The crypto currency market is in a boom right now, and you’re probably wondering where you can invest your crypto currency. Marketplaces are popping up across the internet, designed to sell and buy NFTs with cryptocurrency! OpenSea can be one and is worth looking into.
If you’re well-versed in cryptocurrency you’ve likely heard of OpenSea before for a good reason. It’s now one of the biggest and most popular marketplaces for users of cryptocurrency due to its security and quick transactions.
So, hop on board and let’s explore the possibilities of OpenSea, along with checking what NFTs you can view!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace OpenSea Ios App
The aim to create OpenSea was to offer a platform/marketplace for artists to upload commissions with no additional costs. It also has additional functions which allow you to market your work without having to deal with many problems.
For registration, you don’t need to give all of your personal details. All you need to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as simple as that, without much hassle as you step into NFTs.
The most popular cryptocurrency that is used on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system and is used for the majority of transactions. It also operates using the Polygon blockchain to ensure the lowest cost and speediest trading.
With these two kinds of blockchains that are available it is possible to choose which one you want to upload your NFT on as seller. This will ensure the security of your NFT and the people who want to buy it. All transactions will be made along with this blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace that lets you trade your cryptocurrency or NFTs for other NFTs. You can purchase anything from as simple as a domain name to an official artwork from an artist that you admire. Anyone can become a seller, but it takes some time for anyone to become an established one.
There is a wide variety in the collection on OpenSea and you could also be a part of the collection! You can create your own marketplace on this site, as well as find NFTs you’d like to buy 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 the internet that a lot of millennials are familiar with it but aren’t exactly sure what it is. Let’s take a look at what NFT is for any beginners in the field of cryptocurrency.
One of the latest ways that you can buy with cryptocurrency can be an NFT. A NFT is a non-fungible currency that is very individual and cannot be changed. It could be a piece of rarity like rare baseball trading cards in mint condition, or a rare vinyl record.
There is no limit to what an NFT can be since it’s a non-fungible thing that you sell on the internet. In simpler terms, you could just consider as 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 owner of the item or token you uploaded on the marketplace, and offering it for sale. Usually, this is recognized when you have filled in all the necessary information about the NFT and then upload it to the marketplace.
On OpenSea, it’s a simple process to mint your NFTs by visiting the store and creating a collection to start! Input the appropriate and accurate information about your NFT and select the type of settings you’d like for it (e.g. blockchain and money transfer tokens). Once that’s all done, you can finally upload it to the internet if it’s in the limit of 100MB.
You can watch and see how the transactions go from here on out to see whether OpenSea is the marketplace for you.
What NFTs can you find here?
In this moment you’re probably thinking about what kind of NFTs can you shop for here, and what you could sell should you decide to go that route. The kind of NFT it can be is unlimited since there’s a broad range of how you can approach it.
You could be selling digital items, trading cards game assets, domain names, and even physical assets! 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 sets OpenSea from the other options. There are zero gas fees for using this feature to mint and sell NFTs. This means you’ll get the most profit when you begin selling since you won’t need to spend on extra fees.
There aren’t many NFT marketplaces provide this feature, and it is a great way to make a huge profit from your portfolio.
This Referral Program is a different aspect of OpenSea to take note of. Like traditional online marketplaces there are benefits by referring someone else to OpenSea! If you invite a friend to join OpenSea and buy an NFT from there you’ll earn 2.50% of the sale amount, letting you earn more cash by this method.
Other NFT marketplaces don’t have the same feature, so that’s just another benefit OpenSea has over the other marketplaces.
There’s an OpenSea mobile application, however it’s mostly for perusing through the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listings.
The mobile apps of OpenSea are available on the two platforms of iOS as well as Android. Although you aren’t able to purchase or sell anything, you can still at least look through the options you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available to you, and you can convert your fiat money into cryptocurrency using these platforms. OpenSea Ios App
You can convert your fiat currency using a the credit card, or Paypal through these trusted sites for cryptocurrency:
- Bittrex, and many more!
All of these have the option of exchange for ETH that is the most common crypto payment in OpenSea.
Although OpenSea can be described as an NFT marketplace that is open to all kinds of crypto, wallets are nonetheless more compatible than other. Since it is built around an ETH blockchain, all wallets that share the same network are suitable for this site.
Here is a list of different crypto wallets you can use in OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations, such as easy registration, mobile-only usage as well as the capability to purchase cryptocurrency using credit cards. OpenSea Ios App
To know more about it You can go through their FAQs to get an overview of how you can start and which other wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and pros here:
- Mobile apps are available for iOS as well as Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto world and NFTs.
- Allows royalties of only 10% for artists (low royalty rates).
- It is not possible to buy or sell items through our mobile apps.
- Only accepts cryptocurrency as a method of payment.
- An Crypto account is needed for this marketplace.
OpenSea is available to anyone who owns any crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. But overall, you can easily recover that amount when you actively sell because there’s no additional cost for it.
Frequently Asked Questions OpenSea Ios App
What is OpenSea?
OpenSea is an NFT marketplace that is designed to give artists a chance to sell their works online, and to accept cryptocurrency as their form of payment. It’s an ideal option for artists who want to use it to sell NFTs due to its no gas fees and the low commission rate you must pay.
You can browse and purchase an array of digital goods in this NFT marketplace which is why you should definitely take a look!
Is OpenSea legitimate and safe?
Short answer: Yes! OpenSea has been a trusted marketplace since it was established in the year of 2018. Because its system is built on blockchain technology that is secure, you can say that your transactions are safe and secure.
Furthermore, as a seller, you can become verified once you build up your reputation. A blue checkmark is placed on your account or collection that you have uploaded to assure anyone who buys from you. The OpenSea team reviews regularly the content to ensure that users are secure.
How can I earn royalties on OpenSea?
Unfortunately, as an artist, you will be paid only 10% of the royalties once you upload the NFT. This is considered to be reasonably low compared with others NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) can be commonly used on this site as well as many others to accommodate more crypto users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can make use of to access OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. You can buy and trade cryptocurrency using secure platforms that accept fiat money. All you have be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea have a desktop/mobile app?
As previously mentioned, there is definitely an official mobile application from OpenSea for both iOS and Android. Install it from their app store, and then you can begin exploring the collection right now!
There is also a Desktop application that OpenSea which can be downloaded from WebCatalog. In the desktop application you can manage multiple accounts and get notifications about updates to your account when you’re on the desktop.