The crypto currency market is in a boom right now, and you’re probably wondering where to invest your crypto-coins. There are numerous marketplaces popping up all over the internet, designed to buy and sell NFTs via cryptocurrency! OpenSea can be one and is 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 now one of the biggest and most popular marketplaces among cryptocurrency users because of its security and quick transactions.
So, hop on board and let’s explore 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 the article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Shipping
The goal to create OpenSea was to offer artists with a marketplace/platform to easily upload their commissions with no additional charges. It also has additional functions which allow you to market your work without having to deal with many issues.
In terms of registration, you won’t have to provide too many details about yourself. All you have to do is connect your crypto wallet and voila! You have an account with OpenSea! It can be as simple as that without going through many hassles when you enter into NFTs.
The most widely-used cryptocurrency used on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology which is utilized for most processes. It also functions using the Polygon blockchain, which ensures low-cost and quicker trading.
With these two types of blockchains you can pick which one you would like to upload your NFT on as seller. This is to ensure the security of your NFT, along with those who would like to purchase it. Every transaction will be conducted by using the blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless where you can trade in your NFTs or cryptocurrency for other NFTs. You can buy 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 before anyone can become an established one.
There is a wide variety of NFTs available of NFTs available at OpenSea and you could also be a part of the collection! You can set up your own personal market there, and also find NFTs that you would like to purchase yourself.
What is an NFT?
A recent change in 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 aren’t exactly sure what it means. Let’s break down what an NFT is for any beginners in the field of cryptocurrency.
One of the new things you can buy includes an NFT. An NFT is a non-fungible token that is individual and cannot be substituted. It can be an item of any rarity like rare baseball trading cards in mint condition, or a uncommon vinyl record.
There is no limit to what an NFT can be as it’s a non-fungible object that you can sell online. More straightforwardly, you can simply think of as an NFT as a digital 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 that you posted to the market place, but offering it for sale. Usually, this is recognized when you have filled in all the necessary information about the NFT and then upload it to the marketplace.
On OpenSea It’s a very simple procedure to create your own NFTs by visiting the store and simply create a collection! Complete the correct and complete information about your NFT and select the type of settings you’d like to use it with (e.g., blockchain and money transfer tokens). After that, you can finally upload it if it fits the limit of 100MB.
It is possible to wait and see how transactions progress from here on out to see whether OpenSea is the best marketplace for you.
What NFTs can you find here?
At this point 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 since there’s a broad range of ways to go about it.
You can be selling digital products, trading cards games domain names, even physical assets! Explore what you believe can reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The 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 create and market NFTs. This is essentially a way to ensure that you get the most profit when you start selling because you won’t have to spend on additional fees.
Very few NFT marketplaces offer this feature, which is why this can be a fantastic way to receive high profit from your NFT collection.
A Referral Program is another distinctive feature of OpenSea to be admired. Similar to traditional online markets there are advantages when you refer a friend to OpenSea! If you invite a friend to join OpenSea and buy an NFT from there, you’ll receive 2.50 percent of the sales amount, which allows you to earn more cash from this act.
Other NFT marketplaces don’t have this kind of feature either, so that’s just another benefit OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile application, however it is mainly used to browse the marketplace. It isn’t able to purchase or sell anything while you scroll through the list.
OpenSea’s mobile apps are available on the two platforms of iOS as well as Android. Although you aren’t able to purchase or sell anything, you can still look through the options you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are for you to use, and you can exchange your fiat money for cryptocurrency through these platforms. Nft Shipping
You can exchange your fiat currency using a credit card or Paypal through these trusted sites for cryptocurrency:
- Bittrex and many more!
All of them have the option to exchange for ETH, which is the most common cryptocurrency payment option in OpenSea.
While OpenSea is an NFT marketplace open to all kinds of crypto, wallets are still more compatible with it than others. Since it is built mainly on the ETH blockchain, wallets that share that network will be suitable for this website.
Here is a list of various crypto wallets that which you can use with OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each wallet has its own restrictions, such as easy registration, mobile-only usage as well as the capability to purchase cryptocurrency using the credit card. Nft Shipping
For more information about the service, you can check their FAQs to see a rundown of how you can start and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has its 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 available for iOS and Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalty rates of 10% for artists (low royalty rates).
- Cannot buy or sell on the mobile app.
- Only supports cryptocurrency as its type of payment.
- The use of a Crypto digital wallet must be used for this marketplace.
OpenSea is available to anyone who owns any crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. But overall, you can quickly recover this amount if you sell regularly since there’s no additional cost for it.
Frequently Asked Questions Nft Shipping
What is OpenSea?
OpenSea is an NFT marketplace that aims to provide artists a platform for selling their artwork online to receive cryptocurrency as a method of payment. It’s a great platform for artists who use for selling NFTs because of its zero cost of gas and low commission fees you must pay.
You can shop and browse a vast collection of digital items on the NFT marketplace and you must check it out!
Is OpenSea legit & safe?
Answer: Yes! OpenSea has been a reliable marketplace since it was established at the end of the year of 2018. Because its system is built on a blockchain that is secure, you can say that your transactions are safe and secure.
Furthermore as a seller you will be verified after you build up your reputation. A blue checkmark is placed to your account or any collection that you have uploaded to assure anyone who buys from you. OpenSea’s team regularly reviews the contents to ensure users are secure.
How can I earn royalties on OpenSea?
Unfortunately, as an artist, you’ll be paid only 10 percent of the royalties after you upload the NFT. This is believed to be quite low in comparison against other NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) is widely used on this site as well as numerous others to cater for many more cryptocurrency users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can use to access OpenSea.
What are the payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its 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 for the transaction.
Does OpenSea has a mobile or desktop application?
As previously mentioned there’s an official mobile application from OpenSea available for both iOS as well as Android. Install it from their app store and begin browsing through the collection right now!
The Desktop application that OpenSea which can be downloaded from WebCatalog. In the desktop application you are able to manage multiple accounts and get notifications about updates to your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).