The cryptocurrency market is on the rise and you’re probably wondering where to invest your crypto coins. There are numerous marketplaces popping up across the internet, designed to buy and sell NFTs with cryptocurrency! OpenSea can be one, and it’s worth looking into.
If you’re well-versed in cryptocurrency you’ve probably heard about OpenSea before for a good reason. It’s one of the largest and most popular marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.
So, hop on board and discover what you can do with OpenSea and also see the NFTs available to view!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. After, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Wikipedia
The goal of OpenSea was to simply provide artists with a marketplace/platform to upload commissions without any extra charges. There are additional features that allow you to sell your work without having to deal with many difficulties.
When it comes to registration, you won’t have to provide all of your personal details. All you have to do is connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as easy as that without going through many hurdles as you walk into NFTs.
The most popular cryptocurrency that is used on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology, and this is used to carry out the majority of processes. It also operates using the Polygon blockchain, which allows for lower costs and faster trading.
With these two types of blockchains, you can choose which one you would like to publish your NFT as seller. This is to ensure the security of your NFT and the people who want to buy it. All transactions will be made using this blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace that lets you trade your cryptocurrency or NFTs for other NFTs. You can buy anything as simple as a domain name to official art by an artist you admire. Anyone can become a seller however it takes some time for anyone to become an established seller.
There’s a huge selection from the selection on OpenSea and you could join in with this! You can create your own personal market on this site, as well as find NFTs you want to purchase 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 so long on the internet that many millennials are familiar with 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 newest things you can buy includes an NFT. An NFT is a non-fungible token that is exclusive and cannot be substituted. This can be an item of rareness, such as mint-condition baseball trading cards or a rare vinyl record.
There is no limit to what an NFT could be, since it’s a non-fungible object that you sell online. More straightforwardly, you can just consider the NFT to be a type of digital item that is paid for using 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 have uploaded to the market place, but you’re offering it for sale. Usually, this becomes official once you fill out the proper information regarding the NFT and finally add it on the market.
On OpenSea, it’s a simple process to mint your NFTs. All you have to do is visit the store and simply create a collection! Input the appropriate and complete information about your NFT and then select what type of settings you’d like to use it with (e.g. blockchain or payment tokens). After that you are able to upload it, if it’s within the 100 MB limit.
You can watch and see how transactions progress from now to see whether OpenSea is the marketplace for you.
What NFTs can you find here?
So, at this point, you’re probably wondering the kind of NFTs can be purchased here and what you can sell should you decide to go down that path. The type of NFT it isn’t limited as there’s a variety of options for how to do it.
You could be selling digital items, trading cards games domain names, some physical items! Find out what you think will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what sets OpenSea from the others. There are no gas costs when you use this feature when you create and market NFTs. This simply means that you’ll get the most profit when you begin selling since you won’t have to spend on additional fees.
There aren’t many NFT marketplaces offer this feature, which is why this can be a fantastic way to earn a high return from your portfolio.
This Referral Program is another distinctive feature of OpenSea to take note of. Like traditional online marketplaces that offer rewards by referring your friend to OpenSea! If you refer a friend to join OpenSea and buy an NFT from there you’ll be rewarded with 2.50 percent of the purchase amount, which allows you to earn more cash by this method.
Other NFT marketplaces do not have the same feature, so that’s just another benefit OpenSea has over the other marketplaces.
There’s an OpenSea mobile app, but it’s mostly for perusing through the marketplace. You can’t buy or sell anything while you browse through the listing.
OpenSea’s mobile apps are available for both iOS and Android. While you’re not able to buy or sell something, you can explore the products you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are to you, and you can exchange your fiat money for cryptocurrency through these platforms. Nft Wikipedia
You can exchange your fiat money via your credit or debit card as well as Paypal via these reputable websites to exchange it for crypto:
- Bittrex and other things!
All of these have the option of converting them into ETH, which is the primary crypto payment in OpenSea.
Although OpenSea can be described as an NFT marketplace that is open to all types of crypto, wallets are nonetheless more compatible than other. Because it is based around an ETH blockchain, all wallets with a connection to that network will be suitable for this site.
Here’s a list various crypto wallets that which you can use with OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations like easy registration, mobile-only usage as well as the capability to purchase cryptocurrency using the credit card. Nft Wikipedia
To know more about it to learn more, check out their FAQs to see a rundown of how you can start and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets, each one has advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and cons here:
- Available as mobile apps for iOS and Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalties of only up to 10% for artists (low royalty).
- It is not possible to buy or sell items on our mobile apps.
- Only supports cryptocurrency as its method of payment.
- A Crypto wallet is required to access 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 percentage of commissions that all buyers on the marketplace. But overall, you can quickly recover this amount if you are actively selling since there’s no additional cost for it.
Frequently Asked Questions Nft Wikipedia
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to provide artists a platform to market their work online to receive cryptocurrency as their form of payment. It’s an excellent platform for artists using for selling NFTs due to its low cost of gas and low commission fees that you have to pay.
You can browse and shop for the vast array of digital products on this NFT marketplace which is why you should definitely check it out!
Is OpenSea real and secure?
The short answer is yes! OpenSea has been a trusted marketplace since its inception at the end of the year of 2018. Since its system is built on blockchain technology that is secure, you can say that your transactions are safe and secure.
Additionally as a seller you can become verified once you have built up your credibility. A blue checkmark will appear on your account or collection you’ve uploaded to ensure the safety of anyone who buys from you. OpenSea’s team regularly reviews the contents to ensure users are protected.
How do I earn royalties from OpenSea?
As an artist, you can get only 10% of the royalties once you have uploaded the NFT. This is believed to be a reasonable amount compared to the other NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) is widely used on this site and other sites to provide many more cryptocurrency users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can utilize to access OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. It is easy to buy or sell cryptocurrency on secure platforms that accept fiat money. All you need be able to connect is your credit or Paypal for the transaction.
Does OpenSea have a desktop/mobile application?
As previously mentioned there’s an official mobile app from OpenSea that is available for iOS and Android. Install it from their app store, and you can start browsing through the collection right now!
A version for desktops that OpenSea that can be downloaded through WebCatalog. On the desktop app, you can manage multiple accounts and receive notifications on updates regarding your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).