The cryptocurrency market is on the rise, and you’re probably wondering where you can invest your crypto currency. Markets have popped up across the internet, designed to purchase and sell NFTs via cryptocurrency! OpenSea is among them and is worth a look.
If you’re interested in crypto you’ve probably heard about OpenSea before for a good reason. It’s 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 as well as examining what NFTs you can view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick review. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace OpenSea Authentication Error
The aim for OpenSea was to offer a platform/marketplace for artists to upload commissions, without having to pay any additional fees. It has more functions that let you sell your work without having to deal with many problems.
When it comes to registration, you don’t need to worry about giving all of your personal details. All you need to connect your crypto wallet–and voila!–you have an account on OpenSea! It can be as simple as that, without much hassle as you step into NFTs.
The most popular cryptocurrency that is used within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology and is used to carry out the majority of processes. It also functions with the Polygon blockchain, which allows for low-cost and quicker trading.
There are two types of blockchains that are available, you can choose which one you want to publish your NFT as a seller. This ensures the safety of your NFT, along with those who would like to purchase it. All transactions are made by using the blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from just a domain name, to a piece of art from an artist you admire. Anyone can become a seller however it takes some time for anyone to be an established one.
There’s a huge selection from the selection on OpenSea and you can become a part of this! You can set up your own market there, and also find NFTs you want to purchase yourself.
What is an NFT?
A recent change in the cryptocurrency industry,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that the majority of young people are familiar with it but not exactly sure what it actually means. Let’s take a look at what NFT is for anyone who is new in cryptocurrency.
One of the newest things you can buy includes an NFT. A NFT is a token that is non-fungible that is exclusive and cannot be changed. This can be an item of rareness like mint-condition baseball trading cards or unique vinyl album.
There is no limit to what an NFT could be, since it’s a non-fungible item you’re selling on the internet. In simpler terms, you could simply imagine the NFT being a virtual collectible that is paid for using cryptocurrency only.
Minting is like calling dibs to your NFTs. You’re claiming the ownership of the particular item you uploaded on the marketplace, and putting it up for sale. Usually, this becomes official once you fill out all the necessary information about the NFT and upload it to the marketplace.
On OpenSea, it’s a simple procedure to create your own NFTs by visiting the store and making a collection to begin! Input the appropriate and accurate information about your NFT and then select what type of settings you’d like for it (e.g. blockchain or payments tokens). Once that’s all done you are able to upload it, if it’s within the 100 MB limit.
You can wait and observe the way transactions are handled from now on to see whether OpenSea is the marketplace for you.
What NFTs can you get here?
In this moment you’re probably thinking about which kind of NFT can be purchased here and what you can sell should you decide to go down that path. The kind of NFT it can be is indefinite as there’s a variety of options for how to do it.
You can be selling digital products, trading cards, game assets, domain names, and some physical items! Consider what you believe will bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what sets OpenSea from other companies. There are zero gas fees for using this feature when you mint and sell NFTs. This is essentially a way to ensure that you be able to make the highest profits once you start selling because you won’t need to spend on any additional charges.
Very few NFT marketplaces offer this feature, so this can be a fantastic way to earn a high return from your NFT collection.
This Referral Program is another unique aspect of OpenSea to admire. Similar to traditional online markets, you can receive rewards when you refer a friend to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from there you’ll earn 2.50 percent of the purchase amount, which means you can earn more money from this act.
Other NFT marketplaces do not have this kind of feature either, so that’s just another benefit OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile application, however it’s mostly used to browse the marketplace. You can’t buy or sell anything as you scroll through the list.
OpenSea’s mobile apps are available for the two platforms of iOS and Android. Although you aren’t able to purchase or sell things, you can at least look through the options you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available to you to exchange your fiat money for cryptocurrency using these platforms. OpenSea Authentication Error
You can convert your fiat currency using a credit card or Paypal via these reputable websites for cryptocurrency:
- Bittrex, and many more!
All of these have the option of exchange for ETH which is the primary cryptocurrency used in OpenSea.
Although OpenSea can be described as an NFT marketplace that is open to all forms of cryptocurrency, the wallets nevertheless more compatible than others. Since it is built mainly around the ETH blockchain, any wallets that share that network will be suitable for the site.
Here’s a list various crypto wallets that you can utilize in OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each one has its own set of limitations including simple registration, only mobile usage, and the function to buy cryptocurrency using the credit card. OpenSea Authentication Error
To know more about it, you can check their FAQs to get an overview of how you can start and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets every one of them has advantages and drawbacks. OpenSea isn’t the only one to have this. You can read about its pros and pros here:
- Mobile apps available for iOS as well as Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto world and NFTs.
- Allows royalty rates of 10% to artists (low royalty rates).
- Cannot buy or sell via this mobile application.
- Only accepts cryptocurrency as a form of payment.
- An Crypto digital wallet must be used for this marketplace.
OpenSea is available to anyone who owns any crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. But overall, you can quickly recover this amount if you sell regularly since there’s no additional cost for it.
Frequently Asked Questions OpenSea Authentication Error
What is OpenSea?
OpenSea is an NFT marketplace that aims to give artists a chance for selling their artwork online to receive cryptocurrency as a method of payment. It’s an excellent platform for artists using the platform to market NFTs because of its zero cost of gas and low commission fees you must pay.
You can browse and shop for an array of digital goods in this NFT marketplace and you must check it out!
Is OpenSea real and secure?
The short answer is yes! OpenSea has been a trusted marketplace since it was established in the year 2018. Since its system is built on blockchain technology, it is safe to declare that transactions are secure and safe.
Additionally as a seller you can become verified once you build up your reputation. A blue checkmark is placed next to your account or collection you uploaded to reassure any customer. OpenSea’s team regularly reviews the content to ensure users are secure.
How do I earn royalties on OpenSea?
Unfortunately, as an artist, you’ll get only 10% of the royalties once you upload the NFT. This is thought to be reasonably low compared against other NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) is widely utilized on this website and numerous others to cater for more crypto users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can use for OpenSea.
What are the payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. You can buy and trade cryptocurrency using reliable platforms using fiat currency. All you need just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea have a desktop/mobile application?
As we mentioned earlier there’s an official mobile app from OpenSea that is available for iOS or Android. You can download it through their app store, and you can start exploring the collection right now!
A desktop application for OpenSea that can be downloaded through WebCatalog. In the desktop application, you can manage multiple accounts and get 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/).