The crypto currency market is in a boom right now and you’re probably wondering where to invest your crypto-coins. Markets have popped up all over the internet, designed to purchase and sell NFTs using cryptocurrency! OpenSea is one of them and is worth looking into.
If you’re well-versed in cryptocurrency you’ve probably heard about OpenSea before for a good reason. It has become one of the largest and most popular marketplaces among users of cryptocurrency due to its security and quick transactions.
So, hop on board and let’s explore what you can do with OpenSea and also see 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 review. After, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace OpenSea Monsterbuds
The aim to create OpenSea was to offer artists with a marketplace/platform to easily upload their commissions without any extra fees. It has more functions which allow you to market your art without too many issues.
For the registration process, you don’t have to give too many details about yourself. All you have to do is connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as simple as that and without much hassle as you step into NFTs.
The most well-known cryptocurrency used within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it which is utilized for most processes. It also operates using the Polygon blockchain to ensure low-cost and quicker trading.
There are two types of blockchains that are available it is possible to choose which one you’d like to upload your NFT on as seller. This ensures the safety of your NFT as well as those who wish to buy it. All transactions will be made by using the blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall where you can exchange your cryptocurrency or NFTs in exchange 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 be a seller however, it takes a while before anyone can become an established seller.
There are a variety of NFTs in the collection of NFTs available at OpenSea, and you can also be a part of the collection! You can start your own marketplace here, along with finding NFTs you want to purchase for yourself.
What is an NFT?
A recent change in the crypto industry,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that the majority of young people are familiar with it , but aren’t sure exactly what it actually means. Let’s take a look at what NFT is for anyone who is new in cryptocurrency.
One of the latest ways that you can buy with cryptocurrency is an NFT. The NFT is a non-fungible token which is extremely exclusive and cannot be replaced. It can be a piece of rareness, such as authentic baseball cards or a rare vinyl record.
There is no limit to what an NFT can be since it’s a non-fungible object that you sell on the internet. In simpler terms, you could simply think of as an NFT being a virtual item which is only paid in cryptocurrency.
Minting is similar to calling for dibs to your NFTs. You are calling the ownership of the particular item that you have uploaded to the market place, but you’re offering it for sale. Usually, this is recognized when you have filled in the proper information regarding the NFT and then upload it to the marketplace.
On OpenSea it’s a straightforward process to mine your NFTs by going to the store and making a collection to begin! Complete the correct and complete information about your NFT and choose what kind of settings you’d like for it (e.g., blockchain, money transfer tokens). After that then you’re able to upload it if it fits the 100 MB limit.
You can watch and see how transactions progress from here on out to see whether OpenSea is the best marketplace for you.
What NFTs can you find here?
In this moment you’re probably asking yourself what kind of NFTs be found here and what you can also sell if you choose to go down that path. The type of NFT that you can purchase isn’t limited since there’s a broad range of how you can go about it.
It is possible to sell trade cards, digital goods game assets domain names, even physical assets! Explore what you believe can reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that separates OpenSea from the other options. There’s no cost for gas for using this feature when you mint and sell NFTs. This is essentially a way to ensure that you receive the maximum profits when you start selling because you won’t need to spend on any additional charges.
Very few NFT marketplaces offer this feature, and it is great for you to receive high profit from your NFT collection.
The Referral Program is a different aspect of OpenSea to be admired. Like traditional online marketplaces that offer advantages when you refer a friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from there you’ll earn 2.50% of the sale amount, letting you make more money from this act.
Other NFT marketplaces don’t have the same feature and that’s another benefit OpenSea has over the other marketplaces.
There is an OpenSea mobile application, however it’s mostly to browse through the marketplace. It isn’t able to purchase or sell anything while you browse through the listing.
OpenSea’s mobile apps 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 browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available to you You can also trade your fiat currency for cryptocurrency on these platforms. OpenSea Monsterbuds
You can swap your fiat money via credit card or Paypal through these trusted sites for cryptocurrency:
- Bittrex and more!
All of them have the option of exchange for ETH that is the standard crypto payment in OpenSea.
While OpenSea has been described as being an NFT marketplace open to all forms of cryptocurrency, wallets are nevertheless more compatible than other. Because it is based on an ETH blockchain, all wallets with a connection to this network are appropriate for this site.
Here is a list of various crypto wallets that which you can use with OpenSea:
- Authereum and many more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each one has its own set of limitations, such as easy registration, mobile-only usage as well as the capability to purchase cryptocurrency using the credit card. OpenSea Monsterbuds
To learn more about it You can go through their FAQs for an overview of how you can get started and which other wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets, each one has advantages and drawbacks. 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 used for transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalties 10% for artists (low royalty rates).
- Cannot buy or sell through this mobile application.
- Only supports cryptocurrency as its type of payment.
- A Crypto digital wallet must be used for this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. However, overall, you will quickly recover this amount if you are actively selling since there is no additional fee for it.
Frequently Asked Questions OpenSea Monsterbuds
What is OpenSea?
OpenSea is an NFT marketplace that is designed to provide artists a platform to market their work online and receive cryptocurrency as their form of payment. It’s an excellent option for artists who want to use for selling NFTs due to its no gas fees and the low commission rate which you are required to pay.
You can browse and shop for the vast array of digital goods in this NFT marketplace and you must take a look!
Is OpenSea legit & secure?
The short answer is yes! OpenSea has been a trusted marketplace since it was established in 2018. Since its system is built on a blockchain that is secure, you can declare that transactions are secure and safe.
Additionally as a seller you’ll be verified when you build up your reputation. A blue checkmark will be assigned next to your account or collection you uploaded to reassure any customer. The team at OpenSea regularly checks the content to ensure users are safe.
How do I earn royalties from OpenSea?
However, as an artist, you will receive only up to 10 percent of the royalties after you upload the NFT. This is thought to be reasonably low compared against the other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) is widely utilized on this website and other sites to provide the increasing number of crypto users. These are other cryptos you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can use to use OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. You can easily purchase or sell cryptocurrency on reliable platforms using fiat currency. All you need just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea have a desktop/mobile app?
As previously mentioned, there is definitely an official mobile app by OpenSea for both iOS and Android. You can download it through their app store, and then you can begin browsing through the collection right now!
A version for desktops that OpenSea which can be downloaded from WebCatalog. On the desktop app you are able to manage multiple accounts and get notifications about updates to your account when you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).