The cryptocurrency market is on the rise and you’re probably thinking where to invest your crypto currency. Marketplaces are popping up all over the internet, designed to sell and buy NFTs using cryptocurrency! OpenSea can be one and is worth a look.
If you’re familiar with cryptocurrency, you’ve probably heard of OpenSea prior to this for a valid reason. It’s one of the biggest and most popular marketplaces among cryptocurrency enthusiasts due to its security and quick transactions.
Now hop aboard, and let’s see what you can do with OpenSea, along with checking what NFTs you can view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick review. Afterward, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft30459/3
The aim to create OpenSea was to provide an online marketplace for artists to upload their commissions, without having to pay any additional fees. There are additional features that let you sell your artwork without any issues.
For registration, you won’t have to give any personal information about yourself. All you need to connect your cryptocurrency 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 that is used within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it, and this is used for most processes. It also functions on the Polygon blockchain, which ensures low-cost and quicker trading.
There are two types of blockchains that are available it is possible to choose which one you would like to publish your NFT as an seller. This ensures the safety of your NFT, along with those who wish to buy it. All transactions are made along with this blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from the simplest domain name to official art from an artist that you admire. Anyone can become a seller however it takes some time for anyone to be a reputable one.
There are a variety of NFTs from the selection at OpenSea and you could also be a part of this! You can start your own market there, and also find NFTs that you would like to purchase for yourself.
What is an NFT?
A recent change in the crypto industry the term “NFT” has been going around so long on the internet that many millennials have heard of it but aren’t sure exactly what it actually means. Let’s break down what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the newest things you can purchase your cryptocurrency is an NFT. The NFT is a token that is non-fungible that is very individual and cannot be changed. It could be an item of any rareness like authentic baseball cards, or a unique vinyl album.
There’s no limit to what an NFT can be as it’s a non-fungible object that you can sell online. It is simpler to simply imagine an NFT as a digital item that is paid for using cryptocurrency only.
Minting is similar to calling for dibs for your personal NFTs. You’re claiming the owner of the item or token that you posted to the market place, but you’re putting it up for sale. Usually, this is recognized once you fill out all the necessary information about the NFT and submit it for sale on.
On OpenSea, it’s a simple process to mine your NFTs by going to the store and simply creating a collection to start! Input the appropriate and complete information about your NFT and then select what type of settings you want to use it with (e.g., blockchain or money transfer tokens). After that you are able to upload it if it fits the limit of 100MB.
It is possible to wait and see how the transactions go from now to determine whether OpenSea is the marketplace for you.
What NFTs can you find here?
In this moment you’re probably thinking about what kind of NFTs you shop for here, and what you could sell should you decide to go that route. The type of NFT that you can purchase isn’t limited since there’s a broad range of ways to do it.
You could be selling digital products, trading cards games domain names, also physical goods! Find out what you think will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what separates OpenSea from other companies. There are no gas costs for using this feature when you create and market 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.
Not many NFT marketplaces have this feature, and it is a great way to earn a high return from your NFT collection.
This Referral Program is another unique aspect of OpenSea to be admired. Similar to traditional online markets there are rewards when you refer someone else to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from the site you’ll earn 2.50 percent of the sales amount, letting you earn more cash by this method.
Other NFT marketplaces don’t offer this kind of feature either This is a further advantage OpenSea has over them.
There’s an OpenSea mobile application, however it is mainly used to browse through the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listings.
OpenSea’s mobile apps are available on the two platforms of iOS in addition to Android. While you’re not able to buy or sell things, you can at least look through the options you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are available at your disposal You can also exchange your fiat money for cryptocurrency through these platforms. Nft30459/3
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 many more!
All of them have the option to exchange for ETH which is the primary cryptocurrency used in OpenSea.
Although OpenSea can be described as an NFT marketplace that is open to all types of cryptocurrency, wallets are nevertheless more compatible than others. Since it is built mainly on an ETH blockchain, wallets which are part of this network are appropriate for the site.
Here’s a list 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, such as easy registration, mobile-only usage and the ability to purchase cryptocurrency using credit cards. Nft30459/3
For more information about the service, you can check their FAQs to get a rundown of how you can begin and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets every one of them has advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and cons here:
- Mobile apps available that are compatible with iOS or Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto market and NFTs.
- Allows royalties 10% for artists (low royalty).
- You cannot buy or sell products on this mobile application.
- Only accepts cryptocurrency as a type of payment.
- A Crypto wallet is required to use this marketplace.
OpenSea is open to everyone who has crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. However, overall, you will quickly regain that when you actively sell because there’s no additional cost for it.
Frequently Asked Questions Nft30459/3
What is OpenSea?
OpenSea is an NFT marketplace that aims to give artists a chance to sell their works online to receive cryptocurrency as a form of payment. It’s a great option for artists who want to use the platform to market NFTs due to its no gas fees and the low commission rate that you have to pay.
You can browse and purchase the vast array of digital products on this NFT marketplace and you must check it out!
Is OpenSea legitimate and is it safe?
The short answer is yes! OpenSea has been a reliable marketplace since its inception in the year 2018. Since its system is built on blockchain technology and is secured, it is safe to say that your transactions are secure and safe.
In addition as a seller you will be verified after you build up your reputation. A blue checkmark will appear to your account or collection you uploaded to reassure anyone who buys from you. OpenSea’s team regularly reviews the contents to ensure users are secure.
How do I earn royalties from OpenSea?
However, as an artist, you can be paid only 10 percent of the royalties after you have uploaded the NFT. This is thought to be reasonably low compared to the other NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) is commonly utilized on this website and numerous others to cater for many more crypto users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can utilize to use OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. You can easily purchase or sell cryptocurrency on reliable platforms using fiat currency. All you need be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea has a mobile or desktop app?
As we mentioned earlier there’s an official mobile application from OpenSea for both iOS and Android. Download it at their respective app store, and then you can begin exploring the collection right now!
A version for desktops that OpenSea that can be downloaded through WebCatalog. With the desktop application, you can manage multiple accounts and receive 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/).