The cryptocurrency market is on the rise, and you’re probably wondering where to invest your crypto-coins. There are numerous marketplaces popping up all over the digital web designed to purchase and sell NFTs using cryptocurrency! OpenSea is one of them, and it’s worth checking out.
If you’re well-versed in cryptocurrency, you’ve probably heard of OpenSea prior to this for a valid reason. It’s one of the largest and leading marketplaces among cryptocurrency users because of its safety and speedy transactions.
Get on board, and let’s see the possibilities of OpenSea and also see what NFTs you can view!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick review. After, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Rights
The purpose of OpenSea was to offer artists with a marketplace/platform to upload commissions without any extra charges. It also has additional functions that allow you to sell your art without too many difficulties.
In terms of registration, you won’t have to give any personal information about yourself. All you need to connect your crypto wallet–and voila!–you have an account on OpenSea! It can be as simple as that without going through many hurdles as you walk into NFTs.
The most popular cryptocurrency used on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology and is used for the majority of transactions. It also operates on the Polygon blockchain, which ensures low-cost and quicker trading.
With these two types of blockchains that are available it is possible to choose which one you want to publish your NFT as seller. This ensures the safety of your NFT as well as those who wish to purchase it. All transactions are made using 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 trade in your NFTs or cryptocurrency for other NFTs. You can purchase anything from just a domain name to an official artwork by an artist you admire. Anyone can be a seller however it takes some time for anyone to become an established seller.
There’s a huge selection of NFTs available on OpenSea and you could become a part of that! You can create your own market here, along with finding NFTs you want 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 so long on the internet that a lot of millennials are familiar with it , but aren’t sure exactly what it means. Let’s break down what an NFT is for anyone who is new in cryptocurrency.
One of the new things that you can buy with cryptocurrency can be an NFT. A NFT is a non-fungible currency that is very exclusive and cannot be substituted. It can be an item of rareness, such as rare baseball trading cards in mint condition or a rare vinyl record.
There’s no limit on what an NFT can be as it’s a non-fungible object that you sell online. More straightforwardly, you can just think of as an NFT to be a type of digital item which is only paid in cryptocurrency.
Minting is similar to calling for dibs to your NFTs. You are calling the ownership of the particular item that you posted to market, as offering it for sale. Typically, this is official when you have filled in all the necessary information about the NFT and finally add it on the market.
On OpenSea It’s a very simple process to mint your NFTs. All you have to do is visit the store and then create a collection! Fill out the proper and complete information about your NFT and select the type of settings you’d like for it (e.g., blockchain and payments tokens). Once that’s all done then you’re able to upload it to the internet if it’s in the 100 MB limit.
You can wait and observe how transactions progress from now to determine whether OpenSea is the right marketplace for you.
What NFTs are available here?
In this moment you’re probably thinking about the kind of NFTs you shop for here, and what you could sell should you decide to pursue that route. The kind of NFT it is unlimited as there’s a variety of ways to do it.
It is possible to sell digital products, trading cards games domain names, some physical items! Find out what you think will bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what separates OpenSea from the others. There are zero gas fees when you use this feature to create and market NFTs. This means you’ll receive the maximum profits when you begin selling since you won’t need to spend on extra fees.
There aren’t many NFT marketplaces provide this feature, which is why this is great for you to make a huge profit from your NFT collection.
The Referral Program is a different aspect of OpenSea to be admired. Like traditional online marketplaces there are advantages by referring someone else to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from there, you’ll receive 2.50% of the sale amount, letting you make more money from this act.
Other NFT marketplaces don’t offer the same feature, so that’s just another benefit OpenSea has over them.
There is an OpenSea mobile app, but it’s mostly for perusing through the marketplace. You can’t buy or sell anything as you browse through the listing.
The mobile apps from OpenSea are accessible on the two platforms of iOS as well as Android. Even though you can’t buy or sell something, you can browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available to you You can also exchange your fiat money for cryptocurrency using these platforms. Nft Rights
You can exchange your fiat currency using a credit card or Paypal on these reliable websites to exchange it for crypto:
- Bittrex, and other things!
Each of them has the option of exchange for ETH that is the most common cryptocurrency payment option in OpenSea.
Although OpenSea has been described as being an NFT marketplace that is open to all kinds of cryptocurrency, the wallets still more compatible with it than others. Since it is built on an ETH blockchain, all wallets that share this network are appropriate for this website.
Here’s a list several crypto wallets which you can use with OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each has its own limitations, such as easy registration, only mobile usage as well as the capability to purchase cryptocurrency using credit cards. Nft Rights
To learn more about it You can go through their FAQs to see an overview of how you can begin and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets every one of them has advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and cons here:
- Mobile apps are available that are compatible with iOS as well as Android.
- Smart contracts are utilized for 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 royalties).
- You cannot buy or sell products on our mobile apps.
- Only accepts cryptocurrency as a form of payment.
- The use of a Crypto digital wallet must be used to use this marketplace.
OpenSea is accessible to everyone who has any crypto currency in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. In the end, you’ll easily recover that amount when you actively sell because there’s no extra charge for it.
Frequently Asked Questions Nft Rights
What is OpenSea?
OpenSea is an NFT marketplace that is designed to offer artists a way to sell their works online and receive cryptocurrency as their form of payment. It’s an ideal platform for artists who use the platform to market NFTs due to its low gas fees and low commission fees that you have to pay.
You can browse and shop for a vast collection of digital products on this NFT marketplace, so you should take a look!
Is OpenSea legitimate and is it safe?
The short answer is yes! OpenSea is a reputable marketplace since it was established in 2018. Because its system is built on blockchain technology, it is safe to claim that your transactions are safe and secure.
Additionally as a seller you’ll be verified when you have built up your credibility. A blue checkmark will appear to your account or any collection you’ve uploaded to ensure the safety of any customer. The team at OpenSea regularly checks the contents to ensure users are secure.
How do I earn royalties from OpenSea?
As an artist, you’ll receive only up to 10 percent of the royalties when you upload the NFT. This is believed to be a reasonable amount compared against other NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) has been frequently used on this site as well as other sites to provide more cryptocurrency users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize for OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. You can easily purchase or trade cryptocurrency using secure platforms that accept fiat money. All you have 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’s an official mobile app by OpenSea available for both iOS and Android. Install it from their app store and begin browsing through the collection right now!
There is also a Desktop application that OpenSea can be downloaded via WebCatalog. With 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/).