The crypto currency market is in a boom right now and you’re probably thinking where to invest your crypto-coins. Marketplaces are popping up all over the internet, designed to sell and buy NFTs using cryptocurrency! OpenSea is one of them and is worth a look.
If you’re familiar with cryptocurrency, you’ve likely heard of OpenSea before for a good reason. It has become one of the biggest and leading marketplaces among users of cryptocurrency due to its safety and speedy transactions.
Get on board, and let’s explore the possibilities of OpenSea as well as examining what NFTs you can view!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick review. After, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace OpenSea Bulk Upload
The aim for OpenSea was to simply provide an online marketplace for artists to upload their commissions, without having to pay any additional fees. It has more functions that let you sell your art without too many issues.
In terms of registration, you won’t have to provide all of your personal details. All you need to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It can be as simple as that, without many hurdles as you walk 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 to carry out the majority of processes. It also operates with the Polygon blockchain, which allows for the lowest cost and speediest trading.
With these two kinds of blockchains available, you can choose which one you want to transfer your NFT to as a seller. This is to ensure the security of your NFT, along with the people who want to purchase it. All transactions will be made using this blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall where you can exchange your NFTs or cryptocurrency for other NFTs. You can purchase anything from as simple as a domain name to an official artwork from an artist that you admire. Anyone can sell, but it takes some time for anyone to be a reputable one.
There are a variety of NFTs from the selection of NFTs available at OpenSea, and you can also be a part of this! You can start your own marketplace on this site, as well as find NFTs you’d like to buy for yourself.
What is an NFT?
In a recent advancement for the crypto industry”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that a lot of millennials are familiar with it but aren’t exactly sure what it means. Let’s break down what an NFT is for any beginners in the field of cryptocurrency.
One of the new things that you can buy with cryptocurrency is an NFT. An NFT is a non-fungible token that is unique and can’t be replaced. It can be an item of any rareness like authentic baseball cards or a rare vinyl record.
There’s no limit on what an NFT could be, since it’s a non-fungible object that you can sell on the internet. In simpler terms, you could simply imagine as an NFT to be a type of digital item that is paid for using cryptocurrency only.
Minting is like calling dibs on your own NFTs. It is a way of claiming the ownership of the particular item that you have uploaded to the marketplace, and you’re selling it. Usually, this is recognized after you fill in all the necessary information about the NFT and upload it to the marketplace.
On OpenSea It’s a very simple process to mint your NFTs. All you have to do is visit the store and simply creating a collection to start! Fill out the proper and correct information regarding your NFT and choose what kind of settings you want to use it with (e.g., blockchain and payments tokens). Once that’s all done then you’re able to upload it to the internet if it’s in the limit of 100MB.
It is possible to wait and see the way transactions are handled from now on to see whether OpenSea is the marketplace for you.
What NFTs are available here?
In this moment you’re probably thinking about what kind of NFTs can be found here and what kind of NFTs you can also sell if you decide to pursue that route. The kind of NFT it isn’t limited since there’s a broad range of options for how to do it.
You can be selling digital products, trading cards games domain names, also physical goods! Explore what you believe can reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what differentiates OpenSea from the others. There are no gas costs when you utilize this feature to create and market NFTs. This means you’ll get the most profit when you begin selling since you don’t need to pay on additional fees.
Very few NFT marketplaces provide this feature, and it is great for you to earn a high return from your portfolio.
The Referral Program is another unique aspect of OpenSea to take note of. Similar to traditional online markets, you can receive rewards when you refer someone else 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 purchase amount, letting you make more money from this act.
Other NFT marketplaces do not have this kind of feature either This is a further advantage OpenSea has over the other marketplaces.
There is an OpenSea mobile application, however it is mainly used to browse the marketplace. Unfortunately, you can’t purchase or sell items as you scroll through the list.
The mobile apps from OpenSea are accessible on both iOS as well as Android. Even though you can’t buy or sell something, you can at least explore the products you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are to you You can also trade your fiat currency for cryptocurrency using these platforms. OpenSea Bulk Upload
You can swap the fiat currency you have with a the credit card, or Paypal through these trusted sites for cryptocurrency:
- Bittrex, and many more!
All of these have the option of converting them into ETH, which is the most common cryptocurrency payment option in OpenSea.
While OpenSea is an NFT marketplace open to all forms of crypto, wallets are nonetheless more compatible than others. Since it is built on the ETH blockchain, all wallets which are part of that network will be suitable for this website.
Here’s a list of different crypto wallets you can utilize in OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations like easy registration, only mobile usage and the ability to purchase cryptocurrency with a credit card. OpenSea Bulk Upload
To learn more about it You can go through their FAQs to get the steps you can start and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has advantages and drawbacks. OpenSea isn’t an exception to this. You can view its pros and pros here:
- Mobile apps available that are compatible with iOS or Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto market and NFTs.
- Allows royalty rates of 10% to artists (low royalties).
- Cannot buy or sell on the mobile app.
- Only supports cryptocurrency as its form of payment.
- An Crypto digital wallet must be used to use this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. In the end, you’ll quickly recover this amount if you are actively selling since there’s no additional cost for it.
Frequently Asked Questions OpenSea Bulk Upload
What is OpenSea?
OpenSea is an NFT marketplace that aims to offer artists a way to market their work online and receive cryptocurrency as a method of payment. It’s an ideal platform for artists who use the platform to market NFTs due to its low 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 which is why you should definitely check it out!
Is OpenSea legitimate and safe?
Answer: Yes! OpenSea has been a trusted marketplace since it was founded in the year of 2018. Because its system is built on a blockchain and is secured, it is safe to claim that your transactions are safe and secure.
Furthermore, as a seller, you will be verified after you have built up your credibility. A blue checkmark will be assigned next to your account or the collection that you have uploaded to assure anyone who buys from you. The team at OpenSea regularly checks the content to ensure users are secure.
How do I earn royalties on OpenSea?
As an artist, you’ll be paid only 10 percent of the royalties after you upload the NFT. This is thought to be reasonably low compared against the other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) is commonly utilized on this website and other sites to provide the increasing number of crypto users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can use to use OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. You can buy and sell cryptocurrency on trusted platforms with fiat money. All you need to do is connect your credit card or Paypal for the transaction.
Does OpenSea have a desktop/mobile application?
As previously mentioned, there is definitely an official mobile app by OpenSea for both iOS as well as Android. Download it at their respective app store and then you can begin browsing through the collection right now!
There is also 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/).