The crypto currency market is in a boom right now and you’re probably wondering where to invest your crypto coins. Marketplaces are popping up all over the internet, designed to buy and sell NFTs with cryptocurrency! OpenSea can be one, and it’s worth a look.
If you’re well-versed in cryptocurrency, you’ve probably heard about OpenSea prior to this for a valid reason. It’s one of the biggest and leading marketplaces among cryptocurrency enthusiasts due to its security and quick transactions.
Get on board, and let’s see what you can do with OpenSea, along with checking the NFTs available to view!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Zone
The purpose of OpenSea was to offer artists with a marketplace/platform to upload commissions with no additional fees. It also has additional functions that let you sell your work without having to deal with many problems.
For the registration process, you don’t have to provide any personal information 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 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 to carry out the majority of processes. It also functions with the Polygon blockchain, which ensures lower costs and faster trading.
There are two types of blockchains you can pick which one you would like to transfer your NFT to as an seller. This will ensure the security of your NFT and the people who want to purchase it. Every transaction will be conducted by using the blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless where you can exchange your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything as simple as a domain name to an official artwork from an artist that you admire. Anyone can become a seller, but it takes time for anyone to become an established one.
There is a wide variety of NFTs available of NFTs available at OpenSea and you can become a part of that! You can start your own market on this site, as well as find NFTs you’d like to buy 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 so long on the internet that many millennials are familiar with it but aren’t sure exactly what it means. Let’s take a look at what NFT is for anyone who is new in cryptocurrency.
One of the newest things you can purchase your cryptocurrency is an NFT. The NFT is a non-fungible currency which is extremely exclusive and cannot be changed. This can be a piece of rarity like mint-condition baseball trading cards, or a rare vinyl record.
There’s no limit on what an NFT could be, since it’s a non-fungible item that you sell on the internet. In simpler terms, you could simply think of the NFT as a digital collectible which is only paid in cryptocurrency.
Minting is similar to calling for dibs to your NFTs. You are calling ownership over that particular token/item that you have uploaded to market, as you’re selling it. Usually, this becomes official after you fill in the proper information regarding the NFT and finally add it on the market.
On OpenSea it’s a straightforward process to mine your NFTs. All you have to do is visit the store and simply making a collection to begin! Complete the correct and correct information regarding your NFT and select the type of settings you want to use it with (e.g., blockchain or payment tokens). After that 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 determine if OpenSea is the best marketplace for you.
What NFTs can you get here?
In this moment you’re probably asking yourself which kind of NFT be found here and what you can also sell if you decide to go down that path. The type of NFT that you can purchase is unlimited as there’s a variety of how you can approach it.
It is possible to sell digital products, trading cards, game assets domain names, even physical assets! Find out what you think will reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what separates OpenSea from the other options. There are no gas costs when you utilize this feature to make and then sell the NFTs. This means you’ll be able to make the highest profits once you sell because you won’t have to spend on extra fees.
Very few NFT marketplaces provide this feature, and it is a great way to receive high profit from your collection.
This Referral Program is another distinctive feature of OpenSea to take note of. 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 be rewarded with 2.50% of the sale amount, which means you can earn more money by this method.
Other NFT marketplaces don’t offer the same feature and that’s another benefit OpenSea has over the other marketplaces.
There is an OpenSea mobile app, but it’s mostly for perusing through the marketplace. It isn’t able to purchase or sell items as you browse through the listings.
The mobile apps from OpenSea are accessible for both iOS and Android. Even though you can’t buy or sell anything, you can still at least explore the products you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are to you, and you can exchange your fiat money for cryptocurrency using these platforms. Nft Zone
You can swap 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 many more!
All of them have the option of converting them into ETH, which is the standard cryptocurrency used in OpenSea.
Although OpenSea can be described as an NFT marketplace open to all types of cryptocurrency, wallets are nonetheless more compatible than other. Since it is built around an ETH blockchain, all wallets that share the same network are suitable for this site.
Here’s a list various crypto wallets that you can utilize in OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations, such as easy registration, use on mobile devices only as well as the capability to purchase cryptocurrency using the credit card. Nft Zone
To know more about it, you can check their FAQs to see an overview of how you can get started and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and cons here:
- Mobile apps are available that are compatible with iOS as well as Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- The best option for beginners to the crypto world and NFTs.
- Allows royalties of only 10% to artists (low royalty).
- Cannot buy or sell on this mobile application.
- Only supports cryptocurrency as its type of payment.
- An Crypto account is needed to access this marketplace.
OpenSea is open to everyone who has crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. In the end, you’ll quickly regain that when you actively sell because there’s no additional cost for it.
Frequently Asked Questions Nft Zone
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to offer artists a way for selling their artwork online to receive cryptocurrency as a method of payment. It’s an excellent platform for artists who use it to sell NFTs due to its no cost of gas and low commission fees which you are required to pay.
You can browse and shop for a vast collection of digital items on the NFT marketplace, so you should check it out!
Is OpenSea legitimate and is it safe?
Short answer: Yes! OpenSea is a reputable marketplace since it was established in the year 2018. Since its system is built on blockchain technology that is secure, you can declare that transactions are secure and safe.
In addition as a seller you will be verified after you’ve earned a reputation. A blue checkmark is placed to your account or any collection you uploaded to reassure any customer. The OpenSea team reviews regularly the content to ensure users are protected.
How can I earn royalties on OpenSea?
Unfortunately, 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 with the other NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) can be widely used on this site and numerous others to cater for more crypto users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can utilize to use OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. You can buy and sell cryptocurrency on secure platforms that accept fiat money. All you need be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea have a desktop or mobile app?
As we mentioned earlier, there is definitely an official mobile app by OpenSea that is available for iOS as well as Android. Install it from their app store and then you can begin exploring the collection right now!
There is also a desktop application for OpenSea which can be downloaded from WebCatalog. With the desktop application you are able to manage multiple accounts and 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/).