The cryptocurrency market is on the rise and you’re probably wondering where to invest your crypto-coins. Markets have popped up all over the digital web designed to buy and sell NFTs via cryptocurrency! OpenSea can be one and is worth checking out.
If you’re well-versed in cryptocurrency, you’ve probably heard of OpenSea prior to this for a valid reason. It’s one of the largest and most popular marketplaces for cryptocurrency users because of its security and quick transactions.
Now hop aboard, and let’s see what you can do with OpenSea, along with checking the NFTs that you can see!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Table
The aim of OpenSea was to provide an online marketplace for artists to upload commissions, without having to pay any additional fees. It has more functions that let you sell your work without having to deal with many problems.
For registration, you don’t need to worry about giving too many details about yourself. All you have to connect your crypto wallet and voila! You have an account on OpenSea! It’s as easy as that without going through much hassle as you step into NFTs.
The most well-known cryptocurrency used in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology which is utilized for most processes. It also functions on the Polygon blockchain, which ensures low-cost and quicker trading.
With these two kinds of blockchains, you can choose which one you want to upload your NFT on as seller. This ensures the safety of your NFT and those who would like to purchase it. All transactions will be made along with this blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything the simplest domain name to official art from an artist you admire. Anyone can become a seller, but it takes a while for anyone to become an established seller.
There is a wide variety from the selection at OpenSea, and you can join in with the collection! You can create your own marketplace there, and also find NFTs you’d like to buy for yourself.
What is an NFT?
In a recent advancement for the crypto market”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that a lot of millennials are familiar with it , but not exactly sure what it means. Let’s break down what an NFT is for any beginners in the field of cryptocurrency.
One of the new things that you can buy with cryptocurrency is an NFT. A NFT is a non-fungible token which is extremely individual and cannot be substituted. This can be an item of rareness, such as rare baseball trading cards in mint condition, or a rare vinyl record.
There’s no limit on what an NFT can be as it’s a non-fungible object you’re selling on the internet. In simpler terms, you could just think of the NFT as a digital item which is only paid in cryptocurrency.
Minting is like calling the shots to your NFTs. It is a way of claiming the ownership of the particular item you uploaded on the marketplace, and you’re offering it for sale. Typically, this is official when you have filled in the proper information regarding the NFT and finally upload it to the marketplace.
On OpenSea It’s a very simple procedure to create your own NFTs by visiting the store and then creating a collection to start! Complete the correct and complete information about your NFT and choose what kind of settings you want for it (e.g., blockchain, payments tokens). After that then you’re able to upload it, if it’s within the 100 MB limit.
You can watch and see how the transactions go from here on out to see if OpenSea is the marketplace for you.
What NFTs are available here?
At this point, you’re probably wondering which kind of NFT be found here and what kind of NFTs you can also sell if you choose to pursue that route. The type of NFT it is unlimited because there’s a wide range of ways to go about it.
It is possible to sell digital products, trading cards games, domain names, and some physical items! Find out what you think will bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what separates OpenSea from other companies. There’s no cost for gas for using this feature when you create and market NFTs. This is essentially a way to ensure that you be able to make the highest profits once you sell because you won’t need to spend on additional fees.
There aren’t many NFT marketplaces provide this feature, which is why this can be a fantastic way to receive high profit from your NFT collection.
A Referral Program is another unique aspect of OpenSea to admire. Similar to traditional online markets there are rewards by referring someone else to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from the site, you’ll receive 2.50 percent of the purchase amount, letting you make more money through this action.
Other NFT marketplaces don’t have this kind of feature either This is a further advantage OpenSea has over them.
There’s an OpenSea mobile app, but it is mainly used for perusing through the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listing.
OpenSea’s mobile apps are available for the two platforms of iOS as well as Android. While you’re not able to buy or sell things, you can explore the products you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are available to you You can also trade your fiat currency for cryptocurrency using these platforms. Nft Table
You can swap the fiat currency you have with a credit card or Paypal through these trusted sites for cryptocurrency:
- Bittrex, and other things!
All of them have the option of exchange for ETH, which is the standard cryptocurrency payment option in OpenSea.
While OpenSea can be described as an NFT marketplace that is open to all types of crypto, wallets are nevertheless more compatible than other. Since it is built mainly on an ETH blockchain, wallets which are part of this network are appropriate for this site.
Here is a list of various crypto wallets that you can utilize in OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, use on mobile devices only as well as the capability to purchase cryptocurrency using the credit card. Nft Table
For more information about the service to learn more, check out their FAQs to get a rundown of how 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 disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and cons here:
- Mobile apps available that are compatible with iOS as well as 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 royalty rates).
- It is not possible to buy or sell items via the mobile app.
- Only supports cryptocurrency as its type of payment.
- An Crypto account is needed to access this marketplace.
OpenSea is accessible to everyone who has crypto coins in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. But overall, you can quickly recover this amount if you sell regularly since there’s no additional cost for it.
Frequently Asked Questions Nft Table
What is OpenSea?
OpenSea is an NFT marketplace that is designed to give artists a chance for selling their artwork online, and to accept cryptocurrency as a form of payment. It’s an excellent platform for artists using for selling NFTs due to its low gas fees and the low commission rate which you are required to pay.
You can shop and browse an array of digital products on this NFT marketplace and you must go through it!
Is OpenSea legitimate and safe?
The short answer is yes! OpenSea has been a trusted marketplace since its inception at the end of 2018. Because its system is built on blockchain technology that is secure, you can claim that your transactions are protected and secured.
Additionally as a seller you will be verified after you’ve earned a reputation. A blue checkmark will appear on your account or collection you uploaded to reassure anyone who buys from you. The team at OpenSea regularly checks the content to ensure users are safe.
How can I earn royalties on OpenSea?
As an artist, you will get only 10 percent of the royalties after you have uploaded the NFT. This is considered to be a reasonable amount compared to the other NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) has been frequently used on this site as well as numerous others to cater for more cryptocurrency users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can use to access OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. You can buy and sell cryptocurrency on secure platforms that accept fiat money. All you need be able to connect is your credit or Paypal for the transaction.
Does OpenSea has a mobile or desktop application?
As we mentioned earlier there’s an official mobile app by OpenSea available for both iOS or Android. Install it from their app store, and then you can begin exploring the collection right now!
There is also a version for desktops that OpenSea which can be downloaded from WebCatalog. With the desktop application you are able to manage multiple accounts and receive notifications on updates regarding 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/).