The cryptocurrency market is on the rise, and you’re probably wondering where to invest your crypto coins. Marketplaces are popping up across the web that allow users to sell and buy NFTs using cryptocurrency! OpenSea can be one and is worth a look.
If you’re well-versed in cryptocurrency you’ve probably heard about OpenSea prior to this for a valid reason. It’s now one of the largest and leading marketplaces among users of cryptocurrency due to its security and quick transactions.
Get on board, and discover the possibilities of OpenSea and also see the NFTs that you can see!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick review. After, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace OpenSea Nft Marketplace
The purpose of OpenSea was to simply provide a platform/marketplace for artists to upload their commissions without any extra fees. It has more functions that allow you to sell your art without too many difficulties.
For registration, you don’t need to give any personal information about yourself. All you need to connect your crypto wallet–and voila!–you have an account with OpenSea! It can be as simple as that without going through many hurdles as you walk into NFTs.
The most well-known cryptocurrency to use within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system which is utilized for the majority of transactions. It also operates on the Polygon blockchain, which ensures low-cost and quicker trading.
There are 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 as well as those who would like to buy it. All transactions are made by using the blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace where you can trade in your NFTs or cryptocurrency for other NFTs. You can buy anything the simplest domain name, to a piece of art from an artist that you admire. Anyone can become a seller however, it takes some time for anyone to be an established seller.
There’s a huge selection of NFTs available on OpenSea and you could join in with that! You can create your own personal market here, along with finding NFTs that you would like to purchase yourself.
What is an NFT?
In a recent development for 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 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 is an NFT. A NFT is a non-fungible token that is individual and cannot be changed. It could be an item of any rareness, such as rare baseball trading cards in mint condition or rare vinyl record.
There’s no limit on what an NFT can be as it’s a non-fungible thing you’re selling on the internet. More straightforwardly, you can simply think of an NFT to be a type of digital item that is paid for using cryptocurrency only.
Minting is like calling dibs on your own NFTs. You are calling ownership over that particular token/item you uploaded on market, as you’re offering it for sale. Usually, this is recognized when you have filled in the proper information regarding the NFT and then add it on the market.
On OpenSea It’s a very simple process to mint your NFTs by going to the store and then create a collection! Complete the correct and correct information regarding your NFT and select the type of settings you’d like to use for it (e.g. blockchain and money transfer tokens). Once that’s all done then you’re able to upload it, if it’s within the limit of 100MB.
You can watch and see how the transactions go from now on to determine if OpenSea is the best marketplace for you.
What NFTs are available here?
So, at this point you’re probably thinking about what kind of NFTs be purchased here, and what you could sell should you decide to go down that path. The type of NFT it is indefinite since there’s a broad range of ways to do it.
You could be selling trade cards, digital goods, game assets domain names, also physical goods! Consider what you believe will bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that separates 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 be able to make the highest profits once you start selling because you don’t need to pay on any additional charges.
There aren’t many NFT marketplaces have this feature, so this is great for you to receive high profit from your collection.
This Referral Program is another unique aspect of OpenSea to be admired. Similar to traditional online markets that offer advantages by referring your friend to OpenSea! If you encourage a friend join OpenSea and buy an NFT from the site, you’ll receive 2.50 percent of the sales amount, which allows you to make more money through this action.
Other NFT marketplaces don’t offer this feature, so that’s just another benefit OpenSea has over the other marketplaces.
There’s an OpenSea mobile application, however it’s mostly to browse through the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listing.
OpenSea’s mobile apps are available on the two platforms of iOS and Android. Even though you can’t buy or sell anything, you can still at least browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available to you You can also convert your fiat money into cryptocurrency on these platforms. OpenSea Nft Marketplace
You can exchange your fiat money via credit card or Paypal via these reputable websites to exchange it for crypto:
- Bittrex and other things!
All of these have the option of exchange for ETH which is the primary cryptocurrency used in OpenSea.
While OpenSea can be described as an NFT marketplace open to all types of cryptocurrency, the wallets nonetheless more compatible than other. Because it is based on an ETH blockchain, all wallets with a connection to the same network are suitable for the site.
Here’s a list different crypto wallets you can utilize in OpenSea:
- Authereum and more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations like easy registration, use on mobile devices only and the ability to purchase cryptocurrency with the credit card. OpenSea Nft Marketplace
To know more about it You can go through their FAQs to see a rundown of how you can begin and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and cons here:
- Available as mobile apps for iOS and Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalties of only up to 10% for artists (low royalties).
- You cannot buy or sell products on our mobile apps.
- Only accepts cryptocurrency as a type of payment.
- The use of a Crypto digital wallet must be used to use this marketplace.
OpenSea is open to everyone who has any crypto currency in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. But overall, you can easily recover that amount when you actively sell because there’s no additional cost for it.
Frequently Asked Questions OpenSea Nft Marketplace
What is OpenSea?
OpenSea is an NFT marketplace that is designed to offer artists a way to sell their works online and receive cryptocurrency as a method of payment. It’s an excellent platform for artists who use the platform to market NFTs due to its no gas fees and the low commission rate which you are required to pay.
You can browse and shop for an array of digital goods in this NFT marketplace, so you should take a look!
Is OpenSea real and is it safe?
The short answer is yes! OpenSea has been a reliable marketplace since it was founded at the end of the year 2018. Because its system is based on a blockchain, it is safe to say that your transactions are protected and secured.
Furthermore, as a seller, you will be verified after you have built up your credibility. A blue checkmark will be assigned next to your account or the collection you’ve uploaded to ensure the safety of every customer. The team at OpenSea regularly checks the content to ensure users are safe.
How can I earn royalties on OpenSea?
However, as an artist, you can receive only up to 10 percent of the royalties after you have uploaded the NFT. This is believed to be reasonably low compared against other NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) has been commonly used on this site and other sites to provide more cryptocurrency users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of to use OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. You can easily purchase or sell cryptocurrency through trusted platforms with fiat money. All you have to do is connect your credit card or Paypal for the transaction.
Does OpenSea have a desktop/mobile app?
As we mentioned earlier, there is definitely an official mobile app by OpenSea for both iOS as well as Android. Install it from their app store and begin browsing through the collection right now!
There is also a version for desktops that OpenSea which can be downloaded from WebCatalog. With the desktop application you can 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/).