The cryptocurrency market is on the rise 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 using cryptocurrency! OpenSea is among them and is worth looking into.
If you’re interested in crypto, you’ve likely heard of OpenSea previously for a valid reason. It’s now one of the biggest and most popular marketplaces for cryptocurrency users because of its security and quick transactions.
Now hop aboard, and discover the possibilities of OpenSea, along with checking what NFTs you can view!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Znacenje
The aim for OpenSea was to provide a platform/marketplace for artists to upload commissions with no additional charges. There are additional features that let you sell your art without too many issues.
When it comes to registration, you don’t need to provide any personal information about yourself. All you need to connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as simple as that and without many hurdles as you walk into NFTs.
The most popular cryptocurrency that is used within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system which is utilized for the majority of transactions. It is also based with the Polygon blockchain, which ensures lower costs and faster trading.
With these two types of blockchains you can pick which one you want to publish your NFT as seller. This ensures the safety of your NFT as well as the people who want to purchase 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’s 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 a piece of art by an artist you admire. Anyone can sell however, it takes time for anyone to become an established one.
There are a variety of NFTs in the collection at OpenSea and you can join in with that! You can set up your own marketplace there, and also find NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent development for the cryptocurrency industry the term “NFT” has been going around for so long on internet that the majority of young people are familiar with it , but aren’t exactly sure what it means. Let’s break down what an NFT is for any beginners in the field of cryptocurrency.
One of the newest things you can purchase your cryptocurrency includes an NFT. A NFT is a non-fungible currency that is very individual and cannot be changed. It can be a piece of rareness, such as rare baseball trading cards in mint condition or rare vinyl record.
There’s no limit on what an NFT can be since it’s a non-fungible thing you’re selling on the internet. In simpler terms, you could just imagine as an NFT being a virtual collectible that is paid for using cryptocurrency only.
Minting is like calling the shots to your NFTs. You are calling the owner of the item or token you uploaded on the marketplace, and offering it for sale. Usually, this becomes official after you fill in all the necessary information about the NFT and add it on the market.
On OpenSea It’s a very simple procedure to create your own NFTs by visiting the store and create a collection! 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 and payments tokens). After that, you can finally upload it to the internet if it’s in the 100 MB limit.
You can wait and observe how transactions progress from here on out to determine whether OpenSea is the best marketplace for you.
What NFTs can you find here?
At this point you’re probably asking yourself what kind of NFTs can be found here and what you can also sell if you decide to go down that path. The kind of NFT it is unlimited as there’s a variety of options for how to go about it.
You could be selling digital items, trading cards game assets domain names, some physical items! Explore what you believe can yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that separates OpenSea from the other options. There’s no cost for gas for using this feature when you mint and sell NFTs. This is essentially a way to ensure that you get the most profit when you start selling because you won’t have to spend on additional fees.
Very few NFT marketplaces have this feature, which is why this is great for you to earn a high return from your NFT collection.
The Referral Program is another distinctive feature of OpenSea to take note of. Like traditional online marketplaces that offer advantages when you refer a friend to OpenSea! If you encourage a friend join OpenSea and buy an NFT from the site you’ll be rewarded with 2.50 percent of the sales amount, which allows you to make more money from this act.
Other NFT marketplaces do not have this feature, so that’s just another advantage OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile application, however it’s mostly to browse the marketplace. It isn’t able to purchase or sell anything while you browse through the listing.
The mobile apps of OpenSea are available for both iOS in addition to Android. Even though you can’t buy or sell something, you can at least explore the products you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available at your disposal, and you can exchange your fiat money for cryptocurrency on these platforms. Nft Znacenje
You can exchange your fiat currency using a your credit or debit card as well as Paypal through these trusted sites to exchange it for crypto:
- Bittrex and more!
All of them have the option of exchange for ETH which is the primary crypto payment in OpenSea.
Although OpenSea has been described as being an NFT marketplace that is open to all types of cryptocurrency, wallets are nevertheless more compatible than other. Since it is built around an ETH blockchain, wallets which are part of the same network are suitable for the site.
Here’s a list several crypto wallets you can utilize in OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations, such as easy registration, mobile-only usage, and the function to buy cryptocurrency using a credit card. Nft Znacenje
To learn more about it, you can check their FAQs to see the steps you can begin and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets every one of them has advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and pros here:
- Mobile apps available that are compatible with iOS as well as Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto market and NFTs.
- Allows royalties of only 10% for artists (low royalty).
- You cannot buy or sell products on our mobile apps.
- Only supports cryptocurrency as its form of payment.
- The use of a Crypto account is needed for this marketplace.
OpenSea is available to anyone who has crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. However, overall, you will easily recover that amount when you actively sell because there is no additional fee for it.
Frequently Asked Questions Nft Znacenje
What is OpenSea?
OpenSea is an NFT marketplace that is designed to offer artists a way to market their work online to receive cryptocurrency as a method of payment. It’s an excellent platform for artists who use it to sell NFTs because of its zero gas fees and the low commission rate you must pay.
You can browse and shop for the vast array of digital products on this NFT marketplace and you must take a look!
Is OpenSea legit & safe?
The short answer is yes! OpenSea is a reputable marketplace since it was founded on the 1st of December in 2018. Since the system it operates on is built on blockchain technology, it is safe to declare that transactions are secure and safe.
Additionally, as a seller, you can become verified once you build up your reputation. A blue checkmark is placed on your account or collection you uploaded to reassure anyone who buys from you. The OpenSea team reviews regularly the content to ensure that users are safe.
How can I earn royalties on OpenSea?
As an artist, you will get only 10% of the royalties once you have uploaded the NFT. This is considered to be reasonably low compared to the other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) is commonly used on this site and numerous others to cater for the increasing number of crypto users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can use to use OpenSea.
What are the payment options for OpenSea?
OpenSea only 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 for the transaction.
Does OpenSea has a mobile or desktop application?
As mentioned before, there is definitely an official mobile app by OpenSea for both iOS as well as Android. Install it from their app store, and begin browsing through the collection right now!
There is also a desktop application for OpenSea which can be downloaded from WebCatalog. In the desktop application you can manage multiple accounts and get notifications about updates to 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/).