The cryptocurrency market is on the rise and you’re probably wondering where you can invest your crypto currency. Marketplaces are popping up all over the web that allow users to buy and sell NFTs using cryptocurrency! OpenSea is one of them and is worth a look.
If you’re well-versed in cryptocurrency you’ve likely heard of OpenSea prior to this 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.
Get on board, and let’s explore 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. After, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Quincy Jones
The aim for OpenSea was to simply provide an online marketplace for artists to upload their commissions with no additional fees. It also has additional functions that allow you to sell your work without having to deal with many problems.
When it comes to registration, you don’t need to give too many details about yourself. All you have to connect your crypto wallet and voila! You have an account with OpenSea! It can be as simple as that and without much hassle as you step into NFTs.
The most well-known cryptocurrency that is used 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 also functions with the Polygon blockchain, which allows for the lowest cost and speediest trading.
With these two kinds of blockchains available you can pick which one you’d like to publish your NFT as 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 is like an endless online marketplace where you can exchange your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything just a domain name to official art from an artist that you admire. Anyone can be a seller however it takes a while for anyone to be a reputable one.
There is a wide variety of NFTs available at OpenSea, and you can also be a part of the collection! You can start your own market there, and also find NFTs you want to purchase for yourself.
What is an NFT?
In a recent advancement for the crypto industry, the term “NFT” has been going around so long on the internet that a lot of millennials have heard of it but not exactly sure what it is. Let’s look at what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the latest ways that you can buy with cryptocurrency can be an NFT. A NFT is a non-fungible currency which is extremely individual and cannot be substituted. It can be an item of any rarity like authentic baseball cards, or a rare vinyl record.
There’s no limit to what an NFT can be as it’s a non-fungible object that you sell online. In simpler terms, you could simply consider an NFT being a virtual item paid via cryptocurrency only.
Minting is like calling dibs for your personal NFTs. It is a way of claiming the ownership of the particular item you uploaded on the market place, but you’re putting it up for sale. Usually, this is recognized 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 mint your NFTs by visiting the store and simply making a collection to begin! Input the appropriate and complete information about your NFT and select the type of settings you want 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 limit of 100MB.
You can watch and see how transactions progress from here on out to determine if OpenSea is the best marketplace for you.
What NFTs can you find here?
In this moment you’re probably thinking about the kind of NFTs can you shop for 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 ways to approach it.
You could be selling trade cards, digital goods games domain names, even physical assets! Find out what you think will yield the most profit 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 create and market NFTs. This simply means that you’ll get the most profit when you sell because you won’t have to spend on any additional charges.
There aren’t many NFT marketplaces provide this feature, so this can be a fantastic way to make a huge profit from your collection.
The Referral Program is another distinctive feature of OpenSea to take note of. Like traditional online marketplaces that offer rewards by referring your friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from there, you’ll receive 2.50 percent of the sales amount, which means you can make more money by this method.
Other NFT marketplaces do not have the same feature and that’s another benefit OpenSea has over the other marketplaces.
There’s an OpenSea mobile app, but it is mainly used for perusing through the marketplace. Unfortunately, you can’t purchase or sell anything as you browse through the listing.
The mobile apps from OpenSea are accessible for both iOS and Android. Although you aren’t able to purchase or sell things, you can at least look through the options you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available to you You can also convert your fiat money into cryptocurrency using these platforms. Nft Quincy Jones
You can exchange your fiat money via your credit or debit card as well as Paypal on these reliable websites for cryptocurrency:
- Bittrex, and more!
Each of them has the option of exchange for ETH that is the primary cryptocurrency payment option in OpenSea.
While OpenSea can be described as an NFT marketplace that is open to all forms of cryptocurrency, the wallets nevertheless more compatible than other. Since it is built on the ETH blockchain, any wallets with a connection to this network are appropriate for the site.
Here is a list of several crypto wallets you can use in OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each has its own limitations including simple registration, use on mobile devices only, and the function to purchase cryptocurrency with the credit card. Nft Quincy Jones
For more information about the service You can go through their FAQs to see an overview of how you can start and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and pros here:
- Available as mobile apps that are compatible with iOS as well as Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalties of only 10% for artists (low royalties).
- Cannot buy or sell via the mobile app.
- Only accepts cryptocurrency as a form of payment.
- An Crypto digital wallet must be used to access this marketplace.
OpenSea is open to everyone who has crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. But overall, you can quickly regain that when you actively sell because there’s no additional cost for it.
Frequently Asked Questions Nft Quincy Jones
What is OpenSea?
OpenSea is an NFT marketplace that seeks to provide artists a platform for selling their artwork online to receive cryptocurrency as a form 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 that you have to pay.
You can browse and purchase the vast array of digital products on this NFT marketplace, so you should go through it!
Is OpenSea real and secure?
Short answer: Yes! OpenSea is a reputable marketplace since it was founded in 2018. Because its system is built on a blockchain and is secured, it is safe to say that your transactions are secure and safe.
Furthermore as a seller you will be verified after you have built up your credibility. A blue checkmark will be assigned to your account or collection that you have uploaded to assure anyone who buys from you. The OpenSea team reviews regularly the content to ensure users are safe.
How do I earn royalties on OpenSea?
As an artist, you can be paid only 10% of the royalties once you have uploaded the NFT. This is believed to be reasonably low compared to the other NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) has been commonly used on this site and other sites to provide many more cryptocurrency users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of to use OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency on reliable platforms using fiat currency. All you need be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea have a desktop or mobile app?
As we mentioned earlier there’s an official mobile app from OpenSea that is available for iOS and Android. Download it at their respective app store and then you can begin exploring the collection now!
The desktop application for OpenSea that can be downloaded through WebCatalog. On the desktop app you can manage multiple accounts and get notifications on updates regarding your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).