The cryptocurrency market is on the rise and you’re probably thinking where to invest your crypto currency. There are numerous marketplaces popping up all over the web that allow users to purchase and sell NFTs with cryptocurrency! OpenSea can be one and is worth checking out.
If you’re interested in crypto you’ve likely heard of OpenSea prior to this for a valid reason. It’s one of the biggest and most popular marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.
So, hop on board and discover the possibilities of OpenSea, along with checking 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. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace OpenSea Glassdoor
The goal to create OpenSea was to simply provide a platform/marketplace for artists to easily upload their commissions without any extra charges. It also has additional functions which allow you to market your work without having to deal with many difficulties.
For registration, you won’t have to worry about giving any personal information about yourself. All you have to connect your crypto wallet and voila! You have an account on OpenSea! It’s as simple as that without going through many hurdles as you walk into NFTs.
The most widely-used cryptocurrency that is used within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology, and this is used to carry out the majority of processes. It also functions on the Polygon blockchain, which allows for the lowest cost and speediest trading.
There are two types of blockchains that are available you can pick which one you’d like to transfer your NFT to as an seller. This is to ensure the security of your NFT and those who wish to buy it. All transactions will be made along with this blockchain, and you must think about where you should 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. It is possible to purchase anything as simple as a domain name, to a piece of art from an artist you admire. Anyone can sell, but it takes a while for anyone to become a reputable one.
There’s a huge selection from the selection of NFTs available at OpenSea and you can become a part of that! You can create your own marketplace here, along with finding NFTs you want 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 so long on the internet that many millennials are familiar with it , but aren’t sure exactly what it means. Let’s look at what an NFT is for anyone who is new in cryptocurrency.
One of the new things you can purchase your cryptocurrency can be an NFT. An NFT is a non-fungible token that is exclusive and cannot be replaced. It can be an item of any rarity like authentic baseball cards or a rare vinyl record.
There’s no limit on what an NFT could be, since it’s a non-fungible thing that you sell on the internet. More straightforwardly, you can just consider as an NFT being a virtual collectible paid via cryptocurrency only.
Minting is like calling the shots for your personal NFTs. You are calling ownership over that particular token/item that you posted to the market place, but putting it up for sale. Usually, this is recognized after you fill in the proper information regarding the NFT and then add it on the market.
On OpenSea It’s a very simple process to mint your NFTs by visiting the store and simply creating a collection to start! Complete the correct and complete information about your NFT and then select what type of settings you’d like to use for it (e.g. blockchain or payments tokens). After that, you can finally upload it to the internet if it’s in the 100 MB limit.
You can watch and see how transactions progress from now to determine if OpenSea is the best marketplace for you.
What NFTs can you get here?
In this moment you’re probably thinking about which kind of NFT can be purchased here and what kind of NFTs you can sell should you decide to pursue that route. The type of NFT it is indefinite because there’s a wide range of options for how to approach it.
You could be selling trade cards, digital goods games, domain names, and also physical goods! Consider what you believe will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that differentiates OpenSea from the others. There are zero gas fees when you utilize this feature to mint and sell NFTs. This means you’ll receive the maximum profits when you sell because you won’t need to spend on any additional charges.
There aren’t many NFT marketplaces provide this feature, and it can be a fantastic way to earn a high return from your NFT collection.
A Referral Program is another unique aspect of OpenSea to admire. Like traditional online marketplaces, you can receive rewards when you refer someone else to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from the site you’ll be rewarded with 2.50 percent of the purchase amount, letting you earn more money through this action.
Other NFT marketplaces don’t have this kind of feature either, so that’s just another advantage OpenSea has over them.
There’s an OpenSea mobile app, but it’s mostly to browse the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listing.
The mobile apps from OpenSea are accessible for both iOS in addition to Android. While you’re not able to buy or sell anything, you can still at least browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are for you to use You can also exchange your fiat money for cryptocurrency using these platforms. OpenSea Glassdoor
You can exchange the fiat currency you have with a your credit or debit card as well as Paypal through these trusted sites to exchange it for crypto:
- Bittrex and many more!
All of them have the option of exchange for ETH which is the primary crypto payment in OpenSea.
While OpenSea can be described as an NFT marketplace open to all kinds of cryptocurrency, the wallets nevertheless more compatible than other. Since it is built using the ETH blockchain, all wallets which are part of this network are appropriate for this website.
Here’s a list of various crypto wallets that you can utilize in OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each has its own limitations like easy registration, mobile-only usage and the ability to purchase cryptocurrency using a credit card. OpenSea Glassdoor
To learn more about it to learn more, check out their FAQs to get an overview of how you can start and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets every one of them has its advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and cons here:
- Mobile apps available for iOS as well as Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
- Allows royalties up to 10% for artists (low royalty).
- You cannot buy or sell products on the mobile app.
- Only accepts cryptocurrency as a type of payment.
- The use of a Crypto wallet is required to access this marketplace.
OpenSea is open to everyone who owns any crypto coins in their crypto wallets. When you are a seller, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. However, overall, you will quickly regain that when you sell regularly since there’s no additional cost for it.
Frequently Asked Questions OpenSea Glassdoor
What is OpenSea?
OpenSea is an NFT marketplace that aims to provide artists a platform to sell their works online, and to accept cryptocurrency as their form of payment. It’s an ideal platform for artists who use it to sell NFTs because of its zero gas fees and low commission fees which you are required to pay.
You can browse and shop for an array of digital goods in this NFT marketplace and you must check it out!
Is OpenSea real and is it safe?
The short answer is yes! OpenSea has been a trusted marketplace since it was founded in the year 2018. Because its system is built on a blockchain, it is safe to declare that transactions are secure and safe.
Furthermore, 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. OpenSea’s team regularly reviews the contents to ensure users are protected.
How can I earn royalties on OpenSea?
As an artist, you will get only 10% of the royalties once you have uploaded the NFT. This is thought to be reasonably low compared with other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) is frequently used on this site as well as many others to accommodate many more crypto users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can make use of to use OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. It is easy to buy or trade cryptocurrency using trusted platforms with fiat money. All you need to do is connect your credit card or Paypal to complete the transaction.
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. Download it at their respective app store and then you can begin exploring the collection now!
A Desktop application that OpenSea which can be downloaded from WebCatalog. With the desktop application you can manage multiple accounts and get 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/).