The cryptocurrency market is on the rise and you’re probably wondering where to invest your crypto-coins. There are numerous marketplaces popping up all over the digital web designed to sell and buy NFTs via cryptocurrency! OpenSea is among them, and it’s worth checking out.
If you’re interested in crypto, you’ve likely heard of OpenSea before for a good reason. It has become one of the largest and leading marketplaces among users of cryptocurrency due to its security and rapid transactions.
Now hop aboard, and discover what you can do with OpenSea and also see the NFTs that you can see!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace OpenSea Ceo
The aim of OpenSea was to provide an online marketplace for artists to upload commissions with no additional fees. It also has additional functions that allow you to sell your art without too many problems.
For registration, you don’t need to give all of your personal details. All you have to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It can be as simple as that without going through many hassles when you enter into NFTs.
The most widely-used cryptocurrency to use in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology which is utilized for most processes. It is also based with the Polygon blockchain, which ensures lower costs and faster trading.
There are two types of blockchains that are available you can pick which one you would like to upload your NFT on as a seller. This is to ensure the security of your NFT, along with the people who want to buy it. Every transaction will be conducted by using the blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace where you can exchange your NFTs or cryptocurrency for other NFTs. You can buy anything the simplest domain name, to a piece of art by an artist you admire. Anyone can sell, but it takes a while before anyone can become an established seller.
There is a wide variety of NFTs available at OpenSea and you could also be a part of this! You can start your own marketplace here, along with finding NFTs you’d like to buy for yourself.
What is an NFT?
In a recent development for 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 aren’t exactly sure what it is. Let’s look at what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the latest ways you can purchase your cryptocurrency can be an NFT. A NFT is a token that is non-fungible which is extremely individual and cannot be substituted. This can be a piece of rareness, such as authentic baseball cards, or a rare vinyl record.
There’s no limit on what an NFT can be since it’s a non-fungible item that you can sell on the internet. In simpler terms, you could just consider the NFT being a virtual item which is only paid in cryptocurrency.
Minting is like calling dibs for your personal NFTs. It is a way of claiming the owner of the item or token that you posted to the market place, but you’re offering it for sale. Typically, this is official after you fill in the correct information about the NFT and add it on the market.
On OpenSea, it’s a simple process to mint your NFTs. All you have to do is visit the store and then create a collection! Fill out the proper and accurate information about your NFT and choose what kind of settings you’d like to use to use it with (e.g., blockchain or money transfer tokens). Once that’s all done, you can finally upload it if it fits the limit of 100MB.
You can wait and observe how the transactions go from now to see if OpenSea is the marketplace for you.
What NFTs can you get here?
At this point, you’re probably wondering what kind of NFTs can you shop for here and what kind of NFTs you can sell should you decide to go that route. The kind of NFT it can be is indefinite since there’s a broad range of how you can go about it.
It is possible to sell digital products, trading cards, game assets, domain names, and some physical items! Consider what you believe will bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that differentiates OpenSea from the other options. There are zero gas fees for using this feature when you mint and sell NFTs. This simply means that you’ll receive the maximum profits when you begin selling since you won’t need to spend on additional fees.
Very few NFT marketplaces provide this feature, and it is a great way to earn a high return from your portfolio.
The Referral Program is a different aspect of OpenSea to be admired. Similar to traditional online markets, you can receive advantages when you refer your friend to OpenSea! If you invite a friend to join OpenSea and buy an NFT from there you’ll be rewarded with 2.50% of the sale amount, which allows you to earn more money from this act.
Other NFT marketplaces do not have this kind of feature either, so that’s just another benefit OpenSea has over the other marketplaces.
There’s an OpenSea mobile app, but it’s mostly to browse through the marketplace. It isn’t able to purchase or sell items as you scroll through the list.
OpenSea’s mobile apps are available for both iOS in addition to Android. While you’re not able to buy or sell something, you can at least browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available at your disposal, and you can convert your fiat money into cryptocurrency on these platforms. OpenSea Ceo
You can exchange your fiat money via the credit card, or Paypal through these trusted sites to exchange it for crypto:
- Bittrex and other things!
All of them have the option of exchange for ETH that is the most common crypto payment in OpenSea.
Although OpenSea can be described as an NFT marketplace open to all kinds of cryptocurrency, wallets are nevertheless more compatible than other. Since it is built around an ETH blockchain, all wallets that share the same network are suitable for this site.
Here’s a list of several crypto wallets you can utilize in OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations, such as easy registration, use on mobile devices only and the ability to purchase cryptocurrency using credit cards. OpenSea Ceo
To know more about it, you can check their FAQs to get a rundown of how you can start and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with advantages and drawbacks. OpenSea isn’t the only one to have this. You can view its pros and cons here:
- Available as mobile apps for iOS as well as Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalty rates of up to 10% for artists (low royalty rates).
- It is not possible to buy or sell items on the mobile app.
- Only accepts cryptocurrency as a type of payment.
- An Crypto digital wallet must be used to use this marketplace.
OpenSea is open to everyone who has any crypto currency in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. But overall, you can quickly recover this amount if you sell regularly since there’s no additional cost for it.
Frequently Asked Questions OpenSea Ceo
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to give artists a chance to market their work online, and to accept cryptocurrency as their form of payment. It’s a great platform for artists who use it to sell NFTs due to its no gas fees and low commission fee rate that you have to pay.
You can browse and shop for an array of digital items on the NFT marketplace and you must take a look!
Is OpenSea legit & safe?
Short answer: Yes! OpenSea is a reputable marketplace since it was established in the year of 2018. Since its system is built on a blockchain and is secured, it is safe to declare that transactions are safe and secure.
Furthermore as a seller you will be verified after you’ve earned a reputation. A blue checkmark will be assigned to your account or collection you uploaded to reassure every customer. The team at OpenSea regularly checks the content to ensure that users are safe.
How do I earn royalties from OpenSea?
As an artist, you’ll get only 10% of the royalties once you upload the NFT. This is believed to be reasonably low compared to the other NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) is frequently used on this site as well as numerous others to cater for more cryptocurrency users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can make use of for OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. You can easily purchase or trade cryptocurrency using trusted platforms with fiat money. All you need to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea have a desktop or mobile app?
As previously mentioned, there is definitely an official mobile app from OpenSea available for both iOS and Android. You can download it through their app store, and begin browsing through the collection right now!
The Desktop application that OpenSea which can be downloaded from WebCatalog. In the desktop application you can manage multiple accounts and get alerts on any updates that affect your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).