The crypto currency market is in a boom right now, and you’re probably wondering where you can invest your crypto coins. There are numerous marketplaces popping up across the digital web designed to buy and sell NFTs via cryptocurrency! OpenSea can be one, and it’s worth a look.
If you’re interested in crypto you’ve probably heard about OpenSea prior to this for a valid reason. It’s one of the largest and leading marketplaces among cryptocurrency enthusiasts due to its security and rapid transactions.
Now hop aboard, and let’s explore what you can do with OpenSea, along with checking the NFTs that you can see!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. After, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace OpenSea Kongz
The purpose to create OpenSea was to simply provide an online marketplace for artists to upload their commissions with no additional charges. It also has additional functions that allow you to sell your art without too many issues.
When it comes to registration, you don’t need to worry about giving all of your personal details. All you have to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as simple as that without going through many hassles when you enter into NFTs.
The most well-known cryptocurrency used on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology, and this is used for the majority of transactions. It also operates with the Polygon blockchain, which allows for the lowest cost and speediest trading.
With these two types of blockchains that are available you can pick which one you’d like to publish your NFT as an seller. This is to ensure the security of your NFT, along with the people who want to purchase it. All transactions will be made by using the blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from the simplest domain name to an official artwork from an artist that you admire. Anyone can sell, but it takes time for anyone to become an established one.
There are a variety of NFTs of NFTs available at OpenSea and you can join in with this! You can set up your own personal market there, and also find NFTs you want to purchase yourself.
What is an NFT?
A recent change in the crypto industry the term “NFT” has been going around for so long on internet that the majority of young people have heard of it but aren’t exactly sure what it means. Let’s break down what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the newest things you can buy includes an NFT. The NFT is a non-fungible currency which is extremely individual and cannot be changed. It could be an item of any rareness like mint-condition baseball trading cards or a uncommon vinyl record.
There’s no limit on what an NFT can be as it’s a non-fungible object that you can sell online. More straightforwardly, you can just think of the NFT being a virtual collectible which is only paid in cryptocurrency.
Minting is similar to calling for dibs to your NFTs. You are calling the owner of the item or token that you posted to the market place, but putting it up for sale. Typically, this is official after you fill in the proper information regarding the NFT and finally upload it to the marketplace.
On OpenSea It’s a very simple procedure to create your own NFTs. All you have to do is visit the store and simply creating a collection to start! Fill out the proper and complete information about your NFT and then select what type of settings you want for it (e.g., blockchain or payment tokens). After you’ve completed the process, you can finally upload it if it fits the limit of 100MB.
You can watch and see how the transactions go from here on out to determine if OpenSea is the marketplace for you.
What NFTs can you find here?
In this moment, you’re probably wondering which kind of NFT be purchased here and what kind of NFTs you can sell should you decide to pursue that route. The type of NFT that you can purchase is indefinite since there’s a broad range of options for how to go about it.
It is possible to sell trade cards, digital goods, game assets domain names, even physical assets! Consider what you believe will reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what differentiates OpenSea from the others. There are no gas costs when you utilize this feature to create and market NFTs. This simply means that you’ll get the most profit when you sell because you won’t have to spend on extra fees.
There aren’t many NFT marketplaces have this feature, and it is a great way to earn a high return from your portfolio.
The Referral Program is a different aspect of OpenSea to be admired. Like traditional online marketplaces there are rewards by referring someone else to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from the site you’ll be rewarded with 2.50 percent of the sales amount, which means you can make more money by this method.
Other NFT marketplaces don’t offer this kind of feature either, so that’s just another benefit OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile app, but it’s mostly used to browse the marketplace. Unfortunately, you can’t purchase or sell anything as you browse through the listing.
OpenSea’s mobile apps are available for both iOS in addition to Android. Although you aren’t able to purchase or sell anything, you can still at least explore the products you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available to you, and you can exchange your fiat money for cryptocurrency using these platforms. OpenSea Kongz
You can exchange your fiat money via credit card or Paypal through these trusted sites to exchange it for crypto:
- Bittrex and many more!
All of them have the option of converting them into ETH that is the primary crypto payment in OpenSea.
Although OpenSea is an NFT marketplace open to all types of cryptocurrency, wallets are still more compatible with it than other. Because it is based using the ETH blockchain, any wallets with a connection to the same network are suitable for the site.
Here’s a list of different crypto wallets which you can use with OpenSea:
- Authereum and more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each has its own limitations, such as easy registration, only mobile usage and the ability to buy cryptocurrency using a credit card. OpenSea Kongz
For more information about the service to learn more, check out their FAQs to get an overview of how you can begin and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other 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 are available that are compatible with iOS or Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- The best option for beginners to the crypto industry and NFTs.
- Allows royalties up to 10% for artists (low royalty rates).
- You cannot buy or sell products via the mobile app.
- Only accepts cryptocurrency as a form of payment.
- The use of a Crypto wallet is required to use this marketplace.
OpenSea is accessible to everyone who has crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. In the end, you’ll quickly recover this amount if you sell regularly since there’s no additional cost for it.
Frequently Asked Questions OpenSea Kongz
What is OpenSea?
OpenSea is an NFT marketplace that seeks to provide artists a platform to sell their works online and receive cryptocurrency as a form of payment. It’s an excellent platform for artists using for selling NFTs due to its no cost of gas and low commission fee rate which you are required to pay.
You can shop and browse a vast collection of digital products on this NFT marketplace and you must go through it!
Is OpenSea legitimate and safe?
Short answer: Yes! OpenSea has been a reliable marketplace since its inception in 2018. Since its system is built on a blockchain that is secure, you can say that your transactions are secure and safe.
Additionally as a seller you will be verified after you have built up your credibility. A blue checkmark will be assigned to your account or any collection you uploaded to reassure any customer. OpenSea’s team regularly reviews the content to ensure users are safe.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you’ll receive only up to 10 percent of the royalties when you upload the NFT. This is considered to be a reasonable amount compared with other NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) is commonly used on this site as well as many others to accommodate the increasing number of crypto users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize to access OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency on secure platforms that accept fiat money. All you need to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea have a desktop or mobile app?
As we mentioned earlier There is an official mobile app by OpenSea for both iOS as well as Android. Download it at their respective app store and then you can begin browsing through the collection right now!
A Desktop application that OpenSea that can be downloaded through WebCatalog. With the desktop application, you can manage multiple accounts and get 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/).