Cryptocurrency is booming right now and you’re probably wondering where you can invest your crypto currency. Marketplaces are popping up all over the web that allow users to sell and buy NFTs with cryptocurrency! OpenSea is one of them and is worth a look.
If you’re well-versed in cryptocurrency you’ve probably heard about OpenSea previously for a valid reason. It has become one of the biggest and leading 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 what NFTs you can view!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick review. After, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Without Cryptocurrency
The purpose for OpenSea was to simply provide an online marketplace for artists to upload their commissions without any extra fees. It has more functions that let you sell your art without too many problems.
For registration, you don’t need to give too many details about yourself. All you need to do is connect your crypto wallet and voila! You have an account on OpenSea! It’s as simple as that without going through much hassle as you step into NFTs.
The most popular cryptocurrency used within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system which is utilized for most processes. It also operates on the Polygon blockchain, which ensures the lowest cost and speediest trading.
With these two kinds of blockchains that are available it is possible to choose which one you would like to publish your NFT as seller. This is to ensure the security of your NFT, along with those who would like to buy it. All transactions are made using this blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall that lets you trade your cryptocurrency or NFTs for other NFTs. You can buy anything the simplest domain name, to a piece of art from an artist that you admire. Anyone can sell however it takes time for anyone to be an established one.
There are a variety of NFTs of NFTs available on OpenSea, and you can join in with this! You can start your own market here, along with finding NFTs you’d like to buy yourself.
What is an NFT?
In a recent advancement for the crypto market,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on the internet that many millennials have heard of it but not exactly sure what it actually means. Let’s break down what an NFT is for anyone who is new in cryptocurrency.
One of the latest ways you can purchase your cryptocurrency is an NFT. The NFT is a token that is non-fungible that is very exclusive and cannot be changed. It can be a piece of rareness like mint-condition baseball trading cards or a unique vinyl album.
There’s no limit on what an NFT can be as it’s a non-fungible thing that you sell on the internet. In simpler terms, you could simply think of as an NFT being a virtual collectible which is only paid in cryptocurrency.
Minting is similar to calling for dibs to your NFTs. You’re claiming the owner of the item or token that you posted to market, as you’re selling it. Usually, this becomes official after you fill in the proper information regarding the NFT and then add it on the market.
On OpenSea, it’s a simple process to mine your NFTs. All you have to do is visit the store and making a collection to begin! Input the appropriate and complete information about your NFT and then select what type of settings you want for it (e.g., blockchain, money transfer tokens). Once that’s all done then you’re able to upload it to the internet if it’s in the 100 MB limit.
You can watch and see the way transactions are handled from now to determine whether OpenSea is the right marketplace for you.
What NFTs can you get here?
So, at this point you’re probably thinking about the kind of NFTs can be found here, and what you could also sell if you choose to go that route. The kind of NFT it is unlimited because there’s a wide range of how you can go about it.
You can be selling digital items, trading cards game assets, domain names, and some physical items! Consider what you believe will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what sets OpenSea from other companies. There are no gas costs when you use this feature when you create and market NFTs. This simply means that you’ll receive the maximum profits when you start selling because you won’t need to spend on additional fees.
Very few NFT marketplaces provide this feature, and it can be a fantastic way to receive high profit from your NFT collection.
A Referral Program is a different aspect of OpenSea to be admired. Like traditional online marketplaces there are advantages when you refer a friend to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from the site you’ll earn 2.50 percent of the sales amount, letting you earn more cash through this action.
Other NFT marketplaces don’t offer this kind of feature either, so that’s just another benefit OpenSea has over them.
There is an OpenSea mobile app, but it is mainly used for perusing through the marketplace. You can’t buy or sell items as you browse through the listings.
The mobile apps of OpenSea are available on the two platforms of iOS in addition to Android. Even though you can’t buy or sell things, you can explore the products you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are for you to use You can also exchange your fiat money for cryptocurrency using these platforms. Nft Without Cryptocurrency
You can convert your fiat money via the credit card, or Paypal through these trusted sites to exchange it for crypto:
- Bittrex, and more!
All of these have the option of converting them into ETH, which is the primary cryptocurrency used in OpenSea.
While OpenSea has been described as being an NFT marketplace open to all types of cryptocurrency, wallets are still more compatible with it than others. Because it is based using the ETH blockchain, all wallets which are part of this network are appropriate for this website.
Here is a list of several crypto wallets you can utilize in OpenSea:
- Authereum and many more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions, such as easy registration, mobile-only usage, and the function to buy cryptocurrency using a credit card. Nft Without Cryptocurrency
To know more about it You can go through their FAQs to get the steps you can start and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and cons here:
- Mobile apps are available for iOS or Android.
- Smart contracts are used for transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto market and NFTs.
- Allows royalty rates of 10% for artists (low royalty).
- It is not possible to buy or sell items via this mobile application.
- Only supports cryptocurrency as its method of payment.
- An Crypto account is needed for this marketplace.
OpenSea is open to everyone who has any crypto currency in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. But overall, you can quickly regain that when you actively sell because there’s no additional cost for it.
Frequently Asked Questions Nft Without Cryptocurrency
What is OpenSea?
OpenSea is an NFT marketplace that is designed to give artists a chance to sell their works online to receive cryptocurrency as a form of payment. It’s a great platform for artists who use the platform to market NFTs due to its no gas fees and low commission fee rate you must pay.
You can browse and purchase the vast array of digital items on the NFT marketplace which is why you should definitely go through it!
Is OpenSea real and secure?
The short answer is yes! OpenSea is a reputable marketplace since it was established on the 1st of December in the year 2018. Because its system is built on a blockchain, it is safe to say that your transactions are secure and safe.
In addition as a seller you will be verified after you have built up your credibility. A blue checkmark is placed to your account or any collection you’ve uploaded to ensure the safety of every customer. The OpenSea team reviews regularly the contents to ensure users are safe.
How do I earn royalties on OpenSea?
However, as an artist, you’ll receive only up to 10 percent of the royalties when you have uploaded the NFT. This is thought to be reasonably low compared against the other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) has been commonly utilized on this website and numerous others to cater for many more cryptocurrency users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can use to use OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. You can buy and sell cryptocurrency through trusted platforms with fiat money. All you need just connect your debit or credit card to Paypal for the transaction.
Does OpenSea have a desktop or mobile app?
As previously mentioned there’s an official mobile app by OpenSea that is available for iOS and Android. Install it from their app store, and then you can begin 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 get 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/).