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 using cryptocurrency! OpenSea can be one, and it’s worth looking into.
If you’re familiar with cryptocurrency you’ve probably heard about OpenSea before for a good reason. It’s one of the biggest and most popular marketplaces for cryptocurrency users because of its safety and speedy transactions.
So, hop on board and let’s see the possibilities of OpenSea, along with checking the NFTs available to view!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. After, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace OpenSea At Night
The aim to create OpenSea was to simply provide a platform/marketplace for artists to upload commissions without any extra fees. It has more functions which allow you to market your art without too many issues.
For the registration process, you don’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 easy as that and without much hassle as you step into NFTs.
The most well-known cryptocurrency used on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology and is used for most processes. It is also based on the Polygon blockchain to ensure lower costs and faster trading.
There are two types of blockchains, you can choose which one you want to publish your NFT as an seller. This is to ensure the security of your NFT and the people who want to buy it. Every transaction will be conducted by using the blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall where you can exchange your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything the simplest domain name, to a piece of art by an artist you admire. Anyone can sell, but it takes a while for anyone to become a reputable one.
There are a variety of NFTs of NFTs available on OpenSea, and you can become a part of this! You can set up your own marketplace here, along with finding NFTs you’d like to buy for yourself.
What is an NFT?
In a recent advancement for the crypto industry,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on the internet that a lot of millennials have heard of it but aren’t exactly sure what it is. Let’s take a look at what NFT is for any beginners in the field of cryptocurrency.
One of the latest ways that you can buy with cryptocurrency is an NFT. A NFT is a non-fungible currency that is exclusive and cannot be replaced. This can be an item of any rareness, such as mint-condition baseball trading cards or uncommon vinyl record.
There is no limit to what an NFT can be since it’s a non-fungible object you’re selling on the internet. More straightforwardly, you can just think of as an NFT to be a type of digital collectible that is paid for using cryptocurrency only.
Minting is like calling the shots to your NFTs. You are calling ownership over that particular token/item you uploaded on the market place, but you’re selling it. Typically, this is official once you fill out the correct information about the NFT and then submit it for sale on.
On OpenSea it’s a straightforward process to mine your NFTs by going to the store and simply create a collection! Complete the correct and accurate information about your NFT and choose what kind of settings you’d like to use to use it with (e.g. blockchain and payments tokens). After that then you’re able to upload it to the internet if it’s in the 100 MB limit.
You can wait and observe how transactions progress from here on out to see whether OpenSea is the best marketplace for you.
What NFTs can you find here?
In this moment you’re probably thinking about what kind of NFTs you shop for here and what kind of NFTs you can sell should you decide to go down that path. The type of NFT that you can purchase is unlimited because there’s a wide range of options for how to approach it.
You could be selling trade cards, digital goods game assets domain names, also physical goods! Find out what you think will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what differentiates OpenSea from the others. There’s no cost for gas when you use this feature to mint and sell NFTs. This simply means that you’ll be able to make the highest profits once you sell because you don’t need to pay on additional fees.
Very few NFT marketplaces provide this feature, and it can be a fantastic way to receive high profit from your collection.
The 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 refer a friend to join OpenSea and buy an NFT from there, you’ll receive 2.50 percent of the purchase amount, which allows you to earn more cash from this act.
Other NFT marketplaces do not have the same feature, so that’s just another advantage OpenSea has over the other marketplaces.
There is an OpenSea mobile app, but it is mainly used for perusing through the marketplace. It isn’t able to purchase or sell items as you scroll through the list.
The mobile apps from OpenSea are accessible for the two platforms of iOS in addition to Android. While you’re not able to buy or sell things, you can at least look through the options you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available for you to use to convert your fiat money into cryptocurrency through these platforms. OpenSea At Night
You can swap your fiat currency using a credit card or Paypal via these reputable websites for cryptocurrency:
- Bittrex, and more!
All of them have the option of exchange for ETH that is the most common crypto payment in OpenSea.
Although OpenSea is an NFT marketplace open to all types of cryptocurrency, the wallets still more compatible with it than others. Since it is built using an ETH blockchain, any wallets which are part of the same network are suitable for this website.
Here is a list of several crypto wallets you can use in OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations including simple registration, use on mobile devices only as well as the capability to purchase cryptocurrency using credit cards. OpenSea At Night
To learn more about it, you can check their FAQs for a rundown of how you can start and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has its advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and pros here:
- Available as mobile apps that are compatible with iOS and Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalties of only 10% to artists (low royalty).
- Cannot buy or sell through the mobile app.
- Only accepts cryptocurrency as a form of payment.
- A Crypto account is needed for this marketplace.
OpenSea is accessible to everyone who has any crypto currency in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. In the end, you’ll quickly regain that when you sell regularly since there’s no extra charge for it.
Frequently Asked Questions OpenSea At Night
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to give artists a chance to sell their works online, and to accept cryptocurrency as a method of payment. It’s a great platform for artists who use for selling NFTs due to its low gas fees and low commission fees you must pay.
You can browse and purchase a vast collection of digital goods in this NFT marketplace which is why you should definitely go through it!
Is OpenSea legit & secure?
Short answer: Yes! OpenSea has been a trusted marketplace since it was founded in the year 2018. Since its system is built on a blockchain, it is safe to claim that your transactions are secure and safe.
Additionally, as a seller, you will be verified after you build up your reputation. A blue checkmark is placed to your account or the collection you uploaded to reassure anyone who buys from you. OpenSea’s team regularly reviews the content to ensure users are safe.
How do I earn royalties on OpenSea?
However, as an artist, you will get only 10 percent of the royalties when you have uploaded the NFT. This is thought to be quite low in comparison with other NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) can be commonly used on this site and many others to accommodate the increasing number of cryptocurrency users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can make use of for OpenSea.
What are the payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. It is easy to buy or trade cryptocurrency using secure platforms that accept fiat money. All you have be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea has a mobile or desktop app?
As previously mentioned There is an official mobile app by OpenSea that is available for iOS or Android. Download it at their respective app store and begin exploring the collection now!
The desktop application for OpenSea which can be downloaded from WebCatalog. In the desktop application you are able to manage multiple accounts as well as receive notifications about updates to 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/).