Cryptocurrency is booming right now and you’re probably wondering where to invest your crypto coins. Markets have popped up across the internet, designed to buy and sell NFTs via cryptocurrency! OpenSea is one of them and is worth checking out.
If you’re interested in crypto, you’ve probably heard about OpenSea prior to this for a valid reason. It has become one of the largest and leading marketplaces among users of cryptocurrency due to its security and rapid transactions.
Now hop aboard, and discover the possibilities of OpenSea and also see the NFTs available to view!
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 the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Technology
The goal for OpenSea was to offer a platform/marketplace for artists to easily upload their commissions, without having to pay any additional charges. It also has additional functions that let you sell your artwork without any difficulties.
In terms of registration, you won’t have to worry about giving too many details about yourself. All you need to connect your cryptocurrency 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 well-known cryptocurrency to use on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology which is utilized for most processes. It also operates using the Polygon blockchain to ensure lower costs and faster trading.
With these two types of blockchains available, you can choose which one you’d like to upload your NFT on as an seller. This will ensure the security of your NFT, along with the people who want to buy it. All transactions are made along with this blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything as simple as a domain name to official art from an artist you admire. Anyone can become a seller, but it takes time before anyone can become an established one.
There’s a huge selection of NFTs available at OpenSea and you can also be a part of this! You can create your own market there, and also find NFTs that you would like to purchase yourself.
What is an NFT?
In a recent development for the crypto market”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that the majority of young people are familiar with it but aren’t exactly sure what it actually means. Let’s look at what an NFT is for any beginners in cryptocurrency.
One of the new things you can purchase your cryptocurrency includes an NFT. The NFT is a non-fungible token that is exclusive and cannot be changed. This can be a piece of rareness, such as mint-condition baseball trading cards or uncommon vinyl record.
There’s no limit to what an NFT can be as it’s a non-fungible object you’re selling online. It is simpler to simply consider the NFT to be a type of digital item which is only paid in cryptocurrency.
Minting is like calling the shots for your personal NFTs. You’re claiming ownership over that particular token/item you uploaded on the market place, but putting it up for sale. Typically, this is official once you fill out all the necessary information about the NFT and finally submit it for sale on.
On OpenSea It’s a very simple procedure to create your own NFTs. All you have to do is visit the store and then creating a collection to start! Input the appropriate and accurate information about your NFT and choose what kind of settings you’d like to use for it (e.g. blockchain or payment tokens). After you’ve completed the process then you’re able to upload it, if it’s within the limit of 100MB.
It is possible to wait and see how transactions progress from here on out to see whether OpenSea is the marketplace for you.
What NFTs can you find here?
In this moment, you’re probably wondering which kind of NFT can you shop for here and what you can also sell if you decide to go down that path. The type of NFT that you can purchase is indefinite since there’s a broad range of how you can approach it.
You could be selling trade cards, digital goods game assets, domain names, and also physical goods! Find out what you think will reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that sets OpenSea from the others. There are no gas costs when you utilize this feature when you mint and sell NFTs. This simply means that you’ll get the most profit when you start selling because you don’t need to pay on any additional charges.
Very few NFT marketplaces offer this feature, and it is great for you to receive high profit from your NFT collection.
This Referral Program is another unique aspect of OpenSea to be admired. Like traditional online marketplaces that offer benefits when you refer your friend to OpenSea! If you encourage a friend join OpenSea and buy 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 don’t have this kind of feature either, so that’s just another advantage OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile application, however it is mainly used to browse through the marketplace. It isn’t able to purchase or sell items as you scroll through the list.
The mobile apps of OpenSea are available on both iOS and Android. Even though you can’t buy or sell anything, you can still at least browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available at your disposal, and you can exchange your fiat money for cryptocurrency through these platforms. Nft Technology
You can swap your fiat currency using a the credit card, or Paypal via these reputable websites to exchange it for crypto:
- Bittrex and many more!
Each of them has the option to exchange for ETH which is the most common cryptocurrency payment option in OpenSea.
While OpenSea can be described as an NFT marketplace that is open to all types of cryptocurrency, wallets are nevertheless more compatible than others. Because it is based on an ETH blockchain, any wallets with a connection to this network are appropriate for this website.
Here’s a list of several crypto wallets you can utilize in OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each one has its own set of limitations including simple registration, mobile-only usage, and the function to buy cryptocurrency using the credit card. Nft Technology
For more information about the service, you can check their FAQs for an overview of how you can get started and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with its 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 and Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto world and NFTs.
- Allows royalties of only 10% for artists (low royalty).
- You cannot buy or sell products via our mobile apps.
- Only accepts cryptocurrency as a form of payment.
- The use of a Crypto wallet is required to use this marketplace.
OpenSea is open 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. However, overall, you will quickly recover this amount if you are actively selling since there’s no extra charge for it.
Frequently Asked Questions Nft Technology
What is OpenSea?
OpenSea is an NFT marketplace that seeks to give artists a chance to market their work online, and to accept cryptocurrency as a method of payment. It’s an excellent platform for artists using for selling NFTs due to its low cost of gas and the low commission rate you must pay.
You can shop and browse an array of digital products on this NFT marketplace which is why you should definitely check it out!
Is OpenSea real and secure?
Answer: Yes! OpenSea has been a reliable marketplace since it was established in the year 2018. Because its system is based on a blockchain and is secured, it is safe to claim that your transactions are safe and secure.
In addition, as a seller, you’ll be verified when you build up your reputation. A blue checkmark will be assigned next to your account or the collection that you have uploaded to assure anyone who buys from you. OpenSea’s team regularly reviews the contents to ensure users are safe.
How do I earn royalties on OpenSea?
However, as an artist, you will be paid only 10% of the royalties once you have uploaded the NFT. This is believed to be a reasonable amount compared with other NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) can be frequently used on this site as well as other sites to provide more crypto users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of to use OpenSea.
What are the payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. It is easy to buy or sell cryptocurrency on trusted platforms with fiat money. All you need 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 by OpenSea for both iOS and Android. Install it from their app store and you can start browsing through the collection right now!
A Desktop application that OpenSea that can be downloaded through WebCatalog. On the desktop app, 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/).