The cryptocurrency market is on the rise, and you’re probably wondering where you can invest your crypto coins. Markets have popped up across the web that allow users to sell and buy NFTs via cryptocurrency! OpenSea is one of them and is worth a look.
If you’re familiar with cryptocurrency, you’ve probably heard about OpenSea prior to this for a valid reason. It’s one of the biggest and most popular marketplaces among users of cryptocurrency due to its security and rapid transactions.
So, hop on board and discover what you can do with OpenSea as well as examining what NFTs you can view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick review. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft To Buy
The purpose to create OpenSea was to offer a platform/marketplace for artists to upload their commissions without any extra charges. There are additional features which allow you to market your artwork without any difficulties.
When it comes to registration, you don’t need to provide any personal information about yourself. All you have to do is connect your crypto wallet and voila! You have an account on OpenSea! It’s as simple as that, without many hassles when you enter into NFTs.
The most well-known cryptocurrency to use 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 on the Polygon blockchain, which ensures low-cost and quicker trading.
With these two types of blockchains that are available it is possible to choose which one you’d like to upload your NFT on as a seller. This will ensure the security of your NFT, along with those who wish to purchase it. Every transaction will be conducted by using the blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from just a domain name to official art by an artist you admire. Anyone can be a seller however it takes a while for anyone to become an established one.
There is a wide variety in the collection on OpenSea and you could join in with that! You can set up your own marketplace here, along with finding NFTs that you would like to purchase yourself.
What is an NFT?
A recent change in the crypto market,”NFT,” a popular term in the crypto industry “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 take a look at what NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the new things you can purchase your cryptocurrency is an NFT. A NFT is a non-fungible currency that is very individual and cannot be changed. It could be an item of rareness like mint-condition baseball trading cards or rare vinyl record.
There’s no limit to what an NFT could be, since it’s a non-fungible item that you can sell on the internet. More straightforwardly, you can just consider an NFT as a digital item paid via cryptocurrency only.
Minting is similar to calling for dibs for your personal NFTs. You’re claiming ownership over that particular token/item you uploaded on the marketplace, and selling it. Typically, this is official when you have filled in the proper information regarding the NFT and finally upload it to the marketplace.
On OpenSea it’s a straightforward procedure to create your own NFTs by going to the store and simply create a collection! Input the appropriate and complete information about your NFT and then select what type of settings you’d like to use for it (e.g. blockchain, payments tokens). After you’ve completed the process you are able to upload it to the internet if it’s in the 100 MB limit.
It is possible to wait and see how transactions progress from now on to see if OpenSea is the best marketplace for you.
What NFTs are available here?
At this point you’re probably asking yourself the kind of NFTs be purchased here, and what you could also sell if you decide to pursue that route. The kind of NFT it can be is unlimited since there’s a broad range of ways to approach it.
It is possible to sell digital items, trading cards game assets, domain names, and also physical goods! Explore what you believe can reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that differentiates OpenSea from other companies. There are no gas costs when you utilize this feature to create and market NFTs. This simply means that you’ll be able to make the highest profits once you begin selling since you don’t need to pay on extra fees.
Not many NFT marketplaces have this feature, so this can be a fantastic way to make a huge profit from your collection.
This Referral Program is another distinctive feature of OpenSea to be admired. Similar to traditional online markets that offer rewards when you refer your friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from the site, you’ll receive 2.50 percent of the purchase amount, which means you can make more money by this method.
Other NFT marketplaces don’t offer the same feature, so that’s just another advantage OpenSea has over the other marketplaces.
There is an OpenSea mobile application, however it is mainly used to browse through the marketplace. Unfortunately, you can’t purchase or sell anything as you browse through the listings.
The mobile apps from OpenSea are accessible on the two platforms of iOS and Android. Although you aren’t able to purchase or sell things, you can at least explore the products you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are at your disposal, and you can convert your fiat money into cryptocurrency on these platforms. Nft To Buy
You can swap your fiat money via your credit or debit card as well as Paypal via these reputable websites for cryptocurrency:
- Bittrex, and many more!
All of them have the option to exchange for ETH that is the primary cryptocurrency payment option in OpenSea.
Although OpenSea has been described as being an NFT marketplace that is open to all types of crypto, wallets are nevertheless more compatible than others. Because it is based on the ETH blockchain, any wallets which are part of that network will be suitable for the site.
Here is a list of several crypto wallets you can utilize in OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each wallet has its own restrictions including simple registration, use on mobile devices only as well as the capability to buy cryptocurrency using the credit card. Nft To Buy
To learn more about it You can go through their FAQs to see a rundown of how you can begin and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with advantages and drawbacks. OpenSea isn’t the only one to have this. It is possible to read about its pros and cons here:
- Mobile apps are available for iOS and Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalty rates of 10% for artists (low royalty).
- Cannot buy or sell on the mobile app.
- Only accepts cryptocurrency as a method of payment.
- An Crypto wallet is required for this marketplace.
OpenSea is open to everyone who has crypto coins in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. But overall, you can quickly recover this amount if you actively sell because there’s no extra charge for it.
Frequently Asked Questions Nft To Buy
What is OpenSea?
OpenSea is an NFT marketplace that is designed to provide artists a platform to market their work online to receive cryptocurrency as a form of payment. It’s an excellent platform for artists who use for selling NFTs due to its no cost of gas and low commission fee rate you must pay.
You can shop and browse the vast array of digital items on the NFT marketplace and you must check it out!
Is OpenSea legit & secure?
Answer: Yes! OpenSea has been a trusted marketplace since it was established in 2018. Because its system is built on blockchain technology that is secure, you can say that your transactions are protected and secured.
Furthermore as a seller you’ll be verified when you have built up your credibility. A blue checkmark is placed on your account or collection you’ve uploaded to ensure the safety of anyone who buys from you. The OpenSea team reviews regularly the content to ensure that users are secure.
How do I earn royalties on OpenSea?
However, as an artist, you can get only 10 percent of the royalties after you upload the NFT. This is believed to be quite low in comparison against other NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) has been widely used on this site as well as numerous others to cater for more cryptocurrency users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize to use OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. You can buy and sell cryptocurrency on trusted platforms with fiat money. All you need to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea has a mobile or desktop app?
As previously mentioned There is an official mobile application from OpenSea that is available for iOS and Android. Download it at their respective app store, and begin browsing through the collection right now!
The version for desktops that OpenSea can be downloaded via WebCatalog. In the desktop application you can manage multiple accounts and receive notifications on updates regarding your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).