The crypto currency market is in a boom right now and you’re probably wondering where to invest your crypto-coins. Marketplaces are popping up across the web that allow users to buy and sell NFTs using cryptocurrency! OpenSea is among them and is worth a look.
If you’re interested in crypto, you’ve probably heard of OpenSea previously for a valid reason. It’s now one of the largest and most popular marketplaces for users of cryptocurrency due to its security and rapid transactions.
So, hop on board and let’s see what you can do with OpenSea, along with checking what NFTs you can view!
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 of OpenSea.
OpenSea as an NFT Marketplace OpenSea Nft Art
The goal for OpenSea was to provide artists with a marketplace/platform to upload commissions, without having to pay any additional charges. It also has additional functions that allow you to sell your art without too many difficulties.
When it comes to the registration process, you don’t have to give too many details about yourself. All you have to connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as easy as that without going through many hassles when you enter into NFTs.
The most well-known cryptocurrency that is used on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system, and this is used to carry out the majority of processes. It is also based with the Polygon blockchain, which allows for the lowest cost and speediest trading.
With these two types of blockchains available, you can choose which one you’d like to transfer your NFT to as a seller. This ensures the safety of your NFT, along with those who would like to purchase it. All transactions will be made along with this blockchain, so you should consider 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 in exchange for other NFTs. It is possible to purchase anything the simplest domain name to an official artwork by an artist you admire. Anyone can be a seller however it takes time before anyone can become a reputable one.
There are a variety of NFTs of NFTs available on OpenSea and you could join in with the collection! You can create your own market here, along with finding NFTs you want to purchase yourself.
What is an NFT?
A recent change in the crypto market”NFT” is a term that has been used in recent times “NFT” has been going around for so long on the internet that a lot of millennials have heard of it but aren’t sure exactly what it is. Let’s take a look at what NFT is for any beginners in cryptocurrency.
One of the newest things that you can buy with cryptocurrency can be an NFT. An NFT is a non-fungible currency that is very individual and cannot be replaced. It can be a piece of rarity like rare baseball trading cards in mint condition or a unique vinyl album.
There’s no limit to what an NFT could be, since it’s a non-fungible object that you can sell on the internet. It is simpler to just think of as an NFT to be a type of digital item paid via cryptocurrency only.
Minting is like calling the shots for your personal NFTs. You are calling ownership over that particular token/item that you have uploaded to market, as selling it. Usually, this becomes official when you have filled in the correct information about the NFT and then submit it for sale on.
On OpenSea It’s a very simple process to mint your NFTs by going to the store and create a collection! Complete the correct and complete information about your NFT and choose what kind of settings you’d like to use for it (e.g. blockchain and money transfer tokens). After you’ve completed the process you are able to upload it, if it’s within the limit of 100MB.
You can wait and observe how the transactions go from here on out to determine if OpenSea is the best marketplace for you.
What NFTs are available here?
In this moment, you’re probably wondering what kind of NFTs can be found here, and what you could also sell if you choose to go down that path. The kind of NFT it is unlimited because there’s a wide range of ways to do it.
It is possible to sell digital products, trading cards, game assets, domain names, and even physical assets! Explore what you believe can bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that separates OpenSea from other companies. There are no gas costs when you utilize this feature to make and then sell the NFTs. This is essentially a way to ensure that you be able to make the highest profits once you start selling because you won’t have to spend on additional fees.
Very few NFT marketplaces have this feature, and it is a great way to receive high profit from your portfolio.
This Referral Program is a different aspect of OpenSea to admire. Like traditional online marketplaces, you can receive rewards by referring your friend to OpenSea! If you refer a friend to join OpenSea and buy an NFT from there, you’ll receive 2.50 percent of the sales amount, letting you make more money through this action.
Other NFT marketplaces don’t offer the same feature This is a further benefit OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile application, however it’s mostly to browse the marketplace. You can’t buy or sell anything while you browse through the listings.
The mobile apps of OpenSea are available on both iOS as well as Android. While you’re not able to buy or sell something, you can explore the products you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available for you to use You can also convert your fiat money into cryptocurrency on these platforms. OpenSea Nft Art
You can exchange your fiat money via your credit or debit card as well as Paypal via these reputable websites to exchange it for crypto:
- Bittrex and more!
Each of them has the option of converting them into ETH that is the most common cryptocurrency payment option in OpenSea.
Although OpenSea has been described as being an NFT marketplace that is open to all kinds of cryptocurrency, wallets are nevertheless more compatible than other. Because it is based using the ETH blockchain, wallets that share this network are appropriate for the site.
Here is a list of various crypto wallets that you can use in OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each one has its own set of limitations, such as easy registration, only mobile usage as well as the capability to purchase cryptocurrency with credit cards. OpenSea Nft Art
For more information about the service, you can check their FAQs for the steps you can get started and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets every one of them has its advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and cons here:
- Mobile apps available that are compatible with iOS as well as Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalty rates of 10% for artists (low royalties).
- Cannot buy or sell on this mobile application.
- Only supports cryptocurrency as its form of payment.
- An Crypto wallet is required to access this marketplace.
OpenSea is available to anyone who has any crypto currency in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. However, overall, you will easily recover that amount when you actively sell because there’s no additional cost for it.
Frequently Asked Questions OpenSea Nft Art
What is OpenSea?
OpenSea is an NFT marketplace that aims to give artists a chance to sell their works online to receive cryptocurrency as a method of payment. It’s an excellent platform for artists who use the platform to market NFTs because of its zero gas costs and low commission fees you must pay.
You can browse and shop for the vast array of digital items on the NFT marketplace and you must go through it!
Is OpenSea legitimate and is it safe?
Answer: Yes! OpenSea is a reputable marketplace since its inception in the year of 2018. Since the system it operates on is based on a blockchain that is secure, you can say that your transactions are protected and secured.
Furthermore, as a seller, you’ll be verified when you build up your reputation. A blue checkmark will appear on your account or any 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 can I earn royalties on OpenSea?
However, as an artist, you will get only 10 percent of the royalties when you upload the NFT. This is considered to be reasonably low compared with others NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) has been widely utilized on this website and other sites to provide many more crypto users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can use to access OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency on reliable platforms using fiat currency. All you have to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea have a desktop/mobile app?
As mentioned before, there is definitely an official mobile app from OpenSea that is available for iOS or Android. Download it at their respective app store, and you can start exploring the collection now!
The Desktop application that OpenSea that can be downloaded through WebCatalog. With the desktop application you are able to manage multiple accounts as well as receive notifications about updates to your account from the desktop.