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 web that allow users to sell and buy NFTs using cryptocurrency! OpenSea can be one, and it’s worth a look.
If you’re interested in crypto, you’ve likely heard of OpenSea before for a good reason. It’s one of the biggest and leading marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.
Get on board, 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 check out this video by TopHatCat on YouTube that gives a quick overview. After, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace OpenSea Freeze Metadata
The goal of OpenSea was to simply provide an online marketplace for artists to upload commissions without any extra costs. There are additional features that allow you to sell your artwork without any problems.
When it comes to the registration process, you don’t have to give all of your personal details. All you need to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It can be as simple as that and without many hassles when you enter into NFTs.
The most widely-used cryptocurrency used in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system, and this is used to carry out the majority of processes. It also functions using the Polygon blockchain to ensure lower costs and faster trading.
With these two kinds of blockchains that are available you can pick which one you would like to publish your NFT as seller. This ensures the safety of your NFT as well as those who would like to purchase it. All transactions are made along with this blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything the simplest domain name to official art by an artist you admire. Anyone can become a seller, but it takes a while for anyone to be an established one.
There is a wide variety from the selection at OpenSea and you could join in with that! You can create your own market on this site, as well as find NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent development for the crypto industry”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that a lot of millennials have heard of it but aren’t sure exactly what it is. Let’s break down what an NFT is for anyone who is new in cryptocurrency.
One of the new things that you can buy with cryptocurrency includes an NFT. The NFT is a non-fungible currency which is extremely unique and can’t be replaced. It can be an item of any rareness like rare baseball trading cards in mint condition or a unique vinyl album.
There’s no limit on what an NFT could be, since it’s a non-fungible item you’re selling online. In simpler terms, you could just imagine as an NFT being a virtual item which is only paid in cryptocurrency.
Minting is like calling dibs to your NFTs. You are calling the ownership of the particular item that you have uploaded to the market place, but putting it up for sale. Usually, this becomes official once you fill out all the necessary information about the NFT and submit it for sale on.
On OpenSea it’s a straightforward procedure to create your own NFTs. All you have to do is visit the store and then creating a collection to start! Complete the correct and accurate information about your NFT and select the type of settings you want for it (e.g. blockchain, payments tokens). After you’ve completed the process, you can finally upload it to the internet if it’s in the limit of 100MB.
You can watch and see the way transactions are handled from here on out to determine if OpenSea is the best marketplace for you.
What NFTs can you find here?
So, at this point you’re probably asking yourself the kind of NFTs you shop for here and what kind of NFTs you can sell should you decide to go down that path. The kind of NFT it is unlimited since there’s a broad range of how you can approach it.
You can be selling digital products, trading cards, game assets, domain names, and also physical goods! Find out what you think will yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that separates OpenSea from other companies. There’s no cost for gas for using this feature when you create and market NFTs. This simply means that you’ll receive the maximum profits when you begin selling since you don’t need to pay on extra fees.
There aren’t many NFT marketplaces offer this feature, which is why this is great for you to earn a high return from your collection.
This Referral Program is another unique 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 the site you’ll be rewarded with 2.50 percent of the purchase amount, which means you can make more money from this act.
Other NFT marketplaces don’t offer this feature, so that’s just another advantage OpenSea has over them.
There’s an OpenSea mobile application, however it is mainly used for perusing through the marketplace. You can’t buy or sell items as you scroll through the list.
The mobile apps of OpenSea are available on the two platforms of iOS and Android. Although you aren’t able to purchase 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 for you to use, and you can convert your fiat money into cryptocurrency on these platforms. OpenSea Freeze Metadata
You can convert the fiat currency you have with 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 standard crypto payment in OpenSea.
While OpenSea is an NFT marketplace that is open to all forms of cryptocurrency, the wallets nevertheless more compatible than others. Since it is built using an ETH blockchain, all wallets with a connection to that network will be suitable for the site.
Here’s a list of several crypto wallets you can use in OpenSea:
- Authereum and many more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each has its own limitations like easy registration, mobile-only usage as well as the capability to purchase cryptocurrency with the credit card. OpenSea Freeze Metadata
For more information about the service, you can check their FAQs to see a rundown of how you can begin and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has its advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and pros here:
- Mobile apps are available for iOS or Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalty rates of 10% to artists (low royalty).
- You cannot buy or sell products through the mobile app.
- Only accepts cryptocurrency as a form of payment.
- A Crypto wallet is required for this marketplace.
OpenSea is available to anyone who owns any crypto coins in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. However, overall, you will easily recover that amount when you are actively selling since there’s no additional cost for it.
Frequently Asked Questions OpenSea Freeze Metadata
What is OpenSea?
OpenSea is an NFT marketplace that aims to offer artists a way to sell their works online, and to accept cryptocurrency as their form of payment. It’s an ideal platform for artists using for selling NFTs because of its zero gas fees and low commission fee rate which you are required to pay.
You can shop and browse an array of digital goods in this NFT marketplace which is why you should definitely go through it!
Is OpenSea real and is it safe?
The short answer is yes! OpenSea is a reputable marketplace since it was established on the 1st of December in the year 2018. Since its system is built on a blockchain that is secure, you can declare that transactions are protected and secured.
Additionally, as a seller, you’ll be verified when you’ve earned a reputation. A blue checkmark is placed next to your account or any collection that you have uploaded to assure anyone who buys from you. The team at OpenSea regularly checks the content to ensure that users are protected.
How can I earn royalties on OpenSea?
As an artist, you will be paid only 10 percent of the royalties when you have uploaded the NFT. This is believed to be quite low in comparison against the other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) is widely utilized on this website and other sites to provide more crypto users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can use to access OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. You can easily purchase or trade cryptocurrency using secure platforms that accept fiat money. All you need to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea have a desktop/mobile application?
As mentioned before, there is definitely an official mobile application from OpenSea for both iOS and Android. Install it from their app store and begin exploring the collection right now!
The version for desktops 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 from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).