The crypto currency market is in a boom right now and you’re probably thinking where to invest your crypto-coins. Markets have popped up all over the web that allow users to purchase and sell NFTs via cryptocurrency! OpenSea is among them and is worth a look.
If you’re well-versed in cryptocurrency, you’ve probably heard of OpenSea before for a good reason. It has become one of the largest and most popular marketplaces for users of cryptocurrency due to its security and quick transactions.
So, hop on board and let’s explore what you can do with OpenSea and also see the NFTs available to view!
Before you continue, you may want to check out 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 of OpenSea.
OpenSea as an NFT Marketplace OpenSea 2Fa
The purpose of OpenSea was to provide a platform/marketplace for artists to upload commissions without any extra costs. It also has additional functions which allow you to market your artwork without any issues.
In terms of the registration process, you don’t have to provide all of your personal details. All you need to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as easy as that, without much hassle as you step into NFTs.
The most popular cryptocurrency to use in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it and is used for the majority of transactions. It also operates on the Polygon blockchain, which allows for the lowest cost and speediest trading.
There are two types of blockchains available it is possible to choose which one you’d like to publish your NFT as seller. This will ensure the security of your NFT and those who wish to purchase it. Every transaction will be conducted by using the blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from as simple as a domain name to official art from an artist that you admire. Anyone can become a seller however, it takes a while for anyone to become a reputable one.
There is a wide variety in the collection on OpenSea, and you can become a part of the collection! You can create your own marketplace on this site, as well as find NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent development for the cryptocurrency industry the term “NFT” has been going around so long on the internet that the majority of young people have heard of it but aren’t sure exactly what it is. Let’s take a look at what NFT is for anyone who is new in the field of cryptocurrency.
One of the newest things you can buy is an NFT. The NFT is a non-fungible token which is extremely individual and cannot be replaced. It can be an item of any rareness like rare baseball trading cards in mint condition, or a rare vinyl record.
There is no limit to what an NFT can be since it’s a non-fungible item that you can sell on the internet. It is simpler to just consider the NFT as a digital item which is only paid in cryptocurrency.
Minting is similar to calling for dibs for your personal NFTs. You’re claiming the ownership of the particular item that you posted to the market place, but selling it. Usually, this is recognized when you have filled in the proper information regarding the NFT and finally add it on the market.
On OpenSea It’s a very simple process to mine your NFTs by visiting the store and then making a collection to begin! Complete the correct and correct information regarding your NFT and choose what kind of settings you want for it (e.g., blockchain, payments tokens). Once that’s all done you are able to upload it to the internet if it’s in the limit of 100MB.
You can wait and observe the way transactions are handled from here on out to determine whether OpenSea is the best marketplace for you.
What NFTs are available here?
In this moment, you’re probably wondering which kind of NFT can be purchased here and what kind of NFTs you can sell should you decide to pursue that route. The kind of NFT it can be is indefinite as there’s a variety of ways to approach it.
It is possible to sell digital items, trading cards games, domain names, and also physical goods! Explore what you believe can yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that differentiates OpenSea from other companies. There are zero gas fees when you utilize this feature to create and market 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 any additional charges.
There aren’t many NFT marketplaces have this feature, which is why this can be a fantastic way to earn a high return from your portfolio.
This Referral Program is another unique aspect of OpenSea to admire. Similar to traditional online markets, you can receive benefits when you refer a friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from there you’ll be rewarded with 2.50% of the sale amount, which means you can earn more cash by this method.
Other NFT marketplaces don’t offer this feature, so that’s just another benefit OpenSea has over them.
There’s an OpenSea mobile app, but it’s mostly to browse the marketplace. It isn’t able to purchase or sell anything as you browse through the listings.
The mobile apps from OpenSea are accessible on both iOS in addition to Android. Even though you can’t buy or sell anything, you can still look through the options you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are to you, and you can exchange your fiat money for cryptocurrency using these platforms. OpenSea 2Fa
You can swap the fiat currency you have with a credit card or Paypal through these trusted sites to exchange it for crypto:
- Bittrex, and more!
Each of them has the option to exchange for ETH that is the standard cryptocurrency payment option in OpenSea.
Although OpenSea is an NFT marketplace open to all kinds of cryptocurrency, the wallets nonetheless more compatible than others. Since it is built using an ETH blockchain, wallets which are part of that network will be suitable for the site.
Here is a list of various crypto wallets that which you can use with OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each one has its own set of limitations including simple registration, only mobile usage, and the function to buy cryptocurrency using credit cards. OpenSea 2Fa
For more information about the service to learn more, check out their FAQs to see the steps you can start and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and pros here:
- Mobile apps available for iOS as well as Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto market and NFTs.
- Allows royalty rates of 10% for artists (low royalty).
- You cannot buy or sell products on this mobile application.
- Only accepts cryptocurrency as a method of payment.
- A Crypto wallet is required to access this marketplace.
OpenSea is open to everyone who has crypto coins in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. However, overall, you will easily recover that amount when you sell regularly since there’s no extra charge for it.
Frequently Asked Questions OpenSea 2Fa
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to offer artists a way for selling their artwork online to receive cryptocurrency as a form of payment. It’s a great platform for artists who use it to sell NFTs due to its no gas fees and low commission fees which you are required to pay.
You can browse and purchase a vast collection of digital goods in this NFT marketplace and you must check it out!
Is OpenSea legitimate and secure?
The short answer is yes! OpenSea has been a reliable marketplace since it was founded on the 1st of December in the year 2018. Since its system is built on a blockchain and is secured, it is safe to claim that your 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 next to your account or collection you uploaded to reassure any customer. OpenSea’s team regularly reviews the contents to ensure users are safe.
How can I earn royalties on OpenSea?
However, as an artist, you’ll receive only up to 10 percent of the royalties when you have uploaded the NFT. This is considered to be a reasonable amount compared with other NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) is commonly utilized on this website and numerous others to cater for more crypto users. These are other cryptos you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can use for OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. It is easy to buy or sell cryptocurrency on secure platforms that accept fiat money. All you have be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea has a mobile or desktop app?
As mentioned before there’s an official mobile app from OpenSea available for both iOS and Android. You can download it through their app store and then you can begin exploring the collection right now!
The desktop application for OpenSea that can be downloaded through WebCatalog. In the desktop application you are able to manage multiple accounts as well as receive alerts on any updates that affect 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/).