Cryptocurrency is booming right now and you’re probably wondering where you can invest your crypto currency. Markets have popped up all over the internet, designed to sell and buy NFTs via cryptocurrency! OpenSea is among them, and it’s worth looking into.
If you’re interested in crypto you’ve probably heard of OpenSea before for a good reason. It’s one of the largest and most popular marketplaces for users of cryptocurrency due to its security and rapid transactions.
So, hop on board and let’s explore what you can do with OpenSea, along with checking what NFTs you can view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. Afterward, you will want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Workour
The aim for OpenSea was to provide artists with a marketplace/platform to upload commissions without any extra costs. It has more functions that allow you to sell your art without too many difficulties.
For the registration process, you don’t have to give all of your personal details. All you need to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It can be as simple as that and without many hassles when you enter into NFTs.
The most widely-used cryptocurrency to use within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology which is utilized for the majority of transactions. It also operates on the Polygon blockchain to ensure low-cost and quicker trading.
There are two types of blockchains you can pick which one you’d like to upload your NFT on as seller. This will ensure the security of your NFT as well as the people who want to purchase it. All transactions are made by using the blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall that lets you trade your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything as simple as a domain name to an official artwork from an artist you admire. Anyone can become a seller however it takes some time for anyone to become a reputable one.
There’s a huge selection in the collection of NFTs available at OpenSea and you could join in with that! You can start your own market here, along with finding NFTs you want to purchase for yourself.
What is an NFT?
In a recent advancement for the crypto industry”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that a lot of millennials have heard of it but aren’t exactly sure what it is. Let’s take a look at what NFT is for any beginners in the field of cryptocurrency.
One of the new things that you can buy with cryptocurrency is an NFT. The NFT is a non-fungible currency that is unique and can’t be changed. This can be a piece of rarity like rare baseball trading cards in mint condition, or a rare vinyl record.
There’s no limit to what an NFT could be, since it’s a non-fungible thing that you can sell online. More straightforwardly, you can simply think of as an NFT to be a type of digital item that is paid for using cryptocurrency only.
Minting is similar to calling for dibs to your NFTs. It is a way of claiming the ownership of the particular item that you have uploaded to the market place, but you’re selling it. Usually, this becomes official when you have filled in all the necessary information about the NFT and then upload it to the marketplace.
On OpenSea, it’s a simple process to mint your NFTs. All you have to do is visit the store and create a collection! Fill out the proper and accurate information about your NFT and choose what kind of settings you’d like to use for it (e.g., blockchain or payment tokens). Once that’s all done then you’re able to upload it if it fits the limit of 100MB.
You can watch and see how transactions progress from now to see whether OpenSea is the right marketplace for you.
What NFTs are available here?
So, at this point you’re probably thinking about what kind of NFTs can be found here, and what you could also sell if you choose to go that route. The type of NFT that you can purchase is unlimited because there’s a wide range of how you can go about it.
You can be selling trade cards, digital goods game assets domain names, also physical goods! Consider what you believe will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that separates OpenSea from other companies. There are zero gas fees when you use this feature when you make and then sell the NFTs. This is essentially a way to ensure that you get the most profit when you sell because you won’t need to spend on any additional charges.
Very few NFT marketplaces offer this feature, and it can be a fantastic way to receive high profit from your NFT collection.
This Referral Program is another distinctive feature of OpenSea to take note of. Similar to traditional online markets, you can receive benefits by referring your friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from there you’ll be rewarded with 2.50 percent of the purchase amount, which allows you to make more money by this method.
Other NFT marketplaces don’t offer this feature and that’s another advantage OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile app, but it is mainly used to browse through the marketplace. It isn’t able to purchase or sell anything while you browse through the listing.
OpenSea’s mobile apps are available for the two platforms of iOS in addition to Android. While you’re not able to buy or sell something, you can look through the options you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available at your disposal to trade your fiat currency for cryptocurrency on these platforms. Nft Workour
You can exchange your fiat currency using a the credit card, or Paypal through these trusted sites to exchange it for crypto:
- Bittrex and more!
All of them have the option of converting them into ETH that is the standard 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 others. Because it is based around the ETH blockchain, all wallets with a connection to that network will be suitable for this site.
Here’s a list of several crypto wallets you can utilize in OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, use on mobile devices only and the ability to buy cryptocurrency using the credit card. Nft Workour
To know more about it to learn more, check out their FAQs for a rundown of how you can begin and which other wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets every one of them has advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and cons here:
- Mobile apps available that are compatible with iOS and Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalties up to 10% for artists (low royalty rates).
- You cannot buy or sell products via our mobile apps.
- Only supports cryptocurrency as its type of payment.
- A Crypto digital wallet must be used to use this marketplace.
OpenSea is open to everyone who has crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. In the end, you’ll quickly regain that when you sell regularly since there’s no extra charge for it.
Frequently Asked Questions Nft Workour
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to give artists a chance for selling their artwork online to receive cryptocurrency as a form of payment. It’s an excellent platform for artists using it to sell NFTs due to its no cost of gas and low commission fee rate that you have to pay.
You can browse and shop for the vast 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 of 2018. Since the system it operates on is built on a blockchain and is secured, it is safe to claim that your transactions are secure and safe.
Additionally, as a seller, you will be verified after you have built up your credibility. A blue checkmark is placed to your account or the collection that you have uploaded to assure any customer. OpenSea’s team regularly reviews the content to ensure that users are secure.
How can I earn royalties on OpenSea?
As an artist, you’ll be paid only 10 percent of the royalties after you upload the NFT. This is thought to be quite low in comparison with the other NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) can be commonly used on this site as well as other sites to provide more cryptocurrency users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can make use of to access OpenSea.
What are the payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. You can buy and trade cryptocurrency using secure platforms that accept fiat money. All you have be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea have a desktop/mobile application?
As we mentioned earlier there’s an official mobile app by OpenSea that is available for iOS and Android. Download it at their respective app store, and begin browsing through the collection right now!
The desktop application for OpenSea that can be downloaded through WebCatalog. With the desktop application you can manage multiple accounts as well as 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/).