Cryptocurrency is booming right now and you’re probably wondering where you can invest your crypto-coins. There are numerous marketplaces popping up all over the web that allow users to buy and sell NFTs with cryptocurrency! OpenSea is one of them, and it’s worth checking out.
If you’re well-versed in cryptocurrency, you’ve probably heard about OpenSea prior to this for a valid reason. It’s one of the largest and most popular marketplaces for cryptocurrency users because of its security and rapid transactions.
So, hop on board and let’s see what you can do with OpenSea and also see the NFTs available to view!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. After, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Scams
The purpose to create OpenSea was to provide an online marketplace for artists to upload commissions with no additional costs. It also has additional functions that allow you to sell your art without too many problems.
For the registration process, you don’t have to provide too many details about yourself. All you have to connect your crypto wallet and voila! You have an account on OpenSea! It’s as simple as that and without many hassles when you enter into NFTs.
The most well-known cryptocurrency to use on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it, and this is used for most processes. It also operates using the Polygon blockchain, which allows for lower costs and faster trading.
With these two kinds of blockchains you can pick which one you would 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 along with 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 exchange your NFTs or cryptocurrency for other NFTs. You can buy anything just a domain name, to a piece of art by an artist you admire. Anyone can sell, but 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 create your own market here, along with finding NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent advancement for the crypto industry”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 not exactly sure what it is. Let’s break down what an NFT is for any beginners in the field of cryptocurrency.
One of the newest things you can buy can be an NFT. The NFT is a non-fungible token that is very exclusive and cannot be substituted. It can be an item of any rareness like authentic baseball cards or uncommon vinyl record.
There’s no limit on what an NFT could be, since it’s a non-fungible item that you sell on the internet. It is simpler to simply consider the NFT to be a type of digital collectible paid via cryptocurrency only.
Minting is similar to calling for dibs for your personal NFTs. It is a way of claiming the owner of the item or token that you posted to the marketplace, and you’re selling it. Usually, this becomes official once you fill out the correct information about the NFT and then submit it for sale on.
On OpenSea it’s a straightforward process to mint your NFTs by visiting the store and simply create a collection! Input the appropriate and accurate information about your NFT and select the type of settings you’d like for it (e.g., blockchain or payment tokens). After you’ve completed the process then you’re able to upload it to the internet if it’s in the 100 MB limit.
It is possible to wait and see how the transactions go from now to see whether OpenSea is the best marketplace for you.
What NFTs can you find here?
So, at this point you’re probably asking yourself what kind of NFTs be found here, and what you could also sell if you decide to go down that path. The type of NFT that you can purchase is indefinite because there’s a wide range of options for how to go about it.
You can be selling digital products, trading cards game assets domain names, even physical assets! Find out what you think will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what separates OpenSea from other companies. There are no gas costs when you use this feature when you make and then sell the NFTs. This means you’ll get the most profit when you sell because you don’t need to pay on additional fees.
Very few NFT marketplaces have this feature, so this is a great way to make a huge profit from your NFT collection.
The Referral Program is another distinctive feature of OpenSea to take note of. Like traditional online marketplaces there are benefits by referring someone else to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from there, you’ll receive 2.50 percent of the sales amount, letting you earn more money from this act.
Other NFT marketplaces don’t have the same feature This is a further benefit OpenSea has over the other marketplaces.
There’s an OpenSea mobile app, but it’s mostly to browse the marketplace. You can’t buy or sell anything as you scroll through the list.
The mobile apps from OpenSea are accessible on both iOS as well as Android. While you’re not able to buy or sell anything, you can still at least browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are at your disposal, and you can exchange your fiat money for cryptocurrency using these platforms. Nft Scams
You can exchange your fiat currency using a the credit card, or Paypal via these reputable websites for cryptocurrency:
- Bittrex, and more!
All of them have the option to exchange for ETH that is the most common cryptocurrency payment option in OpenSea.
While OpenSea has been described as being an NFT marketplace that is open to all types of cryptocurrency, wallets are still more compatible with it than other. Since it is built mainly on the ETH blockchain, all wallets that share the same network are suitable for the site.
Here is a list of various crypto wallets that which you can use with OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each has its own limitations including simple registration, mobile-only usage as well as the capability to purchase cryptocurrency using credit cards. Nft Scams
To know more about it, you can check their FAQs to see the steps you can get started and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and pros here:
- Mobile apps are available for iOS as well as Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalties of only 10% to artists (low royalties).
- It is not possible to buy or sell items on our mobile apps.
- Only supports cryptocurrency as its type of payment.
- An Crypto wallet is required for this marketplace.
OpenSea is available to anyone who has crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. However, overall, you will quickly recover this amount if you sell regularly since there’s no additional cost for it.
Frequently Asked Questions Nft Scams
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to offer artists a way to sell their works online and receive cryptocurrency as their form of payment. It’s an excellent platform for artists who use the platform to market NFTs due to its no cost of gas and low commission fees that you have to pay.
You can browse and shop for an array of digital items on the NFT marketplace and you must check it out!
Is OpenSea legit & secure?
Short answer: Yes! OpenSea is a reputable marketplace since it was founded on the 1st of December in 2018. Because its system is built on a blockchain, it is safe to say that your transactions are protected and secured.
Additionally, as a seller, you can become verified once you build up your reputation. A blue checkmark will appear next to your account or the collection you’ve uploaded to ensure the safety of anyone who buys from you. The team at OpenSea regularly checks the contents to ensure users are safe.
How do I earn royalties from OpenSea?
As an artist, you’ll get only 10 percent of the royalties when you upload the NFT. This is believed to be a reasonable amount compared with others NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) can be widely utilized on this website and other sites to provide the increasing number of crypto users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize to access OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. You can buy and sell cryptocurrency through trusted platforms with fiat money. All you have just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea have a desktop/mobile application?
As mentioned before, there is definitely an official mobile application from OpenSea that is available for iOS as well as Android. Download it at their respective app store, and you can start exploring the collection now!
The desktop application for OpenSea which can be downloaded from 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/).