The crypto currency market is in a boom right now and you’re probably thinking where to invest your crypto currency. Markets have popped up all over the internet, designed to sell and buy NFTs via cryptocurrency! OpenSea can be one, and it’s worth looking into.
If you’re well-versed in cryptocurrency you’ve likely heard of OpenSea prior to this for a valid reason. It has become one of the biggest and most popular marketplaces among cryptocurrency enthusiasts due to its security and rapid transactions.
So, hop on board and let’s see 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’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Video
The purpose to create OpenSea was to provide a platform/marketplace for artists to easily upload their commissions with no additional charges. There are additional features which allow you to market your work without having to deal with many problems.
When it comes to the registration process, you don’t have to worry about giving too many details about yourself. All you need to do is connect your crypto wallet and voila! You have an account with OpenSea! It’s as simple as that without going through much hassle as you step into NFTs.
The most popular cryptocurrency to use on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system, and this is used for most processes. It also functions with the Polygon blockchain, which allows for lower costs and faster trading.
With these two kinds of blockchains you can pick which one you want to upload your NFT on as an seller. This will ensure the security of your NFT and those who wish to purchase it. All transactions are made by using the blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall that lets you trade your cryptocurrency or NFTs for other NFTs. You can purchase anything from as simple as a domain name to an official artwork by an artist you admire. Anyone can be a seller however it takes time for anyone to be an established one.
There’s a huge selection of NFTs available on OpenSea and you could also be a part of this! You can create your own personal market there, and also find NFTs you’d like to buy yourself.
What is an NFT?
In a recent advancement for the crypto market,”NFT” is a term that has been used in recent times “NFT” has been going around so long on the internet that many millennials are familiar with it , but aren’t sure exactly what it actually means. Let’s look at what an NFT is for any beginners in cryptocurrency.
One of the new things you can purchase your cryptocurrency can be an NFT. An NFT is a non-fungible currency which is extremely individual and cannot be substituted. This can be a piece of rareness like rare baseball trading cards in mint condition or a unique vinyl album.
There’s no limit on what an NFT can be since it’s a non-fungible object that you sell on the internet. More straightforwardly, you can just consider the NFT to be a type of digital item paid via cryptocurrency only.
Minting is similar to calling for dibs for your personal NFTs. You are calling ownership over that particular token/item you uploaded on the market place, but offering it for sale. Typically, this is official when you have filled in the proper information regarding the NFT and then submit it for sale on.
On OpenSea, it’s a simple process to mint your NFTs. All you have to do is visit the store and simply create a collection! Fill out the proper and correct information regarding your NFT and select the type of settings you want for it (e.g., blockchain and payment tokens). After that you are able to upload it, if it’s within the 100 MB limit.
You can watch and see how the transactions go from now to see if OpenSea is the marketplace for you.
What NFTs can you get here?
So, at this point, you’re probably wondering the kind of NFTs be purchased here and what kind of NFTs you can also sell if you decide to go that route. The kind of NFT it can be is unlimited as there’s a variety of options for how to do it.
It is possible to sell digital items, trading cards games domain names, also physical goods! Find out what you think will yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that separates OpenSea from other companies. There’s no cost for gas when you utilize this feature when you make and then sell the NFTs. This means you’ll get the most profit when you start selling because you don’t need to pay on any additional charges.
Not many NFT marketplaces have this feature, and it is a great way to make a huge profit from your collection.
A Referral Program is a different aspect of OpenSea to admire. Like traditional online marketplaces that offer benefits by referring 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 sales amount, which means you can make more money from this act.
Other NFT marketplaces do not have the same feature This is a further benefit OpenSea has over the other marketplaces.
There’s an OpenSea mobile app, but it’s mostly for perusing through the marketplace. You can’t buy or sell anything while you browse through the listing.
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 something, you can at least look through the options you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available to you, and you can exchange your fiat money for cryptocurrency through these platforms. Nft Video
You can swap the fiat currency you have with a the credit card, or Paypal through these trusted sites to exchange it for crypto:
- Bittrex, and other things!
Each of them has the option of exchange for ETH which is the primary cryptocurrency payment option in OpenSea.
Although OpenSea is an NFT marketplace that is open to all kinds of cryptocurrency, wallets are nevertheless more compatible than others. Because it is based on an ETH blockchain, all wallets that share this network are appropriate for this website.
Here’s a list different crypto wallets you can utilize in OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations including simple registration, only mobile usage as well as the capability to purchase cryptocurrency using a credit card. Nft Video
For more information about the service to learn more, check out their FAQs to get a rundown of how you can start and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets every one of them has advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and pros here:
- Mobile apps are available for iOS as well as Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- The best option for beginners to the crypto industry and NFTs.
- Allows royalties 10% to artists (low royalty rates).
- You cannot buy or sell products via the mobile app.
- Only accepts cryptocurrency as a type of payment.
- The use of a Crypto wallet is required to access this marketplace.
OpenSea is open to everyone who has any crypto currency in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. In the end, you’ll quickly recover this amount if you sell regularly since there’s no additional cost for it.
Frequently Asked Questions Nft Video
What is OpenSea?
OpenSea is an NFT marketplace that aims to give artists a chance to sell their works online to receive cryptocurrency as their form of payment. It’s an excellent option for artists who want to use for selling NFTs due to its low gas costs and low commission fee rate you must pay.
You can browse and shop for a vast collection of digital goods in this NFT marketplace which is why you should definitely take a look!
Is OpenSea real and is it safe?
Answer: Yes! OpenSea has been a trusted marketplace since it was founded in the year 2018. Because its system is built on blockchain technology 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 have built up your credibility. A blue checkmark will be assigned next to your account or collection you’ve uploaded to ensure the safety of any customer. The OpenSea team reviews regularly the contents to ensure users are protected.
How do I earn royalties from OpenSea?
However, as an artist, you’ll get only 10% of the royalties once you upload the NFT. This is believed to be a reasonable amount compared to the other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) can be commonly used on this site and numerous others to cater for many more cryptocurrency users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can use to access OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. It is easy to buy or sell cryptocurrency on reliable platforms using fiat currency. All you need to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea has a mobile or desktop app?
As mentioned before there’s an official mobile app from OpenSea that is available for iOS or Android. Download it at their respective app store, and begin browsing through the collection right now!
There is also a version for desktops that OpenSea which can be downloaded from WebCatalog. With the desktop application you are able to manage multiple accounts and receive alerts on any updates that affect 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/).