The crypto currency market is in a boom right now, and you’re probably wondering where to invest your crypto-coins. Marketplaces are popping up all over the digital web designed to sell and buy NFTs via cryptocurrency! OpenSea is among them and is worth a look.
If you’re familiar with cryptocurrency you’ve likely heard of OpenSea before for a good reason. It’s now one of the largest and leading marketplaces among cryptocurrency users because of its security and quick transactions.
Now hop aboard, and let’s see the possibilities of OpenSea, along with checking the NFTs that you can see!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace OpenSea Gifs
The purpose for OpenSea was to simply provide artists with a marketplace/platform to upload their commissions without any extra fees. It also has additional functions which allow you to market your art without too many issues.
For the registration process, you don’t have to worry about giving all of your personal details. All you have to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as easy as that without going through many hurdles as you walk into NFTs.
The most well-known cryptocurrency to use within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology which is utilized for most processes. It also operates on the Polygon blockchain, which ensures the lowest cost and speediest trading.
With these two kinds of blockchains it is possible to choose which one you’d like to publish your NFT as a seller. This will ensure the security of your NFT, along with those who would like to purchase it. All transactions will be made by using the blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall where you can trade in your NFTs or cryptocurrency for other NFTs. You can buy anything just a domain name to an official artwork from an artist that you admire. Anyone can become a seller however it takes a while for anyone to become an established one.
There are a variety of NFTs of NFTs available on OpenSea, and you can also be a part of this! You can set up 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 advancement for the crypto 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 means. Let’s break down what an NFT is for anyone who is new in cryptocurrency.
One of the newest things you can purchase your cryptocurrency includes an NFT. A NFT is a non-fungible currency that is unique and can’t be substituted. It can be an item of rareness like authentic baseball cards, or a rare vinyl record.
There’s no limit to what an NFT could be, since it’s a non-fungible thing that you can sell on the internet. In simpler terms, you could simply think of an NFT to be a type of digital collectible which is only paid in cryptocurrency.
Minting is like calling the shots for your personal NFTs. You are calling ownership over that particular token/item you uploaded on the market place, but you’re selling it. Typically, this is official when you have filled in the correct information about the NFT and add it on the market.
On OpenSea, it’s a simple procedure to create your own NFTs by visiting the store and then making a collection to begin! Input the appropriate and accurate information about your NFT and select the type of settings you’d like to use it with (e.g. blockchain and money transfer tokens). After you’ve completed the process you are able to upload it, if it’s within the limit of 100MB.
You can wait and observe how the transactions go from now on to see whether OpenSea is the best marketplace for you.
What NFTs are available here?
At this point you’re probably asking yourself which kind of NFT be purchased here, and what you could sell should you decide to go down that path. The kind of NFT it is indefinite because there’s a wide range of ways to go about it.
You could be selling trade cards, digital goods game assets, domain names, and also physical goods! Explore what you believe can bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that sets OpenSea from the others. There are zero gas fees for using this feature to create and market NFTs. This simply means that you’ll receive the maximum profits when you sell because you won’t have to spend on additional fees.
Not many NFT marketplaces have this feature, which is why this can be a fantastic way to earn a high return from your collection.
The Referral Program is another unique aspect of OpenSea to admire. Similar to traditional online markets that offer benefits when you refer someone else to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from there you’ll earn 2.50% of the sale amount, which allows you to earn more cash from this act.
Other NFT marketplaces do not have this kind of feature either and that’s another advantage OpenSea has over the other marketplaces.
There is an OpenSea mobile application, however it’s mostly to browse the marketplace. You can’t buy or sell anything while you browse through the listings.
OpenSea’s mobile apps are available for both iOS in addition to Android. Even though you can’t buy or sell things, you can explore the products you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available for you to use You can also convert your fiat money into cryptocurrency using these platforms. OpenSea Gifs
You can swap your fiat money via the credit card, or Paypal on these reliable websites to exchange it for crypto:
- Bittrex and more!
All of these have the option of converting them into ETH, which is the most common cryptocurrency used in OpenSea.
While OpenSea has been described as being an NFT marketplace that is open to all kinds of cryptocurrency, the wallets still more compatible with it than other. Because it is based using an ETH blockchain, all wallets that share this network are appropriate for this website.
Here’s a list several crypto wallets you can use in OpenSea:
- Authereum and much 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 and the ability to purchase cryptocurrency with credit cards. OpenSea Gifs
To know more about it You can go through their FAQs to see the steps you can begin and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with advantages and drawbacks. OpenSea isn’t the only one to have this. You can read about its pros and pros here:
- Available as mobile apps for iOS or Android.
- Smart contracts are used for transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto market and NFTs.
- Allows royalty rates of 10% to artists (low royalty).
- You cannot buy or sell products via our mobile apps.
- Only supports cryptocurrency as its type of payment.
- An Crypto account is needed to access this marketplace.
OpenSea is open to everyone who owns any crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. In the end, you’ll easily recover that amount when you actively sell because there’s no additional cost for it.
Frequently Asked Questions OpenSea Gifs
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to provide artists a platform to sell their works online and receive cryptocurrency as their form of payment. It’s a great option for artists who want to use for selling NFTs due to its no gas fees and low commission fee rate that you have to pay.
You can shop and browse a vast collection of digital goods in this NFT marketplace and you must check it out!
Is OpenSea legitimate and safe?
The short answer is yes! OpenSea is a reputable marketplace since its inception at the end of the year 2018. Since its system is built on blockchain technology, it is safe to declare that transactions are secure and safe.
Furthermore as a seller you’ll be verified when you have built up your credibility. A blue checkmark will be assigned on your account or the collection you’ve uploaded to ensure the safety of anyone who buys from you. OpenSea’s team regularly reviews the content to ensure users are safe.
How do I earn royalties from OpenSea?
As an artist, you will receive only up to 10% of the royalties once you upload the NFT. This is believed to be reasonably low compared against the other NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) is commonly used on this site and numerous others to cater for the increasing number of cryptocurrency users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can utilize to access OpenSea.
What are the payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. It is easy to buy or trade cryptocurrency using reliable platforms using fiat currency. All you have be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea have a desktop or mobile app?
As we mentioned earlier There is an official mobile app from OpenSea that is available for iOS or Android. You can download it through their app store and then you can begin exploring the collection now!
A version for desktops that OpenSea can be downloaded via WebCatalog. On the desktop app you can manage multiple accounts and get 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/).