The crypto currency market is in a boom right now and you’re probably wondering where to invest your crypto-coins. Marketplaces are popping up all over the internet, designed to sell and buy NFTs using cryptocurrency! OpenSea is among them and is worth looking into.
If you’re familiar with cryptocurrency, you’ve probably heard about OpenSea previously for a valid reason. It’s one of the biggest and most popular marketplaces for cryptocurrency enthusiasts due to its security and quick transactions.
So, hop on board and let’s explore 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 overview. Afterward, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Toys
The goal for OpenSea was to provide artists with a marketplace/platform to upload their commissions without any extra fees. There are additional features that let you sell your work without having to deal with many problems.
In terms of registration, you won’t have to provide too many details about yourself. All you have to connect your crypto wallet and voila! You have an account on OpenSea! It’s as simple as that, without much hassle as you step into NFTs.
The most popular cryptocurrency used on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system, and this is used to carry out the majority of processes. It is also based with the Polygon blockchain, which ensures low-cost and quicker trading.
With these two types of blockchains available, you can choose which one you would like to publish your NFT as seller. This will ensure the security of your NFT and those who would like to purchase it. Every transaction will be conducted along with this blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall that lets you trade your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything just a domain name, to a piece of art from an artist you admire. Anyone can be a seller however it takes a while for anyone to be a reputable one.
There is a wide variety of NFTs available at OpenSea and you can become a part of the collection! You can start your own marketplace there, and also find NFTs that you would like to purchase yourself.
What is an NFT?
In a recent advancement for the crypto industry, the term “NFT” has been going around for so long on internet that many millennials 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 newest things you can purchase your cryptocurrency can be an NFT. The NFT is a token that is non-fungible which is extremely unique and can’t be changed. It could be an item of any rareness like rare baseball trading cards in mint condition, or a unique vinyl album.
There’s no limit to what an NFT can be as it’s a non-fungible item that you can sell on the internet. It is simpler to simply think of an NFT as a digital item paid via cryptocurrency only.
Minting is like calling dibs to your NFTs. You’re claiming the owner of the item or token you uploaded on the marketplace, and you’re putting it up for sale. Usually, this becomes official once you fill out the correct information about the NFT and upload it to the marketplace.
On OpenSea it’s a straightforward process to mint your NFTs by visiting the store and making a collection to begin! Fill out the proper and accurate information about your NFT and select the type of settings you’d like for it (e.g. blockchain, payment tokens). After that you are able to upload it to the internet if it’s in the limit of 100MB.
You can watch and see how transactions progress from here on out to see if OpenSea is the marketplace for you.
What NFTs can you get here?
So, at this point you’re probably asking yourself which kind of NFT you shop for here and what you can sell should you decide to pursue that route. The kind of NFT it is unlimited 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 even physical assets! Consider what you believe will bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that sets OpenSea from the others. There’s no cost for gas when you utilize this feature when you create and market NFTs. This means you’ll get the most profit when you begin selling since you don’t need to pay on additional fees.
Not many NFT marketplaces have this feature, which is why this is a great way to earn a high return from your NFT collection.
A Referral Program is another unique aspect of OpenSea to admire. Similar to traditional online markets, you can receive rewards when you refer someone else to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from there you’ll earn 2.50 percent of the purchase amount, letting you earn more money by this method.
Other NFT marketplaces don’t have this kind of feature either This is a further advantage OpenSea has over the other marketplaces.
There’s an OpenSea mobile app, but it’s mostly to browse the marketplace. It isn’t able to purchase or sell items as you browse through the listings.
The mobile apps of OpenSea are available for the two platforms of iOS in addition to Android. Although you aren’t able to purchase or sell anything, you can still look through the options you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are to you, and you can exchange your fiat money for cryptocurrency through these platforms. Nft Toys
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 to exchange for ETH which is the most common cryptocurrency used in OpenSea.
Although OpenSea is an NFT marketplace open to all forms of crypto, wallets are nonetheless more compatible than others. Because it is based on the ETH blockchain, wallets that share this network are appropriate for this site.
Here is a list of various crypto wallets that 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, such as easy registration, use on mobile devices only as well as the capability to buy cryptocurrency using credit cards. Nft Toys
For more information about the service You can go through their FAQs to see the steps you can begin and also 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. You can view its pros and cons here:
- Available as mobile apps for iOS or Android.
- Smart contracts can be used to perform transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto market and NFTs.
- Allows royalties of only up to 10% for artists (low royalty rates).
- It is not possible to buy or sell items through our mobile apps.
- Only accepts cryptocurrency as a form of payment.
- The use of a Crypto wallet is required for this marketplace.
OpenSea is open to everyone who owns any crypto coins in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. But overall, you can easily recover that amount when you actively sell because there’s no extra charge for it.
Frequently Asked Questions Nft Toys
What is OpenSea?
OpenSea is an NFT marketplace that is designed to give artists a chance for selling their artwork online, and to accept cryptocurrency as a method of payment. It’s a great platform for artists who use the platform to market NFTs due to its low gas fees and the low commission rate you must pay.
You can browse and purchase a vast collection of digital items on the NFT marketplace, so you should take a look!
Is OpenSea legitimate and is it safe?
The short answer is yes! OpenSea is a reputable marketplace since its inception on the 1st of December in the year of 2018. Since the system it operates on is built on a blockchain that is secure, you can say that your transactions are protected and secured.
Furthermore as a seller you’ll be verified when you’ve earned a 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 protected.
How can I earn royalties on OpenSea?
However, as an artist, you will be paid only 10% of the royalties once you upload the NFT. This is believed to be reasonably low compared against others NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) has been commonly used on this site and other sites to provide the increasing number of 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 methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. You can easily purchase or trade cryptocurrency using secure platforms that accept fiat money. All you need just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea have a desktop or mobile app?
As previously mentioned there’s an official mobile application from OpenSea for both iOS and Android. Download it at their respective app store, and you can start exploring the collection now!
The desktop application for OpenSea can be downloaded via WebCatalog. In the desktop application, you can manage multiple accounts and get notifications on updates regarding your account while you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).