The crypto currency market is in a boom right now, and you’re probably wondering where you can invest your crypto coins. Markets have popped up all over the digital web designed to sell and buy NFTs via cryptocurrency! OpenSea can be one and is worth checking out.
If you’re familiar with cryptocurrency, you’ve probably heard of OpenSea previously for a valid reason. It’s now one of the biggest and most popular marketplaces among users of cryptocurrency due to its security and quick transactions.
Get on board, and let’s explore the possibilities of 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 Niagara Frontier Transportation Authority(Nft Metro) Chief Information Officer
The aim to create OpenSea was to offer an online marketplace for artists to easily upload their commissions without any extra charges. There are additional features that allow you to sell your artwork without any difficulties.
In terms of registration, you won’t have to give too many details about yourself. All you have to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as simple as that, without many hassles when you enter into NFTs.
The most well-known cryptocurrency to use in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it, and this is used for most processes. It also functions using the Polygon blockchain, which ensures low-cost and quicker trading.
With these two types of blockchains it is possible to choose which one you’d like to transfer your NFT to as a seller. This ensures the safety of your NFT, along with the people who want to purchase it. All transactions are made using this blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace that lets you trade your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything as simple as a domain name, to a piece of art from an artist that you admire. Anyone can sell however it takes a while before anyone can become an established seller.
There’s a huge selection from the selection on OpenSea, and you can join in with that! You can set up your own personal market on this site, as well as find NFTs that you would like to purchase yourself.
What is an NFT?
In a recent development for the crypto market”NFT” is a term that has been used in recent times “NFT” has been going around for so long on the internet that many millennials have heard of it but aren’t sure exactly what it is. Let’s look at what an NFT is for any beginners in cryptocurrency.
One of the new things that you can buy with cryptocurrency includes an NFT. The NFT is a non-fungible token that is very individual and cannot be changed. It can be an item of any rareness like authentic baseball cards or unique vinyl album.
There’s no limit on what an NFT can be since it’s a non-fungible object that you can sell on the internet. In simpler terms, you could just consider the NFT being a virtual item paid via cryptocurrency only.
Minting is similar to calling for dibs on your own NFTs. You’re claiming the ownership of the particular item that you have uploaded to the market place, but selling it. Typically, this is official once you fill out the proper information regarding the NFT and then add it on the market.
On OpenSea it’s a straightforward process to mine your NFTs by going to the store and then making a collection to begin! Complete the correct and complete information about your NFT and then select what type of settings you’d like for it (e.g. blockchain and payments tokens). After that, you can finally upload it, if it’s within the limit of 100MB.
You can watch and see the way transactions are handled from now to see whether OpenSea is the best marketplace for you.
What NFTs can you find here?
So, at this point you’re probably asking yourself which kind of NFT can be purchased here and what you can also sell if you decide to pursue that route. The type of NFT that you can purchase is indefinite since there’s a broad range of ways to approach it.
You can be selling digital items, trading cards games, domain names, and some physical items! Consider what you believe will reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that sets OpenSea from the others. There are zero gas fees when you use this feature when you make and then sell the NFTs. This simply means that you’ll get the most profit when you begin selling since you don’t need to pay on extra fees.
Very few NFT marketplaces have this feature, and it is a great way to receive high profit from your NFT collection.
This Referral Program is a different aspect of OpenSea to take note of. Like traditional online marketplaces, you can receive benefits by referring someone else to OpenSea! If you invite a friend to join OpenSea and buy an NFT from there, you’ll receive 2.50 percent of the purchase amount, letting you make more money through this action.
Other NFT marketplaces don’t have this kind of feature either, so that’s just another advantage OpenSea has over them.
There is an OpenSea mobile app, but it’s mostly to browse through the marketplace. You can’t buy or sell anything as 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 anything, you can still at least browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are to you You can also convert your fiat money into cryptocurrency using these platforms. Niagara Frontier Transportation Authority(Nft Metro) Chief Information Officer
You can convert your fiat currency using a your credit or debit card as well as Paypal via these reputable websites to exchange it for crypto:
- Bittrex and more!
All of these have the option to exchange for ETH that is the primary crypto payment in OpenSea.
While OpenSea is an NFT marketplace that is open to all types of cryptocurrency, the wallets nevertheless more compatible than other. Because it is based using the ETH blockchain, wallets with a connection to the same network are suitable for the site.
Here’s a list various crypto wallets that you can utilize in OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each has its own limitations including simple registration, use on mobile devices only and the ability to purchase cryptocurrency using credit cards. Niagara Frontier Transportation Authority(Nft Metro) Chief Information Officer
To learn more about it to learn more, check out their FAQs to see a rundown of how you can start and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and pros here:
- Mobile apps available that are compatible with iOS or Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
- Allows royalties up to 10% for artists (low royalty).
- It is not possible to buy or sell items via our mobile apps.
- Only supports cryptocurrency as its form of payment.
- An Crypto account is needed to use this marketplace.
OpenSea is available to anyone who owns any crypto coins in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. But overall, you can quickly recover this amount if you are actively selling since there is no additional fee for it.
Frequently Asked Questions Niagara Frontier Transportation Authority(Nft Metro) Chief Information Officer
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to offer artists a way to sell their works online and receive cryptocurrency as their form of payment. It’s a great platform for artists who use for selling NFTs due to its low cost of gas and the low commission rate which you are required to pay.
You can browse and shop for a vast collection of digital items on the NFT marketplace and you must go through it!
Is OpenSea legitimate and secure?
Short answer: Yes! OpenSea has been a trusted marketplace since it was founded in the year of 2018. Since the system it operates on is based on a blockchain and is secured, it is safe to say that your transactions are protected and secured.
Furthermore as a seller you can become verified once you build up your reputation. A blue checkmark will appear on your account or any collection you’ve uploaded to ensure the safety of every customer. The team at OpenSea regularly checks the contents to ensure users are protected.
How can I earn royalties from OpenSea?
However, as an artist, you will receive only up to 10 percent of the royalties when you upload the NFT. This is thought to be reasonably low compared with others NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) is commonly utilized on this website and numerous others to cater for the increasing number of cryptocurrency users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can use to use OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. You can buy and sell cryptocurrency on trusted platforms with fiat money. All you have be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea has a mobile or desktop application?
As previously mentioned there’s an official mobile app by OpenSea for both iOS or Android. You can download it through their app store and then you can begin exploring the collection right now!
A version for desktops that OpenSea can be downloaded via WebCatalog. On the desktop app you are able to manage multiple accounts and get 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/).