Cryptocurrency is booming right now and you’re probably thinking where you can invest your crypto currency. Markets have popped up across the digital web designed to sell and buy NFTs with cryptocurrency! OpenSea is one of them, and it’s worth checking out.
If you’re well-versed in cryptocurrency, you’ve likely heard of OpenSea before for a good reason. It’s one of the biggest and leading marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.
Get on board, and let’s explore what you can do with OpenSea, along with checking 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 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 Worth Buying
The aim for OpenSea was to offer a platform/marketplace for artists to easily upload their commissions, without having to pay any additional fees. It also has additional functions which allow you to market your art without too many problems.
For registration, you won’t have to give too many details about yourself. All you have to do is connect your crypto wallet and voila! You have an account with OpenSea! It’s as easy as that and without much hassle as you step into NFTs.
The most well-known cryptocurrency to use on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it and is used for the majority of transactions. It also functions on the Polygon blockchain to ensure low-cost and quicker trading.
With these two kinds of blockchains it is possible to choose which one you’d like to upload your NFT on as seller. This is to ensure the security of your NFT and the people who want to purchase it. All transactions are made using this blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall where you can exchange your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything as simple as a domain name, to a piece of art 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 on OpenSea and you could join in with the collection! You can start your own marketplace there, and also find NFTs you want to purchase for yourself.
What is an NFT?
A recent change in the crypto industry, the term “NFT” has been going around for so long on internet that a lot of millennials have heard of it but not exactly sure what it means. Let’s look at what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the newest things that you can buy with cryptocurrency can be an NFT. A NFT is a non-fungible currency that is very individual and cannot be substituted. This can be an item of rarity like mint-condition baseball trading cards or unique vinyl album.
There is no limit to what an NFT can be since it’s a non-fungible thing that you can sell on the internet. In simpler terms, you could simply consider as an NFT being a virtual item that is paid for using cryptocurrency only.
Minting is like calling dibs on your own NFTs. You are calling the ownership of the particular item that you posted to market, as you’re offering it for sale. Usually, this is recognized when you have filled in all the necessary information about the NFT and then submit it for sale on.
On OpenSea It’s a very simple procedure to create your own NFTs by visiting the store and creating a collection to start! Complete the correct and complete information about your NFT and choose what kind of settings you’d like to use it with (e.g., blockchain or payment tokens). After you’ve completed the process then you’re able to upload it if it fits the 100 MB limit.
You can wait and observe how the transactions go from now on to determine if OpenSea is the right marketplace for you.
What NFTs can you find here?
At this point you’re probably thinking about what kind of NFTs you shop for here and what kind of NFTs you can also sell if you decide to go that route. The kind of NFT it isn’t limited since there’s a broad range of options for how to approach it.
It is possible to sell digital items, trading cards, game assets domain names, also physical goods! Find out what you think will reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what differentiates OpenSea from the others. There’s no cost for gas when you use this feature when you create and market NFTs. This means you’ll receive the maximum profits when you begin selling since you won’t have to spend on any additional charges.
Not many NFT marketplaces provide this feature, which is why this is great for you to receive high profit from your portfolio.
The Referral Program is a different aspect of OpenSea to take note of. Similar to traditional online markets there are advantages when you refer your friend to OpenSea! If you refer a friend to join OpenSea and buy an NFT from there you’ll earn 2.50% of the sale amount, which allows you to earn more money from this act.
Other NFT marketplaces do not have this feature and that’s another benefit OpenSea has over the other marketplaces.
There’s an OpenSea mobile application, however it’s mostly used to browse the marketplace. Unfortunately, you can’t purchase or sell anything as you browse through the listings.
OpenSea’s mobile apps are available for both iOS in addition to Android. While you’re not able to buy or sell things, you can look through the options you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are for you to use to exchange your fiat money for cryptocurrency on these platforms. Nft Worth Buying
You can swap your fiat money via credit card or Paypal via these reputable websites to exchange it for crypto:
- Bittrex, and more!
All of these have the option of converting them into ETH that is the most common crypto payment in OpenSea.
Although OpenSea can be described as an NFT marketplace open to all types of cryptocurrency, wallets are still more compatible with it than other. Since it is built mainly around the ETH blockchain, any wallets that share the same network are suitable for the site.
Here’s a list of different crypto wallets you can use in OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each one has its own set of limitations including simple registration, mobile-only usage as well as the capability to purchase cryptocurrency using a credit card. Nft Worth Buying
To learn more about it to learn more, check out their FAQs to see the steps 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 comes with advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and cons here:
- Mobile apps available for iOS or Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalties of only up to 10% for artists (low royalty).
- You cannot buy or sell products via the mobile app.
- Only supports cryptocurrency as its method of payment.
- An Crypto wallet is required to use this marketplace.
OpenSea is available to anyone who has crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. However, overall, you will quickly regain that when you sell regularly since there’s no extra charge for it.
Frequently Asked Questions Nft Worth Buying
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to give artists a chance to market their work online and receive cryptocurrency as a method of payment. It’s an ideal option for artists who want to use it to sell NFTs due to its low cost of gas and the low commission rate that you have to pay.
You can browse and shop for a vast collection of digital goods in this NFT marketplace which is why you should definitely check it out!
Is OpenSea legit & secure?
The short answer is yes! OpenSea has been a trusted marketplace since it was established on the 1st of December in the year 2018. Since its system is based on a blockchain and is secured, it is safe to say that your transactions are secure and safe.
Furthermore as a seller you will be verified after you’ve earned a reputation. A blue checkmark is placed next to your account or any collection you’ve uploaded to ensure the safety of any customer. OpenSea’s team regularly reviews the content to ensure that users are secure.
How can I earn royalties from OpenSea?
However, as an artist, you will get only 10% of the royalties once you have uploaded the NFT. This is believed to be quite low in comparison against others NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) is commonly used on this site as well as other sites to provide more crypto users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of for OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. You can buy and sell cryptocurrency on reliable platforms using fiat currency. All you need just connect your debit or credit card to Paypal for the transaction.
Does OpenSea have a desktop or mobile application?
As mentioned before There is an official mobile app by OpenSea for both iOS and Android. You can download it through their app store and begin exploring the collection right now!
A desktop application for OpenSea can be downloaded via WebCatalog. On the desktop app you are able to manage multiple accounts and get alerts on any updates that affect your account while you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).