The cryptocurrency market is on the rise and you’re probably wondering where you can invest your crypto-coins. Markets have popped up across the internet, designed to sell and buy NFTs using cryptocurrency! OpenSea is among them and is worth checking out.
If you’re well-versed in cryptocurrency you’ve probably heard about OpenSea prior to this for a valid reason. It has become one of the biggest and leading marketplaces among users of cryptocurrency due to its security and rapid transactions.
So, hop on board and discover the possibilities of OpenSea as well as examining the NFTs available to view!
Before you continue, 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 the article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Vtol
The aim of OpenSea was to provide a platform/marketplace for artists to upload commissions with no additional fees. There are additional features that allow you to sell your work without having to deal with many problems.
When it comes to the registration process, you don’t have to give any personal information about yourself. All you need to connect your crypto wallet and voila! You have an account with OpenSea! It’s as easy as that and without many hurdles as you walk into NFTs.
The most widely-used cryptocurrency used on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it which is utilized for the majority of transactions. It also operates with the Polygon blockchain to ensure the lowest cost and speediest trading.
With these two types of blockchains available, you can choose which one you want to upload your NFT on as an seller. This ensures the safety of your NFT as well as those who would like to purchase it. All transactions will be made using this blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from just a domain name, to a piece of art from an artist that you admire. Anyone can sell, but it takes some time before anyone can become a reputable one.
There’s a huge selection from the selection of NFTs available at OpenSea and you can become a part of the collection! You can start your own marketplace there, and also find NFTs you’d like to buy for yourself.
What is an NFT?
In a recent development for the crypto market”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that the majority of young people have heard of it but aren’t exactly sure what it means. Let’s break down what an NFT is for any beginners in cryptocurrency.
One of the newest things you can purchase your cryptocurrency includes an NFT. A NFT is a non-fungible currency that is very individual and cannot be changed. It can be an item of any rarity like rare baseball trading cards in mint condition or a rare vinyl record.
There is no limit to what an NFT can be since it’s a non-fungible item that you can sell on the internet. It is simpler to simply consider the NFT to be a type of digital item which is only paid in cryptocurrency.
Minting is similar to calling for dibs to your NFTs. You are calling ownership over that particular token/item you uploaded on the market place, but offering it for sale. Usually, this is recognized after you fill in all the necessary information about the NFT and submit it for sale on.
On OpenSea, it’s a simple process to mine your NFTs by going to the store and create a collection! Input the appropriate and correct information regarding your NFT and select the type of settings you’d like to use it with (e.g., blockchain and payments tokens). After you’ve completed the process then you’re able to upload it, if it’s within the 100 MB limit.
You can wait and observe the way transactions are handled from now on to see whether OpenSea is the right marketplace for you.
What NFTs can you find here?
In this moment you’re probably thinking about what kind of NFTs can you shop for here and what kind of NFTs you can also sell if you choose to pursue that route. The kind of NFT it is indefinite because there’s a wide range of options for how to approach it.
It is possible to sell digital products, trading cards, game assets domain names, some physical items! Find out what you think will reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that separates OpenSea from the other options. There’s no cost for gas when you utilize this feature to make and then sell the NFTs. This means you’ll be able to make the highest profits once you begin selling since you won’t have to spend on any additional charges.
There aren’t many NFT marketplaces have this feature, and it can be a fantastic 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 advantages by referring a friend to OpenSea! If you encourage a friend join OpenSea and buy an NFT from there you’ll be rewarded with 2.50 percent of the sales amount, which means you can earn more money by this method.
Other NFT marketplaces don’t offer the same feature, so that’s just another benefit OpenSea has over the other marketplaces.
There’s an OpenSea mobile application, however it’s mostly used to browse through the marketplace. Unfortunately, you can’t purchase or sell items as you scroll through the list.
The mobile apps of OpenSea are available for the two platforms of iOS and Android. While you’re not able to buy or sell something, you can explore the products you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are at your disposal You can also convert your fiat money into cryptocurrency through these platforms. Nft Vtol
You can swap your fiat currency using a your credit or debit card as well as Paypal on these reliable websites to exchange it for crypto:
- Bittrex and more!
Each of them has the option to exchange for ETH, which is the most common cryptocurrency payment option in OpenSea.
While OpenSea has been described as being an NFT marketplace that is open to all types of crypto, wallets are nonetheless more compatible than other. Since it is built using the ETH blockchain, any wallets which are part of that network will be suitable for this website.
Here’s a list of several crypto wallets you can use in OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations, such as easy registration, only mobile usage, and the function to purchase cryptocurrency with the credit card. Nft Vtol
To know more about it, you can check their FAQs to get 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 every one of them has advantages and drawbacks. OpenSea isn’t the only one to have this. You can read about its pros and pros here:
- Mobile apps available for iOS as well as Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto market and NFTs.
- Allows royalties 10% for artists (low royalty).
- Cannot buy or sell on the mobile app.
- Only accepts cryptocurrency as a type of payment.
- An Crypto wallet is required for this marketplace.
OpenSea is open to everyone who has any crypto currency in their crypto wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. In the end, you’ll easily recover that amount when you are actively selling since there’s no additional cost for it.
Frequently Asked Questions Nft Vtol
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to provide artists a platform to sell their works online, and to accept cryptocurrency as a form of payment. It’s an excellent platform for artists using for selling NFTs due to its no gas fees and the low commission rate which you are required to pay.
You can browse and shop for the vast array of digital goods in this NFT marketplace which is why you should definitely go through it!
Is OpenSea real and secure?
Answer: Yes! OpenSea has been a trusted marketplace since it was established in the year of 2018. Since its system is built on a blockchain 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 have built up your credibility. A blue checkmark will be assigned next to your account or the collection you’ve uploaded to ensure the safety of anyone who buys from you. The team at OpenSea regularly checks the content to ensure users are protected.
How do I earn royalties on OpenSea?
However, as an artist, you will receive only up to 10 percent of the royalties when you have uploaded the NFT. This is considered to be quite low in comparison to others NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) has been commonly utilized on this website and many others to accommodate more cryptocurrency users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can utilize to use OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. You can easily purchase or trade cryptocurrency using reliable platforms using fiat currency. All you have just connect your debit or credit card to Paypal for the transaction.
Does OpenSea have a desktop or mobile app?
As we mentioned earlier, there is definitely an official mobile app by OpenSea available for both iOS or Android. Install it from their app store, and then you can begin browsing through the collection right now!
A Desktop application 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 from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).