The crypto currency market is in a boom right now, and you’re probably wondering where you can invest your crypto-coins. Markets have popped up across the digital web designed to buy and sell NFTs using cryptocurrency! OpenSea is one of them and is worth checking out.
If you’re familiar with cryptocurrency, you’ve probably heard of OpenSea previously for a valid reason. It has become one of the largest and leading marketplaces among users of cryptocurrency due to its security and quick transactions.
Get on board, and let’s explore what you can do with OpenSea and also see the NFTs available to view!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Trays
The aim to create OpenSea was to simply provide artists with a marketplace/platform to upload commissions without any extra costs. There are additional features that let you sell your art without too many issues.
In terms of registration, you don’t need to provide all of your personal details. All you have to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It can be as simple as that, without much hassle as you step into NFTs.
The most well-known cryptocurrency that is used in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology and is used for the majority of transactions. It is also based using the Polygon blockchain, which allows for low-cost and quicker trading.
With these two kinds of blockchains available it is possible to choose which one you would like to transfer your NFT to as a seller. This will ensure the security of your NFT as well as those who wish to purchase it. All transactions are made using this blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall where you can trade in your NFTs or cryptocurrency for other NFTs. You can purchase anything from as simple as a domain name to official art from an artist you admire. Anyone can be a seller however, it takes time for anyone to become an established seller.
There’s a huge selection of NFTs available at OpenSea, and you can also be a part of this! You can start 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 market the term “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 means. Let’s look at what an NFT is for anyone who is new in the field of cryptocurrency.
One of the latest ways you can purchase your cryptocurrency is an NFT. A NFT is a token that is non-fungible which is extremely unique and can’t be substituted. It could be an item of rareness, such as rare baseball trading cards in mint condition or uncommon vinyl record.
There’s no limit on what an NFT can be as it’s a non-fungible item that you sell on the internet. More straightforwardly, you can simply imagine an NFT to be a type of digital collectible that is paid for using cryptocurrency only.
Minting is like calling dibs on your own NFTs. It is a way of claiming ownership over that particular token/item you uploaded on the marketplace, and putting it up for sale. Usually, this becomes official when you have filled in the proper information regarding the NFT and add it on the market.
On OpenSea It’s a very simple procedure to create your own NFTs. All you have to do is visit the store and then making a collection to begin! Fill out the proper and accurate information about your NFT and then select what type of settings you’d like for it (e.g. blockchain or payments tokens). After you’ve completed the process then you’re able to upload it to the internet if it’s in the 100 MB limit.
You can wait and observe how transactions progress from now on to see if OpenSea is the right marketplace for you.
What NFTs can you get here?
In this moment, you’re probably wondering which kind of NFT be found here and what you can also sell if you choose to pursue that route. The kind of NFT that you can purchase is unlimited since there’s a broad range of options for how to approach it.
You can be selling digital products, trading cards, game assets, domain names, and also physical goods! Find out what you think will reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what sets OpenSea from the others. There are no gas costs when you utilize this feature to make and then sell the NFTs. This is essentially a way to ensure that you be able to make the highest profits once you begin selling since you won’t need to spend on additional fees.
Very few NFT marketplaces provide this feature, and it can be a fantastic way to earn a high return from your collection.
A Referral Program is another unique aspect of OpenSea to be admired. Similar to traditional online markets there are rewards when you refer someone else to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from there, you’ll receive 2.50% of the sale amount, letting you earn more cash by this method.
Other NFT marketplaces do not have the same feature and that’s another advantage OpenSea has over them.
There’s an OpenSea mobile app, but it is mainly used to browse through the marketplace. It isn’t able to purchase or sell items as you browse through the listings.
OpenSea’s mobile apps are available on the two platforms of iOS and Android. Even though you can’t buy or sell something, you can at least browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available at your disposal, and you can exchange your fiat money for cryptocurrency using these platforms. Nft Trays
You can swap your fiat money via the credit card, or Paypal on these reliable websites to exchange it for crypto:
- Bittrex and many more!
All of them have the option to exchange for ETH which is the standard cryptocurrency payment option in OpenSea.
While OpenSea is an NFT marketplace open to all forms of cryptocurrency, wallets are nevertheless more compatible than other. Since it is built mainly using an ETH blockchain, wallets that share this network are appropriate for this website.
Here is a list of different crypto wallets you can utilize in OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations like easy registration, mobile-only usage as well as the capability to purchase cryptocurrency using the credit card. Nft Trays
To learn more about it You can go through their FAQs for a rundown of how you can begin and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with its advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and cons here:
- Mobile apps are available that are compatible with iOS as well as 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 world and NFTs.
- Allows royalties up to 10% for artists (low royalties).
- You cannot buy or sell products via this mobile application.
- Only supports cryptocurrency as its form of payment.
- A Crypto wallet is required to use this marketplace.
OpenSea is open to everyone who owns any crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. In the end, you’ll quickly recover this amount if you actively sell because there’s no extra charge for it.
Frequently Asked Questions Nft Trays
What is OpenSea?
OpenSea is an NFT marketplace that aims to provide artists a platform to market their work online, and to accept cryptocurrency as their form of payment. It’s a great platform for artists using it to sell NFTs because of its zero gas costs and low commission fee rate you must pay.
You can browse and shop for a vast collection of digital items on the NFT marketplace which is why you should definitely check it out!
Is OpenSea legitimate and is it safe?
Answer: Yes! OpenSea has been a reliable marketplace since it was founded on the 1st of December in 2018. Because its system is built on a blockchain and is secured, it is safe to say that your transactions are protected and secured.
In addition as a seller you’ll be verified when you have built up your credibility. A blue checkmark will be assigned next to your account or any collection you’ve uploaded to ensure the safety of 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% of the royalties once you have uploaded the NFT. This is believed to be a reasonable amount compared with other NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) is widely utilized on this website and numerous others to cater for the increasing number of crypto users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can utilize to use OpenSea.
What are the payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. You can easily purchase or sell cryptocurrency on reliable platforms using fiat currency. All you need be able to connect is your credit or Paypal for the transaction.
Does OpenSea has a mobile or desktop app?
As mentioned before, there is definitely an official mobile application from OpenSea available for both iOS and Android. Install it from their app store and begin browsing through the collection right now!
The 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/).