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 all over the digital web designed to purchase and sell NFTs with cryptocurrency! OpenSea is among them, and it’s worth checking out.
If you’re familiar with cryptocurrency you’ve probably heard of OpenSea before for a good reason. It’s now one of the biggest and most popular marketplaces among users of cryptocurrency due to its security and quick transactions.
So, hop on board and discover the possibilities of OpenSea and also see the NFTs that you can see!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace OpenSea Crypto Raiders
The goal of OpenSea was to provide an online marketplace for artists to easily upload their commissions, without having to pay any additional charges. There are additional features that allow you to sell your work without having to deal with many problems.
When it comes to registration, you don’t need to provide too many details about yourself. All you have to do is connect your crypto 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 popular cryptocurrency used within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system and is used for most processes. It also operates with the Polygon blockchain to ensure low-cost and quicker trading.
With these two types of blockchains that are available, you can choose which one you’d like to transfer your NFT to as seller. This is to ensure the security of your NFT and the people who want to purchase it. All transactions are made along with this blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace that lets you trade your NFTs or cryptocurrency for other NFTs. You can buy anything the simplest domain name to an official artwork from an artist you admire. Anyone can be a seller however, it takes a while for anyone to be an established seller.
There’s a huge selection from the selection on OpenSea and you can become a part of this! You can start your own market here, along with finding NFTs that you would like to purchase yourself.
What is an NFT?
A recent change in the crypto industry”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that the majority of young people have heard of it but aren’t exactly sure what it actually means. Let’s look at what an NFT is for any beginners in the field of 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 unique and can’t be replaced. It can be a piece of rareness, such as authentic baseball cards or unique vinyl album.
There’s no limit on what an NFT could be, since it’s a non-fungible thing that you can sell on the internet. It is simpler to just think of the NFT being a virtual item which is only paid in cryptocurrency.
Minting is like calling dibs for your personal NFTs. You’re claiming the owner of the item or token you uploaded on market, as you’re putting it up for sale. Usually, this is recognized once you fill out the correct information about the NFT and then add it on the market.
On OpenSea, it’s a simple procedure to create your own NFTs by visiting the store and then creating a collection to start! Complete the correct and correct information regarding your NFT and then select what type of settings you want for it (e.g. blockchain, payment tokens). Once that’s all done, you can finally upload it if it fits the limit of 100MB.
It is possible to wait and see how the transactions go from here on out to determine if OpenSea is the marketplace for you.
What NFTs can you get here?
So, at this point you’re probably thinking about which kind of NFT be found here and what kind of NFTs you can sell should you decide to pursue that route. The type of NFT that you can purchase is unlimited as there’s a variety of options for how to do it.
It is possible to sell trade cards, digital goods game assets, domain names, and some physical items! Find out what you think will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that differentiates OpenSea from the others. There are no gas costs when you use 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 sell because you don’t need to pay on additional fees.
There aren’t many NFT marketplaces offer this feature, so this is great for you to receive high profit from your NFT collection.
A Referral Program is a different aspect of OpenSea to take note of. Like traditional online marketplaces that offer advantages when you refer your friend to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from there you’ll be rewarded with 2.50 percent of the sales amount, which allows you to earn more money through this action.
Other NFT marketplaces don’t have this kind of feature either This is a further benefit OpenSea has over them.
There is an OpenSea mobile app, but it is mainly used to browse through the marketplace. You can’t buy or sell anything while you browse through the listing.
The mobile apps of OpenSea are available for the two platforms of 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
Numerous cryptocurrency exchange platforms are available for you to use to convert your fiat money into cryptocurrency using these platforms. OpenSea Crypto Raiders
You can swap your fiat money via the credit card, or Paypal on these reliable websites to exchange it for crypto:
- Bittrex and many more!
All of these have the option of converting them into ETH which is the primary cryptocurrency used in OpenSea.
Although OpenSea is an NFT marketplace that is open to all types of cryptocurrency, wallets are nonetheless more compatible than other. Because it is based around an ETH blockchain, all wallets with a connection to the same network are suitable for this website.
Here’s a list of several crypto wallets you can use in OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each wallet has its own restrictions like easy registration, use on mobile devices only as well as the capability to buy cryptocurrency using a credit card. OpenSea Crypto Raiders
To know more about it You can go through their FAQs for the steps you can get started and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has its advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and pros here:
- Mobile apps are available for iOS or Android.
- Smart contracts can be used to perform transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto world and NFTs.
- Allows royalties 10% for artists (low royalty rates).
- You cannot buy or sell products through the mobile app.
- Only accepts cryptocurrency as a 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 crypto wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. However, overall, you will easily recover that amount when you sell regularly since there’s no additional cost for it.
Frequently Asked Questions OpenSea Crypto Raiders
What is OpenSea?
OpenSea is an NFT marketplace that is designed to offer artists a way for selling their artwork online, and to accept cryptocurrency as a form of payment. It’s an excellent platform for artists who use for selling NFTs due to its low cost of gas 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 check it out!
Is OpenSea legitimate and is it safe?
Answer: Yes! OpenSea is a reputable marketplace since it was founded on the 1st of December 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 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 any collection you’ve uploaded to ensure the safety of every customer. OpenSea’s team regularly reviews the content to ensure users are secure.
How can I earn royalties on OpenSea?
Unfortunately, as an artist, you’ll be paid only 10 percent of the royalties when you have uploaded the NFT. This is thought to be a reasonable amount compared against others NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) can be commonly used on this site and numerous others to cater for the increasing number of crypto users. These are other cryptos you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can utilize for OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. You can easily purchase or sell cryptocurrency on secure platforms that accept fiat money. All you need just connect your debit or credit card to Paypal for the transaction.
Does OpenSea have a desktop/mobile app?
As mentioned before there’s an official mobile app by OpenSea that is available for iOS or Android. You can download it through their app store, and begin exploring the collection now!
There is also a 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 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/).