The cryptocurrency market is on the rise and you’re probably thinking where you can invest your crypto currency. Markets have popped up all over the digital web designed to buy and sell NFTs with cryptocurrency! OpenSea is among them and is worth a look.
If you’re familiar with cryptocurrency, you’ve probably heard about OpenSea prior to this for a valid 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 let’s see the possibilities of OpenSea as well as examining what NFTs you can view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. Afterward, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft System Vs Stacks System
The purpose to create OpenSea was to provide artists with a marketplace/platform to upload commissions without any extra costs. It has more functions that allow you to sell your art without too many problems.
In terms of the registration process, you don’t have to provide too many details about yourself. All you have to do is connect your crypto wallet and voila! You have an account with OpenSea! It’s as easy as that without going through many hurdles as you walk into NFTs.
The most popular cryptocurrency to use in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology and is used to carry out the majority of processes. It also operates on the Polygon blockchain to ensure the lowest cost and speediest trading.
There are two types of blockchains that are available, you can choose which one you would like to upload your NFT on as a seller. This will ensure the security of your NFT and those who would like to buy it. All transactions will be made by using the blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace that lets you trade your NFTs or cryptocurrency for other NFTs. You can buy anything just a domain name to official art from an artist that you admire. Anyone can be a seller however, it takes some time for anyone to be an established seller.
There is a wide variety of NFTs available on OpenSea, and you can join in with the collection! You can set up your own marketplace here, along with finding NFTs that you would like to purchase yourself.
What is an NFT?
A recent change in the cryptocurrency industry,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that many millennials have heard of it but aren’t sure exactly what it actually means. Let’s look at what an NFT is for any beginners in the field of cryptocurrency.
One of the latest ways you can purchase your cryptocurrency includes an NFT. The NFT is a non-fungible currency that is very unique and can’t be changed. It could be a piece of rareness like authentic baseball cards, or a uncommon vinyl record.
There’s no limit to what an NFT can be as it’s a non-fungible thing you’re selling on the internet. In simpler terms, you could simply think of as an NFT as a digital collectible which is only paid in cryptocurrency.
Minting is like calling dibs on your own NFTs. You are calling the owner of the item or token that you posted to the marketplace, and selling it. Usually, this becomes official once you fill out the proper information regarding the NFT and then add it on the market.
On OpenSea It’s a very simple procedure to create your own NFTs by going to the store and creating a collection to start! Fill out the proper and complete information about your NFT and select the type of settings you’d like for it (e.g. blockchain and payments tokens). After you’ve completed the process you are able to upload it if it fits the limit of 100MB.
It is possible to wait and see how transactions progress from now to see if OpenSea is the best marketplace for you.
What NFTs can you find here?
In this moment you’re probably thinking about what kind of NFTs can be found here, and what you could sell should you decide to go that route. The kind of NFT it is indefinite because there’s a wide range of options for how to approach it.
It is possible to sell digital products, trading cards games, domain names, and also physical goods! Find out what you think will bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what sets OpenSea from other companies. There are zero gas fees when you use this feature to mint and sell NFTs. This simply means that you’ll receive the maximum profits when you begin selling since you won’t need to spend on additional fees.
Very few NFT marketplaces have this feature, so this is a great way to receive high profit from your NFT collection.
This Referral Program is another distinctive feature of OpenSea to admire. Similar to traditional online markets there are advantages by referring a friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from the site, you’ll receive 2.50% of the sale amount, letting you earn more cash through this action.
Other NFT marketplaces do not have the same feature This is a further benefit OpenSea has over the other marketplaces.
There is an OpenSea mobile app, but it’s mostly for perusing through the marketplace. Unfortunately, you can’t purchase or sell items as you scroll through the list.
OpenSea’s mobile apps are available on the two platforms of iOS as well as Android. While you’re not able to buy or sell something, you can at least explore the products you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are for you to use, and you can exchange your fiat money for cryptocurrency using these platforms. Nft System Vs Stacks System
You can exchange your fiat currency using a the credit card, or Paypal via these reputable websites to exchange it for crypto:
- Bittrex, and many more!
All of them have the option of converting them into ETH that is the primary cryptocurrency used in OpenSea.
While OpenSea has been described as being an NFT marketplace open to all types of cryptocurrency, the wallets still more compatible with it than others. Since it is built using an ETH blockchain, wallets that share this network are appropriate for this site.
Here’s a list different crypto wallets which you can use with OpenSea:
- Authereum and many more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each has its own limitations like easy registration, only mobile usage, and the function to purchase cryptocurrency using credit cards. Nft System Vs Stacks System
To learn more about it, you can check their FAQs for the steps you can start and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets every one of them has advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and cons here:
- Available as mobile apps for iOS as well as Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto world and NFTs.
- Allows royalty rates of 10% to artists (low royalty).
- You cannot buy or sell products on this mobile application.
- Only accepts cryptocurrency as a method of payment.
- A Crypto account is needed for this marketplace.
OpenSea is open to everyone who has crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. However, overall, you will quickly regain that when you actively sell because there is no additional fee for it.
Frequently Asked Questions Nft System Vs Stacks System
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to give artists a chance for selling their artwork online to receive cryptocurrency as a form of payment. It’s an excellent platform for artists who use the platform to market NFTs because of its zero gas fees and low commission fees you must pay.
You can browse and shop for a vast collection of digital items on the NFT marketplace which is why you should definitely check it out!
Is OpenSea legitimate and safe?
Answer: Yes! OpenSea has been a trusted marketplace since it was established in the year of 2018. Because its system is based on a blockchain, it is safe to claim that your transactions are secure and safe.
In addition, as a seller, you’ll be verified when you build up your reputation. A blue checkmark will appear on your account or collection you uploaded to reassure any customer. The team at OpenSea regularly checks the content to ensure that users are safe.
How do I earn royalties on OpenSea?
Unfortunately, as an artist, you will receive only up to 10 percent of the royalties when you have uploaded the NFT. This is thought to be a reasonable amount compared against others NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) is commonly used on this site as well as numerous others to cater for more cryptocurrency users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can use to access OpenSea.
What are the payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. You can buy and trade cryptocurrency using secure platforms that accept fiat money. All you need just connect your debit or credit card to Paypal for the transaction.
Does OpenSea have a desktop/mobile app?
As previously mentioned There is an official mobile app by OpenSea that is available for iOS as well as 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. In the desktop application you are able to manage multiple accounts and receive notifications on updates regarding your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).