The crypto currency market is in a boom right now and you’re probably wondering where you can invest your crypto coins. There are numerous marketplaces popping up across the digital web designed to buy and sell 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 previously for a valid reason. It has become one of the largest and most popular marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.
Now hop aboard, and discover what you can do with 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. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace OpenSea 8Nv
The goal for OpenSea was to simply provide artists with a marketplace/platform to easily upload their commissions without any extra charges. It has more functions that allow you to sell your artwork without any difficulties.
In terms of registration, you won’t have to give all of your personal details. All you have to do is connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as simple as that and without many hurdles as you walk into NFTs.
The most well-known cryptocurrency that is used in 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 on the Polygon blockchain to ensure low-cost and quicker trading.
With these two types of blockchains available, you can choose which one you’d like to publish your NFT as a seller. This will ensure the security of your NFT and the people who want to buy it. All transactions will be made using this 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 trade in your NFTs or cryptocurrency for other NFTs. You can purchase anything from as simple as a domain name, to a piece of art from an artist that you admire. Anyone can sell however it takes a while for anyone to be an established one.
There are a variety of NFTs in the collection at OpenSea, and you can also be a part of the collection! 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 market the term “NFT” has been going around for so long on internet that many millennials are familiar with it but aren’t exactly sure what it is. Let’s look at what an NFT is for any beginners in cryptocurrency.
One of the newest things that you can buy with cryptocurrency is an NFT. The NFT is a token that is non-fungible that is very exclusive and cannot be substituted. It could be an item of rareness like mint-condition baseball trading cards, or a unique vinyl album.
There’s no limit on what an NFT could be, since it’s a non-fungible item that you sell online. More straightforwardly, you can just consider an NFT to be a type of digital collectible which is only paid in cryptocurrency.
Minting is like calling dibs on your own NFTs. You’re claiming the owner of the item or token you uploaded on the marketplace, and you’re selling it. Usually, this is recognized after you fill in the proper information regarding the NFT and finally add it on the market.
On OpenSea, it’s a simple process to mine your NFTs by visiting the store and creating a collection to start! Complete the correct and accurate information about your NFT and select the type of settings you’d like to use for it (e.g., blockchain or payments tokens). After you’ve completed the process then you’re able to upload it, if it’s within the limit of 100MB.
You can wait and observe how the transactions go from now to see if OpenSea is the best marketplace for you.
What NFTs can you find here?
So, at this point, you’re probably wondering which kind of NFT can be found here and what kind of NFTs you can sell should you decide to go that route. The kind of NFT it can be is unlimited because there’s a wide range of how you can go about it.
It is possible to sell digital products, trading cards, game assets domain names, some physical items! Consider what you believe will yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that separates OpenSea from other companies. There’s no cost for gas when you use this feature to create and market NFTs. This is essentially a way to ensure that you receive the maximum profits when you start selling because you won’t have to spend on any additional charges.
Not many NFT marketplaces have this feature, which is why this is a great way to earn a high return from your collection.
A Referral Program is another distinctive feature of OpenSea to take note of. Similar to traditional online markets that offer rewards by referring someone else to OpenSea! If you invite a friend to join OpenSea and buy an NFT from the site you’ll be rewarded with 2.50 percent of the purchase amount, letting you earn more cash from this act.
Other NFT marketplaces don’t offer the same feature This is a further benefit OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile app, but it’s mostly to browse through the marketplace. You can’t buy or sell anything as you browse through the listing.
The mobile apps from OpenSea are accessible on both iOS as well as Android. Although you aren’t able to purchase or sell anything, you can still explore the products you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available for you to use, and you can convert your fiat money into cryptocurrency through these platforms. OpenSea 8Nv
You can swap the fiat currency you have with a your credit or debit card as well as 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 used in OpenSea.
Although OpenSea has been described as being an NFT marketplace open to all kinds of cryptocurrency, wallets are nevertheless more compatible than other. Since it is built mainly on an ETH blockchain, wallets with a connection to the same network are suitable for this site.
Here’s a list of several crypto wallets which you can use with OpenSea:
- Authereum and more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations, such as easy registration, mobile-only usage and the ability to buy cryptocurrency using the credit card. OpenSea 8Nv
To know more about it, you can check their FAQs to see a rundown of how you can get started 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 its 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 as well as Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto world 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.
- A Crypto digital wallet must be used to access this marketplace.
OpenSea is accessible to everyone who has any crypto currency in their crypto wallets. When you are a seller, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. But overall, you can easily recover that amount when you are actively selling since there’s no extra charge for it.
Frequently Asked Questions OpenSea 8Nv
What is OpenSea?
OpenSea is an NFT marketplace that aims to provide artists a platform to market their work online, and to accept cryptocurrency as their form of payment. It’s an excellent platform for artists who use it to sell NFTs because of its zero gas fees and the low commission rate that you have to pay.
You can shop and browse the vast array of digital products on this NFT marketplace, so you should go through it!
Is OpenSea legit & safe?
Short answer: Yes! OpenSea has been a reliable marketplace since it was founded in the year of 2018. Since its system is based on a blockchain and is secured, it is safe to declare that transactions are safe and secure.
Additionally, as a seller, you will be verified after you have built up your credibility. A blue checkmark is placed on your account or collection you’ve uploaded to ensure the safety of every customer. The team at OpenSea regularly checks the content to ensure users are secure.
How do I earn royalties from OpenSea?
However, as an artist, you can get only 10% of the royalties once you have uploaded the NFT. This is thought to be reasonably low compared against others NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) can be commonly utilized on this website and many others to accommodate many more crypto users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of to access 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 on secure platforms that accept fiat money. All you have to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea has a mobile or desktop app?
As we mentioned earlier there’s an official mobile app from OpenSea that is available for iOS and Android. You can download it through their app store and then you can begin exploring the collection now!
The version for desktops that OpenSea which can be downloaded from WebCatalog. On the desktop app you are able to manage multiple accounts and get alerts on any updates that affect your account when you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).