The crypto currency market is in a boom right now and you’re probably wondering where to invest your crypto-coins. Marketplaces are popping up across the internet, designed to sell and buy NFTs via cryptocurrency! OpenSea is one of them, and it’s worth a look.
If you’re familiar with cryptocurrency you’ve likely heard of OpenSea prior to this for a valid reason. It’s one of the biggest and most popular marketplaces for users of cryptocurrency due to its security and rapid transactions.
Now hop aboard, and let’s explore what you can do with OpenSea and also see 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 the article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Watch
The purpose of OpenSea was to simply provide artists with a marketplace/platform to easily upload their commissions without any extra fees. It also has additional functions that allow you to sell your artwork without any problems.
When it comes to the registration process, you don’t have to give all of your personal details. 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 hassles when you enter 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 which is utilized for most processes. It is also based on the Polygon blockchain, which ensures the lowest cost and speediest trading.
With these two kinds of blockchains, you can choose which one you would like to upload your NFT on as a seller. This is to ensure the security of your NFT as well as those who would like to buy it. All transactions are made by using the blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace where you can exchange your cryptocurrency or NFTs in exchange 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, but it takes a while before anyone can become an established one.
There is a wide variety of NFTs available on OpenSea and you could also be a part of the collection! You can create your own marketplace here, along with finding NFTs you want to purchase yourself.
What is an NFT?
In a recent advancement for the crypto market, the term “NFT” has been going around so long on the internet that a lot of millennials have heard of it but aren’t exactly sure what it actually means. Let’s break down what an NFT is for any beginners in cryptocurrency.
One of the latest ways you can buy can be an NFT. A NFT is a token that is non-fungible that is unique and can’t be replaced. It can be a piece of rareness, such as mint-condition baseball trading cards or unique vinyl album.
There’s no limit on what an NFT can be as it’s a non-fungible item that you sell online. More straightforwardly, you can simply think of the NFT being a virtual item which is only paid in cryptocurrency.
Minting is similar to calling for dibs for your personal NFTs. It is a way of claiming the owner of the item or token that you have uploaded to the marketplace, and offering it for sale. Typically, this is official once you fill out the proper information regarding the NFT and upload it to the marketplace.
On OpenSea It’s a very simple procedure to create your own NFTs. All you have to do is visit the store and then making a collection to begin! Complete the correct and complete information about your NFT and select the type of settings you’d like to use for it (e.g. blockchain, payment tokens). After that then you’re able to upload it to the internet if it’s in the limit of 100MB.
You can wait and observe how the transactions go from now to see if OpenSea is the right marketplace for you.
What NFTs can you find here?
In this moment you’re probably thinking about the kind of NFTs can be found here and what you can also sell if you decide to go down that path. The kind of NFT that you can purchase is unlimited because there’s a wide range of ways to approach it.
It is possible to sell digital items, trading cards games, domain names, and some physical items! Explore what you believe can bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that sets OpenSea from the other options. There are zero gas fees for using this feature when you create and market NFTs. This is essentially a way to ensure that you receive the maximum profits when you begin selling since you don’t need to pay on additional fees.
Very few NFT marketplaces have this feature, which is why this is a great way to earn a high return from your portfolio.
A Referral Program is another distinctive feature of OpenSea to be admired. Like traditional online marketplaces there are rewards by referring someone else to OpenSea! If you encourage a friend join OpenSea and buy an NFT from there you’ll be rewarded with 2.50% of the sale amount, letting you make more money by this method.
Other NFT marketplaces don’t offer this kind of feature either, so that’s just another advantage OpenSea has over the other marketplaces.
There’s 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 for the two platforms of iOS and Android. Even though you can’t buy or sell anything, you can still at least browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are for you to use to trade your fiat currency for cryptocurrency through these platforms. Nft Watch
You can convert your fiat money via the credit card, or Paypal via these reputable websites to exchange it for crypto:
- Bittrex, and more!
All of these have the option to exchange for ETH which is the most common cryptocurrency payment option in OpenSea.
Although OpenSea has been described as being an NFT marketplace open to all forms of crypto, wallets are still more compatible with it than others. Because it is based around the ETH blockchain, wallets with a connection to this network are appropriate for this website.
Here is a list of various crypto wallets that you can use in OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, use on mobile devices only, and the function to buy cryptocurrency using a credit card. Nft Watch
To know more about it to learn more, check out their FAQs to get the steps you can begin and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has advantages and drawbacks. OpenSea isn’t an exception to this. You can view its pros and cons here:
- Available as mobile apps for iOS and Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in the crypto market and NFTs.
- Allows royalties 10% to artists (low royalty).
- Cannot buy or sell via the mobile app.
- Only supports cryptocurrency as its form of payment.
- The use of a Crypto digital wallet must be used to use this marketplace.
OpenSea is available to anyone who has crypto coins in their crypto wallets. When you are a seller, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. However, overall, you will easily recover that amount when you are actively selling since there’s no extra charge for it.
Frequently Asked Questions Nft Watch
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to give artists a chance to market their work online, and to accept cryptocurrency as their form of payment. It’s an excellent platform for artists using the platform to market NFTs due to its no gas fees and low commission fee rate which you are required to pay.
You can shop and browse an array of digital goods in this NFT marketplace and you must take a look!
Is OpenSea legit & secure?
Short answer: Yes! OpenSea is a reputable marketplace since it was established at the end of the year 2018. Because its system is built on a blockchain that is secure, you can say that your transactions are protected and secured.
Furthermore as a seller you can become verified once you build up your reputation. A blue checkmark is placed on your account or any collection you uploaded to reassure every customer. The team at OpenSea regularly checks the contents to ensure users are safe.
How can I earn royalties from OpenSea?
Unfortunately, as an artist, you will get only 10% of the royalties once you have uploaded the NFT. This is considered to be quite low in comparison against the other NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) can be commonly used on this site and numerous others to cater for more cryptocurrency 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.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. You can buy and sell cryptocurrency on reliable platforms using fiat currency. All you have just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea has a mobile or desktop application?
As previously mentioned, there is definitely an official mobile app from OpenSea that is available for iOS and Android. Download it at their respective app store, and then you can begin browsing through the collection right now!
The version for desktops that OpenSea that can be downloaded through WebCatalog. With the desktop application you can 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/).