Cryptocurrency is booming right now and you’re probably wondering where you can invest your crypto currency. Markets have popped up all over the internet, designed to sell and buy NFTs using cryptocurrency! OpenSea is among them, and it’s worth checking out.
If you’re familiar with cryptocurrency you’ve probably heard of OpenSea previously for a valid reason. It’s one of the biggest and most popular marketplaces among cryptocurrency enthusiasts due to its security and rapid transactions.
So, hop on board and let’s see what you can do with OpenSea and also see the NFTs available to view!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft System Incline
The goal to create OpenSea was to provide a platform/marketplace for artists to upload commissions with no additional costs. It also has additional functions that let you sell your work without having to deal with many problems.
For the registration process, you don’t have to worry about giving any personal information about yourself. All you need to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as simple as that and without much hassle as you step into NFTs.
The most well-known cryptocurrency to use on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it, and this is used to carry out the majority of processes. It is also based on the Polygon blockchain to ensure low-cost and quicker trading.
With these two types of blockchains, you can choose which one you’d like to upload your NFT on as a seller. This will ensure the security of your NFT, along with the people who want to purchase it. All transactions will be made along with this blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace that lets you trade your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything as simple as a domain name to an official artwork from an artist you admire. Anyone can sell however, it takes some time before anyone can become an established seller.
There are a variety of NFTs of NFTs available of NFTs available at OpenSea and you could become a part of this! You can start your own market on this site, as well as find NFTs you’d like to buy yourself.
What is an NFT?
In a recent advancement for the crypto industry,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on the internet that the majority of young people have heard of it but not exactly sure what it actually means. Let’s break down what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the latest ways you can purchase your cryptocurrency is an NFT. An NFT is a non-fungible token which is extremely individual and cannot be replaced. It can be an item of rareness, such as authentic baseball cards or unique vinyl album.
There is no limit to what an NFT can be as it’s a non-fungible item you’re selling online. It is simpler to simply think of as an NFT as a digital item paid via cryptocurrency only.
Minting is similar to calling for dibs to your NFTs. You are calling the owner of the item or token that you posted to the marketplace, and you’re selling it. Typically, this is official after you fill in the correct information about the NFT and finally upload it to the marketplace.
On OpenSea it’s a straightforward procedure to create your own NFTs. All you have to do is visit the store and simply making a collection to begin! Complete the correct and accurate information about your NFT and then select what type of settings you’d like for it (e.g., blockchain or payment tokens). After that, you can finally upload it to the internet if it’s in the 100 MB limit.
You can wait and observe how transactions progress from here on out to see if OpenSea is the marketplace for you.
What NFTs are available here?
At this point you’re probably thinking about which kind of NFT can be found here and what kind of NFTs you can sell should you decide to pursue that route. The kind of NFT it can be is unlimited because there’s a wide range of ways to do it.
You can be selling digital items, trading cards games domain names, some physical items! Find out what you think will bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that separates OpenSea from the other options. There’s no cost for gas when you utilize this feature to make and then sell the NFTs. This means you’ll get the most profit when you sell because you won’t have to spend on additional fees.
There aren’t many NFT marketplaces have this feature, and it is great for you to make a huge profit from your NFT collection.
The Referral Program is another distinctive feature of OpenSea to take note of. Like traditional online marketplaces that offer rewards when you refer someone else to OpenSea! If you refer a friend to join OpenSea and buy an NFT from there you’ll be rewarded with 2.50 percent of the purchase amount, which allows you to make more money through this action.
Other NFT marketplaces don’t offer this kind of feature either and that’s another benefit OpenSea has over the other marketplaces.
There’s an OpenSea mobile app, but it’s mostly used for perusing through the marketplace. You can’t buy or sell anything as you browse through the listing.
The mobile apps of OpenSea are available on the two platforms of iOS and Android. Even though you can’t buy or sell things, you can at least look through the options you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available at your disposal, and you can exchange your fiat money for cryptocurrency using these platforms. Nft System Incline
You can swap your fiat money via credit card or Paypal on these reliable websites for cryptocurrency:
- Bittrex, and other things!
All of these have the option of converting them into ETH, which is the most common cryptocurrency used in OpenSea.
While OpenSea is an NFT marketplace open to all types of cryptocurrency, the wallets still more compatible with it than others. Since it is built on an ETH blockchain, wallets with a connection to the same network are suitable for the site.
Here is a list of different crypto wallets you can utilize in OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations, such as easy registration, use on mobile devices only, and the function to purchase cryptocurrency using a credit card. Nft System Incline
To learn more about it You can go through their FAQs to see the steps you can get started and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets every one of them has its advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and pros here:
- Mobile apps available for iOS as well as Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- The best option for beginners to the crypto world and NFTs.
- Allows royalties up to 10% for artists (low royalties).
- You cannot buy or sell products through our mobile apps.
- Only supports cryptocurrency as its method of payment.
- A Crypto digital wallet must be used for this marketplace.
OpenSea is open to everyone who has any crypto currency in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. In the end, you’ll quickly regain that when you are actively selling since there’s no extra charge for it.
Frequently Asked Questions Nft System Incline
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to give artists a chance for selling their artwork online, and to accept cryptocurrency as their form of payment. It’s an excellent platform for artists who use for selling NFTs due to its low gas costs and low commission fee rate that you have to pay.
You can browse and purchase an array of digital products on this NFT marketplace which is why you should definitely go through it!
Is OpenSea real and is it safe?
The short answer is yes! OpenSea has been a reliable marketplace since it was founded in the year 2018. Because its system is built on blockchain technology that is secure, you can declare that transactions are protected and secured.
Additionally, as a seller, you will be verified after you build up your reputation. A blue checkmark will be assigned to your account or collection you’ve uploaded to ensure the safety of every customer. OpenSea’s team regularly reviews the content to ensure users are secure.
How can I earn royalties on OpenSea?
As an artist, you’ll get only 10% of the royalties once you have uploaded the NFT. This is thought to be a reasonable amount compared against others NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) can be widely used on this site as well as other sites to provide the increasing number of crypto users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can use to use OpenSea.
What are the payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. It is easy to buy or sell cryptocurrency through reliable platforms using fiat currency. All you need be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea have a desktop/mobile app?
As mentioned before There is an official mobile app from OpenSea that is available for iOS and Android. Install it from their app store and begin exploring the collection now!
There is also a desktop application for OpenSea which can be downloaded from WebCatalog. On the desktop app you are able to manage multiple accounts and receive notifications about updates to your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).