The crypto currency market is in a boom right now, and you’re probably wondering where you can invest your crypto coins. Marketplaces are popping up across the web that allow users to sell and buy NFTs using cryptocurrency! OpenSea is among them and is worth a look.
If you’re well-versed in cryptocurrency, you’ve probably heard about OpenSea previously for a valid reason. It’s one of the largest and leading marketplaces among cryptocurrency users because of its security and rapid transactions.
Now hop aboard, and let’s explore what you can do with OpenSea as well as examining what NFTs you can view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick review. After, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Viewer
The goal for OpenSea was to provide an online marketplace for artists to easily upload their commissions without any extra costs. It also has additional functions that let you sell your work without having to deal with many issues.
When it comes to registration, you don’t need to provide too many details about yourself. All you have to do is connect your crypto wallet and voila! You have an account on OpenSea! It’s as simple as that without going through many hassles when you enter into NFTs.
The most popular cryptocurrency that is used on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it, and this is used for the majority of transactions. It also functions with the Polygon blockchain, which ensures lower costs and faster trading.
With these two kinds of blockchains it is possible to choose which one you’d like to publish your NFT as seller. This is to ensure the security of your NFT, along with those who would like to buy it. Every transaction will be conducted by using the blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything the simplest domain name to an official artwork from an artist you admire. Anyone can become a seller however, it takes time before anyone can become an established seller.
There is a wide variety in the collection at OpenSea, and you can join in with this! You can set up your own market here, along with finding NFTs that you would like to purchase yourself.
What is an NFT?
A recent change in the crypto market the term “NFT” has been going around so long on the internet that many millennials are familiar with it but aren’t sure exactly what it means. Let’s break down what an NFT is for anyone who is new in the field of cryptocurrency.
One of the newest things that you can buy with cryptocurrency includes an NFT. A NFT is a non-fungible token that is individual and cannot be substituted. This can be a piece of rareness like rare baseball trading cards in mint condition or uncommon vinyl record.
There’s no limit to what an NFT can be since it’s a non-fungible item that you can sell online. More straightforwardly, you can just consider an NFT being a virtual collectible which is only paid in cryptocurrency.
Minting is like calling dibs to your NFTs. It is a way of claiming the ownership of the particular item that you posted to the market place, but putting it up for sale. Typically, this is official when you have filled in all the necessary information about the NFT and then add it on the market.
On OpenSea It’s a very simple process to mint your NFTs by going to the store and making a collection to begin! Fill out the proper and correct information regarding your NFT and select the type of settings you’d like to use for it (e.g. blockchain or money transfer tokens). After that, you can finally upload it if it fits the 100 MB limit.
You can wait and observe the way transactions are handled from now to determine whether OpenSea is the best marketplace for you.
What NFTs are available here?
So, at this point, you’re probably wondering the kind of NFTs be found here and what you can also sell if you choose to pursue that route. The kind of NFT it can be is indefinite as there’s a variety of ways to go about it.
You can be selling digital items, trading cards games domain names, even physical assets! Consider what you believe will reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what differentiates OpenSea from the other options. There’s no cost for gas for using this feature to create and market NFTs. This means you’ll be able to make the highest profits once you begin selling since you don’t need to pay on additional fees.
Very few NFT marketplaces offer this feature, and it is a great way to receive high profit from your portfolio.
The Referral Program is a different aspect of OpenSea to admire. Similar to traditional online markets there are benefits by referring a friend to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from the site you’ll be rewarded with 2.50% of the sale amount, which means you can make more money by this method.
Other NFT marketplaces don’t have this feature, so that’s just another advantage OpenSea has over the other marketplaces.
There’s an OpenSea mobile app, but it’s mostly used to browse the marketplace. It isn’t able to purchase or sell items as you browse through the listings.
The mobile apps of OpenSea are available for the two platforms of iOS and Android. Even though you can’t buy or sell anything, you can still at least explore the products you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are at your disposal, and you can exchange your fiat money for cryptocurrency on these platforms. Nft Viewer
You can exchange your fiat money via your credit or debit card as well as Paypal on these reliable websites for cryptocurrency:
- Bittrex, and other things!
All of them have the option of converting them into ETH which is the primary cryptocurrency payment option in OpenSea.
While OpenSea has been described as being an NFT marketplace that is open to all types of cryptocurrency, the wallets nonetheless more compatible than other. Since it is built mainly using the ETH blockchain, all wallets which are part of this network are appropriate for this site.
Here’s a list several crypto wallets which you can use with OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, only mobile usage as well as the capability to purchase cryptocurrency with credit cards. Nft Viewer
To learn more about it to learn more, check out their FAQs for an overview of how you can begin and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets every one of them has advantages and drawbacks. OpenSea isn’t an exception to this. It is possible to read about its pros and cons here:
- Mobile apps available that are compatible with iOS or Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalty rates of up to 10% for artists (low royalty).
- You cannot buy or sell products through this mobile application.
- Only supports cryptocurrency as its method 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. When you are a seller, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. However, overall, you will easily recover that amount when you actively sell because there’s no additional cost for it.
Frequently Asked Questions Nft Viewer
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to offer artists a way for selling their artwork online, and to accept cryptocurrency as their form of payment. It’s an ideal option for artists who want to use for selling NFTs due to its no gas costs and low commission fee rate that you have to pay.
You can browse and purchase an array of digital items on the NFT marketplace, so you should take a look!
Is OpenSea legit & safe?
Answer: Yes! OpenSea is a reputable marketplace since its inception on the 1st of December in 2018. Since the system it operates on is built on blockchain technology and is secured, it is safe to say that your transactions are protected and secured.
In addition, as a seller, you will be verified after you build up your reputation. A blue checkmark is placed on your account or the collection that you have uploaded to assure anyone who buys from you. OpenSea’s team regularly reviews the content to ensure users are safe.
How do I earn royalties from OpenSea?
Unfortunately, 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 with other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) has been commonly utilized on this website and other sites to provide many more cryptocurrency users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can use for OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. You can easily purchase or trade cryptocurrency using secure platforms that accept fiat money. All you need just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea has a mobile or desktop app?
As we mentioned earlier, there is definitely an official mobile app by OpenSea available for both iOS and Android. You can download it through their app store and begin exploring the collection now!
The version for desktops that OpenSea which can be downloaded from WebCatalog. In the desktop application you are able to manage multiple accounts and receive notifications about updates to 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/).