The cryptocurrency market is on the rise and you’re probably wondering where you can invest your crypto coins. There are numerous marketplaces popping up across the internet, designed to purchase and sell NFTs with cryptocurrency! OpenSea is one of them and is worth a look.
If you’re well-versed in cryptocurrency, you’ve likely heard of OpenSea prior to this for a valid reason. It’s now one of the biggest and leading marketplaces among cryptocurrency enthusiasts due to its security and quick transactions.
Now hop aboard, and let’s see what you can do with OpenSea as well as examining the NFTs available to view!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft To Nm
The aim to create OpenSea was to offer an online marketplace for artists to upload commissions, without having to pay any additional fees. There are additional features that allow you to sell your work without having to deal with many problems.
For registration, you won’t have to worry about giving any personal information about yourself. All you have to connect your crypto wallet and voila! You have an account with OpenSea! It can be as simple as that without going through many hassles when you enter into NFTs.
The most popular cryptocurrency used on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system which is utilized for the majority of transactions. It also functions using the Polygon blockchain, which allows for lower costs and faster trading.
With these two kinds of blockchains, you can choose which one you want to upload your NFT on as seller. This ensures the safety of your NFT as well as the people who want to buy it. Every transaction will be conducted using this blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from as simple as a domain name to an official artwork from an artist you admire. Anyone can be a seller however it takes a while before anyone can become an established one.
There’s a huge selection from the selection of NFTs available at OpenSea, and you can join in with that! You can start your own marketplace here, along with finding 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 internet that the majority of young people are familiar with it but aren’t exactly sure what it is. Let’s break down what an NFT is for any beginners in the field of cryptocurrency.
One of the newest things you can buy is an NFT. A NFT is a non-fungible token that is unique and can’t be substituted. It can be an item of any rareness, such as authentic baseball cards or a unique vinyl album.
There’s no limit on what an NFT can be since it’s a non-fungible thing you’re selling on the internet. More straightforwardly, you can just imagine an NFT being a virtual collectible which is only paid in cryptocurrency.
Minting is like calling dibs on your own NFTs. You’re claiming ownership over that particular token/item you uploaded on the market place, but putting it up for sale. Usually, this becomes official when you have filled in the correct information about the NFT and finally submit it for sale on.
On OpenSea it’s a straightforward procedure to create your own NFTs by going to the store and creating a collection to start! Fill out the proper and complete information about your NFT and then select what type of settings you want to use it with (e.g., blockchain, payments tokens). Once that’s all done you are able to upload it, if it’s within the 100 MB limit.
You can wait and observe the way transactions are handled from now to determine if OpenSea is the best marketplace for you.
What NFTs can you get here?
So, at this point, you’re probably wondering what kind of NFTs can be found here, and what you could also sell if you choose to go that route. The kind of NFT it is indefinite since there’s a broad range of options for how to do it.
You could be selling digital products, trading cards games domain names, even physical assets! Explore what you believe can bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what differentiates OpenSea from other companies. There are zero gas fees when you use this feature when you create and market NFTs. This means you’ll get the most profit when you begin selling since you won’t have to spend on extra fees.
Very few NFT marketplaces provide this feature, and it can be a fantastic way to make a huge profit from your portfolio.
A Referral Program is another distinctive feature of OpenSea to admire. Like traditional online marketplaces that offer benefits when you refer someone else to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from there you’ll earn 2.50 percent of the sales amount, which allows you to make more money by this method.
Other NFT marketplaces do not 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’s mostly used to browse through the marketplace. You can’t buy or sell anything while you scroll through the list.
The mobile apps from OpenSea are accessible on both iOS and Android. While you’re not able to buy or sell anything, you can still at least explore the products you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are to you You can also trade your fiat currency for cryptocurrency on these platforms. Nft To Nm
You can convert the fiat currency you have with a the credit card, or Paypal via these reputable websites for cryptocurrency:
- Bittrex, and many more!
All of them have the option of exchange for ETH that is the most common cryptocurrency payment option in OpenSea.
While OpenSea is an NFT marketplace open to all types of crypto, wallets are nonetheless more compatible than other. Because it is based around the ETH blockchain, wallets that share that network will be suitable for this website.
Here’s a list different crypto wallets which you can use with OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, only mobile usage, and the function to buy cryptocurrency using a credit card. Nft To Nm
To learn more about it You can go through their FAQs to see a rundown of how you can begin and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets every one of them has its 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 or Android.
- Smart contracts are used 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 royalties).
- You cannot buy or sell products via this mobile application.
- Only accepts cryptocurrency as a method of payment.
- The use of a Crypto digital wallet must be used to use this marketplace.
OpenSea is accessible to everyone who has any crypto currency in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. But overall, you can quickly regain that when you sell regularly since there’s no additional cost for it.
Frequently Asked Questions Nft To Nm
What is OpenSea?
OpenSea is an NFT marketplace that seeks to offer artists a way to market their work online to receive cryptocurrency as a method of payment. It’s a great platform for artists using it to sell NFTs due to its no gas fees and low commission fees that you have to pay.
You can browse and purchase the vast array of digital goods in this NFT marketplace and you must check it out!
Is OpenSea legitimate and is it safe?
The short answer is yes! OpenSea is a reputable marketplace since its inception in the year of 2018. Since the system it operates on is based on a blockchain that is secure, you can declare that transactions are secure and safe.
In addition as a seller you will be verified after you build up your reputation. A blue checkmark will be assigned next to your account or collection you uploaded to reassure anyone who buys from you. The team at OpenSea regularly checks the content to ensure users are safe.
How do I earn royalties on OpenSea?
However, as an artist, you’ll be paid only 10 percent of the royalties when you have uploaded the NFT. This is thought to be reasonably low compared with the other NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) has been widely utilized on this website and many others to accommodate many more crypto users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize for OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. You can buy and sell cryptocurrency on secure platforms that accept fiat money. All you have to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea has a mobile or desktop app?
As mentioned before, there is definitely an official mobile app from OpenSea available for both iOS as well as Android. Download it at their respective app store and begin browsing through 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 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/).