Cryptocurrency is booming right now and you’re probably thinking what you can do with your crypto currency. There are numerous marketplaces popping up across 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 familiar with cryptocurrency, you’ve probably heard about OpenSea prior to this for a valid reason. It’s now one of the largest and most popular marketplaces for cryptocurrency users because of its security and rapid transactions.
Now hop aboard, and discover the possibilities of OpenSea as well as examining the NFTs that you can see!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. After, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Trading Site
The aim to create OpenSea was to simply provide a platform/marketplace for artists to easily upload their commissions with no additional costs. It has more functions that allow you to sell your art without too many difficulties.
For registration, you won’t have to worry about giving too many details about yourself. All you have to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as easy as that and without many hassles when you enter into NFTs.
The most well-known cryptocurrency used on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system which is utilized to carry out the majority of processes. It also functions on the Polygon blockchain, which allows for low-cost and quicker trading.
There are two types of blockchains available you can pick which one you would like to publish your NFT as seller. This is to ensure the security of your NFT as well as those who would like to buy it. Every transaction will be conducted along with this blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace where you can exchange your cryptocurrency or NFTs for other NFTs. You can buy anything the simplest domain name to official art from an artist that you admire. Anyone can be a seller however, it takes some time for anyone to be an established one.
There is a wide variety from the selection on OpenSea, and you can become a part of this! You can set up your own marketplace on this site, as well as find NFTs that you would like to purchase 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 a lot of millennials are familiar with it but aren’t exactly sure what it actually means. Let’s look at what an NFT is for any beginners in the field of cryptocurrency.
One of the newest things you can purchase your cryptocurrency can be an NFT. An NFT is a non-fungible currency that is exclusive and cannot be replaced. This can be an item of any rareness like mint-condition baseball trading cards or a uncommon vinyl record.
There is no limit to what an NFT could be, since it’s a non-fungible thing that you sell on the internet. In simpler terms, you could simply imagine an NFT being a virtual item paid via cryptocurrency only.
Minting is like calling dibs for your personal NFTs. You’re claiming the owner of the item or token you uploaded on the market place, but you’re putting it up for sale. Usually, this becomes official once you fill out all the necessary information about the NFT and add it on the market.
On OpenSea It’s a very simple process to mine your NFTs by going to the store and simply create a collection! Complete the correct and correct information regarding your NFT and then select what type of settings you want for it (e.g., blockchain, payments tokens). After that you are able to upload it, if it’s within the limit of 100MB.
You can wait and observe how the transactions go from now on to determine whether OpenSea is the best marketplace for you.
What NFTs are available here?
So, at this point you’re probably thinking about what kind of NFTs can be purchased here and what you can sell should you decide to go down that path. The kind of NFT it isn’t limited since there’s a broad range of how you can go about it.
It is possible to sell digital items, trading cards game assets domain names, even physical assets! Find out what you think will reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what separates OpenSea from other companies. There are zero gas fees when you use this feature when you create and market NFTs. This is essentially a way to ensure that you get the most profit when you begin selling since you won’t need to spend on additional fees.
Not many NFT marketplaces offer this feature, and it is a great way to make a huge profit from your portfolio.
This Referral Program is another distinctive feature of OpenSea to take note of. Similar to traditional online markets that offer rewards when you refer a friend to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from there you’ll earn 2.50% of the sale amount, which means you can earn more money by this method.
Other NFT marketplaces don’t have the same feature and that’s another advantage OpenSea has over them.
There is an OpenSea mobile app, but it’s mostly used for perusing through the marketplace. Unfortunately, you can’t purchase or sell anything as you browse through the listings.
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 anything, you can still look through the options you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available for you to use, and you can exchange your fiat money for cryptocurrency using these platforms. Nft Trading Site
You can exchange your fiat money via the credit card, or Paypal via these reputable websites to exchange it for crypto:
- Bittrex and other things!
All of these have the option of converting them into ETH that is the primary crypto payment in OpenSea.
While OpenSea has been described as being an NFT marketplace that is open to all kinds of crypto, wallets are nonetheless more compatible than other. Since it is built around the ETH blockchain, any wallets with a connection to that network will be suitable for this site.
Here’s a list of several crypto wallets which you can use with OpenSea:
- Authereum and more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, mobile-only usage as well as the capability to purchase cryptocurrency with the credit card. Nft Trading Site
For more information about the service to learn more, check out their FAQs to get 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 has advantages and drawbacks. OpenSea isn’t the only one to have this. You can read about its pros and cons here:
- Available as mobile apps for iOS and Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalties 10% to artists (low royalty).
- Cannot buy or sell via our mobile apps.
- Only supports cryptocurrency as its type of payment.
- The use of a Crypto account is needed to use this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. In the end, you’ll quickly recover this amount if you sell regularly since there is no additional fee for it.
Frequently Asked Questions Nft Trading Site
What is OpenSea?
OpenSea is an NFT marketplace that is designed to provide artists a platform for selling their artwork online and receive cryptocurrency as a method of payment. It’s an ideal platform for artists using the platform to market NFTs because of its zero gas costs and low commission fee rate you must pay.
You can browse and shop for the vast array of digital items on the NFT marketplace and you must check it out!
Is OpenSea legitimate and secure?
Short answer: Yes! OpenSea has been a reliable marketplace since it was founded on the 1st of December in the year of 2018. Since its system is based on a blockchain that is secure, you can say that your transactions are safe and secure.
Additionally, as a seller, you will be verified after you have built up your credibility. A blue checkmark is placed next to your account or any collection that you have uploaded to assure every customer. The team at OpenSea regularly checks the content to ensure users are protected.
How do I earn royalties on OpenSea?
Unfortunately, as an artist, you will receive only up to 10 percent of the royalties when you upload the NFT. This is considered to be quite low in comparison against the other NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) is commonly used on this site as well as other sites to provide many more cryptocurrency users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can utilize to use OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency through secure platforms that accept fiat money. All you have be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea have a desktop or mobile app?
As mentioned before there’s an official mobile app by OpenSea for both iOS and Android. You can download it through their app store, and you can start browsing through the collection right now!
There is also a desktop application for OpenSea that can be downloaded through WebCatalog. In the desktop application you can manage multiple accounts and receive notifications on updates regarding your account when you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).