The cryptocurrency market is on the rise, and you’re probably wondering where to invest your crypto coins. There are numerous marketplaces popping up across the digital web designed to sell and buy NFTs with cryptocurrency! OpenSea is among them, and it’s worth a look.
If you’re interested in crypto, you’ve probably heard about OpenSea before for a good reason. It’s one of the largest and most popular 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 the NFTs available to view!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick review. Afterward, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Social Media
The purpose for OpenSea was to simply provide a platform/marketplace for artists to upload their commissions without any extra charges. It also has additional functions which allow you to market your artwork without any issues.
When it comes to registration, you won’t have to give any personal information about yourself. All you have to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as simple as that, without much hassle as you step into NFTs.
The most widely-used cryptocurrency to use in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system, and this is used for most processes. It also operates with the Polygon blockchain, which ensures the lowest cost and speediest trading.
There are two types of blockchains available it is possible to choose which one you would like to transfer your NFT to as an seller. This is to ensure the security of your NFT as well as the people who want to purchase it. Every transaction will be conducted by using the blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless where you can exchange your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything just a domain name, to a piece of art from an artist you admire. Anyone can be a seller however it takes some time for anyone to be a reputable one.
There are a variety of NFTs in the collection of NFTs available at OpenSea and you could become a part of the collection! You can start your own marketplace there, and also find NFTs you’d like to buy for yourself.
What is an NFT?
A recent change in the crypto 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 not exactly sure what it means. Let’s look at what an NFT is for anyone who is new in the field of cryptocurrency.
One of the newest things you can purchase your cryptocurrency is an NFT. An NFT is a non-fungible currency which is extremely exclusive and cannot be replaced. It can be an item of rarity like authentic baseball cards or a uncommon vinyl record.
There is no limit to what an NFT can be as it’s a non-fungible item you’re selling online. In simpler terms, you could just imagine an NFT being a virtual item which is only paid in cryptocurrency.
Minting is like calling the shots to your NFTs. You’re claiming the owner of the item or token that you posted to market, as you’re putting it up for sale. Usually, this becomes official when you have filled in all the necessary information about the NFT and upload it to the marketplace.
On OpenSea it’s a straightforward procedure to create your own NFTs by visiting the store and create a collection! Complete the correct and accurate information about your NFT and then select what type of settings you’d like for it (e.g. blockchain and payment tokens). After that, you can finally upload it if it fits the 100 MB limit.
It is possible to wait and see the way transactions are handled from now on to determine if OpenSea is the marketplace for you.
What NFTs can you find here?
So, at this point, you’re probably wondering what kind of NFTs can you shop for here and what you can also sell if you choose to go down that path. The kind of NFT it can be is indefinite as there’s a variety of ways to approach it.
It is possible to sell digital items, trading cards, game assets domain names, some physical items! Explore what you believe can bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that differentiates OpenSea from other companies. There are no gas costs when you use this feature to create and market NFTs. This means you’ll get the most profit when you sell because you won’t need to spend on any additional charges.
Very few NFT marketplaces have this feature, which is why this is a great way to receive high profit from your NFT collection.
A Referral Program is another distinctive feature of OpenSea to admire. Like traditional online marketplaces that offer rewards when you refer your friend to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from the site you’ll be rewarded with 2.50% of the sale amount, which allows you to make more money through this action.
Other NFT marketplaces don’t offer this feature, so that’s just another advantage OpenSea has over them.
There’s an OpenSea mobile application, however it’s mostly to browse through the marketplace. Unfortunately, you can’t purchase or sell anything while you scroll through the list.
OpenSea’s mobile apps are available on both iOS and Android. Even though you can’t buy or sell something, you can at least look through the options you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available at your disposal to trade your fiat currency for cryptocurrency using these platforms. Nft Social Media
You can swap your fiat currency using a your credit or debit card as well as Paypal via these reputable websites for cryptocurrency:
- Bittrex and other things!
All of them have the option to exchange for ETH which is the standard cryptocurrency used in OpenSea.
While OpenSea can be described as an NFT marketplace open to all types of cryptocurrency, wallets are nonetheless more compatible than other. Because it is based on an ETH blockchain, wallets which are part of this network are appropriate for this website.
Here is a list of several crypto wallets which you can use with OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each has its own limitations like easy registration, mobile-only usage as well as the capability to purchase cryptocurrency using a credit card. Nft Social Media
To know more about it, you can check their FAQs for a rundown of how you can get started and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has advantages and drawbacks. OpenSea isn’t an exception to this. You can read about its pros and cons here:
- Mobile apps are available for iOS or 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 up to 10% for artists (low royalties).
- It is not possible to buy or sell items through this mobile application.
- Only supports cryptocurrency as its method of payment.
- A Crypto account is needed to use 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 to all the sellers who are on this platform. However, overall, you will easily recover that amount when you actively sell because there’s no additional cost for it.
Frequently Asked Questions Nft Social Media
What is OpenSea?
OpenSea is an NFT marketplace that seeks to give artists a chance for selling their artwork online, and to accept cryptocurrency as a form of payment. It’s an excellent option for artists who want to use it to sell NFTs due to its no gas fees and the low commission rate you must pay.
You can browse and shop for an array of digital items on the NFT marketplace which is why you should definitely go through it!
Is OpenSea legit & secure?
The short answer is yes! OpenSea has been a reliable marketplace since it was established on the 1st of December in the year 2018. Since its system is built on a blockchain and is secured, it is safe to declare that transactions are secure and safe.
In addition, as a seller, you’ll be verified when you build up your reputation. A blue checkmark will be assigned on your account or any collection that you have uploaded to assure every customer. The team at OpenSea regularly checks the content to ensure that users are protected.
How do I earn royalties on OpenSea?
Unfortunately, as an artist, you’ll get only 10 percent of the royalties when you have uploaded the NFT. This is believed to be quite low in comparison to other NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) can be commonly used on this site 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 core cryptocurrencies you can make use of to use OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. It is easy to buy or sell cryptocurrency on trusted platforms with fiat money. All you have be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea have a desktop or mobile app?
As mentioned before There is an official mobile app by OpenSea for both iOS or Android. Install it from their app store and begin exploring the collection right now!
A Desktop application that OpenSea can be downloaded via WebCatalog. On the desktop app you are able to manage multiple accounts and receive 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/).