockchain, money transfer tokens). After you’ve completed the process, you can finally upload it, if it’s within the 100 MB limit.
It is possible to wait and see how transactions progress from now to see whether OpenSea is the best marketplace for you.
What NFTs are available here?
So, at this point you’re probably thinking about which kind of NFT can be purchased here, and what you could also sell if you decide to go down that path. The kind of NFT it can be is indefinite since there’s a broad range of options for how to do it.
You can be selling trade cards, digital goods, game assets, domain names, and even physical assets! Consider what you believe will reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that separates OpenSea from the other options. There are no gas costs when you use this feature to make and then sell the NFTs. This is essentially a way to ensure that you receive the maximum profits when you start selling because you won’t need to spend on any additional charges.
Not many NFT marketplaces provide this feature, and it is a great way to receive high profit from your NFT collection.
This Referral Program is a different aspect of OpenSea to admire. Similar to traditional online markets that offer rewards when you refer someone else 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 purchase amount, letting you earn more cash by this method.
Other NFT marketplaces do not have this kind of feature either This is a further advantage OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile application, however it is mainly used to browse the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listings.
OpenSea’s mobile apps are available for both iOS in addition to Android. Although you aren’t able to purchase or sell something, 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 You can also trade your fiat currency for cryptocurrency on these platforms. Nft Pyramid
You can swap your fiat money via the credit card, or Paypal via these reputable websites for cryptocurrency:
- Bittrex and other things!
All of them have the option of converting them into ETH that is the primary cryptocurrency used in OpenSea.
While OpenSea can be described as an NFT marketplace open to all forms of crypto, wallets are nonetheless more compatible than other. Because it is based on an ETH blockchain, any wallets which are part of that network will be suitable for this site.
Here is a list of different crypto wallets 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 like easy registration, use on mobile devices only, and the function to buy cryptocurrency using a credit card. Nft Pyramid
To learn more about it You can go through their FAQs for an overview of how you can get started and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and cons here:
- Mobile apps available for iOS as well as Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto industry and NFTs.
- Allows royalty rates of 10% for artists (low royalty rates).
- It is not possible to buy or sell items via our mobile apps.
- Only accepts cryptocurrency as a type of payment.
- The use of a Crypto wallet is required to use this marketplace.
OpenSea is open to everyone who owns any crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. But overall, you can quickly regain that when you sell regularly since there’s no extra charge for it.
Frequently Asked Questions Nft Pyramid
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to provide artists a platform 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 because of its zero gas fees and low commission fee rate that you have to pay.
You can browse and purchase a vast collection of digital products on this NFT marketplace which is why you should definitely check it out!
Is OpenSea real and secure?
Answer: Yes! OpenSea has been a trusted marketplace since it was established on the 1st of December in 2018. Because its system is built on a blockchain that is secure, you can say that your transactions are safe and secure.
Additionally, as a seller, you can become verified once you have built up your credibility. A blue checkmark will appear next to your account or collection you uploaded to reassure anyone who buys from you. The OpenSea team reviews regularly the content to ensure that users are protected.
How do I earn royalties on OpenSea?
However, as an artist, you can get only 10% of the royalties once you have uploaded the NFT. This is considered to be a reasonable amount compared to others NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) has been widely used on this site as well as many others to accommodate the increasing number of cryptocurrency users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can use to access OpenSea.
What are the payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. You can easily purchase or trade cryptocurrency using reliable platforms using fiat currency. All you need to do is connect your credit card or Paypal for the transaction.
Does OpenSea have a desktop/mobile app?
As mentioned before There is an official mobile app by OpenSea that is available for iOS and Android. You can download it through their app store and you can start browsing through the collection right now!
The Desktop application that OpenSea can be downloaded via WebCatalog. With the desktop application you can 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/).