The crypto currency market is in a boom right now, and you’re probably wondering what you can do with your crypto-coins. There are numerous marketplaces popping up across the internet, designed to sell and buy NFTs via cryptocurrency! OpenSea can be one and is worth a look.
If you’re familiar with cryptocurrency you’ve probably heard of OpenSea prior to this for a valid reason. It has become one of the biggest and most popular marketplaces among users of cryptocurrency due to its security and rapid transactions.
Now hop aboard, and let’s see what you can do with OpenSea, along with checking the NFTs that you can see!
Before you continue, 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 the article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Video Art
The goal of OpenSea was to simply provide a platform/marketplace for artists to upload commissions with no additional fees. It also has additional functions which allow you to market your work without having to deal with many difficulties.
When it comes to the registration process, you don’t have to provide any personal information about yourself. All you need to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It can be as simple as that and without many hurdles as you walk into NFTs.
The most widely-used cryptocurrency that is used within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology which is utilized for the majority of transactions. It also operates with the Polygon blockchain to ensure low-cost and quicker trading.
With these two types of blockchains available you can pick which one you want to upload your NFT on as an seller. This is to ensure the security of your NFT as well as those who wish to purchase it. Every transaction will be conducted using this blockchain, and you must think about 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 by an artist you admire. Anyone can sell, but it takes some time for anyone to be a reputable one.
There is a wide variety in the collection at OpenSea and you can join in with the collection! You can create your own marketplace there, and also find NFTs you’d like to buy yourself.
What is an NFT?
In a recent development for the crypto market, the term “NFT” has been going around for so long on the internet that many millennials are familiar with it but not exactly sure what it is. Let’s take a look at what NFT is for any beginners in cryptocurrency.
One of the new things you can buy includes an NFT. A NFT is a token that is non-fungible which is extremely unique and can’t be changed. This can be an item of rareness like mint-condition baseball trading cards or rare vinyl record.
There’s no limit to what an NFT could be, since it’s a non-fungible thing you’re selling online. It is simpler to simply think of an NFT as a digital item which is only paid in cryptocurrency.
Minting is like calling dibs on your own NFTs. You’re claiming the owner of the item or token that you posted to the market place, but putting it up for sale. Usually, this is recognized when you have filled in all the necessary information about the NFT and then add it on the market.
On OpenSea, it’s a simple process to mine your NFTs. All you have to do is visit the store and simply create a collection! Complete the correct and complete information about your NFT and select the type of settings you’d like to use for it (e.g., blockchain or money transfer tokens). Once that’s all done, you can finally upload it if it fits the limit of 100MB.
You can wait and observe how transactions progress from now on to see whether OpenSea is the marketplace for you.
What NFTs can you find here?
In this moment you’re probably asking yourself what kind of NFTs can be found here and what you can sell should you decide to go down that path. The type of NFT it can be is indefinite as there’s a variety of options for how to approach it.
You can be selling digital items, trading cards games domain names, even physical assets! Find out what you think will reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what separates OpenSea from the others. There are zero gas fees for using this feature when you create and market NFTs. This simply means that you’ll get the most profit when you start selling because you won’t need to spend on additional fees.
Not many NFT marketplaces offer this feature, so this is great for you to receive high profit from your NFT collection.
A Referral Program is another distinctive feature of OpenSea to be admired. Like traditional online marketplaces that offer rewards by referring someone else to OpenSea! If you encourage a friend join OpenSea and buy an NFT from there, you’ll receive 2.50 percent of the purchase amount, which allows you to earn more cash through this action.
Other NFT marketplaces don’t have the same feature This is a further advantage OpenSea has over the other marketplaces.
There’s an OpenSea mobile application, however it’s mostly used to browse the marketplace. Unfortunately, you can’t purchase or sell anything as you browse through the listing.
OpenSea’s mobile apps are available on both iOS and Android. While you’re not able to buy or sell anything, you can still look through the options you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available to you You can also trade your fiat currency for cryptocurrency using these platforms. Nft Video Art
You can exchange your fiat money via credit card or Paypal via these reputable websites to exchange it for crypto:
- Bittrex and other things!
All of them have the option to exchange for ETH which is the most common crypto payment in OpenSea.
Although OpenSea can be described as an NFT marketplace that is open to all types of cryptocurrency, the wallets nevertheless more compatible than others. Because it is based on the ETH blockchain, wallets which are part of this network are appropriate for this website.
Here’s a list different crypto wallets you can use in OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations, such as easy registration, mobile-only usage, and the function to purchase cryptocurrency using the credit card. Nft Video Art
To know more about it You can go through their FAQs to see a rundown of how you can start and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and cons here:
- Available as mobile apps for iOS as well as Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto industry and NFTs.
- Allows royalties of only 10% for artists (low royalty rates).
- Cannot buy or sell through our mobile apps.
- Only accepts cryptocurrency as a type of payment.
- An Crypto digital wallet must be used to access this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their crypto wallets. If you’re selling, 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 extra charge for it.
Frequently Asked Questions Nft Video Art
What is OpenSea?
OpenSea is an NFT marketplace that seeks to provide artists a platform to market their work online, and to accept cryptocurrency as a method of payment. It’s an ideal platform for artists who use for selling NFTs due to its no gas fees and the low commission rate which you are required to pay.
You can browse and purchase the vast array of digital goods in this NFT marketplace, so you should check it out!
Is OpenSea legit & is it safe?
Answer: Yes! OpenSea is a reputable marketplace since it was established in 2018. Since its system is built on a blockchain and is secured, it is safe to say that your transactions are secure and safe.
Additionally as a seller you’ll be verified when you’ve earned a reputation. A blue checkmark is placed next to your account or any collection that you have uploaded to assure anyone who buys from you. OpenSea’s team regularly reviews the content to ensure that users are safe.
How do I earn royalties on OpenSea?
However, as an artist, you’ll get only 10 percent of the royalties after you upload the NFT. This is thought to be quite low in comparison against other NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) can be commonly utilized on this website and many others to accommodate more cryptocurrency users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can make use of for OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. It is easy to buy or sell cryptocurrency on secure platforms that accept fiat money. All you have just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea have a desktop or mobile app?
As previously mentioned There is an official mobile app by OpenSea for both iOS and Android. Install it from their app store and begin exploring the collection now!
A Desktop application that OpenSea that can be downloaded through WebCatalog. On the desktop app you can manage multiple accounts and receive 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/).