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 internet, designed to purchase and sell NFTs with cryptocurrency! OpenSea is among them and is worth looking into.
If you’re well-versed in cryptocurrency, you’ve probably heard about OpenSea previously for a valid reason. It’s now one of the largest and most popular marketplaces for cryptocurrency users because of its security and rapid transactions.
Get on board, and let’s see the possibilities of OpenSea as well as examining the NFTs available to view!
Before you go on, 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.
OpenSea as an NFT Marketplace Nft Tax
The goal of OpenSea was to simply provide artists with a marketplace/platform to easily upload their commissions with no additional charges. It also has additional functions that allow you to sell your art without too many difficulties.
For registration, you don’t need 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 with OpenSea! It can be as simple as that, without many hurdles as you walk into NFTs.
The most widely-used cryptocurrency that is used in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system and is used to carry out the majority of processes. It is also based using the Polygon blockchain, which ensures lower costs and faster trading.
There are two types of blockchains available it is possible to choose which one you would like to transfer your NFT to as a seller. This will ensure the security of your NFT as well as those who wish to purchase it. All transactions are made using this blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace 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 a piece of art from an artist you admire. Anyone can become a seller however it takes time for anyone to be an established one.
There are a variety of NFTs from the selection at OpenSea and you can become a part of this! You can set up your own market there, and also find NFTs you want to purchase yourself.
What is an NFT?
A recent change in the crypto market, the term “NFT” has been going around for so long on internet that a lot of millennials have heard of it but not exactly sure what it actually means. Let’s look at what an NFT is for anyone who is new in the field of cryptocurrency.
One of the latest ways you can purchase your cryptocurrency can be an NFT. A NFT is a non-fungible currency that is very unique and can’t be changed. It could be an item of any rareness, such as mint-condition baseball trading cards or uncommon vinyl record.
There’s no limit to what an NFT could be, since it’s a non-fungible object you’re selling on the internet. It is simpler to simply 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 ownership of the particular item that you posted to the market place, but you’re putting it up for sale. Usually, this becomes official after you fill in the correct information about the NFT and then submit it for sale on.
On OpenSea it’s a straightforward process to mine your NFTs by visiting the store and then creating a collection to start! Input the appropriate and complete information about your NFT and select the type of settings you want to use it with (e.g., blockchain and payment tokens). After you’ve completed the process you are able to upload it if it fits the 100 MB limit.
It is possible to wait and see how the transactions go from here on out to determine whether OpenSea is the best marketplace for you.
What NFTs are available here?
At this point you’re probably thinking about which kind of NFT be found here, and what you could sell should you decide to go down that path. The kind of NFT that you can purchase isn’t limited since there’s a broad range of how you can go about it.
It is possible to sell trade cards, digital goods, game assets domain names, even physical assets! Consider what you believe will yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that sets OpenSea from the others. There are no gas costs for using this feature when you mint and sell NFTs. This simply means that you’ll receive the maximum profits when you sell because you don’t need to pay on any additional charges.
Very few NFT marketplaces offer this feature, which is why this can be a fantastic way to receive high profit from your collection.
A Referral Program is another unique aspect of OpenSea to admire. Like traditional online marketplaces that offer benefits by referring someone else to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from there, you’ll receive 2.50% of the sale amount, which means you can earn more money from this act.
Other NFT marketplaces do not have this feature and that’s another advantage OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile app, but it’s mostly to browse through the marketplace. It isn’t able to purchase or sell anything as you browse through the listings.
The mobile apps from OpenSea are accessible on the two platforms of iOS as well as Android. Even though you can’t buy or sell anything, you can still at least look through the options you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are at your disposal to exchange your fiat money for cryptocurrency through these platforms. Nft Tax
You can convert the fiat currency you have with a the credit card, or Paypal on these reliable websites for cryptocurrency:
- Bittrex, and more!
All of them have the option of exchange for ETH, which is the standard cryptocurrency used in OpenSea.
Although OpenSea can be described as an NFT marketplace open to all kinds of cryptocurrency, wallets are nevertheless more compatible than other. Since it is built on an ETH blockchain, any wallets that share the same network are suitable for this site.
Here’s a list various crypto wallets that which you can use with OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations, such as easy registration, use on mobile devices only and the ability to purchase cryptocurrency with a credit card. Nft Tax
For more information about the service to learn more, check out their FAQs to get an overview of how you can begin and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with advantages and drawbacks. OpenSea isn’t an exception to this. It is possible to read about its pros and pros here:
- Mobile apps available that are compatible with iOS or Android.
- Smart contracts are used for 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% to artists (low royalty).
- It is not possible to buy or sell items on this mobile application.
- Only supports cryptocurrency as its type of payment.
- A Crypto digital wallet must be used to access this marketplace.
OpenSea is available to anyone who has any crypto currency in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. However, overall, you will quickly regain that when you sell regularly since there’s no extra charge for it.
Frequently Asked Questions Nft Tax
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to give artists a chance to market their work online, and to accept cryptocurrency as their form of payment. It’s a great platform for artists who use the platform to market NFTs because of its zero cost of gas and low commission fee rate which you are required to pay.
You can browse and purchase a vast collection of digital products on this NFT marketplace and you must check it out!
Is OpenSea legitimate and safe?
The short answer is yes! OpenSea has been a trusted marketplace since it was founded on the 1st of December in 2018. Since the system it operates on is based on a blockchain that is secure, you can 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 be assigned on your account or collection that you have uploaded to assure any customer. OpenSea’s team regularly reviews the contents to ensure users are protected.
How can I earn royalties on OpenSea?
As an artist, you’ll get only 10 percent of the royalties when you have uploaded the NFT. This is considered to be quite low in comparison with others NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) has been commonly used on this site as well as numerous others to cater for the increasing number of cryptocurrency users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can utilize for OpenSea.
What are the payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. It is easy to buy or sell cryptocurrency through trusted platforms with fiat money. All you have just connect your debit or credit card to Paypal for the transaction.
Does OpenSea have a desktop or mobile application?
As we mentioned earlier, there is definitely an official mobile app from OpenSea that is available for iOS or Android. Download it at their respective app store and you can start browsing through the collection right now!
There is also a Desktop application that OpenSea which can be downloaded from WebCatalog. On the desktop app, you can manage multiple accounts as well as 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/).