The cryptocurrency market is on the rise and you’re probably wondering where you can invest your crypto-coins. Markets have popped up across the digital web designed to purchase and sell NFTs with cryptocurrency! OpenSea can be one and is worth a look.
If you’re well-versed in cryptocurrency you’ve likely heard of OpenSea prior to this for a valid reason. It has become one of the largest and most popular marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.
Now hop aboard, and discover the possibilities of OpenSea and also see what NFTs you can view!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick review. After, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Yapmak
The purpose to create OpenSea was to simply provide artists with a marketplace/platform to easily upload their commissions without any extra charges. It also has additional functions which allow you to market your art without too many issues.
In terms of registration, you won’t have to give all of your personal details. All you have to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It can be as simple as that without going through many hassles when you enter into NFTs.
The most popular cryptocurrency that is used within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system which is utilized for the majority of transactions. It also operates with the Polygon blockchain, which ensures low-cost and quicker trading.
With these two types of blockchains that are available you can pick which one you would like to upload your NFT on as an seller. This will ensure the security of your NFT, along with the people who want to buy it. Every transaction will be conducted by using the blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything the simplest domain name to an official artwork from an artist you admire. Anyone can be a seller, but it takes a while for anyone to be an established seller.
There is a wide variety from the selection of NFTs available at OpenSea and you can also be a part of that! You can set up your own market here, along with finding NFTs that you would like to purchase yourself.
What is an NFT?
A recent change in the cryptocurrency industry,”NFT” is a term that has been used in recent times “NFT” has been going around so long on the internet that the majority of young people are familiar with it but not exactly sure what it is. Let’s look at what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the new things that you can buy with cryptocurrency is an NFT. An NFT is a non-fungible currency which is extremely unique and can’t be changed. It can be an item of any rareness, such as rare baseball trading cards in mint condition, or a unique vinyl album.
There’s no limit on what an NFT can be since it’s a non-fungible thing you’re selling on the internet. It is simpler to just think of the NFT to be a type of digital item paid via cryptocurrency only.
Minting is like calling dibs to your NFTs. You are calling the ownership of the particular item that you posted to market, as putting it up for sale. Typically, this is official after you fill in all the necessary information about the NFT and upload it to the marketplace.
On OpenSea It’s a very simple process to mint your NFTs. All you have to do is visit the store and simply making a collection to begin! Input the appropriate and complete information about your NFT and then select what type of settings you’d like to use for it (e.g. blockchain and payment tokens). After you’ve completed the process then you’re able to upload it if it fits the 100 MB limit.
It is possible to wait and see how transactions progress from here on out to see if OpenSea is the right marketplace for you.
What NFTs can you find here?
So, at this point, you’re probably wondering which kind of NFT you shop for here and what you can sell should you decide to go down that path. The kind of NFT it is indefinite because there’s a wide range of how you can approach it.
You can be selling trade cards, digital goods game assets domain names, even physical assets! Explore what you believe can bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that separates OpenSea from the others. There are zero gas fees when you use this feature to make and then sell the NFTs. This is essentially a way to ensure that you be able to make the highest profits once you start selling because you won’t have to spend on extra fees.
Not many NFT marketplaces have this feature, and it can be a fantastic way to receive high profit from your portfolio.
The Referral Program is another unique aspect of OpenSea to take note of. Like traditional online marketplaces, you can receive rewards 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 receive 2.50 percent of the purchase amount, which allows you to earn more cash from this act.
Other NFT marketplaces don’t offer the same feature and that’s another benefit OpenSea has over them.
There’s an OpenSea mobile application, however it’s mostly used for perusing through the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listing.
The mobile apps of OpenSea are available on both iOS and Android. While you’re not able to buy or sell something, you can at least 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 through these platforms. Nft Yapmak
You can swap your fiat currency using a the credit card, or Paypal on these reliable websites to exchange it for crypto:
- Bittrex, and more!
Each of them has the option to exchange for ETH, which is the most common crypto payment in OpenSea.
Although OpenSea is an NFT marketplace that is open to all types of cryptocurrency, wallets are nevertheless more compatible than others. Since it is built using an ETH blockchain, wallets with a connection to the same network are suitable for the site.
Here is a list of several crypto wallets you can use in OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, mobile-only usage and the ability to purchase cryptocurrency using credit cards. Nft Yapmak
To know more about it to learn more, check out their FAQs for an overview of how you can get started and which other wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with its 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 that are compatible with 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 10% to artists (low royalties).
- It is not possible to buy or sell items via the mobile app.
- Only supports cryptocurrency as its form of payment.
- A Crypto wallet is required for 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. In the end, you’ll quickly regain that when you sell regularly since there’s no extra charge for it.
Frequently Asked Questions Nft Yapmak
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to give artists a chance for selling their artwork online, and to accept cryptocurrency as their form of payment. It’s an excellent platform for artists using for selling NFTs due to its no gas fees and low commission fee rate that you have to pay.
You can shop and browse the vast array of digital products on this NFT marketplace which is why you should definitely go through it!
Is OpenSea real and safe?
The short answer is yes! OpenSea has been a trusted marketplace since it was founded at the end of 2018. Because its system is based on a blockchain that is secure, you can declare that transactions are safe and secure.
Furthermore as a seller you will be verified after you’ve earned a reputation. A blue checkmark will appear to your account or the collection that you have uploaded to assure any customer. OpenSea’s team regularly reviews the content to ensure users are protected.
How do I earn royalties from OpenSea?
As an artist, you can receive only up to 10 percent of the royalties after you upload the NFT. This is considered to be reasonably low compared with the other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) has been commonly used on this site as well as other sites to provide the increasing number of crypto users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can use for OpenSea.
What are the payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. You can easily purchase or sell cryptocurrency on reliable platforms using fiat currency. All you need to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea have a desktop or mobile application?
As mentioned before, there is definitely an official mobile application from OpenSea that is available for iOS or Android. Install it from their app store and then you can begin browsing through 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 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/).