The crypto currency market is in a boom right now and you’re probably thinking where to invest your crypto coins. Marketplaces are popping 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 interested in crypto you’ve probably heard of OpenSea prior to this for a valid reason. It has become one of the biggest and most popular marketplaces for users of cryptocurrency due to its security and rapid transactions.
Get on board, and discover the possibilities of OpenSea as well as examining the NFTs available to view!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick review. Afterward, you will want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Vs Blue Tooth
The purpose for OpenSea was to simply provide a platform/marketplace for artists to upload commissions with no additional charges. It has more functions that let you sell your work without having to deal with many issues.
When it comes to registration, you won’t have to give any personal information about yourself. All you have to connect your crypto wallet and voila! You have an account with OpenSea! It can be as simple as that without going through many hurdles as you walk into NFTs.
The most well-known cryptocurrency used within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system which is utilized for the majority of transactions. It is also based using the Polygon blockchain to ensure low-cost and quicker trading.
With these two types of blockchains available you can pick which one you’d like to upload your NFT on as an seller. This will ensure the security of your NFT, along with those who would like to buy it. Every transaction will be conducted by using the blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an online shopping mall that is endless where you can exchange your NFTs or cryptocurrency for other NFTs. You can buy anything the simplest domain name to official art by an artist you admire. Anyone can sell however it takes some time for anyone to become a reputable 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 that you would like to purchase yourself.
What is an NFT?
In a recent advancement for the crypto market the term “NFT” has been going around for so long on the internet that a lot of millennials are familiar with it , but not exactly sure what it is. Let’s take a look at what NFT is for anyone who is new in cryptocurrency.
One of the newest things that you can buy with cryptocurrency can be an NFT. The NFT is a non-fungible currency that is very exclusive and cannot be changed. It can be an item of rareness, such as authentic baseball cards or unique vinyl album.
There is no limit to what an NFT could be, since it’s a non-fungible item that you can sell online. In simpler terms, you could just think of as an NFT to be a type of digital item paid via cryptocurrency only.
Minting is like calling the shots to your NFTs. It is a way of claiming the owner of the item or token that you posted to market, as offering it for sale. Usually, this becomes official after you fill in all the necessary information about the NFT and finally add it on the market.
On OpenSea It’s a very simple process to mine your NFTs by going to the store and create a collection! Complete the correct and accurate information about your NFT and then select what type of settings you’d like to use it with (e.g., blockchain, payments tokens). After you’ve completed the process then you’re able to upload it if it fits the 100 MB limit.
You can watch and see how transactions progress from now on to determine if OpenSea is the right marketplace for you.
What NFTs can you find here?
So, at this point you’re probably asking yourself what kind of NFTs can you shop for here and what you can also sell if you choose to go down that path. The kind of NFT it is indefinite since there’s a broad range of ways to approach it.
You could be selling digital items, trading cards game assets domain names, also physical goods! Find out what you think will reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that differentiates OpenSea from other companies. There are zero gas fees when you utilize this feature to create and market NFTs. This means you’ll be able to make the highest profits once you sell because you won’t need to spend on any additional charges.
There aren’t many NFT marketplaces have this feature, so this is a great way to receive high profit from your collection.
A Referral Program is another unique aspect of OpenSea to admire. Like traditional online marketplaces there are rewards when you refer a friend to OpenSea! If you refer a friend to join OpenSea and buy an NFT from there, you’ll receive 2.50 percent of the sales amount, which means you can earn more money from this act.
Other NFT marketplaces don’t offer this feature, so that’s just another advantage OpenSea has over the other marketplaces.
There is an OpenSea mobile application, however it’s mostly used to browse through the marketplace. It isn’t able to purchase or sell items as you scroll through the list.
The mobile apps of OpenSea are available on both iOS and Android. While you’re not able to buy or sell things, you can browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available for you to use to convert your fiat money into cryptocurrency using these platforms. Nft Vs Blue Tooth
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 to exchange for ETH, which is the standard cryptocurrency used in OpenSea.
Although OpenSea is an NFT marketplace open to all types of cryptocurrency, wallets are still more compatible with it than others. Since it is built around an ETH blockchain, any wallets with a connection to the same network are suitable for this website.
Here’s a list of several crypto wallets which you can use with OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each wallet has its own restrictions like easy registration, only mobile usage, and the function to purchase cryptocurrency using a credit card. Nft Vs Blue Tooth
For more information about the service to learn more, check out their FAQs for a rundown of how you can get started and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with advantages and drawbacks. OpenSea isn’t the only one to have this. It is possible to read about its pros and pros 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 industry and NFTs.
- Allows royalties of only 10% to artists (low royalty rates).
- Cannot buy or sell on the mobile app.
- Only accepts cryptocurrency as a type of payment.
- A Crypto account is needed to use this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. However, overall, you will quickly regain that when you are actively selling since there’s no additional cost for it.
Frequently Asked Questions Nft Vs Blue Tooth
What is OpenSea?
OpenSea is an NFT marketplace that is designed to provide artists a platform for selling their artwork online to receive cryptocurrency as a method of payment. It’s an excellent platform for artists who use it to sell NFTs due to its low gas fees and low commission fees you must pay.
You can shop and browse an array of digital products on this NFT marketplace, so you should check it out!
Is OpenSea real and safe?
Answer: Yes! OpenSea is a reputable marketplace since it was established at the end of the year 2018. Since the system it operates on is built on blockchain technology, it is safe to declare that transactions are secure and safe.
Furthermore as a seller you will be verified after you’ve earned a reputation. A blue checkmark will appear on your account or any collection you uploaded to reassure anyone who buys from you. The team at OpenSea regularly checks the content to ensure that users are secure.
How do I earn royalties on OpenSea?
However, as an artist, you can be paid only 10% of the royalties once you upload the NFT. This is believed to be a reasonable amount compared against others NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) has been widely used on this site as well as other sites to provide more crypto users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of to use OpenSea.
What are the payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. It is easy to buy or trade cryptocurrency using secure platforms that accept fiat money. All you need to do is connect your credit card or Paypal for the transaction.
Does OpenSea have a desktop or mobile application?
As mentioned before There is an official mobile app from OpenSea for both iOS or Android. Install it from their app store, and you can start exploring the collection right now!
A desktop application for OpenSea can be downloaded via WebCatalog. In the desktop application you are able to manage multiple accounts and receive notifications on updates regarding 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/).