The crypto currency market is in a boom right now, and you’re probably wondering where to invest your crypto currency. Markets have popped up across the web that allow users to purchase and sell NFTs via cryptocurrency! OpenSea can be one, and it’s worth checking out.
If you’re familiar with cryptocurrency, you’ve probably heard of OpenSea prior to this for a valid reason. It has become one of the largest and most popular marketplaces among cryptocurrency users because of its security and quick transactions.
So, hop on board and discover what you can do with OpenSea and also see 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. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace OpenSea 721
The goal to create OpenSea was to provide an online marketplace for artists to easily upload their commissions, without having to pay any additional charges. It also has additional functions that let you sell your work without having to deal with many difficulties.
When it comes to registration, you don’t need to give all of your personal details. All you need to do is connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as simple as that without going through many hassles when you enter into NFTs.
The most well-known 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 to carry out the majority of processes. It is also based on the Polygon blockchain, which ensures the lowest cost and speediest trading.
With these two types of blockchains that are available you can pick which one you’d like to transfer your NFT to as an seller. This ensures the safety of your NFT, along with those who wish to purchase it. All transactions are made by using the blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall where you can trade in your cryptocurrency or NFTs for other NFTs. You can buy anything the simplest domain name to an official artwork by an artist you admire. Anyone can be a seller, but it takes some time before anyone can become an established one.
There is a wide variety from the selection of NFTs available at OpenSea, and you can join in with the collection! You can set up your own personal market here, along with finding NFTs you want to purchase yourself.
What is an NFT?
A recent change in the crypto market”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that a lot of millennials have heard of it but aren’t sure exactly what it actually means. Let’s look at what an NFT is for anyone who is new in cryptocurrency.
One of the new things that you can buy with cryptocurrency can be an NFT. A NFT is a non-fungible token that is individual and cannot be substituted. It could be a piece of rarity like authentic baseball cards or a unique vinyl album.
There is no limit to what an NFT could be, since it’s a non-fungible object that you sell on the internet. More straightforwardly, you can just imagine the NFT to be a type of digital collectible paid via cryptocurrency only.
Minting is like calling dibs to your NFTs. You are calling ownership over that particular token/item you uploaded on market, as you’re offering it for sale. Usually, this is recognized once you fill out the proper information regarding the NFT and submit it for sale on.
On OpenSea, it’s a simple procedure to create your own NFTs by visiting the store and then creating a collection to start! Fill out the proper and accurate information about your NFT and then select what type of settings you want to use it with (e.g. blockchain, money transfer tokens). After that then you’re 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 now on to determine whether OpenSea is the marketplace for you.
What NFTs are available here?
At this point you’re probably thinking about what kind of NFTs can be found here and what you can sell should you decide to go that route. The type of NFT it isn’t limited as there’s a variety of options for how to go about it.
You could be selling digital products, trading cards game assets, domain names, and some physical items! Explore what you believe can bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what differentiates OpenSea from the other options. There are zero gas fees when you utilize this feature to mint and sell 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, so this can be a fantastic way to earn a high return from your NFT collection.
A Referral Program is a different aspect of OpenSea to be admired. Similar to traditional online markets that offer rewards by referring your friend to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from the site you’ll be rewarded with 2.50 percent of the sales amount, which means you can earn more money from this act.
Other NFT marketplaces don’t have the same feature This is a further advantage OpenSea has over the other marketplaces.
There is an OpenSea mobile application, however it is mainly used to browse through the marketplace. It isn’t able to purchase or sell anything as you browse through the listings.
OpenSea’s mobile apps are available on the two platforms of iOS in addition to Android. While you’re not able to buy or sell something, you can look through the options you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available to you You can also exchange your fiat money for cryptocurrency through these platforms. OpenSea 721
You can swap your fiat currency using a the credit card, or Paypal on these reliable websites for cryptocurrency:
- Bittrex and other things!
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 forms of cryptocurrency, wallets are still more compatible with it than others. Because it is based using an ETH blockchain, all wallets that share that network will be suitable for this site.
Here’s a list of several crypto wallets you can utilize in OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each one has its own set of limitations, such as easy registration, use on mobile devices only as well as the capability to buy cryptocurrency using the credit card. OpenSea 721
To learn more about it to learn more, check out their FAQs for the steps you can begin and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets every one of them has advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and cons here:
- Mobile apps are available that are compatible with iOS as well as Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- The best option for beginners to the crypto world and NFTs.
- Allows royalties up to 10% for artists (low royalty).
- You cannot buy or sell products through this mobile application.
- Only accepts cryptocurrency as a method of payment.
- The use of a Crypto wallet is required to use this marketplace.
OpenSea is available to anyone who has crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. However, overall, you will quickly recover this amount if you are actively selling since there is no additional fee for it.
Frequently Asked Questions OpenSea 721
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to give artists a chance to market their work online and receive cryptocurrency as their form of payment. It’s an excellent platform for artists using for selling NFTs due to its low gas costs and low commission fees which you are required to pay.
You can shop and browse an array of digital goods in this NFT marketplace, so you should take a look!
Is OpenSea legit & safe?
Answer: Yes! OpenSea has been a trusted marketplace since it was founded in 2018. Since its system is built on a blockchain that is secure, you can claim that your transactions are secure and safe.
Furthermore, as a seller, you can become verified once you’ve earned a reputation. A blue checkmark will be assigned to your account or collection you’ve uploaded to ensure the safety of anyone who buys from you. OpenSea’s team regularly reviews the content to ensure that users are safe.
How can I earn royalties on OpenSea?
As an artist, you will receive only up to 10% of the royalties once you upload the NFT. This is considered to be quite low in comparison against the other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) is widely utilized on this website and numerous others to cater for the increasing number of crypto users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can utilize to use OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. You can buy and sell cryptocurrency on reliable platforms using fiat currency. All you have be able to connect is your credit or Paypal for the transaction.
Does OpenSea have a desktop or mobile application?
As previously mentioned There is an official mobile application from OpenSea available for both iOS and Android. Download it at their respective app store, and then you can begin exploring the collection now!
There is also a version for desktops that OpenSea can be downloaded via WebCatalog. On the desktop app you can manage multiple accounts as well as 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/).