The crypto currency market is in a boom right now and you’re probably thinking where you can invest your crypto coins. Markets have popped up all over the internet, designed to buy and sell NFTs with cryptocurrency! OpenSea is one of them and is worth checking out.
If you’re interested in crypto you’ve likely heard of OpenSea prior to this for a valid reason. It’s one of the biggest and most popular marketplaces among users of cryptocurrency due to its safety and speedy transactions.
Now hop aboard, and let’s see what you can do with OpenSea and also see what NFTs you can view!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. Afterward, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Series
The goal to create OpenSea was to offer a platform/marketplace for artists to easily upload their commissions with no additional costs. There are additional features that let you sell your artwork without any issues.
For registration, you don’t need to worry about giving all of your personal details. All you have to connect your crypto wallet and voila! You have an account on OpenSea! It’s as simple as that without going through many hurdles as you walk into NFTs.
The most popular 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, and this is used for most processes. It is also based using the Polygon blockchain to ensure low-cost and quicker trading.
With these two types of blockchains it is possible to choose which one you would like to upload your NFT on as an seller. This will ensure the security of your NFT, along with those who wish 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 online shopping mall that is endless that lets you trade your cryptocurrency or NFTs for other NFTs. You can buy anything the simplest domain name, to a piece of art from an artist you admire. Anyone can sell however it takes a while before anyone can become an established seller.
There’s a huge selection in the collection at OpenSea, and you can become a part of that! You can create your own marketplace there, and also find NFTs that you would like to purchase for yourself.
What is an NFT?
A recent change in the cryptocurrency industry, the term “NFT” has been going around for so long on the internet that the majority of young people are familiar with it , but aren’t exactly sure what it actually means. Let’s look at what an NFT is for anyone who is new in cryptocurrency.
One of the latest ways that you can buy with cryptocurrency is an NFT. An NFT is a non-fungible token that is individual and cannot be substituted. This can be a piece of rarity like rare baseball trading cards in mint condition or a unique vinyl album.
There is no limit to what an NFT can be as it’s a non-fungible object you’re selling online. More straightforwardly, you can just think of as an NFT being a virtual item paid via cryptocurrency only.
Minting is similar to calling for dibs to your NFTs. It is a way of claiming the owner of the item or token you uploaded on market, as you’re offering it for sale. Typically, this is official once you fill out the proper information regarding the NFT and upload it to the marketplace.
On OpenSea, it’s a simple procedure to create your own NFTs by visiting the store and making a collection to begin! Input the appropriate and complete information about your NFT and then select what type of settings you want for it (e.g., blockchain, money transfer tokens). Once that’s all done then you’re able to upload it if it fits the limit of 100MB.
It is possible to wait and see how the transactions go from now on to see whether OpenSea is the best marketplace for you.
What NFTs are available here?
In this moment you’re probably asking yourself what kind of NFTs be purchased here and what kind of NFTs you can also sell if you decide to pursue that route. The kind of NFT it isn’t limited since there’s a broad range of ways to do it.
You can be selling digital products, trading cards game assets domain names, some physical items! Consider what you believe will yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that sets OpenSea from other companies. There are zero gas fees when you use this feature to create and market NFTs. This is essentially a way to ensure that you get the most profit when you start selling because you don’t need to pay on additional fees.
Not many NFT marketplaces provide this feature, so this is a great way to earn a high return from your NFT collection.
The Referral Program is another distinctive feature of OpenSea to admire. Similar to traditional online markets, you can receive rewards by referring someone else to OpenSea! If you encourage a friend join OpenSea and buy an NFT from the site you’ll earn 2.50 percent of the sales amount, which allows you to earn more cash from this act.
Other NFT marketplaces don’t offer this kind of feature either, so that’s just another advantage OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile application, however it is mainly used to browse through the marketplace. It isn’t able to purchase or sell items as you browse through the listings.
OpenSea’s mobile apps are available for the two platforms of iOS and Android. While you’re not able to buy or sell things, you can look through the options you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are at your disposal You can also exchange your fiat money for cryptocurrency using these platforms. Nft Series
You can convert your fiat currency using a your credit or debit card as well as Paypal on these reliable websites for cryptocurrency:
- Bittrex, and more!
All of them have the option of exchange for ETH, which is the most common cryptocurrency payment option in OpenSea.
Although OpenSea has been described as being an NFT marketplace that is open to all types of crypto, wallets are still more compatible with it than other. Because it is based using an ETH blockchain, wallets which are part of the same network are suitable for this site.
Here’s a list different crypto wallets you can utilize in OpenSea:
- Authereum and many more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each has its own limitations like easy registration, use on mobile devices only as well as the capability to buy cryptocurrency using the credit card. Nft Series
To learn more about it to learn more, check out their FAQs for an overview of how you can begin and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets, each one has advantages and drawbacks. OpenSea isn’t the only one to have this. You can view its pros and cons here:
- Mobile apps are available that are compatible with iOS or Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto market and NFTs.
- Allows royalty rates of 10% for artists (low royalty rates).
- You cannot buy or sell products on our mobile apps.
- Only supports cryptocurrency as its form of payment.
- An Crypto wallet is required for 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 percentage of commissions to all the sellers who are on this platform. In the end, you’ll easily recover that amount when you are actively selling since there’s no additional cost for it.
Frequently Asked Questions Nft Series
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to give artists a chance to sell their works online, and to accept cryptocurrency as a form of payment. It’s a great platform for artists using for selling NFTs because of its zero gas fees and the low commission rate that you have to pay.
You can browse and purchase the vast array of digital goods in this NFT marketplace and you must check it out!
Is OpenSea legitimate and is it safe?
The short answer is yes! OpenSea is a reputable marketplace since it was established on the 1st of December in the year 2018. Because its system is built on blockchain technology and is secured, it is safe to claim that your transactions are safe and secure.
In addition, as a seller, you’ll be verified when you’ve earned a reputation. A blue checkmark will be assigned next to your account or the collection that you have uploaded to assure every customer. The OpenSea team reviews regularly the content to ensure users are secure.
How can I earn royalties from OpenSea?
As an artist, you will receive only up to 10% of the royalties once you have uploaded the NFT. This is thought to be quite low in comparison against others NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) is frequently used on this site and numerous others to cater for many more crypto users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can use 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 the website. You can easily purchase or sell cryptocurrency on trusted platforms with fiat money. All you have be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea have a desktop or mobile app?
As previously mentioned there’s an official mobile app from OpenSea for both iOS as well as Android. Download it at their respective app store, and then you can begin exploring the collection right now!
The Desktop application that OpenSea which can be downloaded from WebCatalog. On the desktop app you can manage multiple accounts and get alerts on any updates that affect 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/).