Cryptocurrency is booming right now and you’re probably wondering where to invest your crypto currency. Markets have popped up all over the web that allow users to purchase and sell NFTs using cryptocurrency! OpenSea is one of them, and it’s worth a look.
If you’re familiar with cryptocurrency you’ve probably heard about OpenSea before for a good reason. It’s one of the largest and most popular marketplaces for cryptocurrency users because of its security and rapid transactions.
Get on board, and let’s see the possibilities of OpenSea and also see the NFTs available to view!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick review. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace OpenSea Just Bricks
The aim to create OpenSea was to offer an online marketplace for artists to upload commissions without any extra costs. It also has additional functions that let you sell your work without having to deal with many difficulties.
When it comes to registration, you won’t have to worry about giving too many details about yourself. All you need to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as easy as that and without much hassle as you step into NFTs.
The most popular cryptocurrency to use in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology and is used for the majority of transactions. It is also based with the Polygon blockchain to ensure lower costs and faster trading.
With these two kinds of blockchains you can pick which one you would like to transfer your NFT to as a seller. This will ensure the security of your NFT, along with the people who want to buy it. All transactions will be made using 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 NFTs or cryptocurrency for other NFTs. It is possible to purchase anything as simple as a domain name to an official artwork from an artist you admire. Anyone can become a seller however it takes some time for anyone to become an established one.
There is a wide variety of NFTs available of NFTs available at OpenSea and you could join in with this! You can start your own marketplace here, along with finding NFTs you’d like to buy for yourself.
What is an NFT?
A recent change in the crypto market”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that the majority of young people are familiar with it , but aren’t exactly sure what it means. Let’s look at what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the new things that you can buy with cryptocurrency can be an NFT. The NFT is a non-fungible currency that is individual and cannot be substituted. It can be an item of any rareness, such as mint-condition baseball trading cards or a uncommon vinyl record.
There’s no limit on what an NFT could be, since it’s a non-fungible object you’re selling online. More straightforwardly, you can just imagine the NFT being a virtual collectible which is only paid in cryptocurrency.
Minting is like calling dibs to your NFTs. It is a way of claiming the ownership of the particular item that you have uploaded to the market place, but putting it up for sale. Usually, this becomes official when you have filled in the proper information regarding the NFT and finally add it on the market.
On OpenSea It’s a very simple procedure to create your own NFTs. All you have to do is visit the store and then making a collection to begin! Fill out the proper and complete information about your NFT and select the type of settings you want for it (e.g., blockchain and payments tokens). Once that’s all done, you can finally upload it, if it’s within the limit of 100MB.
You can wait and observe the way transactions are handled from now on to determine whether OpenSea is the marketplace for you.
What NFTs can you get here?
In this moment you’re probably thinking about the kind of NFTs be found here and what kind of NFTs you can also sell if you decide to go down that path. The type of NFT it is indefinite because there’s a wide range of ways to do it.
You could be selling digital products, trading cards game assets, 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 features is one of the things that differentiates OpenSea from other companies. There are zero gas fees when you use this feature when you create and market NFTs. This means you’ll be able to make the highest profits once you begin selling since you won’t need to spend on extra fees.
There aren’t many NFT marketplaces offer this feature, so this is great for you to receive high profit from your portfolio.
A Referral Program is another distinctive feature of OpenSea to be admired. Like traditional online marketplaces, you can receive benefits when you refer your friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from there, you’ll receive 2.50% of the sale amount, which means you can make more money through this action.
Other NFT marketplaces don’t have this feature and that’s another benefit OpenSea has over the other marketplaces.
There’s an OpenSea mobile app, but it’s mostly used to browse through the marketplace. It isn’t able to purchase or sell items as you browse through the listing.
The mobile apps of OpenSea are available on the two platforms of iOS in addition to Android. Even though you can’t buy or sell things, you can look through the options you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available at your disposal You can also trade your fiat currency for cryptocurrency using these platforms. OpenSea Just Bricks
You can exchange your fiat currency using a your credit or debit card as well as Paypal via these reputable websites for cryptocurrency:
- Bittrex, and other things!
All of them have the option of converting them into ETH, which is the most common cryptocurrency payment option in OpenSea.
Although OpenSea can be described as an NFT marketplace open to all types of cryptocurrency, the wallets still more compatible with it than other. Since it is built mainly using the ETH blockchain, wallets with a connection to that network will be suitable for this site.
Here’s a list different crypto wallets you can use in OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each wallet has its own restrictions including simple registration, only mobile usage and the ability to purchase cryptocurrency with a credit card. OpenSea Just Bricks
To know more about it You can go through their FAQs to see the steps you can get started and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets every one of them has advantages and drawbacks. OpenSea isn’t an exception to this. You can read about its pros and pros here:
- Mobile apps available for iOS or Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
- Allows royalty rates of 10% to artists (low royalties).
- You cannot buy or sell products through the mobile app.
- Only supports cryptocurrency as its type of payment.
- A Crypto digital wallet must be used to use 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. In the end, you’ll quickly recover this amount if you are actively selling since there is no additional fee for it.
Frequently Asked Questions OpenSea Just Bricks
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to provide artists a platform to market their work online to receive cryptocurrency as a form of payment. It’s an excellent platform for artists using it to sell NFTs due to its no gas fees and low commission fee rate that you have to pay.
You can shop and browse the vast array of digital goods in this NFT marketplace and you must take a look!
Is OpenSea legit & safe?
Answer: Yes! OpenSea is a reputable marketplace since its inception at the end of the year of 2018. Since the system it operates on is based on a blockchain that is secure, you can declare that transactions are protected and secured.
In addition as a seller you will be verified after you’ve earned a reputation. A blue checkmark will be assigned on 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 users are secure.
How do I earn royalties on OpenSea?
As an artist, you will receive only up to 10 percent of the royalties after you have uploaded the NFT. This is believed to be a reasonable amount compared to others NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) can be commonly utilized on this website and many others to accommodate many more crypto users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can make use of for OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. You can easily purchase or sell cryptocurrency through 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 or mobile application?
As mentioned before, there is definitely an official mobile application from OpenSea for both iOS or Android. You can download it through their app store, and you can start exploring the collection now!
A desktop application for OpenSea can be downloaded via WebCatalog. In the desktop application, you can manage multiple accounts and receive notifications on updates regarding your account from the desktop.