The crypto currency market is in a boom right now and you’re probably thinking where to invest your crypto currency. There are numerous marketplaces popping up across the digital web designed to buy and sell NFTs with cryptocurrency! OpenSea is one of them and is worth a look.
If you’re familiar with cryptocurrency, you’ve probably heard of OpenSea before for a good reason. It has become one of the largest and most popular marketplaces for users of cryptocurrency due to its security and quick transactions.
Now hop aboard, and let’s explore what you can do with OpenSea, along with checking the NFTs that you can see!
Before you continue, you may want to check out 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.
OpenSea as an NFT Marketplace Nft To Invest In
The aim of OpenSea was to provide artists with a marketplace/platform to easily upload their commissions with no additional charges. There are additional features which allow you to market your work without having to deal with many issues.
For registration, you don’t need to worry about giving too many details about yourself. All you need to do is connect your crypto wallet and voila! You have an account with OpenSea! It can be as simple as that without going through many hurdles as you walk into NFTs.
The most widely-used cryptocurrency used within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system and is used for most processes. It also operates with the Polygon blockchain to ensure low-cost and quicker trading.
With these two types of blockchains available it is possible to choose which one you’d like to publish your NFT as an seller. This is to ensure the security of your NFT and the people who want to purchase it. Every transaction will be conducted using 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 where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from just a domain name to an official artwork from an artist you admire. Anyone can be a seller however it takes a while for anyone to be an established seller.
There are a variety of NFTs from the selection on OpenSea and you can join in with the collection! You can create your own marketplace on this site, as well as find NFTs that you would like to purchase yourself.
What is an NFT?
In a recent development for the crypto market”NFT” is a term that has been used in recent times “NFT” has been going around for so long on the internet that many millennials are familiar with it , but aren’t sure exactly what it means. Let’s look at what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the latest ways you can purchase your cryptocurrency is an NFT. An NFT is a non-fungible currency that is unique and can’t be replaced. This can be an item of any rareness, such as mint-condition baseball trading cards or a uncommon vinyl record.
There’s no limit on what an NFT could be, since it’s a non-fungible object that you can sell online. In simpler terms, you could simply think of as an NFT being a virtual collectible paid via cryptocurrency only.
Minting is like calling dibs to your NFTs. You’re claiming the ownership of the particular item that you have uploaded to the market place, but you’re selling it. Typically, this is official after you fill in all the necessary information about the NFT and finally add it on the market.
On OpenSea it’s a straightforward 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 correct information regarding your NFT and choose what kind of settings you’d like for it (e.g., blockchain, payments tokens). After that you are able to upload it, if it’s within the 100 MB limit.
You can watch and see the way transactions are handled from now on to determine whether OpenSea is the marketplace for you.
What NFTs can you find here?
So, at this point, you’re probably wondering the kind of NFTs can be found here and what you can also sell if you decide to go that route. The kind of NFT that you can purchase is indefinite because there’s a wide range of how you can do it.
It is possible to sell digital items, trading cards game assets domain names, also physical goods! Consider what you believe will bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what separates OpenSea from other companies. There’s no cost for gas when you use this feature to create and market NFTs. This simply means that you’ll receive the maximum profits when you start selling because you won’t need to spend on additional fees.
There aren’t many NFT marketplaces offer this feature, so this is a great way to earn a high return from your NFT collection.
The Referral Program is another distinctive feature of OpenSea to be admired. Similar to traditional online markets there are rewards when you refer a friend to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from the site you’ll be rewarded with 2.50 percent of the sales amount, which allows you to earn more money through this action.
Other NFT marketplaces don’t offer this feature This is a further benefit OpenSea has over them.
There is an OpenSea mobile application, however it’s mostly used to browse the marketplace. You can’t buy or sell items as you browse through the listing.
OpenSea’s mobile apps are available for the two platforms of iOS as well as Android. Although you aren’t able to purchase or sell things, you can at least look through the options you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available at your disposal, and you can exchange your fiat money for cryptocurrency on these platforms. Nft To Invest In
You can exchange your fiat money via credit card or Paypal through these trusted sites for cryptocurrency:
- Bittrex, and many more!
Each of them has the option of converting them into ETH which is the most common cryptocurrency payment option in OpenSea.
Although OpenSea has been described as being an NFT marketplace open to all forms of crypto, wallets are nonetheless more compatible than others. Since it is built on an ETH blockchain, all wallets which are part of that network will be suitable for this website.
Here’s a list of several crypto wallets you can use in OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each has its own limitations, such as easy registration, mobile-only usage and the ability to purchase cryptocurrency using the credit card. Nft To Invest In
For more information about the service to learn more, check out their FAQs for a rundown of how you can get started and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets, each one has advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and cons here:
- Mobile apps are available that are compatible with iOS or Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto market and NFTs.
- Allows royalties of only 10% for artists (low royalty).
- Cannot buy or sell via our mobile apps.
- Only supports cryptocurrency as its form of payment.
- An Crypto account is needed for this marketplace.
OpenSea is accessible to everyone who has any crypto currency in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. In the end, you’ll quickly regain that when you are actively selling since there’s no extra charge for it.
Frequently Asked Questions Nft To Invest In
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to give artists a chance to sell their works online and receive cryptocurrency as a method of payment. It’s an excellent platform for artists who use it to sell 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 goods in this NFT marketplace and you must go through it!
Is OpenSea legit & secure?
The short answer is yes! OpenSea is a reputable marketplace since it was established on the 1st of December in the year of 2018. Since its system is built on a blockchain that is secure, you can claim that your transactions are protected and secured.
In addition, as a seller, you’ll be verified when you’ve earned a reputation. A blue checkmark is placed to your account or collection you uploaded to reassure every customer. OpenSea’s team regularly reviews the contents to ensure users are protected.
How can I earn royalties on OpenSea?
As an artist, you can receive only up to 10 percent of the royalties after you upload the NFT. This is believed to be reasonably low compared against the other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) is frequently used on this site and other sites to provide more crypto users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can use to use OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. You can easily purchase or sell cryptocurrency on trusted platforms with fiat money. All you need to do is connect your credit card or Paypal for the transaction.
Does OpenSea have a desktop/mobile application?
As mentioned before There is an official mobile app from OpenSea for both iOS as well as Android. You can download it through their app store, and begin browsing through the collection right now!
There is also a Desktop application that OpenSea can be downloaded via WebCatalog. On the desktop app, you can manage multiple accounts and get 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/).