The crypto currency market is in a boom right now and you’re probably thinking where to invest your crypto-coins. There are numerous marketplaces popping up across the web that allow users to sell and buy NFTs with cryptocurrency! OpenSea can be one and is worth a look.
If you’re well-versed in cryptocurrency you’ve probably heard of OpenSea before for a good reason. It has become one of the biggest and leading marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.
Get on board, and let’s explore the possibilities of OpenSea and also see 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. Afterward, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Team Stats
The aim to create OpenSea was to provide a platform/marketplace for artists to easily upload their commissions without any extra charges. It has more functions that let you sell your art without too many issues.
For registration, you don’t need 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 simple as that without going through many hurdles as you walk into NFTs.
The most popular cryptocurrency that is used on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology which is utilized for most processes. It also operates with the Polygon blockchain, which allows for low-cost and quicker trading.
With these two kinds of blockchains it is possible to choose which one you’d like to upload your NFT on as a seller. This ensures the safety of your NFT, along with the people who want to buy it. Every transaction will be conducted along with this blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything just a domain name to an official artwork from an artist you admire. Anyone can become a seller however it takes some time for anyone to be an established seller.
There’s a huge selection in the collection on OpenSea and you can also be a part of the collection! You can set up your own marketplace on this site, as well as find NFTs you want to purchase for yourself.
What is an NFT?
In a recent development for the crypto industry,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that the majority of young people are familiar with it , but aren’t sure exactly what it means. Let’s break down what an NFT is for any beginners in cryptocurrency.
One of the latest ways you can purchase your cryptocurrency can be an NFT. An NFT is a token that is non-fungible which is extremely exclusive and cannot be replaced. This can be a piece of rareness, such as authentic baseball cards or uncommon vinyl record.
There’s no limit to what an NFT could be, since it’s a non-fungible object that you sell online. More straightforwardly, you can just consider an NFT as a digital collectible paid via cryptocurrency only.
Minting is like calling the shots to your NFTs. You are calling the owner of the item or token that you posted to the marketplace, and selling it. Usually, this is recognized once you fill out the proper information regarding the NFT and add it on the market.
On OpenSea it’s a straightforward process to mint your NFTs by going to the store and simply creating a collection to start! Input the appropriate and complete information about your NFT and then select what type of settings you’d like for it (e.g., blockchain and money transfer tokens). After that you are able to upload it to the internet if it’s in the 100 MB limit.
You can watch and see the way transactions are handled from here on out to see whether OpenSea is the marketplace for you.
What NFTs can you find here?
At this point, you’re probably wondering which kind of NFT can you shop for here and what you can sell should you decide to go down that path. The kind of NFT that you can purchase isn’t limited because there’s a wide range of options for how to do it.
You can be selling digital items, trading cards game assets, domain names, and also physical goods! Explore what you believe can reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what differentiates OpenSea from the other options. There are zero gas fees when you use this feature when you make and then sell the NFTs. This is essentially a way to ensure that you be able to make the highest profits once you start selling because you won’t have to spend on additional fees.
Very few NFT marketplaces provide this feature, which is why this can be a fantastic way to make a huge profit from your collection.
The Referral Program is another distinctive feature of OpenSea to be admired. Like traditional online marketplaces that offer rewards by referring your friend to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from there, you’ll receive 2.50 percent of the purchase amount, letting you make more money by this method.
Other NFT marketplaces do not have this kind of feature either and that’s another advantage OpenSea has over the other marketplaces.
There’s an OpenSea mobile app, but it is mainly used to browse the marketplace. Unfortunately, you can’t purchase or sell anything while you scroll through the list.
The mobile apps from OpenSea are accessible on both iOS as well as Android. Even though you can’t buy or sell things, you can look through the options you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are for you to use You can also exchange your fiat money for cryptocurrency through these platforms. Nft Team Stats
You can swap your fiat currency using a credit card or Paypal via these reputable websites to exchange it for crypto:
- Bittrex, and other things!
All of these have the option of exchange for ETH which is the most common cryptocurrency used in OpenSea.
While OpenSea can be described as an NFT marketplace open to all forms of cryptocurrency, the wallets nevertheless more compatible than other. Because it is based around the ETH blockchain, all wallets with a connection to that network will be suitable for this site.
Here is a list of several crypto wallets which you can use with OpenSea:
- Authereum and many more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each has its own limitations like easy registration, mobile-only usage and the ability to purchase cryptocurrency with credit cards. Nft Team Stats
For more information about the service, you can check their FAQs to see an overview of how you can start and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets every one of them has advantages and drawbacks. OpenSea isn’t an exception to this. It is possible to read about its pros and pros here:
- Mobile apps are available for iOS or Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalties of only 10% for artists (low royalty).
- You cannot buy or sell products through the mobile app.
- Only accepts cryptocurrency as a method of payment.
- The use of a Crypto wallet is required to use this marketplace.
OpenSea is open to everyone who has any crypto currency in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. But overall, you can quickly regain that when you are actively selling since there’s no extra charge for it.
Frequently Asked Questions Nft Team Stats
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to give artists a chance to market their work online, and to accept cryptocurrency as a form of payment. It’s an excellent option for artists who want to use the platform to market NFTs due to its no gas fees and the low commission rate you must pay.
You can browse and purchase the vast array of digital goods in this NFT marketplace and you must take a look!
Is OpenSea legit & safe?
The short answer is yes! OpenSea has been a reliable marketplace since its inception on the 1st of December in 2018. Since the system it operates on is built on blockchain technology, it is safe to declare that transactions are secure and safe.
In addition as a seller you can become verified once you’ve earned a reputation. A blue checkmark will be assigned next to your account or collection you’ve uploaded to ensure the safety of every customer. The OpenSea team reviews regularly the content to ensure users are safe.
How can I earn royalties from OpenSea?
However, as an artist, you can get only 10 percent of the royalties after you have uploaded the NFT. This is thought to be reasonably low compared with other NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) can be commonly used on this site and many others to accommodate the increasing number of cryptocurrency users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can utilize to use OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. You can easily purchase or trade cryptocurrency using secure platforms that accept fiat money. All you have to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea has a mobile or desktop app?
As we mentioned earlier, there is definitely an official mobile application from OpenSea for both iOS or Android. Install it from their app store, and you can start exploring the collection right now!
A version for desktops that OpenSea which can be downloaded from WebCatalog. With the desktop application you can manage multiple accounts and get notifications on updates regarding your account when you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).