The cryptocurrency market is on the rise, and you’re probably wondering where to invest your crypto coins. Marketplaces are popping up across the web that allow users to sell and buy NFTs using cryptocurrency! OpenSea is one of them, and it’s worth a look.
If you’re familiar with cryptocurrency, you’ve likely heard of OpenSea previously for a valid reason. It’s one of the largest and leading marketplaces among cryptocurrency enthusiasts due to its security and rapid transactions.
Now hop aboard, and let’s see what you can do with OpenSea as well as examining what NFTs you can view!
Before you continue, you may want to watch 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 Stock Plays
The aim for OpenSea was to provide a platform/marketplace for artists to easily upload their commissions without any extra fees. It also has additional functions which allow you to market your artwork without any problems.
For registration, you won’t have to give all of your personal details. All you need to connect your crypto wallet and voila! You have an account on OpenSea! It can be as simple as that, without many hassles when you enter into NFTs.
The most well-known cryptocurrency used within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system which is utilized to carry out the majority of processes. It also operates with the Polygon blockchain to ensure lower costs and faster trading.
There are two types of blockchains, you can choose which one you want to publish your NFT as seller. This ensures the safety of your NFT, along with those who would like to buy it. Every transaction will be conducted along with this blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace where you can exchange your cryptocurrency or NFTs for other NFTs. You can buy anything just a domain name to official art by an artist you admire. Anyone can become a seller, but it takes a while for anyone to be an established one.
There are a variety of NFTs of NFTs available on OpenSea, and you can join in with this! You can set up your own marketplace there, and also find NFTs you’d like to buy yourself.
What is an NFT?
In a recent development for the crypto industry,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that many millennials are familiar with it but not exactly sure what it actually means. Let’s take a look at what NFT is for any beginners in cryptocurrency.
One of the newest things that you can buy with cryptocurrency can be an NFT. A NFT is a non-fungible token that is very unique and can’t be substituted. It could be an item of rareness like mint-condition baseball trading cards, or a rare vinyl record.
There’s no limit on what an NFT can be since it’s a non-fungible item that you can sell on the internet. It is simpler to just think of as an NFT as a digital item paid via cryptocurrency only.
Minting is like calling the shots for your personal NFTs. You are calling the owner of the item or token that you posted to the marketplace, and you’re offering it for sale. Usually, this becomes official after you fill in all the necessary information about the NFT and add it on the market.
On OpenSea It’s a very simple process to mint your NFTs by visiting the store and create a collection! Complete the correct and accurate information about your NFT and choose what kind of settings you want to use it with (e.g., blockchain or money transfer tokens). After that then you’re able to upload it to the internet if it’s in the 100 MB limit.
You can watch and see how transactions progress from now on to determine if OpenSea is the right marketplace for you.
What NFTs are available here?
In this moment you’re probably asking yourself which kind of NFT can be found here and what kind of NFTs you can also sell if you choose to go that route. The kind of NFT it can be isn’t limited since there’s a broad range of how you can do it.
You can be selling digital items, trading cards games, domain names, and some physical items! Find out what you think will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that differentiates OpenSea from other companies. There are no gas costs when you use this feature when you mint and sell NFTs. This means you’ll be able to make the highest profits once you sell because you won’t have to spend on any additional charges.
There aren’t many NFT marketplaces offer this feature, so this is great for you to earn a high return from your collection.
A Referral Program is a different aspect of OpenSea to be admired. Like traditional online marketplaces that offer benefits when you refer someone else to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from there you’ll be rewarded with 2.50% of the sale amount, letting you earn more money by this method.
Other NFT marketplaces don’t offer this feature and that’s another benefit OpenSea has over them.
There is an OpenSea mobile application, however it is mainly used to browse the marketplace. You can’t buy or sell items as you browse through the listing.
OpenSea’s mobile apps are available for the two platforms of iOS in addition to Android. Even though you can’t buy or sell something, you can browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available for you to use to exchange your fiat money for cryptocurrency through these platforms. Nft Stock Plays
You can exchange your fiat money via credit card or Paypal on these reliable websites for cryptocurrency:
- Bittrex and more!
Each of them has the option to exchange for ETH which is the most common crypto payment in OpenSea.
While OpenSea is an NFT marketplace that is open to all kinds of cryptocurrency, the wallets nonetheless more compatible than other. Since it is built mainly using the ETH blockchain, wallets that share the same network are suitable for the site.
Here is a list of various crypto wallets that you can utilize in OpenSea:
- Authereum and many more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each has its own limitations, such as easy registration, mobile-only usage as well as the capability to purchase cryptocurrency with credit cards. Nft Stock Plays
To know more about it You can go through their FAQs for the steps you can start and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and cons here:
- Mobile apps are available for iOS as well as Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalties up to 10% for artists (low royalty).
- You cannot buy or sell products via this mobile application.
- Only accepts cryptocurrency as a method of payment.
- An Crypto digital wallet must be used to use 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 percent commission fee to all the sellers who are on this platform. But overall, you can quickly recover this amount if you sell regularly since there is no additional fee for it.
Frequently Asked Questions Nft Stock Plays
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to provide artists a platform to market their work online and receive cryptocurrency as their form of payment. It’s a great option for artists who want to use for selling NFTs because of its zero gas fees and the low commission rate which you are required to pay.
You can browse and shop for the vast array of digital products on this NFT marketplace and you must go through it!
Is OpenSea real and secure?
The short answer is yes! OpenSea has been a reliable marketplace since it was founded in the year 2018. Since the system it operates on is built on blockchain technology and is secured, it is safe to say that your transactions are secure and safe.
In addition, as a seller, you will be verified after you build up your reputation. A blue checkmark will appear to your account or any collection you’ve uploaded to ensure the safety of every customer. The team at OpenSea regularly checks the contents to ensure users are secure.
How do I earn royalties from OpenSea?
However, as an artist, you’ll get only 10% of the royalties once you upload the NFT. This is believed to be a reasonable amount compared to the other NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) is widely used on this site as well as other sites to provide more crypto users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize to use OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. You can easily purchase or sell cryptocurrency through reliable platforms using fiat currency. All you need just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea has a mobile or desktop application?
As we mentioned earlier There is an official mobile application from OpenSea available for both iOS or Android. Install it from their app store and you can start exploring the collection right now!
The version for desktops that OpenSea which can be downloaded from WebCatalog. On the desktop app, you can manage multiple accounts and get notifications on updates regarding 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/).