Cryptocurrency is booming right now, and you’re probably wondering where to invest your crypto-coins. There are numerous marketplaces popping up across the web that allow users to sell and buy NFTs with cryptocurrency! OpenSea is among them, and it’s worth looking into.
If you’re familiar with cryptocurrency you’ve probably heard of OpenSea before for a good reason. It’s one of the largest and most popular marketplaces among users of cryptocurrency due to its security and rapid transactions.
So, hop on board and let’s see what you can do with OpenSea, along with checking 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 our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Swiss
The purpose of OpenSea was to provide an online marketplace for artists to upload commissions, without having to pay any additional costs. There are additional features which allow you to market your art without too many difficulties.
For the registration process, you don’t have to worry about giving too many details about yourself. All you need to do is connect your crypto wallet and voila! You have an account on OpenSea! It can be as simple as that and without much hassle as you step into NFTs.
The most widely-used cryptocurrency that is used within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system which is utilized to carry out the majority of processes. It also functions using the Polygon blockchain, which allows for the lowest cost and speediest trading.
With these two types of blockchains available you can pick which one you’d like to publish your NFT as an seller. This is to ensure the security of your NFT, along with the people who want to purchase it. Every transaction will be conducted along with this blockchain, and you must consider 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 NFTs or cryptocurrency for other NFTs. You can buy anything as simple as a domain name to an official artwork from an artist that you admire. Anyone can sell, but it takes a while for anyone to become a reputable one.
There is a wide variety from the selection of NFTs available at OpenSea and you could become a part of this! You can start your own market here, along with finding NFTs you’d like to buy 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 have heard of it but aren’t sure exactly what it means. Let’s take a look at what NFT is for any beginners in the field of cryptocurrency.
One of the newest things that you can buy with cryptocurrency can be an NFT. A NFT is a token that is non-fungible that is very individual and cannot be changed. It could be an item of rarity like authentic baseball cards or unique vinyl album.
There is no limit to what an NFT can be as it’s a non-fungible thing that you sell on the internet. In simpler terms, you could simply imagine the 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 that you have uploaded to the market place, but you’re offering it for sale. Usually, this becomes official when you have filled in the correct information about the NFT and finally upload it to the marketplace.
On OpenSea, it’s a simple process to mint your NFTs. All you have to do is visit the store and simply creating a collection to start! Complete the correct and complete information about your NFT and then select what type of settings you’d like to use to use it with (e.g. blockchain, payment tokens). Once that’s all done, you can finally upload it, if it’s within the 100 MB limit.
You can watch and see the way transactions are handled from now to determine if OpenSea is the marketplace for you.
What NFTs are available here?
At this point you’re probably thinking about which kind of NFT be purchased here, and what you could also sell if you decide to go that route. The type of NFT that you can purchase isn’t limited since there’s a broad range of options for how to go about it.
You could be selling digital products, trading cards game assets domain names, even physical assets! Find out what you think will reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what differentiates OpenSea from the other options. There are no gas costs for using this feature when you mint and sell NFTs. This means you’ll be able to make the highest profits once you begin selling since you don’t need to pay on extra fees.
There aren’t many NFT marketplaces have this feature, so this can be a fantastic way to receive high profit from your portfolio.
The Referral Program is another distinctive feature of OpenSea to take note of. Like traditional online marketplaces there are advantages when you refer someone else to OpenSea! If you encourage a friend join OpenSea and buy an NFT from there you’ll be rewarded with 2.50 percent of the purchase amount, letting you earn more money through this action.
Other NFT marketplaces do not have this kind of feature either This is a further benefit OpenSea has over the other marketplaces.
There’s an OpenSea mobile app, but it’s mostly to browse through the marketplace. Unfortunately, you can’t purchase or sell items as you scroll through the list.
The mobile apps of OpenSea are available for the two platforms of iOS in addition to Android. While you’re not able to buy or sell something, you can explore the products you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are to you You can also trade your fiat currency for cryptocurrency using these platforms. Nft Swiss
You can convert your fiat currency using a your credit or debit card as well as Paypal through these trusted sites to exchange it for crypto:
- Bittrex, and other things!
All of them have the option of converting them into ETH which is the primary crypto payment 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 others. Since it is built mainly around an ETH blockchain, all wallets that share the same network are suitable for the site.
Here’s a list several crypto wallets you can use in OpenSea:
- Authereum and more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each wallet has its own restrictions including simple registration, mobile-only usage, and the function to purchase cryptocurrency using the credit card. Nft Swiss
For more information about the service to learn more, check out their FAQs to get an overview of how you can begin and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with advantages and disadvantages. 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 used for transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto market and NFTs.
- Allows royalty rates of 10% for artists (low royalties).
- You cannot buy or sell products via this mobile application.
- Only accepts cryptocurrency as a method of payment.
- A Crypto digital wallet must be used for this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. However, overall, you will quickly regain that when you are actively selling since there’s no extra charge for it.
Frequently Asked Questions Nft Swiss
What is OpenSea?
OpenSea is an NFT marketplace that seeks to give artists a chance for selling their artwork online and receive cryptocurrency as a form of payment. It’s an ideal platform for artists who use the platform to market NFTs due to its low gas fees and low commission fees that you have to pay.
You can browse and shop for a vast collection of digital goods in this NFT marketplace and you must check it out!
Is OpenSea legit & is it safe?
The short answer is yes! OpenSea is a reputable marketplace since it was founded in 2018. Since the system it operates on is based on a blockchain and is secured, it is safe to declare that transactions are secure and safe.
Furthermore, as a seller, you can become verified once you’ve earned a reputation. A blue checkmark will appear next to your account or collection you uploaded to reassure anyone who buys from you. OpenSea’s team regularly reviews the content to ensure that users are safe.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you will be paid only 10% of the royalties once you upload the NFT. This is considered to be a reasonable amount compared against other NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) is frequently used on this site as well as other sites to provide many more crypto users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of for OpenSea.
What are the payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. You can buy and trade cryptocurrency using reliable platforms using fiat currency. All you have just connect your debit or credit card to 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 as well as Android. Install it from their app store, and then you can begin exploring the collection now!
There is also a version for desktops that OpenSea that can be downloaded through WebCatalog. On the desktop app you can manage multiple accounts as well as 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/).