The cryptocurrency market is on the rise, and you’re probably wondering where you can invest your crypto-coins. Marketplaces are popping up all over the digital web designed to sell and buy NFTs with cryptocurrency! OpenSea is one of them, and it’s worth looking into.
If you’re well-versed in cryptocurrency you’ve probably heard of OpenSea previously for a valid reason. It has become one of the biggest and leading marketplaces among cryptocurrency users because of its security and quick transactions.
Now hop aboard, and let’s see the possibilities of OpenSea as well as examining the NFTs that you can see!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick review. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Team Logo Psd
The goal of OpenSea was to provide a platform/marketplace for artists to upload their commissions, without having to pay any additional charges. It has more functions that let you sell your artwork without any difficulties.
For registration, you don’t need to give any personal information about yourself. All you have to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It can be as simple as that and without many hurdles as you walk into NFTs.
The most popular cryptocurrency used on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system which is utilized for the majority of transactions. It also operates on the Polygon blockchain to ensure lower costs and faster trading.
With these two types of blockchains you can pick which one you’d like to transfer your NFT to as seller. This is to ensure the security of your NFT and the people who want to purchase it. All transactions are made along with this blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless where you can trade in your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything just a domain name, to a piece of art from an artist you admire. Anyone can become a seller, but it takes some time for anyone to become a reputable one.
There is a wide variety in the collection of NFTs available at OpenSea, and you can become a part of that! You can create your own market here, along with finding NFTs that you would like to purchase yourself.
What is an NFT?
A recent change in the cryptocurrency industry”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that many millennials are familiar with it but not exactly sure what it is. Let’s look at what an NFT is for any beginners in the field of cryptocurrency.
One of the new things you can buy includes an NFT. An NFT is a non-fungible token that is very exclusive and cannot be replaced. It can be an item of rareness, such as rare baseball trading cards in mint condition or unique vinyl album.
There’s no limit on what an NFT can be as it’s a non-fungible thing you’re selling on the internet. It is simpler to simply think of an NFT as a digital collectible which is only paid in cryptocurrency.
Minting is like calling the shots to your NFTs. It is a way of claiming ownership over that particular token/item you uploaded on market, as you’re offering it for sale. Typically, this is official once you fill out the correct information about the NFT and then upload it to the marketplace.
On OpenSea, it’s a simple process to mint your NFTs by going to the store and simply making a collection to begin! Input the appropriate and accurate information about your NFT and choose what kind of settings you want for it (e.g., blockchain and payment tokens). After that then you’re able to upload it if it fits the limit of 100MB.
You can wait and observe the way transactions are handled from now on to determine if OpenSea is the right marketplace for you.
What NFTs can you find here?
In this moment, you’re probably wondering what kind of NFTs be found here and what kind of NFTs you can sell should you decide to go down that path. The kind of NFT it can be is indefinite since there’s a broad range of ways to go about it.
It is possible to sell digital items, trading cards games, domain names, and also physical goods! Find out what you think will bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that differentiates OpenSea from other companies. There’s no cost for gas when you use this feature to mint and sell NFTs. This simply means that you’ll receive the maximum profits when you start selling because you won’t have to spend on any additional charges.
There aren’t many NFT marketplaces provide this feature, and it is great for you to make a huge profit from your NFT collection.
A Referral Program is another distinctive feature of OpenSea to admire. Similar to traditional online markets that offer rewards by referring your friend 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 sales amount, which means you can earn more money by this method.
Other NFT marketplaces don’t offer this feature, so that’s just another advantage OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile app, but it is mainly used for perusing through the marketplace. It isn’t able to purchase or sell anything as you browse through the listing.
The mobile apps of OpenSea are available on both iOS and Android. Even though you can’t buy or sell something, you can at least browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are for you to use, and you can exchange your fiat money for cryptocurrency using these platforms. Nft Team Logo Psd
You can exchange your fiat money via your credit or debit card as well as Paypal via these reputable websites for cryptocurrency:
- Bittrex and other things!
All of them have the option of converting them into ETH, which is the most common crypto payment in OpenSea.
While OpenSea is an NFT marketplace open to all forms of cryptocurrency, the wallets still more compatible with it than others. Since it is built using an ETH blockchain, all wallets that share that network will be suitable for this site.
Here is a list of several crypto wallets you can utilize in OpenSea:
- Authereum and 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 ability to purchase cryptocurrency using credit cards. Nft Team Logo Psd
To know more about it You can go through 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
As with many other crypto markets each one comes with advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and cons here:
- Available as mobile apps for iOS and Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalties 10% to artists (low royalty).
- Cannot buy or sell via our mobile apps.
- Only supports cryptocurrency as its method of payment.
- A Crypto digital wallet must be used to access this marketplace.
OpenSea is open to everyone who owns any 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. In the end, you’ll easily recover that amount when you actively sell because there is no additional fee for it.
Frequently Asked Questions Nft Team Logo Psd
What is OpenSea?
OpenSea is an NFT marketplace that aims to give artists a chance for selling their artwork online, and to accept cryptocurrency as a method of payment. It’s a great platform for artists who use the platform to market NFTs because of its zero gas fees and low commission fee rate that you have to pay.
You can shop and browse an array of digital items on the NFT marketplace which is why you should definitely take a look!
Is OpenSea legit & safe?
Answer: Yes! OpenSea has been a reliable marketplace since it was established at the end of the year 2018. Since its system is built on a blockchain, it is safe to say that your transactions are protected and secured.
In addition, as a seller, you will be verified after you’ve earned a reputation. A blue checkmark will be assigned on your account or collection you uploaded to reassure any customer. The team at OpenSea regularly checks the contents to ensure users are safe.
How can I earn royalties from OpenSea?
However, as an artist, you will be paid only 10 percent of the royalties after you have uploaded the NFT. This is thought to be quite low in comparison against others NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) is frequently used on this site as well as other sites to provide the increasing number of crypto users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can use for OpenSea.
What are the payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency on reliable platforms using fiat currency. All you have just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea has a mobile or desktop application?
As mentioned before there’s an official mobile app from OpenSea that is available for iOS and Android. Install it from their app store, and begin browsing through the collection right now!
The Desktop application that OpenSea can be downloaded via WebCatalog. In the desktop application you are able to manage multiple accounts as well as 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/).