The cryptocurrency market is on the rise and you’re probably thinking where to invest your crypto coins. Markets have popped up all over the digital web designed to buy and sell NFTs using cryptocurrency! OpenSea is among them and is worth checking out.
If you’re well-versed in cryptocurrency, you’ve probably heard of OpenSea before for a good reason. It’s now one of the largest and leading marketplaces among cryptocurrency users because of its security and quick transactions.
Now hop aboard, and discover what you can do with 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 overview. Afterward, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Summit Sf Recap
The aim to create OpenSea was to simply provide an online marketplace for artists to easily upload their commissions, without having to pay any additional fees. There are additional features which allow you to market your work without having to deal with many difficulties.
For the registration process, you don’t have to provide any personal information about yourself. All you need to do is 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 widely-used cryptocurrency that is used in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system, and this is used for the majority of transactions. It also functions on the Polygon blockchain to ensure the lowest cost and speediest trading.
There are two types of blockchains that are available you can pick which one you want to transfer your NFT to as a seller. This ensures the safety of your NFT and the people who want to purchase it. Every transaction will be conducted using this blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from just a domain name to an official artwork from an artist you admire. Anyone can sell, but it takes time for anyone to become an established seller.
There’s a huge selection in the collection on OpenSea and you could also be a part of that! You can start your own marketplace there, and also find NFTs you’d like to buy for yourself.
What is an NFT?
In a recent development for the crypto market, the term “NFT” has been going around for so long on internet that many millennials are familiar with it , but aren’t sure exactly what it actually means. Let’s look at what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the latest ways that you can buy with cryptocurrency is an NFT. The NFT is a non-fungible currency which is extremely unique and can’t be changed. It could be a piece of rarity like authentic baseball cards, or a rare vinyl record.
There’s no limit to what an NFT could be, since it’s a non-fungible thing that you sell online. It is simpler to simply consider the NFT as a digital collectible that is paid for using cryptocurrency only.
Minting is like calling dibs to your NFTs. You are calling ownership over that particular token/item that you posted to the market place, but offering it for sale. Usually, this is recognized when you have filled in the proper information regarding the NFT and upload it to the marketplace.
On OpenSea, it’s a simple process to mine your NFTs by going to the store and simply making a collection to begin! Input the appropriate and correct information regarding your NFT and choose what kind of settings you’d like for it (e.g. blockchain, money transfer tokens). After that, you can finally upload it if it fits the 100 MB limit.
You can wait and observe the way transactions are handled from now to see whether OpenSea is the right marketplace for you.
What NFTs are available here?
At this point you’re probably asking yourself the kind of NFTs be found here, and what you could also sell if you choose to go down that path. The type of NFT that you can purchase isn’t limited since there’s a broad range of ways to go about it.
It is possible to sell trade cards, digital goods, game assets, domain names, and even physical assets! Explore what you believe can reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that separates OpenSea from other companies. There are zero gas fees for using this feature when you make and then sell the NFTs. This is essentially a way to ensure that you receive the maximum profits when you start selling because you won’t need to spend on any additional charges.
There aren’t many NFT marketplaces have this feature, which is why this is a great way to receive high profit from your portfolio.
This Referral Program is a different aspect of OpenSea to take note of. Like traditional online marketplaces, you can receive advantages when you refer your friend to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from there you’ll earn 2.50 percent of the sales amount, letting you make more money through this action.
Other NFT marketplaces do not have this kind of feature either, so that’s just another benefit OpenSea has over them.
There’s an OpenSea mobile application, however it’s mostly to browse the marketplace. It isn’t able to purchase or sell anything while you scroll through the list.
The mobile apps from OpenSea are accessible on both 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
A variety of cryptocurrency exchange platforms are at your disposal You can also exchange your fiat money for cryptocurrency using these platforms. Nft Summit Sf Recap
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 many more!
Each of them has the option to exchange for ETH which is the standard cryptocurrency payment option in OpenSea.
Although OpenSea has been described as being an NFT marketplace open to all types of crypto, wallets are nonetheless more compatible than other. Since it is built mainly using the ETH blockchain, any wallets that share the same network are suitable for this website.
Here’s a list various crypto wallets that you can utilize in OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions including simple registration, use on mobile devices only as well as the capability to purchase cryptocurrency with a credit card. Nft Summit Sf Recap
To know more about it You can go through their FAQs to get an overview of how you can start 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 an exception to this. You can read about its pros and cons here:
- Available as mobile apps for iOS or Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalties 10% for artists (low royalties).
- Cannot buy or sell on our mobile apps.
- Only supports cryptocurrency as its form of payment.
- An Crypto account is needed 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 for all sellers on the platform. In the end, you’ll quickly recover this amount if you actively sell because there’s no additional cost for it.
Frequently Asked Questions Nft Summit Sf Recap
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to offer artists a way to sell their works online to receive cryptocurrency as a method of payment. It’s a great platform for artists using the platform to market NFTs due to its no gas costs and low commission fees you must pay.
You can shop and browse an array of digital items on the NFT marketplace and you must take a look!
Is OpenSea legitimate and is it safe?
Answer: Yes! OpenSea is a reputable marketplace since it was established in the year of 2018. Since the system it operates on is built on a blockchain, it is safe to say that your transactions are secure and safe.
Furthermore as a seller you will be verified after you’ve earned a reputation. A blue checkmark is placed next to your account or collection that you have uploaded to assure every customer. The team at OpenSea regularly checks the content to ensure users are safe.
How do I earn royalties on OpenSea?
As an artist, you’ll be paid only 10 percent of the royalties after you upload the NFT. This is considered to be a reasonable amount compared with others NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) has been widely utilized on this website and many others to accommodate the increasing number of cryptocurrency users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can utilize for OpenSea.
What are the payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. It is easy to buy or trade cryptocurrency using reliable platforms using fiat currency. All you have to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea have a desktop/mobile app?
As previously mentioned There is an official mobile app from OpenSea available for both iOS as well as Android. You can download it through their app store and begin exploring the collection now!
The version for desktops that OpenSea can be downloaded via WebCatalog. With the desktop application, you can 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/).