The crypto currency market is in a boom right now and you’re probably thinking where you can invest your crypto coins. There are numerous marketplaces popping up all over the digital web designed to purchase and sell NFTs using cryptocurrency! OpenSea can be one and is worth checking out.
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 for users of cryptocurrency due to its security and rapid transactions.
So, hop on board and let’s explore the possibilities of OpenSea and also see the NFTs available to view!
Before you continue, you may want to watch 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 of OpenSea.
OpenSea as an NFT Marketplace Nftx Price
The aim of OpenSea was to simply provide artists with a marketplace/platform to upload commissions without any extra fees. It has more functions that let you sell your artwork without any issues.
For registration, you won’t have to provide any personal information about yourself. All you have to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as easy as that and without much hassle as you step into NFTs.
The most well-known cryptocurrency used on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system, and this is used for most processes. It also functions using the Polygon blockchain, which allows for low-cost and quicker trading.
With these two kinds of blockchains that are available, you can choose which one you want to upload your NFT on as a seller. This will ensure the security of your NFT and those who would like to purchase it. All transactions will be made along with this blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall that lets you trade your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything just a domain name, to a piece of art from an artist that you admire. Anyone can sell, but it takes time before anyone can become an established one.
There are a variety of NFTs of NFTs available on OpenSea, and you can become a part of the collection! You can set up your own marketplace here, along with finding NFTs you want to purchase for yourself.
What is an NFT?
A recent change in the crypto industry,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that a lot of millennials are familiar with it but aren’t exactly sure what it is. Let’s break down what an NFT is for any beginners in the field of cryptocurrency.
One of the latest ways that you can buy with cryptocurrency includes an NFT. An NFT is a non-fungible currency that is very exclusive and cannot be replaced. This can be an item of any rareness, such as 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 that you can sell online. It is simpler to just think of as an NFT as a digital item that is paid for using cryptocurrency only.
Minting is like calling dibs for your personal NFTs. You are calling the ownership of the particular item that you have uploaded to the marketplace, and you’re selling it. Usually, this becomes official once you fill out all the necessary information about the NFT and submit it for sale on.
On OpenSea it’s a straightforward procedure to create your own NFTs. All you have to do is visit the store and making a collection to begin! Fill out the proper and accurate information about your NFT and choose what kind of settings you’d like for it (e.g. blockchain or money transfer tokens). After that, you can finally upload it, if it’s within the 100 MB limit.
It is possible to wait and see how the transactions go from now on to see if OpenSea is the right marketplace for you.
What NFTs can you find here?
At this point you’re probably asking yourself the kind of NFTs can you shop for here, and what you could sell should you decide to go down that path. The type of NFT it isn’t limited as there’s a variety of ways to go about it.
You could be selling digital products, trading cards, game assets domain names, some physical items! Find out what you think will bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that differentiates OpenSea from the other options. There’s no cost for gas when you use this feature to make and then sell the NFTs. This is essentially a way to ensure that you be able to make the highest profits once you sell because you don’t need to pay on additional fees.
Very few NFT marketplaces have this feature, and it can be a fantastic way to receive high profit from your portfolio.
This Referral Program is a different aspect of OpenSea to be admired. Similar to traditional online markets there are advantages when you refer your friend to OpenSea! If you invite a friend to join OpenSea and 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 This is a further benefit OpenSea has over them.
There is an OpenSea mobile application, however it is mainly used to browse the marketplace. You can’t buy or sell anything while you scroll through the list.
The mobile apps from OpenSea are accessible for the two platforms of iOS in addition to Android. While you’re not able to buy or sell anything, you can still explore the products you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available for you to use to convert your fiat money into cryptocurrency on these platforms. Nftx Price
You can convert your fiat money via credit card or Paypal through these trusted sites to exchange it for crypto:
- Bittrex, and many more!
All of these have the option of exchange for ETH which is the most common crypto payment in OpenSea.
Although OpenSea is an NFT marketplace open to all types of cryptocurrency, wallets are nevertheless more compatible than others. Since it is built on the ETH blockchain, wallets which are part of that network will be suitable for this website.
Here is a list of several crypto wallets you can use in OpenSea:
- Authereum and more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations like easy registration, mobile-only usage, and the function to purchase cryptocurrency with credit cards. Nftx Price
To know more about it You can go through their FAQs for the steps you can begin and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets, each one has advantages and drawbacks. OpenSea isn’t the only one to have this. It is possible to read about its pros and pros here:
- Available as mobile apps for iOS and Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto market and NFTs.
- Allows royalty rates of up to 10% for artists (low royalty rates).
- Cannot buy or sell on the mobile app.
- Only accepts cryptocurrency as a type of payment.
- A Crypto digital wallet must be used for this marketplace.
OpenSea is accessible to everyone who has crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. However, overall, you will quickly regain that when you actively sell because there’s no extra charge for it.
Frequently Asked Questions Nftx Price
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to give artists a chance to sell their works online and receive cryptocurrency as a method of payment. It’s a great platform for artists using for selling NFTs because of its zero gas fees and low commission fees which you are required 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 safe?
Short answer: Yes! OpenSea has been a trusted marketplace since its inception on the 1st of December in the year of 2018. Since its system is based on a blockchain that is secure, you can claim that your transactions are protected and secured.
In addition, as a seller, you can become verified once you have built up your credibility. A blue checkmark will be assigned on your account or collection you’ve uploaded to ensure the safety of every customer. The OpenSea team reviews regularly the contents to ensure users are secure.
How do I earn royalties on OpenSea?
As an artist, you’ll get only 10 percent of the royalties after you have uploaded the NFT. This is believed to be a reasonable amount compared with other NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) has been commonly used on this site and numerous others to cater for many more cryptocurrency users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of to use OpenSea.
What are the payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. You can easily purchase or sell cryptocurrency on trusted platforms with fiat money. All you have to do is connect your credit card or Paypal for the transaction.
Does OpenSea have a desktop/mobile app?
As previously mentioned, there is definitely an official mobile application from OpenSea for both iOS or Android. You can download it through their app store and you can start browsing through the collection right now!
A version for desktops that OpenSea can be downloaded via WebCatalog. In the desktop application, you can manage multiple accounts as well as 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/).