Cryptocurrency is booming right now and you’re probably wondering where to invest your crypto currency. Markets have popped up all over the web that allow users to purchase and sell NFTs using cryptocurrency! OpenSea is one of them and is worth looking into.
If you’re interested in crypto you’ve probably heard of OpenSea prior to this for a valid reason. It’s now one of the biggest and leading marketplaces among cryptocurrency users because of its security and quick transactions.
Now hop aboard, and let’s see the possibilities of OpenSea as well as examining what NFTs you can view!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. After, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace OpenSea Qr Code
The aim to create OpenSea was to simply provide artists with a marketplace/platform to upload their commissions, without having to pay any additional costs. It also has additional functions that allow you to sell your artwork without any problems.
When it comes to the registration process, you don’t have to give any personal information about yourself. All you need to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as easy as that and without many hurdles as you walk into NFTs.
The most well-known cryptocurrency that is used within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system, and this is used for most processes. It also functions with the Polygon blockchain, which allows for low-cost and quicker trading.
With these two kinds of blockchains available it is possible to choose which one you’d like to publish your NFT as seller. This ensures the safety of your NFT and those who would like to purchase it. Every transaction will be conducted using this blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall where you can trade in your cryptocurrency or NFTs for other NFTs. You can buy anything as simple as a domain name to official art from an artist you admire. Anyone can be a seller, but it takes a while for anyone to be an established one.
There is a wide variety of NFTs available of NFTs available at OpenSea and you could become a part of the collection! You can create your own market here, along with finding NFTs you want to purchase for yourself.
What is an NFT?
In a recent development for the crypto industry,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that many millennials have heard of it but aren’t exactly sure what it is. Let’s take a look at what NFT is for any beginners in the field of cryptocurrency.
One of the new things you can buy can be an NFT. An NFT is a non-fungible currency that is very unique and can’t be replaced. This can be an item of any rareness like mint-condition baseball trading cards or unique vinyl album.
There’s no limit to what an NFT can be as it’s a non-fungible object that you sell online. It is simpler to just think of as an NFT as a digital collectible which is only paid in cryptocurrency.
Minting is like calling dibs to your NFTs. You’re claiming the owner of the item or token that you have uploaded to the market place, but you’re selling it. Typically, this is official when you have filled in the proper information regarding the NFT and finally add it on the market.
On OpenSea, it’s a simple process to mine your NFTs by visiting the store and simply creating a collection to start! Input the appropriate and correct information regarding your NFT and then select what type of settings you’d like to use to use it with (e.g., blockchain and payments tokens). Once that’s all done you are able to upload it to the internet if it’s in the 100 MB limit.
You can watch and see how transactions progress from here on out to see if OpenSea is the best marketplace for you.
What NFTs can you find here?
At this point you’re probably thinking about which kind of NFT you shop for here, and what you could also sell if you choose to go that route. The type of NFT it is indefinite because there’s a wide range of options for how to go about it.
You could be selling digital items, trading cards game assets domain names, some physical items! Find out what you think will bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that differentiates OpenSea from the others. There’s no cost for gas when you utilize this feature to mint and sell NFTs. This simply means that you’ll get the most profit when you begin selling since you won’t have to spend on extra fees.
Not many NFT marketplaces provide this feature, and it is great for you to receive high profit from your NFT collection.
The Referral Program is another distinctive feature of OpenSea to be admired. Similar to traditional online markets, you can receive advantages by referring someone else to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from there you’ll earn 2.50 percent of the purchase amount, letting you make more money by this method.
Other NFT marketplaces don’t have the same feature, so that’s just another benefit OpenSea has over them.
There’s an OpenSea mobile app, but it is mainly used to browse through the marketplace. Unfortunately, you can’t purchase or sell items as you scroll through the list.
OpenSea’s mobile apps are available on the two platforms of iOS and Android. Although you aren’t able to purchase or sell anything, you can still explore the products you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are available for you to use You can also exchange your fiat money for cryptocurrency through these platforms. OpenSea Qr Code
You can swap your fiat currency using a credit card or Paypal via these reputable websites for cryptocurrency:
- Bittrex and more!
Each of them has the option of exchange for ETH that is the most common crypto payment in OpenSea.
While OpenSea has been described as being an NFT marketplace open to all types of crypto, wallets are still more compatible with it than others. Since it is built mainly on the ETH blockchain, wallets that share that network will be suitable for this website.
Here’s a list various crypto wallets that you can utilize in OpenSea:
- Authereum and many more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, mobile-only usage as well as the capability to buy cryptocurrency using credit cards. OpenSea Qr Code
To know more about it to learn more, check out their FAQs for the steps you can start and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets every one of them has advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and cons here:
- Mobile apps available for iOS as well as Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
- Allows royalty rates of 10% for artists (low royalties).
- You cannot buy or sell products on this mobile application.
- Only accepts cryptocurrency as a method of payment.
- A Crypto digital wallet must be used to use this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. But overall, you can quickly recover this amount if you are actively selling since there’s no extra charge for it.
Frequently Asked Questions OpenSea Qr Code
What is OpenSea?
OpenSea is an NFT marketplace that seeks to give artists a chance for selling their artwork online to receive cryptocurrency as a form of payment. It’s an ideal platform for artists using the platform to market NFTs because of its zero gas fees and low commission fee rate you must pay.
You can browse and purchase an array of digital products on this NFT marketplace and you must take a look!
Is OpenSea legitimate and is it safe?
Short answer: Yes! OpenSea is a reputable marketplace since it was founded in 2018. Since its system is built on blockchain technology, it is safe to declare that transactions are secure and safe.
Furthermore as a seller you can become verified once you’ve earned a reputation. A blue checkmark will appear on your account or collection you’ve uploaded to ensure the safety of any customer. OpenSea’s team regularly reviews the content to ensure users are safe.
How can I earn royalties on OpenSea?
However, as an artist, you will be paid only 10% of the royalties once you have uploaded the NFT. This is considered to be a reasonable amount compared with the other NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) has been frequently used on this site and other sites to provide the increasing number of crypto users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can use to use OpenSea.
What are the payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. You can buy and sell cryptocurrency through reliable platforms using fiat currency. All you need be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea have a desktop or mobile app?
As previously mentioned, there is definitely an official mobile app by OpenSea available for both iOS or Android. You can download it through their app store and then you can begin exploring the collection now!
A Desktop application that OpenSea that can be downloaded through WebCatalog. On the desktop app you are able to manage multiple accounts as well as receive notifications about updates to your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).