The cryptocurrency market is on the rise and you’re probably thinking where to invest your crypto currency. Markets have popped up all over the internet, designed to sell and buy NFTs via cryptocurrency! OpenSea is one of them and is worth checking out.
If you’re familiar with cryptocurrency you’ve likely 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 safety and speedy transactions.
Now hop aboard, and discover the possibilities of OpenSea as well as examining what NFTs you can view!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace OpenSea 3D Nft
The aim of OpenSea was to provide a platform/marketplace for artists to upload commissions with no additional costs. There are additional features that let you sell your artwork without any difficulties.
For registration, you won’t have to provide all of your personal details. All you have to do is connect your crypto wallet and voila! You have an account with OpenSea! It’s as simple as that without going through many hassles when you enter into NFTs.
The most popular cryptocurrency used within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it, and this is used for the majority of transactions. It also operates on the Polygon blockchain, which ensures low-cost and quicker trading.
With these two types of blockchains available you can pick which one you’d like to upload your NFT on as an seller. This is to ensure the security of your NFT and those who would like to purchase it. Every transaction will be conducted by using the blockchain, so you should think about where to 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. It is possible to purchase anything just a domain name to an official artwork by an artist you admire. Anyone can be a seller however, it takes time before anyone can become an established seller.
There is a wide variety from the selection at OpenSea and you can join in with this! You can set up your own marketplace here, along with finding NFTs you want to purchase yourself.
What is an NFT?
In a recent development for the crypto industry, the term “NFT” has been going around for so long on the internet that a lot of millennials are familiar with it but aren’t sure exactly what it actually means. Let’s break down what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the latest ways you can buy includes an NFT. A NFT is a token that is non-fungible that is unique and can’t be changed. It can be an item of any rarity like mint-condition baseball trading cards or a rare vinyl record.
There is no limit to what an NFT can be as it’s a non-fungible thing that you can sell online. It is simpler to just consider the NFT to be a type of digital collectible which is only paid in cryptocurrency.
Minting is like calling dibs to your NFTs. You’re claiming the owner of the item or token that you posted to the marketplace, and you’re selling it. Usually, this is recognized after you fill in all the necessary information about the NFT and finally upload it to the marketplace.
On OpenSea it’s a straightforward process to mint your NFTs by visiting the store and then making a collection to begin! Complete the correct and accurate information about your NFT and then select what type of settings you’d like to use it with (e.g., blockchain and money transfer tokens). After you’ve completed the process, you can finally upload it to the internet if it’s in the limit of 100MB.
It is possible to wait and see how transactions progress from now on to determine whether OpenSea is the marketplace for you.
What NFTs can you find here?
So, at this point, you’re probably wondering which kind of NFT you shop for here and what kind of NFTs you can also sell if you choose to go that route. The kind of NFT it can be isn’t limited since there’s a broad range of how you can approach it.
It is possible to sell digital products, trading cards, game assets, domain names, and also physical goods! Explore what you believe can reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that sets OpenSea from the other options. There’s no cost for gas when you use this feature when you make and then sell the NFTs. This is essentially a way to ensure that you receive the maximum profits when you begin selling since you won’t have to spend on any additional charges.
There aren’t many NFT marketplaces offer this feature, so this is great for you to earn a high return from your collection.
The Referral Program is a different aspect of OpenSea to admire. Similar to traditional online markets that offer benefits by referring a friend to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from there you’ll earn 2.50% of the sale amount, which allows you to earn more money through this action.
Other NFT marketplaces don’t offer the same feature and that’s another benefit OpenSea has over them.
There’s an OpenSea mobile app, but it’s mostly used to browse the marketplace. You can’t buy or sell anything as you browse through the listings.
The mobile apps of OpenSea are available for the two platforms of 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 on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are for you to use, and you can trade your fiat currency for cryptocurrency on these platforms. OpenSea 3D Nft
You can swap the fiat currency you have with a credit card or Paypal on these reliable websites for cryptocurrency:
- Bittrex and many more!
All of them have the option to exchange for ETH that is the standard crypto payment in OpenSea.
While OpenSea can be described as an NFT marketplace open to all types of cryptocurrency, wallets are nevertheless more compatible than other. Since it is built around the ETH blockchain, all wallets that share that network will be suitable for this site.
Here is a list of several crypto wallets 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 including simple registration, only mobile usage as well as the capability to purchase cryptocurrency with credit cards. OpenSea 3D Nft
For more information about the service, you can check their FAQs to get a rundown of how you can get started and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and pros here:
- Mobile apps available for iOS or Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalty rates of 10% for artists (low royalty).
- It is not possible to buy or sell items on our mobile apps.
- Only supports cryptocurrency as its method of payment.
- The use of a Crypto digital wallet must be used to use this marketplace.
OpenSea is available to anyone who has crypto coins in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. But overall, you can quickly regain that when you are actively selling since there’s no extra charge for it.
Frequently Asked Questions OpenSea 3D Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to give artists a chance to market their work online, and to accept cryptocurrency as their form of payment. It’s an excellent platform for artists who use the platform to market NFTs due to its no cost of gas and low commission fees which you are required to pay.
You can shop and browse a vast collection of digital items on the NFT marketplace and you must take a look!
Is OpenSea legit & is it safe?
Short answer: Yes! OpenSea has been a trusted marketplace since its inception at the end of the year of 2018. Since the system it operates on is built on a blockchain that is secure, you can claim that your transactions are protected and secured.
Furthermore, as a seller, you will be verified after you build up your reputation. A blue checkmark will appear to your account or collection you’ve uploaded to ensure the safety of anyone who buys from you. The OpenSea team reviews regularly the content to ensure that users are secure.
How can I earn royalties from OpenSea?
Unfortunately, as an artist, you can be paid only 10 percent of the royalties after you have uploaded the NFT. This is believed to be a reasonable amount compared against the other NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) is frequently used on this site as well as numerous others to cater for the increasing number of crypto users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize for OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. It is easy to buy or sell cryptocurrency through secure platforms that accept fiat money. All you have to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea has a mobile or desktop app?
As previously mentioned there’s an official mobile application from OpenSea available for both iOS as well as Android. Install it from their app store, and you can start exploring the collection right now!
A desktop application for OpenSea can be downloaded via WebCatalog. In the desktop application you can manage multiple accounts as well as receive notifications about updates to your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).