The cryptocurrency market is on the rise and you’re probably wondering where to invest your crypto currency. Markets have popped up across the digital web designed to sell and buy NFTs with cryptocurrency! OpenSea is among them, and it’s worth looking into.
If you’re familiar with cryptocurrency, you’ve probably heard of OpenSea previously for a valid reason. It’s one of the biggest and most popular marketplaces among users of cryptocurrency due to its security and quick transactions.
Get on board, and let’s explore the possibilities of OpenSea as well as examining the NFTs available to view!
Before you continue, 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.
OpenSea as an NFT Marketplace Nft Vs Ebb And Flow
The goal of OpenSea was to offer a platform/marketplace for artists to easily upload their commissions with no additional fees. There are additional features which allow you to market your work without having to deal with many issues.
In terms of 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 with OpenSea! It’s as simple as that and without much hassle as you step into NFTs.
The most widely-used cryptocurrency that is used in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system, and this is used for the majority of transactions. It also functions with the Polygon blockchain to ensure lower costs and faster trading.
With these two types of blockchains that are available you can pick which one you’d like to publish your NFT as an seller. This will ensure the security of your NFT as well as the people who want to purchase it. All transactions are made using this 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 trade in your NFTs or cryptocurrency for other NFTs. You can purchase anything from as simple as a domain name, to a piece of art from an artist that you admire. Anyone can become a seller however, it takes some time for anyone to become a reputable one.
There is a wide variety from the selection on OpenSea and you could become a part of this! You can start your own personal market there, and also find NFTs you want to purchase for yourself.
What is an NFT?
In a recent advancement for the cryptocurrency industry the term “NFT” has been going around so long on the internet that many millennials have heard of it but aren’t sure exactly what it is. Let’s take a look at what NFT is for any beginners in cryptocurrency.
One of the latest ways that you can buy with cryptocurrency includes an NFT. An NFT is a token that is non-fungible which is extremely exclusive and cannot be replaced. This can be a piece of rareness, such as authentic baseball cards or uncommon vinyl record.
There’s no limit on what an NFT can be as it’s a non-fungible object that you sell on the internet. It is simpler to just imagine an NFT being a virtual item paid via cryptocurrency only.
Minting is similar to calling for dibs to your NFTs. It is a way of claiming the ownership of the particular item you uploaded on market, as putting it up for sale. Usually, this becomes official after you fill in the correct information about the NFT and then add it on the market.
On OpenSea it’s a straightforward procedure to create your own NFTs. All you have to do is visit the store and simply creating a collection to start! Input the appropriate and complete information about your NFT and then select what type of settings you want to use it with (e.g., blockchain or payment tokens). Once that’s all done, you can finally upload it, if it’s within the limit of 100MB.
You can wait and observe how transactions progress from now to see whether OpenSea is the marketplace for you.
What NFTs can you find here?
In this moment you’re probably thinking about what kind of NFTs can be purchased here and what you can sell should you decide to go down that path. The kind of NFT it can be is indefinite because there’s a wide range of how you can approach it.
You can be selling digital items, trading cards game assets, domain names, and even physical assets! Explore what you believe can bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what sets OpenSea from other companies. There’s no cost for gas when you utilize this feature when you mint and sell NFTs. This simply means that you’ll be able to make the highest profits once you start selling because you won’t have to spend on additional fees.
There aren’t many NFT marketplaces offer this feature, which is why this is a great way to earn a high return from your NFT collection.
A Referral Program is a different aspect of OpenSea to take note of. Like traditional online marketplaces, you can receive benefits by referring someone else to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from the site you’ll be rewarded with 2.50 percent of the sales amount, which allows you to earn more cash from this act.
Other NFT marketplaces do not have this kind of feature either, so that’s just another advantage OpenSea has over them.
There is an OpenSea mobile app, but it’s mostly used for perusing through the marketplace. You can’t buy or sell anything while you browse through the listing.
The mobile apps from OpenSea are accessible on the two platforms of iOS in addition to Android. Although you aren’t able to purchase or sell anything, you can still look through the options you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available at your disposal to trade your fiat currency for cryptocurrency on these platforms. Nft Vs Ebb And Flow
You can swap your fiat currency using a credit card or Paypal on these reliable websites to exchange it for crypto:
- Bittrex, and many more!
Each of them has the option of converting them into ETH that is the most common crypto payment in OpenSea.
While OpenSea can be described as an NFT marketplace that is open to all forms of crypto, wallets are nonetheless more compatible than other. Since it is built using the ETH blockchain, wallets which are part of the same network are suitable for the site.
Here’s a list of different crypto wallets you can use in OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each has its own limitations, such as easy registration, mobile-only usage as well as the capability to purchase cryptocurrency using a credit card. Nft Vs Ebb And Flow
To know more about it You can go through their FAQs for a rundown of how you can get started and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets every one of them has advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and pros here:
- Available as mobile apps that are compatible with iOS and Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto market and NFTs.
- Allows royalties up to 10% for artists (low royalty rates).
- You cannot buy or sell products via our mobile apps.
- Only supports cryptocurrency as its method of payment.
- The use of a Crypto wallet is required for this marketplace.
OpenSea is available to anyone who has any crypto currency in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. But overall, you can quickly recover this amount if you sell regularly since there is no additional fee for it.
Frequently Asked Questions Nft Vs Ebb And Flow
What is OpenSea?
OpenSea is an NFT marketplace that is designed to offer artists a way to market their work online and receive cryptocurrency as their form of payment. It’s a great option for artists who want to use the platform to market NFTs due to its no gas fees and low commission fee rate you must pay.
You can shop and browse the vast array of digital products on this NFT marketplace which is why you should definitely check it out!
Is OpenSea legitimate and safe?
Short 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 and is secured, it is safe to say that your transactions are safe and secure.
Furthermore, as a seller, you can become verified once you’ve earned a reputation. A blue checkmark will be assigned next to your account or collection you uploaded to reassure anyone who buys from you. The OpenSea team reviews regularly the contents to ensure users are protected.
How do I earn royalties on OpenSea?
However, as an artist, you’ll receive only up to 10 percent of the royalties after you have uploaded the NFT. This is considered to be a reasonable amount compared against the other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) can be frequently used on this site as well as many others to accommodate the increasing number of cryptocurrency users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can utilize for OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. It is easy to buy or trade cryptocurrency using reliable platforms using fiat currency. All you need be able to connect is your credit or Paypal for the transaction.
Does OpenSea has a mobile or desktop application?
As we mentioned earlier there’s an official mobile app from OpenSea available for both iOS or Android. You can download it through their app store and you can start exploring the collection now!
The version for desktops that OpenSea which can be downloaded from WebCatalog. With the desktop application you can manage multiple accounts and get 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/).