The crypto currency market is in a boom right now, and you’re probably wondering where you can invest your crypto coins. There are numerous marketplaces popping up all over the internet, designed to sell and buy NFTs using cryptocurrency! OpenSea is one of them, and it’s worth looking into.
If you’re familiar with cryptocurrency you’ve probably heard about OpenSea previously for a valid reason. It’s now one of the largest and leading marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.
So, hop on board and let’s see what you can do with OpenSea and also see 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 overview. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Ventures
The goal of OpenSea was to offer a platform/marketplace for artists to upload their commissions without any extra charges. It has more functions that allow you to sell your art without too many difficulties.
For registration, you don’t need 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 simple as that and without many hassles when you enter into NFTs.
The most well-known cryptocurrency to use within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system and is used for the majority of transactions. It also functions with the Polygon blockchain, which allows for the lowest cost and speediest trading.
With these two types of blockchains you can pick which one you want to publish your NFT as a seller. This ensures the safety of your NFT and the people who want to purchase it. Every transaction will be conducted along with this blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace that lets you trade your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything the simplest domain name to an official artwork from an artist that you admire. Anyone can become a seller however, it takes a while before anyone can become an established one.
There is a wide variety of NFTs available of NFTs available at OpenSea, and you can also be a part of the collection! You can create your own marketplace there, and also find NFTs you want to purchase for yourself.
What is an NFT?
In a recent development for the crypto market,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that a lot of millennials are familiar with it , but aren’t sure exactly what it is. Let’s break down what an NFT is for any beginners in cryptocurrency.
One of the latest ways that you can buy with cryptocurrency can be an NFT. An NFT is a non-fungible currency that is exclusive and cannot be substituted. It can be an item of rareness, such as rare baseball trading cards in mint condition, or a unique vinyl album.
There’s no limit to what an NFT could be, since it’s a non-fungible item you’re selling online. It is simpler to simply imagine the NFT to be a type of digital collectible paid via cryptocurrency only.
Minting is similar to calling for dibs to your NFTs. You are calling the owner of the item or token that you posted to market, as putting it up for sale. Usually, this becomes official after you fill in the correct information about the NFT and upload it to the marketplace.
On OpenSea, it’s a simple process to mine your NFTs by going to the store and simply making a collection to begin! Complete the correct and accurate information about your NFT and then select what type of settings you’d like for it (e.g. blockchain and payments tokens). After you’ve completed the process you are able to upload it to the internet if it’s in the 100 MB limit.
You can wait and observe how transactions progress from here on out to determine if OpenSea is the best marketplace for you.
What NFTs can you get here?
In this moment you’re probably asking yourself what kind of NFTs be purchased here and what you can also sell if you decide to go that route. The kind of NFT it isn’t limited as there’s a variety of options for how to approach it.
It is possible to sell digital products, trading cards game assets, domain names, and also physical goods! Explore what you believe can yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that sets OpenSea from other companies. There are no gas costs when you utilize this feature when you mint and sell NFTs. This is essentially a way to ensure that you be able to make the highest profits once you start selling because you won’t need to spend on extra fees.
Not many NFT marketplaces offer this feature, which is why this can be a fantastic way to receive high profit from your portfolio.
A Referral Program is another unique aspect of OpenSea to be admired. Like traditional online marketplaces there are advantages when you refer someone else to OpenSea! If you refer a friend to join OpenSea and buy an NFT from there, you’ll receive 2.50 percent of the purchase amount, which allows you to earn more money through this action.
Other NFT marketplaces don’t offer the same feature, so that’s just another advantage OpenSea has over them.
There is an OpenSea mobile application, however it is mainly used for perusing through the marketplace. It isn’t able to purchase or sell items as you scroll through the list.
OpenSea’s mobile apps are available for both iOS as well as Android. Although you aren’t able to purchase or sell things, you can at least explore the products you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available at your disposal, and you can convert your fiat money into cryptocurrency on these platforms. Nft Ventures
You can convert your fiat money via the credit card, or Paypal through these trusted sites to exchange it for crypto:
- Bittrex, and more!
Each of them has the option of converting them into ETH that is the most common crypto payment in OpenSea.
While OpenSea is an NFT marketplace open to all types of crypto, wallets are nonetheless more compatible than others. Because it is based using the ETH blockchain, wallets with a connection to this network are appropriate for this website.
Here’s a list different crypto wallets which you can use with OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations including simple registration, only mobile usage as well as the capability to purchase cryptocurrency with a credit card. Nft Ventures
To learn more about it, you can check their FAQs to see the steps you can start 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 the only one to have this. It is possible to read about its pros and cons here:
- Mobile apps available that are compatible with iOS and Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalties 10% for artists (low royalty rates).
- Cannot buy or sell through this mobile application.
- Only accepts cryptocurrency as a form of payment.
- A Crypto digital wallet must be used for this marketplace.
OpenSea is available to anyone who owns any crypto coins in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. But overall, you can quickly recover this amount if you are actively selling since there’s no additional cost for it.
Frequently Asked Questions Nft Ventures
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to offer artists a way for selling their artwork online to receive cryptocurrency as their form of payment. It’s a great platform for artists using for selling NFTs because of its zero gas fees and low commission fees you must pay.
You can browse and shop for the vast array of digital goods in this NFT marketplace which is why you should definitely go through it!
Is OpenSea real and safe?
Answer: Yes! OpenSea has been a trusted marketplace since it was founded at the end of the year 2018. Since its system is based on a blockchain and is secured, it is safe to declare that transactions are protected and secured.
In addition as a seller you’ll be verified when you’ve earned a reputation. A blue checkmark will appear on your account or any collection you uploaded to reassure every customer. The OpenSea team reviews regularly the content to ensure users are secure.
How do I earn royalties from OpenSea?
As an artist, you will be paid only 10 percent of the royalties after you have uploaded the NFT. This is considered to be reasonably low compared against others NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) can be widely used on this site and numerous others to cater for more cryptocurrency users. These are other cryptos you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can make use of for OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. It is easy to buy or sell cryptocurrency on trusted platforms with fiat money. All you need be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea has a mobile or desktop app?
As mentioned before There is an official mobile application from OpenSea that is available for iOS as well as Android. Install it from their app store, and you can start browsing through the collection right now!
The desktop application for OpenSea that can be downloaded through WebCatalog. In the desktop application you can manage multiple accounts and 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/).