Cryptocurrency is booming right now, and you’re probably wondering where you can invest your crypto coins. Markets have popped up all over the internet, designed to buy and sell NFTs via cryptocurrency! OpenSea is among them and is worth checking out.
If you’re interested in crypto, you’ve likely heard of OpenSea before for a good reason. It’s now one of the largest and leading marketplaces among cryptocurrency users because of its safety and speedy transactions.
Now hop aboard, and let’s explore what you can do with OpenSea and also see what NFTs you can view!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick review. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft5-5
The goal to create OpenSea was to simply provide an online marketplace for artists to easily upload their commissions with no additional costs. There are additional features which allow you to market your work without having to deal with many issues.
For registration, you won’t have to give any personal information about yourself. All you have to connect your cryptocurrency 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 popular cryptocurrency used within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology, and this is used for most processes. It is also based using the Polygon blockchain, which ensures low-cost and quicker trading.
With these two kinds of blockchains, you can choose which one you want to upload your NFT on as seller. This ensures the safety of your NFT as well as those who wish to purchase it. All transactions are made along with this blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall where you can exchange your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything just a domain name to official art from an artist that you admire. Anyone can become a seller however, it takes a while for anyone to be an established one.
There are a variety of NFTs of NFTs available of NFTs available at OpenSea and you can join in with the collection! You can set up your own market on this site, as well as find NFTs you’d like to buy for yourself.
What is an NFT?
In a recent development for the crypto market the term “NFT” has been going around for so long on internet that a lot of millennials are familiar with it , but aren’t sure exactly what it is. Let’s break down what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the new things you can purchase your cryptocurrency includes an NFT. A NFT is a non-fungible token that is individual and cannot be substituted. It can be an item of rareness like mint-condition baseball trading cards or a rare vinyl record.
There’s no limit on what an NFT can be since it’s a non-fungible object you’re selling on the internet. It is simpler to just consider the NFT being a virtual item which is only paid in cryptocurrency.
Minting is like calling dibs for your personal NFTs. You are calling ownership over that particular token/item you uploaded on the marketplace, and you’re offering it for sale. Usually, this is recognized when you have filled in all the necessary information about the NFT and then upload it to the marketplace.
On OpenSea it’s a straightforward process to mint your NFTs by going to the store and create a collection! Complete the correct and accurate information about your NFT and select the type of settings you’d like to use to use it with (e.g. blockchain or money transfer tokens). After that, you can finally upload it to the internet if it’s in the limit of 100MB.
You can watch and see how transactions progress from now to determine whether OpenSea is the best marketplace for you.
What NFTs can you find here?
So, at this point, you’re probably wondering which kind of NFT be found here and what you can also sell if you decide to pursue that route. The type of NFT that you can purchase isn’t limited since there’s a broad range of options for how to approach it.
You can be selling digital items, trading cards game assets domain names, also physical goods! Find out what you think will bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what separates OpenSea from the others. There are zero gas fees when you utilize this feature to mint and sell NFTs. This simply means that you’ll be able to make the highest profits once you start selling because you won’t need to spend on extra fees.
Very few NFT marketplaces offer this feature, so this is a great way to make a huge profit from your collection.
A Referral Program is another distinctive feature of OpenSea to be admired. Similar to traditional online markets there are benefits by referring someone else to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from the site, you’ll receive 2.50% of the sale amount, which allows you to make more money by this method.
Other NFT marketplaces do not have the same feature, so that’s just another advantage OpenSea has over them.
There is an OpenSea mobile application, however it’s mostly to browse the marketplace. Unfortunately, you can’t purchase or sell anything while you scroll through the list.
The mobile apps from OpenSea are accessible for both iOS and Android. Even though you can’t buy or sell things, you can at least explore the products you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are for you to use You can also exchange your fiat money for cryptocurrency using these platforms. Nft5-5
You can convert your fiat money via your credit or debit card as well as Paypal on these reliable websites to exchange it for crypto:
- Bittrex, and many more!
All of these have the option of converting them into ETH which is the primary 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 mainly on the ETH blockchain, any wallets which are part of this network are appropriate for this site.
Here is a list of several crypto wallets you can use in OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each has its own limitations like easy registration, mobile-only usage, and the function to buy cryptocurrency using a credit card. Nft5-5
To know more about it You can go through their FAQs to get a rundown of how you can get started 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 drawbacks. OpenSea isn’t an exception to this. You can view its pros and cons here:
- Available as mobile apps that are compatible with iOS and Android.
- Smart contracts are utilized for 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 10% to artists (low royalty rates).
- It is not possible to buy or sell items through our mobile apps.
- Only accepts cryptocurrency as a type of payment.
- An Crypto wallet is required to use this marketplace.
OpenSea is open to everyone who owns any crypto coins in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. In the end, you’ll quickly regain that when you are actively selling since there’s no extra charge for it.
Frequently Asked Questions Nft5-5
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to give artists a chance to market their work online, and to accept cryptocurrency as their form of payment. It’s an ideal platform for artists using the platform to market NFTs due to its no cost of gas and low commission fees you must pay.
You can shop and browse the vast array of digital goods in this NFT marketplace and you must check it out!
Is OpenSea legit & secure?
Answer: Yes! OpenSea is a reputable marketplace since its inception in 2018. Because its system is based on a blockchain and is secured, it is safe to declare that transactions are safe and secure.
Furthermore as a seller you’ll be verified when you have built up your credibility. A blue checkmark is placed to your account or collection that you have uploaded to assure 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’ll receive only up to 10% of the royalties once you upload the NFT. This is believed to be a reasonable amount compared against others NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) has been frequently utilized on this website and numerous others to cater for many more crypto users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize for OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. You can buy and sell cryptocurrency on reliable platforms using fiat currency. All you need just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea has a mobile or desktop app?
As mentioned before There is an official mobile app from OpenSea for both iOS as well as Android. Install it from their app store and then you can begin exploring the collection now!
The desktop application for OpenSea that can be downloaded through WebCatalog. On the desktop app 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/).