The cryptocurrency market is on the rise, and you’re probably wondering where you can invest your crypto-coins. Markets have popped up all over the internet, designed to sell and buy NFTs using 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 leading marketplaces among cryptocurrency enthusiasts due to its security and rapid transactions.
So, hop on board and let’s see the possibilities of OpenSea and also see the NFTs that you can see!
Before you go on, you may want to watch 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 of OpenSea.
OpenSea as an NFT Marketplace Nft Tangles
The goal to create OpenSea was to simply provide an online marketplace for artists to upload their commissions without any extra charges. There are additional features that let you sell your art without too many issues.
For registration, you won’t have to worry about giving too many details about yourself. All you have to do is connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as easy as that, without much hassle as you step into NFTs.
The most widely-used cryptocurrency used on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it which is utilized for most processes. It also operates with the Polygon blockchain, which allows for lower costs and faster trading.
There are two types of blockchains available you can pick which one you’d like to upload your NFT on as an seller. This ensures the safety of your NFT, along with those who wish to purchase it. All transactions are made using this blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless that lets you trade your cryptocurrency or NFTs for other NFTs. You can buy anything just a domain name, to a piece of art from an artist you admire. Anyone can be a seller however, it takes some time before anyone can become a reputable one.
There’s a huge selection in the collection at OpenSea and you can join in with this! You can set up your own market on this site, as well as find NFTs you’d like to buy for yourself.
What is an NFT?
A recent change in the crypto industry”NFT,” a popular term in the crypto industry “NFT” has been going around so long on the internet that a lot of millennials have heard of it but not exactly sure what it is. Let’s look at what an NFT is for anyone who is new in the field of cryptocurrency.
One of the new things that you can buy with cryptocurrency is an NFT. The NFT is a token that is non-fungible that is individual and cannot be changed. It can be an item of rarity like rare baseball trading cards in mint condition or uncommon vinyl record.
There’s no limit to what an NFT can be as it’s a non-fungible thing that you can sell online. In simpler terms, you could just consider the NFT being a virtual collectible paid via cryptocurrency only.
Minting is like calling dibs on your own NFTs. It is a way of claiming ownership over that particular token/item you uploaded on market, as selling it. Typically, this is official once you fill out the proper information regarding the NFT and then upload it to the marketplace.
On OpenSea, it’s a simple procedure to create your own NFTs by going to the store and simply creating a collection to start! Input the appropriate and accurate information about your NFT and select the type of settings you’d like for it (e.g., blockchain or money transfer tokens). After that, you can finally upload it to the internet if it’s in the limit of 100MB.
You can watch and see the way transactions are handled from now to determine whether OpenSea is the right marketplace for you.
What NFTs can you get here?
At this point, you’re probably wondering what kind of NFTs can be purchased here and what kind of NFTs you can also sell if you decide to go down that path. The kind of NFT it is unlimited since there’s a broad range of options for how to approach it.
You can be selling digital items, trading cards games domain names, 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 separates OpenSea from other companies. There are zero gas fees when you use this feature to make and then sell the NFTs. This simply means that you’ll get the most profit when you begin selling since you don’t need to pay on additional fees.
Not many NFT marketplaces have this feature, so this is great for you to make a huge profit from your NFT collection.
The Referral Program is a different aspect of OpenSea to be admired. Similar to traditional online markets there are benefits when you refer a friend to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from the site you’ll be rewarded with 2.50% of the sale amount, letting you earn more money through this action.
Other NFT marketplaces don’t offer the same feature and that’s another benefit OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile application, however it’s mostly to browse the marketplace. Unfortunately, you can’t purchase or sell anything while you scroll through the list.
The mobile apps of OpenSea are available on the two platforms of iOS as well as Android. While you’re not able to buy or sell things, you can at least browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are for you to use to trade your fiat currency for cryptocurrency using these platforms. Nft Tangles
You can exchange your fiat money via your credit or debit card as well as Paypal via these reputable websites for cryptocurrency:
- Bittrex, and many more!
Each of them has the option to exchange for ETH which is the standard cryptocurrency used in OpenSea.
While OpenSea is an NFT marketplace that is open to all kinds of cryptocurrency, the wallets still more compatible with it than other. Because it is based using an ETH blockchain, any wallets which are part of the same network are suitable for this website.
Here’s a list of various crypto wallets that you can utilize in OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each has its own limitations, such as easy registration, mobile-only usage, and the function to purchase cryptocurrency with credit cards. Nft Tangles
To know more about it, you can check their FAQs to see an overview of how you can begin and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with advantages and drawbacks. OpenSea isn’t an exception to this. You can read about its pros and cons here:
- Mobile apps available that are compatible with iOS as well as Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto market and NFTs.
- Allows royalties of only up to 10% for artists (low royalty rates).
- You cannot buy or sell products on the mobile app.
- Only supports cryptocurrency as its type of payment.
- An Crypto digital wallet must be used to use this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their crypto wallets. When you are a seller, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. But overall, you can easily recover that amount when you sell regularly since there’s no additional cost for it.
Frequently Asked Questions Nft Tangles
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to give artists a chance to sell their works online and receive cryptocurrency as a method of payment. It’s a great platform for artists using the platform to market NFTs due to its no cost of gas and low commission fee rate which you are required to pay.
You can browse and purchase a vast collection of digital items on the NFT marketplace which is why you should definitely check it out!
Is OpenSea legitimate and secure?
Short answer: Yes! OpenSea is a reputable marketplace since it was established in the year 2018. Since its system is built on a blockchain, it is safe to claim that your transactions are secure and safe.
Furthermore as a seller you’ll be verified when you build up your reputation. A blue checkmark will appear to your account or any collection you uploaded to reassure anyone who buys from you. The OpenSea team reviews regularly the content to ensure that users are safe.
How do I earn royalties from OpenSea?
However, as an artist, you can be paid only 10% of the royalties once you upload the NFT. This is considered to be reasonably low compared against others NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) can be widely used on this site and other sites to provide many more cryptocurrency users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can use to use OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. It is easy to buy 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 transaction.
Does OpenSea has a mobile or desktop app?
As we mentioned earlier there’s an official mobile app by OpenSea for both iOS and Android. Install it from their app store, and then you can begin exploring the collection now!
A desktop application for OpenSea which can be downloaded from WebCatalog. With the desktop application, you can manage multiple accounts and receive notifications about updates to 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/).