Cryptocurrency is booming right now and you’re probably wondering where you can invest your crypto currency. Marketplaces are popping up across the internet, designed to purchase and sell NFTs with cryptocurrency! OpenSea is among them and is worth a look.
If you’re familiar with cryptocurrency you’ve probably heard about OpenSea before for a good reason. It’s now one of the largest and leading marketplaces among users of cryptocurrency due to its safety and speedy transactions.
Now hop aboard, and let’s explore what you can do with OpenSea as well as examining what NFTs you can view!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick review. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace OpenSea Immortalz
The goal for OpenSea was to provide an online marketplace for artists to easily upload their commissions without any extra charges. There are additional features that let you sell your work without having to deal with many issues.
For the registration process, you don’t have to provide too many details about yourself. All you have to connect your crypto wallet and voila! You have an account with OpenSea! It’s as simple as that and without much hassle as you step into NFTs.
The most widely-used cryptocurrency that is used in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology, and this is used to carry out the majority of processes. It also functions using the Polygon blockchain to ensure the lowest cost and speediest trading.
With these two types of blockchains, you can choose which one you want to publish your NFT as seller. This will ensure the security of your NFT and those who would like to purchase it. All transactions are made along with this blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall where you can exchange your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything just a domain name, to a piece of art from an artist you admire. Anyone can sell however, it takes a while for anyone to become an established one.
There’s a huge selection from the selection at OpenSea and you can become a part of this! You can set up your own market on this site, as well as find NFTs you want to purchase yourself.
What is an NFT?
In a recent advancement for the crypto industry the term “NFT” has been going around for so long on the internet that a lot of millennials are familiar with it , but aren’t sure exactly what it is. Let’s look at what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the latest ways you can buy includes an NFT. A NFT is a non-fungible currency that is individual and cannot be substituted. It could be a piece of rareness, such as rare baseball trading cards in mint condition, or a unique vinyl album.
There’s no limit to what an NFT could be, since it’s a non-fungible item you’re selling on the internet. It is simpler to simply think of an NFT to be a type of digital item paid via cryptocurrency only.
Minting is similar to calling for dibs for your personal NFTs. You are calling the ownership of the particular item that you posted to the market place, but you’re selling it. Usually, this is recognized once you fill out the proper information regarding the NFT and finally upload it to the marketplace.
On OpenSea It’s a very simple process to mine your NFTs. All you have to do is visit the store and creating a collection to start! Fill out the proper and accurate information about your NFT and then select what type of settings you’d like to use for it (e.g. blockchain and money transfer tokens). After you’ve completed the process then you’re able to upload it, if it’s within the 100 MB limit.
You can wait and observe the way transactions are handled from now on to see if OpenSea is the right marketplace for you.
What NFTs can you get here?
In this moment, you’re probably wondering the kind of NFTs can you shop for here and what you can also sell if you choose to go down that path. The type of NFT that you can purchase is unlimited as there’s a variety of how you can go about it.
It is possible to sell trade cards, digital goods, game assets, domain names, and even physical assets! Consider what you believe will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what sets OpenSea from the other options. There are zero gas fees when you use this feature when you make and then sell the NFTs. This is essentially a way to ensure that you receive the maximum profits when you start selling because you won’t have to spend on additional fees.
Very few NFT marketplaces provide this feature, so this is a great way to make a huge profit from your collection.
A Referral Program is another unique aspect of OpenSea to take note of. Similar to traditional online markets, you can receive benefits by referring a friend to OpenSea! If you encourage a friend 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 the same feature This is a further benefit OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile application, however it’s mostly for perusing through the marketplace. You can’t buy or sell items as you browse through the listings.
The mobile apps from OpenSea are accessible on both iOS in addition to Android. While you’re not able to buy or sell things, you can at least browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are for you to use, and you can trade your fiat currency for cryptocurrency through these platforms. OpenSea Immortalz
You can swap your fiat money via the credit card, or Paypal through these trusted sites to exchange it for crypto:
- Bittrex, and more!
All of them have the option to exchange for ETH, which is the standard cryptocurrency used in OpenSea.
While OpenSea can be described as an NFT marketplace open to all types of cryptocurrency, wallets are nevertheless more compatible than other. Since it is built on an ETH blockchain, any wallets with a connection to this network are appropriate for the site.
Here’s a list of different crypto wallets you can use in OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions, such as easy registration, mobile-only usage and the ability to purchase cryptocurrency using credit cards. OpenSea Immortalz
To know more about it to learn more, check out their FAQs to get the steps you can get started and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets, each one has advantages and drawbacks. OpenSea isn’t the only one to have this. You can view its pros and cons here:
- Available as mobile apps that are compatible with 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 up to 10% for artists (low royalty rates).
- It is not possible to buy or sell items on our mobile apps.
- Only supports cryptocurrency as its form of payment.
- A Crypto account is needed to access this marketplace.
OpenSea is open to everyone who has any crypto currency in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. However, overall, you will quickly recover this amount if you are actively selling since there’s no additional cost for it.
Frequently Asked Questions OpenSea Immortalz
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to give artists a chance for selling their artwork online and receive cryptocurrency as their form of payment. It’s an ideal platform for artists using the platform to market NFTs because of its zero gas costs and low commission fee rate you must pay.
You can browse and shop for the vast array of digital goods in this NFT marketplace, so you should check it out!
Is OpenSea legit & secure?
The short answer is yes! OpenSea is a reputable marketplace since its inception on the 1st of December in the year of 2018. Since its system is based on a blockchain and is secured, it is safe to claim that your transactions are protected and secured.
Additionally as a seller you’ll be verified when you’ve earned a reputation. A blue checkmark will appear to your account or the collection you’ve uploaded to ensure the safety of every customer. The OpenSea team reviews regularly the content to ensure users are protected.
How can I earn royalties from OpenSea?
As an artist, you’ll receive only up to 10 percent of the royalties when you have uploaded the NFT. This is considered to be a reasonable amount compared with the other NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) has been frequently utilized on this website and many others to accommodate many more crypto users. These are other cryptos you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can utilize for OpenSea.
What are the payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. You can buy and sell cryptocurrency on trusted platforms with fiat money. All you have to do is connect your credit card or Paypal for the transaction.
Does OpenSea has a mobile or desktop app?
As we mentioned earlier, there is definitely an official mobile application from OpenSea for both iOS or Android. You can download it through their app store, and begin exploring the collection right now!
There is also a Desktop application that OpenSea can be downloaded via WebCatalog. With the desktop application, you can manage multiple accounts as well as receive alerts on any updates that affect 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/).