Cryptocurrency is booming right now and you’re probably thinking where to invest your crypto currency. There are numerous marketplaces popping up all over the digital web designed to sell and buy NFTs with cryptocurrency! OpenSea can be one and is worth checking out.
If you’re well-versed in cryptocurrency, you’ve probably heard of OpenSea before for a good reason. It has become one of the biggest and leading marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.
So, hop on board and let’s explore the possibilities of OpenSea as well as examining the NFTs available to view!
Before you go on, 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 our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft!
The purpose of OpenSea was to simply provide an online marketplace for artists to easily upload their commissions without any extra charges. There are additional features that let you sell your work without having to deal with many issues.
In terms of registration, you won’t have to worry about giving 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 much hassle as you step into NFTs.
The most popular cryptocurrency used on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology and is used for most processes. It is also based using the Polygon blockchain, which allows for the lowest cost and speediest trading.
With these two kinds of blockchains that are available it is possible to choose which one you want to transfer your NFT to as a seller. This ensures the safety of your NFT, along with the people who want to buy it. All transactions will be made by using the blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything just a domain name to official art from an artist you admire. Anyone can be a seller however it takes a while for anyone to become a reputable one.
There’s a huge selection in the collection of NFTs available at OpenSea and you can become a part of this! You can set up your own personal market here, along with finding NFTs you’d like to buy yourself.
What is an NFT?
In a recent development for the crypto market,”NFT” is a term that has been used in recent times “NFT” has been going around so long on the internet that a lot of millennials are familiar with it but aren’t sure exactly what it means. Let’s take a look at what NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the latest ways you can buy can be an NFT. A NFT is a non-fungible token that is very individual and cannot be replaced. It can be an item of rarity like authentic baseball cards or a unique vinyl album.
There’s no limit to what an NFT could be, since it’s a non-fungible item you’re selling online. It is simpler to just imagine as an NFT as a digital item which is only paid in cryptocurrency.
Minting is like calling the shots on your own NFTs. It is a way of claiming ownership over that particular token/item that you have uploaded to the market place, but offering it for sale. Usually, this is recognized once you fill out the correct information about the NFT and finally add it on the market.
On OpenSea, it’s a simple procedure to create your own NFTs by visiting the store and then making a collection to begin! Fill out the proper and correct information regarding your NFT and select the type of settings you’d like to use for it (e.g., blockchain or payment tokens). After you’ve completed the process you are able to upload it to the internet if it’s in the 100 MB limit.
You can watch and see how transactions progress from here on out to see if OpenSea is the best marketplace for you.
What NFTs can you find here?
So, at this point you’re probably thinking about what kind of NFTs you shop for here, and what you could sell should you decide to go down that path. The type of NFT it is indefinite since there’s a broad range of ways to go about it.
You can be selling digital products, 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 feature is what sets OpenSea from the other options. There are zero gas fees when you utilize this feature to create and market NFTs. This simply means that you’ll receive the maximum profits when you start selling because you won’t have to spend on any additional charges.
There aren’t many NFT marketplaces provide this feature, which is why this can be a fantastic way to earn a high return from your portfolio.
The Referral Program is another unique aspect of OpenSea to take note of. Like traditional online marketplaces there are benefits by referring a 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 make more money through this action.
Other NFT marketplaces don’t offer this kind of feature either, so that’s just another benefit OpenSea has over the other marketplaces.
There’s an OpenSea mobile application, however it’s mostly used to browse the marketplace. It isn’t able to purchase or sell anything as you scroll through the list.
The mobile apps of OpenSea are available on both iOS in addition to Android. While you’re not able to buy or sell something, you can explore the products you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are to you You can also trade your fiat currency for cryptocurrency through these platforms. Nft!
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!
Each of them has the option of exchange for ETH which is the most common cryptocurrency payment option in OpenSea.
Although OpenSea has been described as being an NFT marketplace open to all kinds of cryptocurrency, the wallets nonetheless more compatible than other. Since it is built on an ETH blockchain, any wallets that share that network will be suitable for this website.
Here’s a list various crypto wallets that which you can use with OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions, such as easy registration, use on mobile devices only as well as the capability to buy cryptocurrency using the credit card. Nft!
To know more about it, you can check their FAQs for the steps you can start and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has advantages and drawbacks. OpenSea isn’t the only one to have this. You can view its pros and cons here:
- Mobile apps available for iOS or Android.
- Smart contracts can be used to perform transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
- Allows royalty rates of up to 10% for artists (low royalty).
- Cannot buy or sell through this mobile application.
- Only accepts cryptocurrency as a method of payment.
- A Crypto digital wallet must be used for this marketplace.
OpenSea is open to everyone who has crypto coins in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. But overall, you can easily recover that amount when you actively sell because there’s no extra charge for it.
Frequently Asked Questions Nft!
What is OpenSea?
OpenSea is an NFT marketplace that is designed to provide artists a platform to market their work online to receive cryptocurrency as a form of payment. It’s an ideal option for artists who want to use it to sell NFTs because of its zero cost of gas and the low commission rate that you have to pay.
You can browse and purchase the vast array of digital goods in this NFT marketplace which is why you should definitely go through it!
Is OpenSea real and secure?
Answer: Yes! OpenSea is a reputable marketplace since it was founded in the year 2018. Because its system is based on a blockchain that is secure, you can declare that transactions are secure and safe.
Furthermore, as a seller, you’ll be verified when you’ve earned a reputation. A blue checkmark will be assigned next to your account or any collection that you have uploaded to assure any customer. The team at OpenSea regularly checks the content to ensure that users are safe.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you can get only 10% of the royalties once you upload the NFT. This is thought to be quite low in comparison to the other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) has been commonly used on this site and numerous others to cater for many more crypto users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can utilize for OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. You can easily purchase or sell cryptocurrency through reliable platforms using fiat currency. All you have be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea have a desktop/mobile app?
As mentioned before, there is definitely an official mobile app from OpenSea for both iOS or Android. Download it at their respective app store, and you can start browsing through the collection right now!
There is also a version for desktops that OpenSea which can be downloaded from WebCatalog. On the desktop app you are able to manage multiple accounts and get notifications on updates regarding your account when you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).