The cryptocurrency market is on the rise and you’re probably thinking where to invest your crypto currency. Marketplaces are popping up across the web that allow users to sell and buy NFTs using cryptocurrency! OpenSea can be one, and it’s worth checking out.
If you’re interested in crypto, you’ve likely heard of OpenSea before for a good reason. It’s now one of the biggest and leading marketplaces among cryptocurrency users because of its security and rapid transactions.
So, hop on board and let’s see what you can do with OpenSea as well as examining what NFTs you can view!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick review. After, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft System For Sale
The aim for OpenSea was to provide a platform/marketplace for artists to upload their commissions, without having to pay any additional costs. It has more functions that allow you to sell your work without having to deal with many difficulties.
In terms of the registration process, you don’t have to provide any personal information about yourself. All you need to connect your crypto wallet–and voila!–you have an account on OpenSea! It can be as simple as that and without many hurdles as you walk into NFTs.
The most well-known cryptocurrency used in 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 functions using the Polygon blockchain, which allows for low-cost and quicker trading.
With these two kinds of blockchains available you can pick which one you would like to upload your NFT on as seller. This ensures the safety of your NFT, along with those who wish to purchase it. All transactions are made along with this blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace 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 that you admire. Anyone can be a seller, but it takes time for anyone to be a reputable one.
There are a variety of NFTs in the collection at OpenSea, and you can join in with 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 market”NFT” is a term that has been used in recent times “NFT” has been going around for so long on the internet that many millennials have heard of it but aren’t exactly sure what it actually means. Let’s look at what an NFT is for any beginners in cryptocurrency.
One of the newest things you can purchase your cryptocurrency is an NFT. The NFT is a non-fungible token that is very unique and can’t be substituted. It can be a piece of rarity like authentic baseball cards, or a rare vinyl record.
There’s no limit on what an NFT can be as it’s a non-fungible thing that you can sell online. In simpler terms, you could simply think of an NFT to be a type of digital item that is paid for using cryptocurrency only.
Minting is similar to calling for dibs to your NFTs. It is a way of claiming ownership over that particular token/item that you posted to the marketplace, and you’re putting it up for sale. Typically, this is official once you fill out the proper information regarding the NFT and finally submit it for sale on.
On OpenSea It’s a very simple process to mint your NFTs. All you have to do is visit the store and simply create a collection! Complete the correct and correct information regarding your NFT and then select what type of settings you want to use it with (e.g., blockchain, payments tokens). After you’ve completed the process, you can finally upload it if it fits the limit of 100MB.
You can watch and see the way transactions are handled from now on to see if OpenSea is the marketplace for you.
What NFTs can you find here?
In this moment, you’re probably wondering the kind of NFTs can you shop for here and what kind of NFTs you can sell should you decide to go that route. The kind of NFT that you can purchase is unlimited as there’s a variety of how you can go about it.
You could be selling trade cards, digital goods game assets, domain names, and even physical assets! Consider what you believe will reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what separates OpenSea from other companies. There are no gas costs when you use this feature to make and then sell the NFTs. This is essentially a way to ensure that you get the most profit when you begin selling since you won’t have to spend on additional fees.
Very few NFT marketplaces provide this feature, so this is great for you to make a huge profit from your NFT collection.
The Referral Program is another unique aspect of OpenSea to admire. Similar to traditional online markets that offer advantages by referring someone else to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from there, you’ll receive 2.50 percent of the sales amount, which allows you to make more money through this action.
Other NFT marketplaces don’t have the same feature, so that’s just another advantage OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile application, however it’s mostly used to browse through the marketplace. You can’t buy or sell anything as you scroll through the list.
OpenSea’s mobile apps are available for the two platforms of iOS as well as Android. Even though you can’t buy or sell anything, you can still browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available for you to use You can also exchange your fiat money for cryptocurrency using these platforms. Nft System For Sale
You can convert your fiat money via credit card or Paypal via these reputable websites for cryptocurrency:
- Bittrex, and many more!
All of them have the option of exchange for ETH which is the most common crypto payment in OpenSea.
Although OpenSea has been described as being an NFT marketplace open to all kinds of cryptocurrency, wallets are nevertheless more compatible than others. Because it is based around the ETH blockchain, wallets that share the same network are suitable for the site.
Here’s a list of several crypto wallets you can utilize in OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each one has its own set of limitations, such as easy registration, only mobile usage and the ability to purchase cryptocurrency using a credit card. Nft System For Sale
For more information about the service You can go through their FAQs to see an overview of how you can start and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets, each one has advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and cons here:
- Available as mobile apps that are compatible with iOS or Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in the crypto market and NFTs.
- Allows royalties 10% to artists (low royalty).
- You cannot buy or sell products through the mobile app.
- Only supports cryptocurrency as its type of payment.
- A Crypto account is needed to access this marketplace.
OpenSea is available to anyone who owns any crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. But overall, you can quickly recover this amount if you actively sell because there’s no extra charge for it.
Frequently Asked Questions Nft System For Sale
What is OpenSea?
OpenSea is an NFT marketplace that aims to offer artists a way to sell their works online and receive cryptocurrency as a form of payment. It’s an excellent platform for artists using for selling NFTs because of its zero gas costs and low commission fees you must pay.
You can shop and browse a vast collection of digital goods in this NFT marketplace, so you should go through it!
Is OpenSea real and safe?
Short answer: Yes! OpenSea has been a trusted marketplace since its inception on the 1st of December in 2018. Since its system is built on a blockchain, it is safe to say that your transactions are protected and secured.
Additionally as a seller you will be verified after you have built up your credibility. A blue checkmark is placed on your account or the collection that you have uploaded to assure anyone who buys from you. The OpenSea team reviews regularly the content to ensure users are safe.
How can I earn royalties from OpenSea?
However, as an artist, you can get only 10 percent of the royalties after you upload the NFT. This is considered to be a reasonable amount compared with the other NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) is frequently utilized on this website and other sites to provide many more cryptocurrency users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of to use OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. You can buy and trade cryptocurrency using secure platforms that accept fiat money. All you have just connect your debit or credit card to Paypal for the transaction.
Does OpenSea has a mobile or desktop application?
As mentioned before There is an official mobile app from OpenSea for both iOS and Android. Download it at their respective app store and you can start exploring the collection now!
The version for desktops that OpenSea can be downloaded via WebCatalog. In the desktop application you can manage multiple accounts and get notifications on updates regarding your account when you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).