Cryptocurrency is booming right now, and you’re probably wondering where to invest your crypto coins. Marketplaces are popping up across the internet, designed to buy and sell NFTs with cryptocurrency! OpenSea is among them, and it’s worth looking into.
If you’re familiar with cryptocurrency you’ve probably heard about OpenSea prior to this for a valid reason. It’s now one of the biggest and leading marketplaces among cryptocurrency users because of its safety and speedy transactions.
Get on board, and discover the possibilities of 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 overview. Afterward, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Rock
The goal to create OpenSea was to simply provide an online marketplace for artists to upload their commissions, without having to pay any additional costs. There are additional features which allow you to market your artwork without any issues.
For the registration process, you don’t have to give too many details about yourself. All you need to connect your crypto wallet and voila! You have an account with OpenSea! It can be as simple as that and without many hassles when you enter into NFTs.
The most popular cryptocurrency to use within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it and is used for the majority of transactions. It also functions with the Polygon blockchain, which allows for lower costs and faster trading.
There are two types of blockchains that are available, you can choose which one you want to transfer your NFT to as seller. This is to ensure the security of your NFT, along with those who would like to buy it. All transactions are made by using the blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace where you can trade in your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything as simple as a domain name to official art from an artist that you admire. Anyone can be a seller however it takes time for anyone to become an established one.
There’s a huge selection of NFTs available of NFTs available at OpenSea and you could join in with that! You can start your own market here, along with finding NFTs that you would like to purchase yourself.
What is an NFT?
In a recent development for the cryptocurrency industry, the term “NFT” has been going around for so long on internet that the majority of young people are familiar with it but aren’t sure exactly what it actually means. Let’s break down what an NFT is for anyone who is new in the field of cryptocurrency.
One of the new things you can purchase your cryptocurrency can be an NFT. The NFT is a non-fungible currency that is very unique and can’t be substituted. It can be an item of rareness, such as 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 object you’re selling on the internet. It is simpler to just imagine as an NFT being a virtual item that is paid for using cryptocurrency only.
Minting is like calling dibs to your NFTs. You’re claiming the ownership of the particular item that you have uploaded to market, as offering it for sale. Usually, this becomes 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 mint your NFTs by visiting the store and creating a collection to start! Complete the correct and complete information about your NFT and choose what kind of settings you’d like to use to use it with (e.g., blockchain or money transfer tokens). Once that’s all done, you can finally upload it if it fits the 100 MB limit.
You can wait and observe how the transactions go from now on to see whether OpenSea is the right marketplace for you.
What NFTs can you find here?
So, at this point, you’re probably wondering the kind of NFTs be purchased here, and what you could sell should you decide to pursue that route. The type of NFT it can be isn’t limited since there’s a broad range of ways to go about it.
It is possible to sell trade cards, digital goods, game assets domain names, even physical assets! Find out what you think will yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that separates OpenSea from the others. There are zero gas fees when you utilize this feature to mint and sell NFTs. This means you’ll receive the maximum profits when you begin selling since you don’t need to pay on additional fees.
Not many NFT marketplaces offer this feature, so this is great for you to make a huge profit from your portfolio.
A Referral Program is another unique aspect of OpenSea to take note of. Like traditional online marketplaces there are rewards when you refer your friend to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from the site you’ll be rewarded with 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 advantage OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile app, but it’s mostly for perusing through the marketplace. It isn’t able to purchase or sell anything as you scroll through the list.
OpenSea’s mobile apps are available on the two platforms of iOS as well as Android. Even though you can’t buy or sell anything, you can still browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available to you, and you can exchange your fiat money for cryptocurrency using these platforms. Nft Rock
You can convert the fiat currency you have with a your credit or debit card as well as Paypal via these reputable websites for cryptocurrency:
- Bittrex, and many more!
All of them have the option to exchange for ETH that is the primary cryptocurrency used in OpenSea.
While OpenSea can be described as an NFT marketplace open to all types of crypto, wallets are still more compatible with it than others. Since it is built using the ETH blockchain, all wallets with a connection to the same network are suitable for this website.
Here’s a list different crypto wallets you can utilize in OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each wallet has its own restrictions like easy registration, only mobile usage and the ability to purchase cryptocurrency using the credit card. Nft Rock
For more information about the service You can go through their FAQs to get an overview of how you can begin and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has advantages and drawbacks. OpenSea isn’t an exception to this. It is possible to read about its pros and cons here:
- Available as mobile apps for iOS as well as Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto market and NFTs.
- Allows royalties of only up to 10% for artists (low royalty).
- It is not possible to buy or sell items on this mobile application.
- Only supports cryptocurrency as its type of payment.
- An Crypto wallet is required to access this marketplace.
OpenSea is available to anyone who has crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. In the end, you’ll quickly recover this amount if you sell regularly since there’s no additional cost for it.
Frequently Asked Questions Nft Rock
What is OpenSea?
OpenSea is an NFT marketplace that aims to offer artists a way to market their work online and receive cryptocurrency as a form of payment. It’s an excellent platform for artists using it to sell NFTs because of its zero cost of gas and low commission fee rate which you are required to pay.
You can browse and shop for the vast array of digital goods in this NFT marketplace, so you should take a look!
Is OpenSea legit & secure?
Short answer: Yes! OpenSea has been a reliable marketplace since it was established on the 1st of December in 2018. Because its system is built on blockchain technology and is secured, it is safe to say that your transactions are safe and secure.
Furthermore as a seller you can become verified once you’ve earned a reputation. A blue checkmark will be assigned to your account or the collection you uploaded to reassure any customer. The OpenSea team reviews regularly the content to ensure users are safe.
How can I earn royalties on OpenSea?
However, as an artist, you will receive only up to 10% of the royalties once you have uploaded the NFT. This is believed to be reasonably low compared against others NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) can be frequently used on this site and many others to accommodate many more crypto users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can utilize to access OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. You can buy and sell cryptocurrency on trusted platforms with fiat money. All you have to do is connect your credit card or Paypal for the transaction.
Does OpenSea have a desktop or mobile application?
As mentioned before there’s an official mobile application from OpenSea for both iOS and Android. Install it from their app store and you can start browsing through the collection right now!
The version for desktops that OpenSea can be downloaded via WebCatalog. In the desktop application you are able to manage multiple accounts as well as receive notifications about updates to your account when you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).