The cryptocurrency market is on the rise and you’re probably thinking where to invest your crypto-coins. Markets have popped up across the internet, designed to sell and buy NFTs via cryptocurrency! OpenSea can be one and is worth looking into.
If you’re familiar with cryptocurrency, you’ve likely heard of OpenSea before for a good reason. It’s now one of the largest and leading marketplaces among users of cryptocurrency due to its security and quick transactions.
So, hop on board and let’s see what you can do with OpenSea and also see the NFTs that you can see!
Before you continue, you may want to watch 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 of OpenSea.
OpenSea as an NFT Marketplace OpenSea One Time Fee
The aim of OpenSea was to simply provide an online marketplace for artists to easily upload their commissions, without having to pay any additional charges. It also has additional functions that let you sell your artwork without any difficulties.
For the registration process, you don’t have to worry about giving any personal information 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 many hassles when you enter into NFTs.
The most widely-used cryptocurrency used on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system, and this is used for most processes. It also operates with the Polygon blockchain to ensure low-cost and quicker trading.
There are two types of blockchains that are available, you can choose which one you would like to publish your NFT as an seller. This ensures the safety of your NFT as well as the people who want to buy it. All transactions will be made by using the blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from as simple as a domain name to official art by an artist you admire. Anyone can become a seller however, it takes a while for anyone to be an established seller.
There are a variety of NFTs in the collection of NFTs available at OpenSea and you could join in with this! You can set up your own market on this site, as well as find NFTs that you would like to purchase yourself.
What is an NFT?
In a recent development for 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 not exactly sure what it means. Let’s look at what an NFT is for anyone who is new in the field of cryptocurrency.
One of the latest ways that you can buy with cryptocurrency includes an NFT. A NFT is a non-fungible currency that is very individual and cannot be changed. It could be an item of any rareness like rare baseball trading cards in mint condition or rare vinyl record.
There’s no limit on what an NFT can be since it’s a non-fungible item that you sell online. It is simpler to just imagine as an NFT to be a type of digital item paid via cryptocurrency only.
Minting is like calling the shots to your NFTs. You’re claiming the owner of the item or token that you posted to the market place, but offering it for sale. Usually, this is recognized once you fill out the proper information regarding the NFT and add it on the market.
On OpenSea, it’s a simple process to mine your NFTs by visiting the store and then making a collection to begin! Complete the correct and accurate information about your NFT and select the type of settings you’d like for it (e.g. blockchain and payment tokens). After you’ve completed the process then you’re able to upload it if it fits the 100 MB limit.
It is possible to wait and see how transactions progress from now to determine if OpenSea is the right marketplace for you.
What NFTs can you find here?
At this point you’re probably asking yourself which kind of NFT can you shop for here and what kind of NFTs you can also sell if you decide to pursue that route. The kind of NFT it isn’t limited since there’s a broad range of options for how to go about it.
It is possible to sell digital items, trading cards game assets domain names, even physical assets! Consider what you believe will reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that differentiates OpenSea from other companies. There are zero gas fees 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 extra fees.
There aren’t many NFT marketplaces provide this feature, which is why this can be a fantastic way to receive high profit from your collection.
The Referral Program is another unique aspect of OpenSea to take note of. Similar to traditional online markets, you can receive rewards by referring your 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 through this action.
Other NFT marketplaces do not have this kind of feature either and that’s another advantage OpenSea has over the other marketplaces.
There’s an OpenSea mobile application, however it’s mostly used to browse through the marketplace. You can’t buy or sell anything while you browse through the listings.
The mobile apps from OpenSea are accessible for the two platforms of iOS and Android. While you’re not able to buy or sell anything, you can still at least look through the options you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are to you, and you can convert your fiat money into cryptocurrency on these platforms. OpenSea One Time Fee
You can exchange your fiat money via the credit card, or Paypal on these reliable websites for cryptocurrency:
- Bittrex, and more!
All of them have the option of exchange for ETH, which is the primary cryptocurrency payment option in OpenSea.
Although OpenSea is an NFT marketplace open to all kinds of cryptocurrency, the wallets nevertheless more compatible than other. Because it is based using an ETH blockchain, all wallets which are part of the same network are suitable for this site.
Here’s a list of various crypto wallets that you can use in OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations including simple registration, use on mobile devices only as well as the capability to purchase cryptocurrency using a credit card. OpenSea One Time Fee
To learn more about it to learn more, check out their FAQs to get a rundown of how you can start and which other 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 an exception to this. It is possible to read about its pros and pros here:
- Mobile apps available for iOS as well as Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- The best option for beginners to the crypto world and NFTs.
- Allows royalties of only 10% for artists (low royalty).
- Cannot buy or sell through our mobile apps.
- Only supports cryptocurrency as its type of payment.
- The use of a Crypto wallet is required to access this marketplace.
OpenSea is open to everyone who owns any crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. In the end, you’ll easily recover that amount when you sell regularly since there is no additional fee for it.
Frequently Asked Questions OpenSea One Time Fee
What is OpenSea?
OpenSea is an NFT marketplace that aims to provide artists a platform for selling their artwork online and receive cryptocurrency as a form of payment. It’s an excellent platform for artists using for selling NFTs because of its zero gas fees and low commission fees which you are required to pay.
You can shop and browse the vast array of digital products on this NFT marketplace which is why you should definitely take a look!
Is OpenSea real and secure?
The short answer is yes! OpenSea is a reputable marketplace since it was founded on the 1st of December in 2018. Since the system it operates on is built on a blockchain and is secured, it is safe to say that your transactions are protected and secured.
Additionally as a seller you will be verified after you’ve earned a reputation. A blue checkmark is placed next to your account or the collection you uploaded to reassure anyone who buys from you. The OpenSea team reviews regularly the content to ensure that users are safe.
How do I earn royalties from OpenSea?
As an artist, you can receive only up to 10 percent of the royalties when you upload the NFT. This is believed to be quite low in comparison to others NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) has been frequently utilized on this website and numerous others to cater for many more cryptocurrency users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of to access OpenSea.
What are the payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. You can easily purchase or sell cryptocurrency through secure platforms that accept fiat money. All you need just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea have a desktop or mobile application?
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 exploring the collection now!
A Desktop application that OpenSea which can be downloaded from WebCatalog. In the desktop application, you can manage multiple accounts as well as receive notifications on updates regarding 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/).