Cryptocurrency is booming right now, and you’re probably wondering where you can invest your crypto coins. Markets have popped up across the internet, designed to buy and sell NFTs with cryptocurrency! OpenSea is one of them, and it’s worth checking out.
If you’re familiar with cryptocurrency, you’ve likely heard of OpenSea previously for a valid reason. It has become one of the biggest and most popular marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.
Now hop aboard, and let’s explore what you can do with OpenSea, along with checking what NFTs you can 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 Nftp
The purpose to create OpenSea was to provide artists with a marketplace/platform to upload commissions with no additional charges. It also has additional functions that let you sell your work without having to deal with many issues.
In terms of registration, you don’t need to provide any personal information about yourself. All you need 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 widely-used cryptocurrency that is used on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system and is used for most processes. It is also based with the Polygon blockchain to ensure lower costs and faster trading.
There are two types of blockchains that are available, you can choose which one you want to upload your NFT on as an seller. This ensures the safety of your NFT and the people who want to buy it. All transactions are made along with this blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace where you can trade in your NFTs or cryptocurrency for other NFTs. You can purchase anything from as simple as a domain name to an official artwork from an artist that you admire. Anyone can sell, but it takes time for anyone to become an established seller.
There is a wide variety of NFTs available on OpenSea, and you can become a part of this! You can set up your own personal market there, and also find NFTs that you would like to purchase for yourself.
What is an NFT?
A recent change in the cryptocurrency industry”NFT,” a popular term in the crypto industry “NFT” has been going around so long on the internet that a lot of millennials are familiar with it , but aren’t exactly sure what it means. Let’s look at what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the latest ways you can purchase your cryptocurrency includes an NFT. An NFT is a token that is non-fungible which is extremely individual and cannot be changed. This can be an item of rarity like authentic baseball cards, or a uncommon vinyl record.
There’s no limit on what an NFT can be since it’s a non-fungible thing you’re selling online. It is simpler to just imagine an NFT as a digital collectible which is only paid in cryptocurrency.
Minting is similar to calling for dibs to your NFTs. You’re claiming the owner of the item or token you uploaded on 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 then submit it for sale on.
On OpenSea, it’s a simple procedure to create your own NFTs. All you have to do is visit the store and creating a collection to start! Fill out the proper and complete information about your NFT and then select what type of settings you’d like to use to use it with (e.g. blockchain, payment tokens). After that you are able to upload it to the internet if it’s in the limit of 100MB.
You can watch and see how transactions progress from here on out to see whether OpenSea is the best marketplace for you.
What NFTs are available here?
So, at this point, you’re probably wondering which kind of NFT you shop for here, and what you could also sell if you choose to pursue that route. The kind of NFT it can be isn’t limited as there’s a variety of options for how to go about it.
You could be selling digital items, trading cards games domain names, some physical items! Find out what you think will bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that sets OpenSea from the other options. There’s no cost for gas when you use this feature to make and then sell the NFTs. This means you’ll receive the maximum profits when you start selling because you won’t have to spend on extra fees.
There aren’t many NFT marketplaces provide this feature, so this is a great way to make a huge profit from your portfolio.
The Referral Program is another distinctive feature of OpenSea to take note of. Similar to traditional online markets that offer advantages when you refer your friend to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from there you’ll earn 2.50% of the sale amount, which means you can earn more cash by this method.
Other NFT marketplaces don’t have this feature and that’s another advantage OpenSea has over the other marketplaces.
There’s an OpenSea mobile application, however it’s mostly used to browse through the marketplace. Unfortunately, you can’t purchase or sell items as you scroll through the list.
OpenSea’s mobile apps are available on both iOS and Android. Although you aren’t able to purchase or sell things, you can look through the options you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are available at your disposal to trade your fiat currency for cryptocurrency through these platforms. Nftp
You can convert the fiat currency you have with a the credit card, or Paypal via these reputable websites to exchange it for crypto:
- Bittrex, and many more!
Each of them has the option of converting them into ETH which is the standard cryptocurrency payment option in OpenSea.
While OpenSea has been described as being an NFT marketplace that is open to all forms of cryptocurrency, the wallets nevertheless more compatible than others. Because it is based around an ETH blockchain, all wallets which are part of that network will be suitable for this site.
Here’s a list several crypto wallets you can utilize in OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each wallet has its own restrictions including simple registration, only mobile usage, and the function to purchase cryptocurrency using credit cards. Nftp
To learn more about it You can go through their FAQs to see a rundown of how you can begin and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with advantages and drawbacks. OpenSea isn’t the only one to have this. You can view its pros and cons here:
- Available as mobile apps that are compatible with iOS and Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalty rates of 10% to artists (low royalties).
- It is not possible to buy or sell items through the mobile app.
- Only accepts cryptocurrency as a type of payment.
- The use of a Crypto digital wallet must be used for this marketplace.
OpenSea is available to anyone who has crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. However, overall, you will quickly regain that when you are actively selling since there’s no additional cost for it.
Frequently Asked Questions Nftp
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to give artists a chance for selling their artwork online to receive cryptocurrency as a method of payment. It’s an ideal option for artists who want to use the platform to market NFTs because of its zero cost of gas and low commission fees that you have to pay.
You can browse and shop for an array of digital items on the NFT marketplace which is why you should definitely take a look!
Is OpenSea legitimate and secure?
Answer: Yes! OpenSea is a reputable marketplace since it was founded on the 1st of December in 2018. Since its system is based on a blockchain and is secured, it is safe to declare that transactions are secure and safe.
Additionally, as a seller, you will be verified after you have built up your credibility. A blue checkmark will appear to your account or collection you’ve uploaded to ensure the safety of anyone who buys from you. The team at OpenSea regularly checks the content to ensure users are secure.
How can I earn royalties on OpenSea?
As an artist, you will get only 10 percent of the royalties after you have uploaded the NFT. This is believed to be a reasonable amount compared against the other NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) can be commonly used on this site as well as other sites to provide many more cryptocurrency users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can use to use OpenSea.
What are the payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. You can buy and sell cryptocurrency through trusted platforms with fiat money. All you need just connect your debit or credit card to Paypal for the transaction.
Does OpenSea has a mobile or desktop app?
As mentioned before, there is definitely an official mobile application from OpenSea available for both iOS and Android. Download it at their respective app store, and begin exploring the collection now!
The Desktop application that OpenSea can be downloaded via WebCatalog. With the desktop application you can manage multiple accounts as well as receive alerts on any updates that affect 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/).