Cryptocurrency is booming right now, and you’re probably wondering where to invest your crypto coins. Markets have popped up across the digital web designed to buy and sell NFTs via cryptocurrency! OpenSea is one of them and is worth checking out.
If you’re familiar with cryptocurrency, you’ve probably heard about OpenSea before for a good reason. It’s now one of the biggest and most popular marketplaces for cryptocurrency enthusiasts due to its safety and speedy transactions.
So, hop on board and discover the possibilities of OpenSea as well as examining the NFTs that you can see!
Before you continue, you may want to watch 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 System Guide Cornell
The aim of OpenSea was to simply provide artists with a marketplace/platform to easily upload their commissions, without having to pay any additional charges. There are additional features which allow you to market your art without too many problems.
When it comes to registration, you don’t need to provide all of your personal details. All you need to do is connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as easy as that and without many hassles when you enter into NFTs.
The most popular cryptocurrency to use in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology, and this is used for the majority of transactions. It also functions with the Polygon blockchain to ensure low-cost and quicker trading.
With these two types of blockchains available, you can choose which one you’d like to transfer your NFT to as seller. This is to ensure the security of your NFT and those who would like to buy it. All transactions will be made 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 mall where you can trade in your cryptocurrency or NFTs for other NFTs. You can buy anything as simple as a domain name to an official artwork from an artist you admire. Anyone can sell however it takes time for anyone to become an established one.
There are a variety of NFTs in the collection of NFTs available at OpenSea and you could also be a part of the collection! You can start your own market there, and also find NFTs you’d like to buy 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 the majority of young people have heard of it but aren’t exactly sure what it actually means. Let’s break down what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the new things you can buy can be an NFT. An NFT is a non-fungible currency that is unique and can’t be substituted. It can be an item of any rarity like authentic baseball cards or a rare vinyl record.
There is no limit to what an NFT can be as it’s a non-fungible thing you’re selling online. More straightforwardly, you can just imagine an NFT as a digital collectible paid via cryptocurrency only.
Minting is like calling dibs on your own 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 putting it up for sale. Usually, this becomes official once you fill out the proper information regarding the NFT and finally upload it to the marketplace.
On OpenSea it’s a straightforward process to mint your NFTs. All you have to do is visit the store and making a collection to begin! Complete the correct and accurate information about your NFT and then select what type of settings you want for it (e.g. blockchain or money transfer tokens). After that then you’re able to upload it, if it’s within the limit of 100MB.
You can wait and observe the way transactions are handled from now on to see if OpenSea is the right marketplace for you.
What NFTs can you find here?
At this point you’re probably asking yourself what kind of NFTs you shop for 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 as there’s a variety of options for how to do it.
It is possible to sell digital products, trading cards games domain names, some physical items! Consider what you believe will yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that separates OpenSea from other companies. There are no gas costs when you utilize this feature when you create and market NFTs. This simply means that you’ll receive the maximum profits when you begin selling since you won’t need to spend on any additional charges.
Not many NFT marketplaces have this feature, and it can be a fantastic way to make a huge profit from your portfolio.
The Referral Program is another distinctive feature of OpenSea to be admired. Similar to traditional online markets, you can receive rewards when you refer someone else to OpenSea! If you encourage a friend join OpenSea and buy an NFT from the site, you’ll receive 2.50 percent of the purchase amount, which allows you to make more money through this action.
Other NFT marketplaces don’t offer the same 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 as you browse through the listing.
The mobile apps from OpenSea are accessible for both iOS as well as Android. While you’re not able to buy or sell something, you can at least look through the options you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available at your disposal, and you can trade your fiat currency for cryptocurrency through these platforms. Nft System Guide Cornell
You can swap your fiat currency using a the credit card, or Paypal through these trusted sites to exchange it for crypto:
- Bittrex and more!
Each of them has the option to exchange for ETH that is the most common cryptocurrency payment option in OpenSea.
While OpenSea can be described as an NFT marketplace open to all forms of crypto, wallets are nevertheless more compatible than others. Since it is built mainly using an ETH blockchain, any wallets which are part of the same network are suitable for this website.
Here is a list of different crypto wallets which you can use with OpenSea:
- Authereum and many more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each one has its own set of limitations including simple registration, only mobile usage, and the function to purchase cryptocurrency using a credit card. Nft System Guide Cornell
To know more about it, you can check their FAQs to see the steps you can start and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has advantages and drawbacks. OpenSea isn’t an exception to this. You can view its pros and cons here:
- Mobile apps available for iOS and Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- The best option for beginners to the crypto industry and NFTs.
- Allows royalty rates of 10% for artists (low royalty).
- You cannot buy or sell products through our mobile apps.
- Only accepts cryptocurrency as a type of payment.
- A Crypto account is needed for this marketplace.
OpenSea is available to anyone who has any crypto currency 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 regain that when you sell regularly since there’s no additional cost for it.
Frequently Asked Questions Nft System Guide Cornell
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to offer artists a way to market their work online to receive cryptocurrency as a form of payment. It’s a great platform for artists who use it to sell NFTs due to its low gas costs and the low commission rate which you are required to pay.
You can browse and shop for an array of digital goods in this NFT marketplace and you must go through it!
Is OpenSea legitimate and is it safe?
Answer: Yes! OpenSea has been a trusted marketplace since it was established in 2018. Since its system is based on a blockchain and is secured, it is safe to say that your transactions are safe and secure.
In addition as a seller you will be verified after you’ve earned a reputation. A blue checkmark will be assigned to your account or the collection you uploaded to reassure every customer. OpenSea’s team regularly reviews the content to ensure that users are safe.
How can I earn royalties from OpenSea?
As an artist, you will be paid only 10 percent of the royalties when you have uploaded the NFT. This is considered to be reasonably low compared with the other NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) has been commonly utilized on this website and other sites to provide the increasing number of cryptocurrency users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can utilize for OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. You can easily purchase or sell cryptocurrency through secure platforms that accept fiat money. All you need be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea have a desktop/mobile application?
As mentioned before there’s an official mobile app by OpenSea for both iOS or Android. Install it from their app store and you can start exploring the collection now!
A desktop application for OpenSea which can be downloaded from WebCatalog. On the desktop app you are able to manage multiple accounts and get alerts on any updates that affect 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/).