The crypto currency market is in a boom right now and you’re probably thinking where to invest your crypto-coins. Marketplaces are popping up across the internet, designed to purchase and sell NFTs using cryptocurrency! OpenSea can be one and is worth looking into.
If you’re interested in crypto, you’ve probably heard of OpenSea before for a good reason. It’s one of the largest and leading marketplaces among users of cryptocurrency due to its security and rapid transactions.
Now hop aboard, and let’s see the possibilities of OpenSea and also see the NFTs that you can see!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick review. After, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace OpenSea Initialize Account Fee
The aim to create OpenSea was to offer artists with a marketplace/platform to upload commissions, without having to pay any additional charges. It also has additional functions that let you sell your work without having to deal with many problems.
For registration, you won’t have to give all of your personal details. All you need to connect your cryptocurrency 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 popular cryptocurrency that is used on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it, and this is used for most processes. It is also based using the Polygon blockchain, which ensures low-cost and quicker trading.
There are two types of blockchains you can pick which one you would like to transfer your NFT to as an seller. This is to ensure the security of your NFT, along with those who would like to buy it. All transactions are made using this blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an online shopping mall that is endless that lets you trade your cryptocurrency or NFTs for other NFTs. You can purchase anything from just a domain name, to a piece of art from an artist you admire. Anyone can sell however, it takes a while before anyone can become an established one.
There is a wide variety from the selection on OpenSea and you could become a part of this! You can start your own market here, along with finding NFTs you want to purchase for yourself.
What is an NFT?
In a recent development for the crypto industry, the term “NFT” has been going around for so long on the internet that the majority of young people have heard of it but aren’t sure exactly what it is. Let’s take a look at what NFT is for anyone who is new in the field of cryptocurrency.
One of the new things you can buy is an NFT. The NFT is a non-fungible token that is individual and cannot be changed. This can be a piece of rareness, such as rare baseball trading cards in mint condition or a unique vinyl album.
There is no limit to what an NFT could be, since it’s a non-fungible thing you’re selling on the internet. More straightforwardly, you can simply think of as an NFT to be a type of digital collectible which is only paid in cryptocurrency.
Minting is similar to calling for dibs to your NFTs. You’re claiming the owner of the item or token you uploaded on the market place, but you’re offering it for sale. Usually, this is recognized after you fill in all the necessary information about the NFT and then 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 then creating a collection to start! Input the appropriate and correct information regarding your NFT and then select what type of settings you’d like to use it with (e.g. blockchain or payments tokens). After you’ve completed the process then you’re able to upload it if it fits the limit of 100MB.
You can wait and observe how transactions progress from now to determine if OpenSea is the right marketplace for you.
What NFTs can you find here?
In this moment, you’re probably wondering what kind of NFTs you shop for here, and what you could sell should you decide to go that route. The type of NFT it can be is unlimited since there’s a broad range of how you can do it.
You could be selling digital products, trading cards games, domain names, and also physical goods! Consider what you believe will reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that separates OpenSea from other companies. There’s no cost for gas when you use this feature to create and market NFTs. This simply means that you’ll be able to make the highest profits once you sell because you don’t need to pay on additional fees.
Not many NFT marketplaces offer this feature, which is why this is great for you to make a huge profit from your portfolio.
This Referral Program is another distinctive feature of OpenSea to take note of. Similar to traditional online markets there are advantages when you refer your friend to OpenSea! If you encourage a friend join OpenSea and buy an NFT from the site you’ll be rewarded with 2.50 percent of the sales amount, which means you can earn more cash by this method.
Other NFT marketplaces do not have this feature, so that’s just another advantage OpenSea has over the other marketplaces.
There’s an OpenSea mobile application, however it’s mostly to browse through the marketplace. It isn’t able to purchase or sell items as you browse through the listings.
The mobile apps of OpenSea are available for the two platforms of iOS in addition to Android. Although you aren’t able to purchase or sell something, you can at least look through the options you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available for you to use You can also convert your fiat money into cryptocurrency through these platforms. OpenSea Initialize Account Fee
You can exchange the fiat currency you have with a your credit or debit card as well as Paypal via these reputable websites to exchange it for crypto:
- Bittrex, and other things!
Each of them has the option to exchange for ETH that is the most common cryptocurrency used in OpenSea.
While OpenSea is an NFT marketplace that is open to all forms of cryptocurrency, wallets are nonetheless more compatible than others. Because it is based on the ETH blockchain, all wallets with a connection to the same network are suitable for the site.
Here’s a list several crypto wallets you can use in OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each wallet has its own restrictions like easy registration, mobile-only usage, and the function to buy cryptocurrency using the credit card. OpenSea Initialize Account Fee
For more information about the service You can go through their FAQs to see a rundown of how you can get started and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with advantages and drawbacks. OpenSea isn’t an exception to this. You can read about its pros and cons here:
- Mobile apps available for iOS as well as Android.
- Smart contracts are used for transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in 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 this mobile application.
- Only supports cryptocurrency as its type of payment.
- An Crypto digital wallet must be used for this marketplace.
OpenSea is open to everyone who has crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. However, overall, you will quickly recover this amount if you actively sell because there’s no extra charge for it.
Frequently Asked Questions OpenSea Initialize Account Fee
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to give artists a chance to sell their works online to receive cryptocurrency as their form of payment. It’s an ideal platform for artists using for selling NFTs due to its no gas costs and the low commission rate that you have to pay.
You can browse and shop for a vast collection of digital goods in this NFT marketplace and you must take a look!
Is OpenSea legit & is it safe?
The short answer is yes! OpenSea has been a reliable marketplace since its inception in 2018. Since the system it operates on is built on a blockchain, 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 be assigned next to your account or the collection you uploaded to reassure anyone who buys from you. The OpenSea team reviews regularly the contents to ensure users are secure.
How do I earn royalties on OpenSea?
As an artist, you can get only 10% of the royalties once you have uploaded the NFT. This is considered to be quite low in comparison to others NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) is frequently used on this site and numerous others to cater for more crypto users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can use to use OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. You can buy and sell cryptocurrency on secure platforms that accept fiat money. 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 mentioned before there’s an official mobile app by OpenSea that is available for iOS as well as Android. Install it from their app store and then you can begin exploring the collection now!
A version for desktops that OpenSea can be downloaded via WebCatalog. In the desktop application you can manage multiple accounts and receive notifications about updates to 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/).