Cryptocurrency is booming right now, and you’re probably wondering where to invest your crypto coins. Markets have popped up all over the internet, designed to sell and buy NFTs using cryptocurrency! OpenSea is among them, and it’s worth checking out.
If you’re familiar with cryptocurrency, you’ve probably heard of OpenSea before for a good reason. It’s now one of the biggest and leading marketplaces among cryptocurrency users because of its security and quick transactions.
So, hop on board and let’s see the possibilities of OpenSea as well as examining the NFTs available to view!
Before you continue, 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 No Gas Fee
The aim for OpenSea was to simply provide artists with a marketplace/platform to upload their commissions, without having to pay any additional charges. It also has additional functions which allow you to market your work without having to deal with many difficulties.
When it comes to registration, you won’t have to give all of your personal details. All you need to connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as easy as that without going through many hassles when you enter into NFTs.
The most popular cryptocurrency to use on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system which is utilized for most processes. It also functions using the Polygon blockchain, which allows for lower costs and faster trading.
With these two kinds of blockchains that are available, you can choose which one you’d like to upload your NFT on as an seller. This will ensure the security of your NFT, along with those who would like to purchase 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 mall that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase 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 become an established seller.
There is a wide variety from the selection of NFTs available at OpenSea and you can also be a part of this! You can start your own market there, and also find NFTs you’d like to buy for yourself.
What is an NFT?
A recent change in the cryptocurrency industry”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that many millennials are familiar with it , but not exactly sure what it is. Let’s take a look at what NFT is for those who are just beginning to get started in cryptocurrency.
One of the new things you can buy is an NFT. An NFT is a token that is non-fungible that is unique and can’t be substituted. This can be a piece of rarity like rare baseball trading cards in mint condition or a rare vinyl record.
There’s no limit on what an NFT can be since it’s a non-fungible item that you can sell on the internet. More straightforwardly, you can simply think of an NFT being a virtual item which is only paid in cryptocurrency.
Minting is similar to calling for dibs to your NFTs. You’re claiming the owner of the item or token that you posted to the marketplace, and you’re selling it. Typically, this is official when you have filled in all the necessary information about the NFT and submit it for sale on.
On OpenSea, it’s a simple process to mine your NFTs by visiting the store and creating a collection to start! Input the appropriate and correct information regarding your NFT and select the type of settings you’d like to use to use it with (e.g., blockchain, money transfer tokens). After that, you can finally upload it to the internet if it’s in the limit of 100MB.
It is possible to wait and see how transactions progress from now on to see whether OpenSea is the marketplace for you.
What NFTs can you find here?
In this moment, you’re probably wondering what kind of NFTs be found here and what you can also sell if you choose to go that route. 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 some physical items! Explore what you believe can yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that differentiates OpenSea from other companies. There are no gas costs for using this feature to mint and sell NFTs. This is essentially a way to ensure that you be able to make the highest profits once you sell because you don’t need to pay on any additional charges.
There aren’t many NFT marketplaces provide this feature, so this is great for you to make a huge profit from your collection.
This Referral Program is another distinctive feature of OpenSea to be admired. Like traditional online marketplaces there are rewards when you refer someone else to OpenSea! If you invite a friend to join OpenSea and buy an NFT from there you’ll be rewarded with 2.50 percent of the purchase amount, which means you can earn more money through this action.
Other NFT marketplaces do not have this kind of feature either, so that’s just another advantage OpenSea is able to offer over other NFT 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 anything while you browse through the listings.
OpenSea’s mobile apps are available on the two platforms of iOS and Android. Even though you can’t buy or sell things, you can at least browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are to you You can also trade your fiat currency for cryptocurrency through these platforms. OpenSea No Gas Fee
You can swap your fiat money via your credit or debit card as well as Paypal via these reputable websites for cryptocurrency:
- Bittrex, and many more!
All of these have the option to exchange for ETH that is the primary cryptocurrency payment option in OpenSea.
While OpenSea has been described as being an NFT marketplace that is open to all types of cryptocurrency, wallets are nevertheless more compatible than others. Since it is built around an ETH blockchain, any wallets that share this network are appropriate for the site.
Here is a list of different crypto wallets you can utilize in OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each one has its own set of limitations including simple registration, use on mobile devices only, and the function to purchase cryptocurrency with credit cards. OpenSea No Gas Fee
For more information about the service You can go through their FAQs to see a rundown of how you can begin and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has its advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and pros here:
- Mobile apps available for iOS and Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
- Allows royalties of only up to 10% for artists (low royalty rates).
- It is not possible to buy or sell items through 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 crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. In the end, you’ll quickly regain that when you sell regularly since there’s no extra charge for it.
Frequently Asked Questions OpenSea No Gas Fee
What is OpenSea?
OpenSea is an NFT marketplace that aims to offer artists a way to market their work online and receive cryptocurrency as their form of payment. It’s a great platform for artists who use it to sell NFTs due to its no cost of gas and low commission fee rate you must pay.
You can shop and browse an array of digital items on the NFT marketplace, so you should go through it!
Is OpenSea real and secure?
Short answer: Yes! OpenSea has been a trusted marketplace since it was founded at the end of 2018. Since the system it operates on is based on a blockchain that is secure, you can declare that transactions are secure and safe.
In addition, as a seller, you will be verified after you’ve earned a reputation. A blue checkmark will appear next to your account or the collection you’ve uploaded to ensure the safety of anyone who buys from you. The team at OpenSea regularly checks the content to ensure users are safe.
How can I earn royalties on OpenSea?
As an artist, you can get only 10 percent of the royalties when you have uploaded the NFT. This is considered to be a reasonable amount compared with others NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) can be widely used on this site and many others to accommodate more crypto users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize to use OpenSea.
What are the payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. You can easily purchase or sell cryptocurrency through trusted platforms with fiat money. All you have just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea have a desktop/mobile app?
As mentioned before there’s an official mobile app from OpenSea that is available for iOS as well as Android. You can download it through their app store and begin exploring the collection now!
There is also a version for desktops that OpenSea which can be downloaded from WebCatalog. In the desktop application, you can manage multiple accounts and receive notifications about updates to 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/).