Cryptocurrency is booming right now, and you’re probably wondering where to invest your crypto currency. Marketplaces are popping up all over the internet, designed to purchase and sell NFTs via cryptocurrency! OpenSea is one of them and is worth looking into.
If you’re familiar with cryptocurrency you’ve probably heard about OpenSea prior to this for a valid reason. It’s one of the largest and leading marketplaces among cryptocurrency users because of its security and quick transactions.
So, hop on board and let’s see the possibilities of 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 overview. After, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace OpenSea Download
The purpose to create OpenSea was to provide a platform/marketplace for artists to easily upload their commissions without any extra fees. There are additional features that allow you to sell your artwork without any problems.
For registration, you don’t need to worry about giving too many details about yourself. All you have to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as easy as that, without many hassles when you enter into NFTs.
The most popular cryptocurrency used within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system and is used for most processes. It is also based on the Polygon blockchain to ensure the lowest cost and speediest trading.
There are two types of blockchains, you can choose which one you’d like to transfer your NFT to as an seller. This is to ensure the security of your NFT, along with those who wish to purchase it. All transactions will be made along with this 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 for other NFTs. You can purchase anything from just a domain name to official art by an artist you admire. Anyone can sell, but it takes a while for anyone to become an established one.
There is a wide variety of NFTs available at OpenSea and you could become a part of the collection! You can set up 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 development for the crypto market, the term “NFT” has been going around so long on the internet that the majority of young people are familiar with it but aren’t exactly sure what it actually means. 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 that you can buy with cryptocurrency can be an NFT. An NFT is a token that is non-fungible which is extremely individual and cannot be changed. This can be a piece of rareness, such as mint-condition baseball trading cards or rare vinyl record.
There is no limit to what an NFT could be, since it’s a non-fungible object that you sell on the internet. It is simpler to simply imagine as an NFT being a virtual item that is paid for using cryptocurrency only.
Minting is similar to calling for dibs for your personal NFTs. It is a way of claiming the ownership of the particular item that you posted to the marketplace, and you’re selling it. Usually, this is recognized when you have filled in the correct information about the NFT and submit it for sale on.
On OpenSea It’s a very simple process to mine your NFTs by going to the store and create a collection! Complete the correct and correct information regarding your NFT and choose what kind of settings you want to use it with (e.g. blockchain or money transfer tokens). Once that’s all done you are able to upload it to the internet if it’s in the 100 MB limit.
It is possible to wait and see how the transactions go from here on out to determine whether OpenSea is the best marketplace for you.
What NFTs are available here?
At this point, you’re probably wondering which kind of NFT can you shop for here and what kind of NFTs you can also sell if you decide to go that route. The type of NFT it is indefinite because there’s a wide range of how you can go about it.
It is possible to sell trade cards, digital goods game assets domain names, also physical goods! Find out what you think will reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that sets OpenSea from the other options. There are zero gas fees when you use this feature when you mint and sell NFTs. This simply means that you’ll be able to make the highest profits once you sell because you won’t need to spend on additional fees.
Very few NFT marketplaces offer this feature, which is why this is a great way to receive high profit from your collection.
A Referral Program is another distinctive feature of OpenSea to be admired. Like traditional online marketplaces that offer benefits when you refer a friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from the site you’ll earn 2.50 percent of the purchase amount, letting you make more money through this action.
Other NFT marketplaces don’t offer this kind of feature either This is a further benefit OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile app, but it is mainly used to browse the marketplace. It isn’t able to purchase or sell items as you browse through the listings.
The mobile apps from OpenSea are accessible for the two platforms of iOS in addition to Android. Even though you can’t buy or sell something, you can look through the options you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are at your disposal You can also exchange your fiat money for cryptocurrency on these platforms. OpenSea Download
You can swap the fiat currency you have with a the credit card, or Paypal through these trusted sites to exchange it for crypto:
- Bittrex, and other things!
All of them have the option to exchange for ETH, which is the standard crypto payment in OpenSea.
While OpenSea can be described as an NFT marketplace open to all kinds of cryptocurrency, the wallets still more compatible with it than other. Since it is built mainly using an ETH blockchain, any wallets with a connection to this network are appropriate for the site.
Here’s a list of various crypto wallets that you can utilize in OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations, such as easy registration, only mobile usage, and the function to buy cryptocurrency using a credit card. OpenSea Download
To learn more about it to learn more, check out their FAQs to see an overview of how you can get started and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has its advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and pros here:
- Available as mobile apps that are compatible with iOS and Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto market and NFTs.
- Allows royalties up to 10% for artists (low royalties).
- You cannot buy or sell products on the mobile app.
- Only accepts cryptocurrency as a method of payment.
- A Crypto account is needed to access this marketplace.
OpenSea is available to anyone who has any crypto currency in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. In the end, you’ll quickly recover this amount if you sell regularly since there’s no additional cost for it.
Frequently Asked Questions OpenSea Download
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to provide artists a platform for selling their artwork online and receive cryptocurrency as a form of payment. It’s an excellent platform for artists who use for selling NFTs due to its no cost of gas and the low commission rate you must pay.
You can browse and purchase the vast array of digital products on this NFT marketplace, so you should check it out!
Is OpenSea legit & secure?
The short answer is yes! OpenSea is a reputable marketplace since it was founded on the 1st of December in 2018. Since its system is built on blockchain technology that is secure, you can say that your transactions are safe and secure.
Furthermore as a seller you’ll be verified when you build up your reputation. A blue checkmark is placed to your account or collection you’ve uploaded to ensure the safety of any customer. The team at OpenSea regularly checks the content to ensure that users are safe.
How can I earn royalties on OpenSea?
Unfortunately, as an artist, you can be paid only 10 percent of the royalties after you upload the NFT. This is considered to be reasonably low compared against others NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) is widely used on this site as well as numerous others to cater for more cryptocurrency users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize to access OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. It is easy to buy or trade cryptocurrency using reliable platforms using fiat currency. All you need be able to connect is your credit or Paypal for the transaction.
Does OpenSea have a desktop/mobile application?
As we mentioned earlier, there is definitely an official mobile application from OpenSea that is available for iOS or Android. You can download it through their app store and you can start browsing through the collection right now!
There is also a Desktop application that OpenSea that can be downloaded through WebCatalog. On the desktop app 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/).