The crypto currency market is in a boom right now and you’re probably thinking where to invest your crypto currency. Marketplaces are popping up all over the digital web designed to buy and sell NFTs via cryptocurrency! OpenSea is one of them, and it’s 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 biggest and most popular marketplaces for cryptocurrency users because of its security and rapid transactions.
So, hop on board and let’s see what you can do with OpenSea as well as examining what NFTs you can view!
Before you go on, 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 the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Token
The goal for OpenSea was to simply provide a platform/marketplace for artists to upload their commissions with no additional costs. It has more functions that let you sell your art without too many difficulties.
When it comes to registration, you won’t have to give too many details about yourself. All you have to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as easy 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 system which is utilized for the majority of transactions. It also functions on the Polygon blockchain, which allows for lower costs and faster trading.
With these two types of blockchains that are available it is possible to choose which one you’d like to publish your NFT as seller. This will ensure the security of your NFT and the people who want to buy it. All transactions will be made along with this 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 NFTs or cryptocurrency for other NFTs. You can buy anything the simplest domain name to an official artwork by an artist you admire. Anyone can sell however it takes time before anyone can become an established one.
There’s a huge selection of NFTs available at OpenSea and you could join in with this! You can start your own market there, and also find NFTs you’d like to buy for yourself.
What is an NFT?
A recent change in 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 not exactly sure what it actually means. Let’s break down what an NFT is for anyone who is new in the field of cryptocurrency.
One of the latest ways that you can buy with cryptocurrency includes an NFT. A NFT is a token that is non-fungible that is individual and cannot be substituted. It could be an item of rarity like authentic baseball cards or a rare vinyl record.
There’s no limit to what an NFT can be since it’s a non-fungible item that you can sell on the internet. It is simpler to just consider the NFT being a virtual collectible which is only paid in cryptocurrency.
Minting is like calling the shots for your personal NFTs. It is a way of claiming ownership over that particular token/item that you have uploaded to the marketplace, and selling it. Typically, this is official once you fill out all the necessary information about the NFT and finally upload it to the marketplace.
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 choose what kind of settings you’d like for it (e.g., blockchain or payments tokens). Once that’s all done, you can finally upload it to the internet if it’s in the limit of 100MB.
You can watch and see the way transactions are handled from now to determine whether OpenSea is the marketplace for you.
What NFTs can you find here?
In this moment you’re probably asking yourself which kind of NFT can be purchased here and what kind of NFTs you can also sell if you decide to go that route. The type of NFT it is indefinite since there’s a broad range of options for how to do it.
It is possible to sell digital items, trading cards, game assets, domain names, and some physical items! Consider what you believe will bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what sets OpenSea from the other options. There are zero gas fees when you utilize this feature when you mint and sell NFTs. This simply means that you’ll receive the maximum profits when you begin selling since you won’t have to spend on extra fees.
Not many NFT marketplaces have this feature, which is why this is great for you to receive high profit from your portfolio.
The Referral Program is another distinctive feature of OpenSea to be admired. Similar to traditional online markets that offer rewards by referring someone else to OpenSea! If you refer a friend to join OpenSea and buy an NFT from there you’ll be rewarded with 2.50 percent of the purchase amount, letting you make more money from this act.
Other NFT marketplaces do not have this kind of feature either This is a further benefit OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile application, however it’s mostly used for perusing through the marketplace. It isn’t able to purchase or sell anything as you browse through the listing.
The mobile apps of OpenSea are available for the two platforms of iOS in addition to Android. Even though you can’t buy or sell things, you can at least look through the options you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are for you to use, and you can convert your fiat money into cryptocurrency on these platforms. Nft Token
You can swap your fiat currency using a the credit card, or Paypal on these reliable websites for cryptocurrency:
- Bittrex and many more!
Each of them has the option of exchange for ETH, which is the standard cryptocurrency used in OpenSea.
Although OpenSea has been described as being an NFT marketplace open to all forms of crypto, wallets are nevertheless more compatible than others. Since it is built around an ETH blockchain, wallets with a connection to that network will be suitable for the 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 can be seen on OpenSea’s FAQ page. Each has its own limitations, such as easy registration, only mobile usage as well as the capability to purchase cryptocurrency with credit cards. Nft Token
For more information about the service, you can check their FAQs to see an overview of how you can start and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with its advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and pros here:
- Available as mobile apps for iOS and Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto world and NFTs.
- Allows royalty rates of up to 10% for artists (low royalties).
- You cannot buy or sell products on the mobile app.
- Only accepts cryptocurrency as a form of payment.
- The use of a Crypto digital wallet must be used to use this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. However, overall, you will quickly regain that when you actively sell because there’s no additional cost for it.
Frequently Asked Questions Nft Token
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to offer artists a way for selling their artwork online, and to accept cryptocurrency as their form of payment. It’s an excellent platform for artists using the platform to market NFTs due to its low gas fees and low commission fees you must pay.
You can browse and purchase the vast array of digital items on the NFT marketplace, so you should take a look!
Is OpenSea real and safe?
Short answer: Yes! OpenSea has been a trusted marketplace since its inception on the 1st of December in the year 2018. Since the system it operates on is based on a blockchain that is secure, you can claim that your transactions are protected and secured.
Furthermore as a seller you’ll be verified when you build up your reputation. A blue checkmark is placed to your account or the collection that you have uploaded to assure every customer. The OpenSea team reviews regularly the content to ensure that users are protected.
How can I earn royalties on OpenSea?
However, as an artist, you will be paid only 10 percent of the royalties when you upload the NFT. This is thought to be a reasonable amount compared with others NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) can be widely used on this site and other sites to provide many more cryptocurrency users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can use to use OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. You can buy and trade cryptocurrency using reliable platforms using fiat currency. All you need just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea has a mobile or desktop application?
As we mentioned earlier, there is definitely an official mobile app from OpenSea that is available for iOS as well as Android. Install it from their app store, and then you can begin exploring the collection right now!
There is also a version for desktops that OpenSea that can be downloaded through WebCatalog. With the desktop application you can manage multiple accounts as well as receive alerts on any updates that affect your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).