The cryptocurrency market is on the rise and you’re probably wondering where you can invest your crypto currency. Markets have popped up across the internet, designed to purchase and sell NFTs using cryptocurrency! OpenSea is one of them and is worth checking out.
If you’re interested in crypto you’ve likely heard of OpenSea previously for a valid reason. It’s now one of the largest and most popular marketplaces for cryptocurrency enthusiasts due to its security and quick transactions.
So, hop on board and discover the possibilities of OpenSea and also see 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. Afterward, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace OpenSea Initialization Fee
The goal of OpenSea was to provide artists with a marketplace/platform to easily upload their commissions, without having to pay any additional fees. It has more functions that allow you to sell your art without too many problems.
In terms of registration, you won’t have to worry about giving all of your personal details. All you need to do is connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It can be as simple as that, without many hassles when you enter into NFTs.
The most well-known cryptocurrency to use within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system which is utilized to carry out the majority of processes. It is also based using the Polygon blockchain, which allows for low-cost and quicker trading.
With these two types of blockchains that are available, you can choose which one you would like to upload your NFT on as an seller. This is to ensure the security of your NFT and those who wish to purchase it. Every transaction will be conducted using this blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall that lets you trade your NFTs or cryptocurrency for other NFTs. You can buy anything as simple as a domain name to an official artwork from an artist you admire. Anyone can sell however, it takes a while for anyone to be an established one.
There’s a huge selection of NFTs available at OpenSea and you could also be a part of this! You can set up your own marketplace there, and also find NFTs you want to purchase yourself.
What is an NFT?
A recent change in the crypto industry,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that a lot of millennials have heard of it but not exactly sure what it actually means. Let’s look at what an NFT is for any beginners in the field of cryptocurrency.
One of the new things you can buy can be an NFT. An NFT is a non-fungible currency that is very exclusive and cannot be changed. 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 can be as it’s a non-fungible item you’re selling on the internet. It is simpler to simply consider as an NFT as a digital collectible paid via cryptocurrency only.
Minting is like calling the shots to your NFTs. It is a way of claiming the owner of the item or token you uploaded on the marketplace, and selling it. Usually, this is recognized when you have filled in the correct information about the NFT and then add it on the market.
On OpenSea it’s a straightforward process to mine your NFTs by going to the store and then create a collection! Fill out the proper and complete information about your NFT and then select what type of settings you’d like for it (e.g. blockchain and money transfer tokens). After you’ve completed the process, you can finally upload it, if it’s within the limit of 100MB.
It is possible to wait and see how the transactions go from now to see whether OpenSea is the best marketplace for you.
What NFTs are available here?
At this point, you’re probably wondering the kind of NFTs can be found here, and what you could also sell if you decide to go down that path. The kind of NFT it isn’t limited as there’s a variety of options for how to approach it.
You could be selling trade cards, digital goods game assets, domain names, and even physical assets! Find out what you think will reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that differentiates OpenSea from the other options. There are no gas costs when you use this feature to mint and sell NFTs. This is essentially a way to ensure that you be able to make the highest profits once you start selling because you won’t have to spend on any additional charges.
There aren’t many NFT marketplaces provide this feature, so this can be a fantastic way to earn a high return from your NFT collection.
This Referral Program is a different aspect of OpenSea to take note of. Similar to traditional online markets that offer benefits by referring a friend to OpenSea! If you invite a friend to join OpenSea and buy an NFT from the site, you’ll receive 2.50 percent of the purchase amount, which allows you to earn more cash by this method.
Other NFT marketplaces don’t offer this feature and that’s another advantage OpenSea has over the other marketplaces.
There’s an OpenSea mobile app, but it’s mostly used 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 on both iOS in addition to Android. Even though you can’t buy or sell anything, you can still explore the products you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available for you to use, and you can convert your fiat money into cryptocurrency through these platforms. OpenSea Initialization Fee
You can exchange your fiat money via credit card or Paypal on these reliable websites for cryptocurrency:
- Bittrex, and other things!
Each of them has the option of exchange for ETH that is the most common cryptocurrency payment option in OpenSea.
Although OpenSea is an NFT marketplace open to all types of cryptocurrency, the wallets still more compatible with it than other. Because it is based using an ETH blockchain, all wallets with a connection to that network will be suitable for the site.
Here’s a list different crypto wallets which you can use with OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each has its own limitations including simple registration, only mobile usage and the ability to buy cryptocurrency using a credit card. OpenSea Initialization Fee
For more information about the service, you can check their FAQs to see the steps you can begin and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets every one of them has its advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and pros here:
- Available as mobile apps for iOS as well as Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalty rates of up to 10% for artists (low royalty rates).
- Cannot buy or sell on the mobile app.
- Only supports cryptocurrency as its method of payment.
- An Crypto digital wallet must be used to access this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their crypto 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 easily recover that amount when you actively sell because there is no additional fee for it.
Frequently Asked Questions OpenSea Initialization Fee
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to offer artists a way to market their work online, and to accept cryptocurrency as a form of payment. It’s an excellent platform for artists who use for selling NFTs because of its zero cost of gas and low commission fees you must pay.
You can shop and browse an array of digital products on this NFT marketplace and you must go through it!
Is OpenSea real and secure?
The short answer is yes! OpenSea has been a trusted marketplace since its inception on the 1st of December in the year of 2018. Because its system is based on a blockchain, it is safe to claim that your transactions are secure and safe.
Additionally, as a seller, you can become verified once you have built up your credibility. A blue checkmark will be assigned to your account or the collection you’ve uploaded to ensure the safety of any customer. The team at OpenSea regularly checks the content to ensure that users are protected.
How do I earn royalties from OpenSea?
However, as an artist, you can receive only up to 10% of the royalties once you have uploaded the NFT. This is thought to be quite low in comparison with other NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) has been frequently used on this site as well as other sites to provide more cryptocurrency users. Below are the other cryptocurrency 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 is the only platform that allows cryptocurrency exchanges on its website. You can easily purchase or trade cryptocurrency using reliable platforms using fiat currency. All you need just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea has a mobile or desktop app?
As previously mentioned there’s an official mobile app by OpenSea that is available for iOS and Android. Install it from their app store and you can start exploring the collection right now!
There is also a Desktop application that OpenSea that can be downloaded through WebCatalog. With the desktop application you are able to manage multiple accounts and get alerts on any updates that affect your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).