The cryptocurrency market is on the rise and you’re probably thinking where you can invest your crypto currency. There are numerous marketplaces popping up across the digital web designed to sell and buy NFTs via cryptocurrency! OpenSea is one of 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’s now one of the largest and most popular marketplaces for cryptocurrency enthusiasts due to its safety and speedy transactions.
Get on board, and let’s see the possibilities of OpenSea, along with checking the NFTs available to view!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft With Physical Art
The purpose of OpenSea was to simply provide a platform/marketplace for artists to easily upload their commissions, without having to pay any additional fees. It has more functions which allow you to market your art without too many issues.
When it comes to registration, you don’t need to provide all of your personal details. All you have to connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as simple as that without going through many hassles when you enter into NFTs.
The most popular cryptocurrency to use within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system, and this is used for most processes. It is also based on the Polygon blockchain to ensure the lowest cost and speediest trading.
With these two kinds of blockchains it is possible to choose which one you’d like to upload your NFT on as a seller. This will ensure the security of your NFT as well as those who wish to buy it. Every transaction will be conducted using this blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall where you can exchange your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything the simplest domain name, to a piece of art from an artist you admire. Anyone can sell however it takes time for anyone to become an established seller.
There are a variety of NFTs of NFTs available at OpenSea and you can become a part of that! You can start your own market on this site, as well as 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 the majority of young people are familiar with it but not exactly sure what it means. Let’s break down what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the new things you can purchase your cryptocurrency is an NFT. A NFT is a token that is non-fungible that is unique and can’t be changed. This can be an item of rareness like rare baseball trading cards in mint condition or rare vinyl record.
There’s no limit on what an NFT can be as it’s a non-fungible object that you can sell on the internet. It is simpler to simply consider as an NFT to be a type of digital item which is only paid in cryptocurrency.
Minting is like calling the shots for your personal NFTs. You’re claiming ownership over that particular token/item that you posted to market, as selling it. Usually, this is recognized after you fill in all the necessary information about the NFT and finally add it on the market.
On OpenSea it’s a straightforward process to mine your NFTs by visiting the store and then creating a collection to start! Input the appropriate and correct information regarding your NFT and then select what type of settings you want to use it with (e.g., blockchain or money transfer tokens). After you’ve completed the process then you’re able to upload it, if it’s within the 100 MB limit.
It is possible to wait and see how transactions progress from now on to determine whether OpenSea is the marketplace for you.
What NFTs can you find here?
In this moment, you’re probably wondering which kind of NFT can be purchased here and what kind of NFTs you can also sell if you decide to pursue that route. The kind of NFT that you can purchase is unlimited as there’s a variety of how you can go about it.
It is possible to sell digital items, trading cards game assets domain names, some physical items! Explore what you believe can reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that differentiates OpenSea from the others. There’s no cost for gas when you utilize this feature to mint and sell NFTs. This simply means that you’ll receive the maximum profits when you start selling because you don’t need to pay on additional fees.
Very few NFT marketplaces have this feature, which is why this is great for you to receive high profit from your NFT collection.
This Referral Program is another unique aspect of OpenSea to be admired. Similar to traditional online markets that offer rewards by referring someone else to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from there, you’ll receive 2.50 percent of the purchase amount, which means you can earn more cash through this action.
Other NFT marketplaces don’t offer this kind of feature either and that’s another advantage OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile application, however it’s mostly used to browse the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listing.
The mobile apps from OpenSea are accessible for the two platforms of iOS in addition to Android. Although you aren’t able to purchase or sell something, you can at least browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are for you to use You can also convert your fiat money into cryptocurrency through these platforms. Nft With Physical Art
You can convert the fiat currency you have with a credit card or Paypal through these trusted sites for cryptocurrency:
- Bittrex, and other things!
All of them have the option to exchange for ETH which is the primary cryptocurrency used in OpenSea.
While OpenSea is an NFT marketplace open to all forms of crypto, wallets are nevertheless more compatible than other. Because it is based around the ETH blockchain, wallets with a connection to that network will be suitable for the site.
Here’s a list of various crypto wallets that which you can use with OpenSea:
- Authereum and more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations like easy registration, use on mobile devices only as well as the capability to purchase cryptocurrency with credit cards. Nft With Physical Art
For more information about the service You can go through their FAQs to get a rundown of how you can start and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with its advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and cons here:
- Available as mobile apps for iOS as well as Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto market and NFTs.
- Allows royalties up to 10% for artists (low royalties).
- You cannot buy or sell products through this mobile application.
- Only supports cryptocurrency as its type of payment.
- The use of a Crypto wallet is required to use this marketplace.
OpenSea is accessible to everyone who has any crypto currency in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. But overall, you can quickly recover this amount if you sell regularly since there is no additional fee for it.
Frequently Asked Questions Nft With Physical Art
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to give artists a chance to sell their works online to receive cryptocurrency as a method of payment. It’s an ideal option for artists who want to use the platform to market NFTs due to its low gas fees and the low commission rate you must pay.
You can shop and browse an array of digital items on the NFT marketplace which is why you should definitely take a look!
Is OpenSea legitimate and is it safe?
Short answer: Yes! OpenSea has been a reliable marketplace since it was established at the end of the year 2018. Because its system is based on a blockchain that is secure, you can say that your transactions are safe and secure.
Additionally, as a seller, you will be verified after you build up your reputation. A blue checkmark will be assigned next to your account or collection you uploaded to reassure every customer. The OpenSea team reviews regularly the content to ensure users are secure.
How can I earn royalties on OpenSea?
However, as an artist, you will receive only up to 10% of the royalties once you upload the NFT. This is considered to be reasonably low compared to other NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) is commonly used on this site as well as other sites to provide many more crypto users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can utilize to access OpenSea.
What are the payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. You can easily purchase or trade cryptocurrency using secure platforms that accept fiat money. All you have just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea has a mobile or desktop app?
As previously mentioned There is an official mobile app from OpenSea that is available for iOS as well as Android. Install it from their app store, and begin exploring the collection right now!
A Desktop application that OpenSea that can be downloaded through WebCatalog. In the desktop application 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/).