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 across the digital web designed to purchase and sell NFTs with cryptocurrency! OpenSea is one of them and is worth looking into.
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 for cryptocurrency users because of its security and quick transactions.
Now hop aboard, and discover the possibilities of OpenSea as well as examining the NFTs that you can see!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick review. After, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Nifty Nft
The goal for OpenSea was to provide an online marketplace for artists to upload commissions with no additional costs. It has more functions that allow you to sell your art without too many issues.
In terms of registration, you don’t need to give any personal information about yourself. All you have to connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as simple as that and without much hassle as you step into NFTs.
The most well-known cryptocurrency to use within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it and is used for most processes. It also operates on the Polygon blockchain to ensure the lowest cost and speediest trading.
With these two types of blockchains available it is possible to choose which one you would like to transfer your NFT to as an seller. This ensures the safety of your NFT as well as 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 online shopping mall that is endless where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from the simplest domain name to official art by an artist you admire. Anyone can be a seller, but it takes time before anyone can become an established seller.
There is a wide variety from the selection of NFTs available at OpenSea and you could also be a part of this! You can set up your own marketplace there, and also find NFTs you’d like to buy for yourself.
What is an NFT?
A recent change in the cryptocurrency industry the term “NFT” has been going around so long on the internet that a lot of millennials have heard of it but not 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 new things that you can buy with cryptocurrency is an NFT. A NFT is a non-fungible currency that is very individual and cannot be substituted. This can be a piece of rareness like mint-condition baseball trading cards or uncommon vinyl record.
There is no limit to what an NFT could be, since it’s a non-fungible object that you sell online. In simpler terms, you could simply consider as an NFT as a digital collectible paid via cryptocurrency only.
Minting is like calling dibs to your NFTs. You’re claiming the ownership of the particular item that you have uploaded to market, as you’re putting it up for sale. Typically, this is official when you have filled in the correct information about the NFT and add it on the market.
On OpenSea It’s a very simple process to mint your NFTs. All you have to do is visit the store and simply creating a collection to start! Complete the correct and complete information about your NFT and choose what kind of settings you want to use it with (e.g., blockchain, payment tokens). After you’ve completed the process, you can finally upload it to the internet if it’s in the limit of 100MB.
You can wait and observe how the transactions go from now to see whether OpenSea is the marketplace for you.
What NFTs can you get here?
In this moment you’re probably thinking about which kind of NFT can be found here and what kind of NFTs you can also sell if you decide to go that route. The kind of NFT it can be isn’t limited since there’s a broad range of options for how to go about it.
It is possible to sell digital items, trading cards game assets, domain names, and also physical goods! 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 differentiates OpenSea from the others. There are no gas costs when you utilize this feature to create and market NFTs. This simply means that you’ll get the most profit when you sell because you don’t need to pay on any additional charges.
Very few NFT marketplaces have this feature, which is why this can be a fantastic way to receive high profit from your portfolio.
A Referral Program is another distinctive feature of OpenSea to be admired. Similar to traditional online markets there are benefits when you refer someone else to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from there you’ll be rewarded with 2.50% of the sale amount, which allows you to earn more money by this method.
Other NFT marketplaces don’t offer the same feature This is a further advantage OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile application, however it’s mostly to browse through the marketplace. It isn’t able to purchase or sell anything as you scroll through the list.
OpenSea’s mobile apps are available on the two platforms of iOS and Android. While you’re not able to buy or sell things, you can explore the products you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are for you to use to exchange your fiat money for cryptocurrency on these platforms. Nifty Nft
You can exchange the fiat currency you have with a your credit or debit card as well as Paypal via these reputable websites to exchange it for crypto:
- Bittrex, and many more!
All of these have the option of converting them into ETH which is the primary cryptocurrency payment option in OpenSea.
Although OpenSea can be described as an NFT marketplace that is open to all kinds of cryptocurrency, the wallets nevertheless more compatible than others. Since it is built on an ETH blockchain, wallets with a connection to this network are appropriate for the site.
Here’s a list various crypto wallets that you can use in 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, such as easy registration, only mobile usage, and the function to purchase cryptocurrency using the credit card. Nifty Nft
To learn more about it to learn more, check out their FAQs to get a rundown of how you can get started and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and cons here:
- Mobile apps available that are compatible with iOS and Android.
- Smart contracts can be used to perform transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalty rates of 10% to artists (low royalties).
- Cannot buy or sell on our mobile apps.
- Only accepts cryptocurrency as a type of payment.
- The use of a Crypto wallet is required to access this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. In the end, you’ll quickly recover this amount if you sell regularly since there is no additional fee for it.
Frequently Asked Questions Nifty Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to give artists a chance to market their work online, and to accept cryptocurrency as a form of payment. It’s a great option for artists who want to use for selling NFTs because of its zero gas fees and low commission fee rate you must pay.
You can shop and browse the vast array of digital products on this NFT marketplace which is why you should definitely check it out!
Is OpenSea legit & secure?
Answer: Yes! OpenSea is a reputable marketplace since it was founded at the end of 2018. Since its system is built on a blockchain that is secure, you can declare that transactions are safe and secure.
Furthermore, as a seller, you’ll be verified when 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 anyone who buys from you. The team at OpenSea regularly checks the contents to ensure users are secure.
How can I earn royalties from OpenSea?
However, as an artist, you can be paid only 10 percent of the royalties after you have uploaded the NFT. This is thought to be reasonably low compared against the other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) is frequently utilized on this website and numerous others to cater for the increasing number of cryptocurrency users. These are other cryptos you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can use to access OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. It is easy to buy or sell cryptocurrency on trusted platforms with fiat money. All you have be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea have a desktop or mobile app?
As mentioned before, there is definitely an official mobile app by OpenSea available for both iOS or Android. Install it from their app store, and you can start exploring the collection right now!
There is also a Desktop application that OpenSea that can be downloaded through WebCatalog. In the desktop application you can manage multiple accounts and receive notifications on updates regarding your account while you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).