The crypto currency market is in a boom right now and you’re probably thinking where to invest your crypto currency. Markets have popped up across the web that allow users to sell and buy NFTs via cryptocurrency! OpenSea is among them and is worth a look.
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 leading marketplaces among users of cryptocurrency due to its safety and speedy transactions.
Get on board, and discover the possibilities of OpenSea as well as examining 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. After, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace OpenSea 3D Model Format
The goal for OpenSea was to offer a platform/marketplace for artists to upload their commissions with no additional costs. It also has additional functions that allow you to sell your work without having to deal with many issues.
When it comes to registration, you don’t need to provide too many details about yourself. All you need to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as simple as that, without many hassles when you enter into NFTs.
The most popular cryptocurrency to use on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology, and this is used to carry out the majority of processes. It is also based with the Polygon blockchain to ensure low-cost and quicker trading.
With these two kinds of blockchains you can pick which one you would like to transfer your NFT to as seller. This will ensure the security of your NFT and the people who want to buy 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 like an endless online marketplace where you can exchange your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything just a domain name to official art by an artist you admire. Anyone can be a seller, but it takes a while for anyone to be an established one.
There is a wide variety in the collection at OpenSea and you could also be a part of this! You can set up your own market here, along with finding NFTs you’d like to buy yourself.
What is an NFT?
In a recent development for the crypto industry”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that the majority of young people are familiar with it , but aren’t exactly sure what it actually means. Let’s take a look at what NFT is for those who are just beginning to get started in cryptocurrency.
One of the newest things you can purchase your cryptocurrency can be an NFT. A NFT is a token that is non-fungible which is extremely unique and can’t be substituted. This can be a piece of rareness, such as authentic baseball cards or a uncommon vinyl record.
There’s no limit to what an NFT could be, since it’s a non-fungible thing that you can sell on the internet. More straightforwardly, you can simply consider as an NFT as a digital collectible that is paid for using cryptocurrency only.
Minting is similar to calling for dibs to your NFTs. You’re claiming the ownership of the particular item that you have uploaded to the market place, but you’re selling it. Typically, this is official once you fill out the correct information about the NFT and finally add it on the market.
On OpenSea it’s a straightforward process to mine your NFTs by visiting the store and simply creating a collection to start! Input the appropriate and complete information about your NFT and select the type of settings you want for it (e.g., blockchain and money transfer tokens). After that then you’re able to upload it, if it’s within the 100 MB limit.
You can wait and observe the way transactions are handled from here on out to see whether OpenSea is the right marketplace for you.
What NFTs can you find here?
At this point you’re probably thinking about which kind of NFT can you shop for here, and what you could also sell if you decide to go down that path. The kind of NFT it is indefinite since there’s a broad range of how you can do it.
You can be selling digital items, trading cards, game assets, domain names, and even physical assets! Explore what you believe can yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that sets OpenSea from other companies. There’s no cost for gas when you utilize this feature when you create and market NFTs. This means you’ll receive the maximum profits when you begin selling since you won’t need to spend on extra fees.
There aren’t many NFT marketplaces offer this feature, and it can be a fantastic way to make a huge profit from your NFT collection.
This Referral Program is another unique aspect of OpenSea to be admired. Like traditional online marketplaces there are benefits when you refer a friend to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from there you’ll earn 2.50 percent of the purchase amount, which allows you to earn more money by this method.
Other NFT marketplaces don’t offer this feature, so that’s just another benefit OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile application, however it’s mostly used to browse through the marketplace. It isn’t able to purchase or sell anything while you browse through the listings.
The mobile apps from OpenSea are accessible for both iOS in addition to Android. While you’re not able to buy or sell anything, you can still look through the options you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available for you to use, and you can convert your fiat money into cryptocurrency through these platforms. OpenSea 3D Model Format
You can convert your fiat money via the credit card, or Paypal through these trusted sites to exchange it for crypto:
- Bittrex and other things!
Each of them has the option of exchange for ETH, which is the standard cryptocurrency used in OpenSea.
While OpenSea is an NFT marketplace open to all types of crypto, wallets are nevertheless more compatible than others. Since it is built on the ETH blockchain, wallets with a connection to that network will be suitable for the site.
Here’s a list of various crypto wallets that you can utilize in OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, only mobile usage and the ability to purchase cryptocurrency using credit cards. OpenSea 3D Model Format
To know more about it You can go through their FAQs for an overview of how you can start and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets, each one has advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and pros here:
- Available as mobile apps that are compatible with iOS or Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalties 10% to artists (low royalty rates).
- Cannot buy or sell on the mobile app.
- Only supports cryptocurrency as its form of payment.
- An Crypto digital wallet must be used to access this marketplace.
OpenSea is open to everyone who has any crypto currency in their crypto wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. But overall, you can quickly recover this amount if you actively sell because there’s no additional cost for it.
Frequently Asked Questions OpenSea 3D Model Format
What is OpenSea?
OpenSea is an NFT marketplace that is designed to provide artists a platform to market their work online, and to accept cryptocurrency as their form of payment. It’s a great platform for artists who use it to sell NFTs due to its low cost of gas and the low commission rate which you are required to pay.
You can browse and purchase a vast collection of digital goods in this NFT marketplace and you must go through it!
Is OpenSea real and safe?
The short answer is yes! OpenSea is a reputable marketplace since its inception in the year of 2018. Since its system is built on blockchain technology and is secured, it is safe to declare that transactions are protected and secured.
Furthermore, as a seller, you’ll be verified when you build up your reputation. A blue checkmark will be assigned on your account or the collection you uploaded to reassure anyone who buys from you. The team at OpenSea regularly checks the content to ensure users are protected.
How do I earn royalties from OpenSea?
However, as an artist, you will be paid only 10% of the royalties once you upload the NFT. This is thought to be a reasonable amount compared against the other NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) is frequently used on this site and numerous others to cater for many more cryptocurrency users. These are other cryptos you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can utilize for OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. It is easy to buy or sell cryptocurrency on reliable platforms using fiat currency. All you have just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea has a mobile or desktop application?
As mentioned before, there is definitely an official mobile application from OpenSea available for both iOS as well as Android. You can download it through their app store, and begin exploring the collection now!
A Desktop application that OpenSea can be downloaded via WebCatalog. With the desktop application you are able to manage multiple accounts and 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/).