Cryptocurrency is booming right now, and you’re probably wondering where to invest your crypto coins. Markets have popped up all over the internet, designed to sell and buy NFTs via cryptocurrency! OpenSea is one of them and is worth a look.
If you’re well-versed in cryptocurrency you’ve probably heard about OpenSea previously for a valid reason. It’s now one of the largest and leading marketplaces among cryptocurrency users because of its safety and speedy transactions.
Get on board, and let’s see the possibilities of OpenSea, along with checking 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. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nftg #4 Soil
The aim of OpenSea was to offer artists with a marketplace/platform to upload their commissions with no additional costs. It has more functions which allow you to market your work without having to deal with many issues.
When it comes to registration, you won’t have to give all of your personal details. All you have to do is connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as easy as that, without much hassle as you step into NFTs.
The most well-known cryptocurrency that is used within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology, and this is used to carry out the majority of processes. It is also based using the Polygon blockchain to ensure lower costs and faster trading.
There are two types of blockchains available, you can choose which one you’d like to publish your NFT as seller. This is to ensure the security of your NFT as well as the people who want to purchase 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 endless online mall where you can trade in your NFTs or cryptocurrency for other NFTs. You can buy anything just a domain name to official art from an artist that you admire. Anyone can be a seller however, it takes some time before anyone can become an established one.
There is a wide variety of NFTs available of NFTs available at OpenSea and you could become a part of that! You can create your own market on this site, as well as find NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent development for the crypto market the term “NFT” has been going around so long on the internet that a lot of millennials are familiar with it but not exactly sure what it means. Let’s take a look at what NFT is for anyone who is new in the field of cryptocurrency.
One of the new things you can buy includes an NFT. The NFT is a non-fungible token that is very exclusive and cannot be substituted. It could be an item of rarity like mint-condition baseball trading cards or uncommon vinyl record.
There’s no limit to what an NFT can be as it’s a non-fungible object you’re selling on the internet. It is simpler to simply imagine an NFT as a digital collectible that is paid for using cryptocurrency only.
Minting is like calling the shots for your personal NFTs. You are calling the owner of the item or token that you posted to the market place, but you’re putting it up for sale. Typically, this is official when you have filled in the correct information about the NFT and finally add it on the market.
On OpenSea it’s a straightforward procedure to create your own NFTs by visiting the store and simply creating a collection to start! Fill out the proper and accurate information about your NFT and select the type of settings you want to use it with (e.g., blockchain, money transfer tokens). Once that’s all done you are able to upload it to the internet if it’s in the limit of 100MB.
You can watch and see the way transactions are handled from here on out to determine if OpenSea is the right marketplace for you.
What NFTs can you get here?
At this point, you’re probably wondering the kind of NFTs can you shop for here and what you can sell should you decide to go that route. The kind of NFT that you can purchase is indefinite because there’s a wide range of options for how to go about it.
You can be selling digital products, trading cards games domain names, even physical assets! Find out what you think will yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that sets OpenSea from other companies. There are zero gas fees for using this feature to mint and sell NFTs. This means you’ll be able to make the highest profits once you sell because you won’t have to spend on additional fees.
Not many NFT marketplaces have this feature, which is why this is a great way to earn a high return from your collection.
The Referral Program is another distinctive feature of OpenSea to be admired. Like traditional online marketplaces that offer benefits when you refer your friend to OpenSea! If you invite a friend to join OpenSea and buy an NFT from there you’ll earn 2.50 percent of the sales amount, which means you can earn more cash from this act.
Other NFT marketplaces do not have this kind of feature either, so that’s just another advantage OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile application, however it is mainly used to browse the marketplace. You can’t buy or sell anything as you browse through the listings.
The mobile apps from OpenSea are accessible on the two platforms of iOS and Android. Although you aren’t able to purchase or sell something, you can at least explore the products you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are at your disposal to convert your fiat money into cryptocurrency through these platforms. Nftg #4 Soil
You can exchange your fiat currency using a credit card or Paypal on these reliable websites for cryptocurrency:
- Bittrex and many more!
All of them have the option of converting them into ETH which is the primary crypto payment in OpenSea.
While OpenSea can be described as an NFT marketplace that is open to all types of crypto, wallets are nonetheless more compatible than other. Because it is based on an ETH blockchain, any wallets with a connection to this network are appropriate for this site.
Here’s a list various crypto wallets that you can use in OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, use on mobile devices only as well as the capability to purchase cryptocurrency with the credit card. Nftg #4 Soil
To learn more about it to learn more, check out their FAQs for the steps you can get started and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with advantages and drawbacks. OpenSea isn’t the only one to have this. It is possible to read about its pros and pros here:
- Mobile apps available for iOS as well as Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalties 10% for artists (low royalties).
- It is not possible to buy or sell items on the mobile app.
- Only supports cryptocurrency as its method of payment.
- A Crypto wallet is required to access this marketplace.
OpenSea is open to everyone who has any crypto currency in their crypto wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. But overall, you can quickly regain that when you sell regularly since there’s no extra charge for it.
Frequently Asked Questions Nftg #4 Soil
What is OpenSea?
OpenSea can be described as 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 platform for artists who use it to sell NFTs because of its zero gas fees and low commission fee rate which you are required to pay.
You can browse and purchase a vast collection of digital products on this NFT marketplace which is why you should definitely take a look!
Is OpenSea legit & is it safe?
The short answer is yes! OpenSea is a reputable marketplace since its inception at the end of 2018. Since the system it operates on is built on a blockchain and is secured, it is safe to declare that transactions are protected and secured.
Furthermore, as a seller, you can become verified once you build up your reputation. A blue checkmark will appear to your account or any collection that you have uploaded to assure any customer. The OpenSea team reviews regularly the content to ensure users are protected.
How can I earn royalties on OpenSea?
As an artist, you’ll receive only up to 10 percent of the royalties when you upload the NFT. This is thought to be a reasonable amount compared against other NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) can be frequently used on this site and many others to accommodate the increasing number of crypto users. These are other cryptos you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can use for OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. You can easily purchase or sell cryptocurrency through reliable platforms using fiat currency. All you need just connect your debit or credit card to Paypal for the transaction.
Does OpenSea have a desktop or mobile application?
As previously mentioned there’s an official mobile application from 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!
The desktop application for OpenSea can be downloaded via WebCatalog. On the desktop app you are able to manage multiple accounts as well as receive notifications on updates regarding your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).