The cryptocurrency market is on the rise, and you’re probably wondering where you can invest your crypto-coins. Marketplaces are popping up across the web that allow users to buy and sell NFTs via cryptocurrency! OpenSea is among them and is worth looking into.
If you’re interested in crypto, you’ve probably heard of OpenSea before for a good reason. It has become one of the biggest and most popular marketplaces among cryptocurrency users because of its security and rapid transactions.
Get on board, and discover what you can do with OpenSea and also see the NFTs that you can see!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick review. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nftx Crypto
The purpose to create OpenSea was to simply provide a platform/marketplace for artists to easily upload their commissions, without having to pay any additional fees. There are additional features that let you sell your work without having to deal with many issues.
For registration, you won’t have to give too many details 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 and without many hurdles as you walk into NFTs.
The most well-known cryptocurrency that is used in 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 the majority of transactions. It also functions on the Polygon blockchain, which allows for low-cost and quicker trading.
There are two types of blockchains that are available, you can choose which one you would like to publish your NFT as a seller. This ensures the safety of your NFT as well as the people who want to purchase it. Every transaction will be conducted by using the blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless that lets you trade your cryptocurrency or NFTs for other NFTs. You can purchase anything from as simple as a domain name, to a piece of art from an artist you admire. Anyone can become a seller however, it takes a while before anyone can become a reputable one.
There is a wide variety of NFTs available at OpenSea and you could also be a part of this! You can set up your own market here, along with finding NFTs you want to purchase yourself.
What is an NFT?
A recent change in the crypto market, the term “NFT” has been going around so long on the internet that the majority of young people are familiar with it but not exactly sure what it means. Let’s break down what an NFT is for anyone who is new in cryptocurrency.
One of the new things you can buy can be an NFT. The NFT is a non-fungible currency that is exclusive and cannot be substituted. It can be a piece of rarity like mint-condition baseball trading cards, or a uncommon vinyl record.
There’s no limit on what an NFT could be, since it’s a non-fungible object that you can sell online. In simpler terms, you could just imagine the NFT being a virtual collectible that is paid for using cryptocurrency only.
Minting is similar to calling for dibs for your personal NFTs. You are calling the ownership of the particular item that you have uploaded to market, as offering it for sale. Usually, this becomes official when you have filled in the correct information about the NFT and add it on the market.
On OpenSea, it’s a simple process to mint your NFTs by visiting the store and simply creating a collection to start! Complete the correct and correct information regarding your NFT and select the type of settings you’d like 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 100 MB limit.
You can watch and see how transactions progress from now to determine if OpenSea is the marketplace for you.
What NFTs can you find here?
In this moment, you’re probably wondering which kind of NFT can be found here and what kind of NFTs you can sell should you decide to go down that path. The kind of NFT it can be isn’t limited as there’s a variety of ways to approach it.
You could be selling digital products, trading cards games, domain names, and some physical items! 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 the other options. There are no gas costs when you use this feature when you make and then sell the NFTs. This is essentially a way to ensure that you get the most profit when you begin selling since you don’t need to pay on additional fees.
There aren’t many NFT marketplaces provide this feature, and it is great for you to receive high profit from your portfolio.
The Referral Program is another unique aspect of OpenSea to admire. Similar to traditional online markets that offer rewards by referring someone else to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from the site you’ll be rewarded with 2.50 percent of the purchase amount, which means you can make more money from this act.
Other NFT marketplaces don’t have this kind of feature either and that’s another advantage OpenSea has over the other marketplaces.
There is an OpenSea mobile application, however it is mainly used to browse the marketplace. It isn’t able to purchase or sell anything as you scroll through the list.
The mobile apps from OpenSea are accessible for the two platforms of iOS in addition to Android. Even though you can’t buy or sell anything, you can still at least browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available at your disposal to exchange your fiat money for cryptocurrency using these platforms. Nftx Crypto
You can exchange your fiat currency using a credit card or Paypal via these reputable websites for cryptocurrency:
- Bittrex and other things!
Each of them has the option of exchange for ETH, which is the primary cryptocurrency used in OpenSea.
Although OpenSea has been described as being an NFT marketplace that is open to all types of cryptocurrency, wallets are still more compatible with it than other. Since it is built around an ETH blockchain, all wallets which are part of that network will be suitable for this website.
Here is a list of various crypto wallets that which you can use with OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations including simple registration, mobile-only usage as well as the capability to purchase cryptocurrency with the credit card. Nftx Crypto
For more information about the service You can go through their FAQs to see an overview of how you can start and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with advantages and drawbacks. OpenSea isn’t an exception to this. It is possible to read about its pros and pros here:
- Mobile apps available that are compatible with iOS and Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalty rates of up to 10% for artists (low royalty).
- It is not possible to buy or sell items on this mobile application.
- Only accepts cryptocurrency as a form 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. When you are selling, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. But overall, you can quickly recover this amount if you actively sell because there’s no extra charge for it.
Frequently Asked Questions Nftx Crypto
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to provide artists a platform to market their work online and receive cryptocurrency as a form of payment. It’s an ideal option for artists who want to use the platform to market NFTs because of its zero gas fees and low commission fees which you are required to pay.
You can shop and browse a vast collection of digital goods in this NFT marketplace which is why you should definitely go through it!
Is OpenSea legit & safe?
Short answer: Yes! OpenSea is a reputable marketplace since it was founded at the end of 2018. Because its system is built on blockchain technology, it is safe to say that your transactions are secure and safe.
Furthermore, as a seller, you can become verified once you’ve earned a reputation. A blue checkmark is placed to your account or collection that you have uploaded to assure any customer. The OpenSea team reviews regularly the contents to ensure users are safe.
How do I earn royalties on OpenSea?
Unfortunately, as an artist, you will receive only up to 10 percent of the royalties when you upload the NFT. This is thought to be quite low in comparison with the other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) is frequently utilized on this website and other sites to provide many more crypto users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can utilize to access OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. You can buy and sell cryptocurrency through secure platforms that accept fiat money. All you have be able to connect is your credit or Paypal for the transaction.
Does OpenSea have a desktop or mobile app?
As we mentioned earlier There is an official mobile app from OpenSea available for both iOS and Android. Download it at their respective app store and begin exploring the collection right now!
There is also a Desktop application that OpenSea which can be downloaded from WebCatalog. In 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/).