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 with cryptocurrency! OpenSea is one of them, and it’s worth a look.
If you’re interested in crypto, you’ve probably heard about OpenSea previously for a valid reason. It’s now one of the largest and most popular marketplaces among users of cryptocurrency due to its security and quick transactions.
Get on board, and let’s see what you can do with OpenSea, along with checking 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 will want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace OpenSea Quantity
The purpose of OpenSea was to simply provide an online marketplace for artists to upload their commissions without any extra charges. It has more functions that let you 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 need to do is connect your crypto wallet and voila! You have an account with OpenSea! It can be as simple as that and without many hassles when you enter into NFTs.
The most popular cryptocurrency to use on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology which is utilized for most processes. It is also based with the Polygon blockchain to ensure lower costs and faster trading.
With these two types of blockchains that are available it is possible to choose which one you would like to transfer your NFT to as a seller. This will ensure the security of your NFT, along with the people who want to purchase it. All transactions are made along with this blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from the simplest domain name to an official artwork from an artist that you admire. Anyone can sell however it takes some time for anyone to be an established one.
There’s a huge selection of NFTs available of NFTs available at OpenSea, and you can also be a part of this! You can set up your own personal market on this site, as well as find NFTs you’d like to buy for yourself.
What is an NFT?
In a recent development for the crypto market,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that the majority of young people are familiar with it but aren’t exactly sure what it actually means. Let’s look at what an NFT is for any beginners in the field of cryptocurrency.
One of the new things that you can buy with cryptocurrency includes an NFT. An NFT is a non-fungible currency which is extremely unique and can’t be replaced. It can be an item of rarity like rare baseball trading cards in mint condition, or a uncommon vinyl record.
There’s no limit on what an NFT can be as it’s a non-fungible thing that you sell online. In simpler terms, you could just consider an NFT as a digital collectible which is only paid in cryptocurrency.
Minting is similar to calling for dibs for your personal NFTs. You are calling the ownership of the particular item that you posted to the marketplace, and putting it up for sale. Usually, this is recognized after you fill in the correct information about the NFT and then submit it for sale on.
On OpenSea, it’s a simple process to mint your NFTs. All you have to do is visit the store and simply making a collection to begin! Fill out the proper and accurate information about your NFT and choose what kind of settings you want for it (e.g., blockchain and payments tokens). Once that’s all done then you’re able to upload it if it fits the 100 MB limit.
You can wait and observe how transactions progress from here on out to determine if OpenSea is the marketplace for you.
What NFTs can you find here?
So, at this point you’re probably asking yourself what kind of NFTs be found here, and what you could sell should you decide to go that route. The type of NFT that you can purchase is unlimited since there’s a broad range of how you can approach it.
It is possible to sell digital products, trading cards game assets domain names, also physical goods! Find out what you think will reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what sets OpenSea from the other options. There are zero gas fees when you utilize this feature when you make and then sell the NFTs. This simply means that you’ll receive the maximum profits when you start selling because you don’t need to pay on additional fees.
Not many NFT marketplaces have this feature, so this can be a fantastic way to receive high profit from your NFT collection.
This Referral Program is a different aspect of OpenSea to take note of. Similar to traditional online markets there are benefits when you refer a friend to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from the site you’ll earn 2.50 percent of the purchase amount, which means you can earn more cash by this method.
Other NFT marketplaces do not have this feature, so that’s just another advantage OpenSea has over them.
There is an OpenSea mobile app, but it’s mostly to browse the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listings.
OpenSea’s mobile apps are available for both iOS in addition to Android. Although you aren’t able to purchase or sell things, you can 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 exchange your fiat money for cryptocurrency through these platforms. OpenSea Quantity
You can exchange your fiat money via your credit or debit card as well as Paypal through these trusted sites for cryptocurrency:
- Bittrex and many more!
Each of them has the option of exchange for ETH which 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 nevertheless more compatible than other. Because it is based around an ETH blockchain, wallets which are part of that network will be suitable for this site.
Here’s a list different crypto wallets you can use in OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions including simple registration, use on mobile devices only as well as the capability to buy cryptocurrency using the credit card. OpenSea Quantity
To know more about it You can go through their FAQs for the steps you can begin and also what other crypto wallets work 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 are available that are compatible with iOS or Android.
- Smart contracts are used for transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalty rates of 10% for artists (low royalties).
- It is not possible to buy or sell items through the mobile app.
- Only accepts cryptocurrency as a form of payment.
- An Crypto account is needed to access this marketplace.
OpenSea is available to anyone who has any crypto currency in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. However, overall, you will quickly regain that when you actively sell because there is no additional fee for it.
Frequently Asked Questions OpenSea Quantity
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 a great platform for artists using the platform to market NFTs due to its low gas fees and low commission fee rate that you have to pay.
You can shop and browse a vast collection of digital products on this NFT marketplace which is why you should definitely take a look!
Is OpenSea legit & is it safe?
The short answer is yes! OpenSea has been a trusted marketplace since it was founded on the 1st of December in the year 2018. Because its system is built on a blockchain and is secured, it is safe to claim that your transactions are protected and secured.
Additionally, as a seller, you’ll be verified when you build up your reputation. A blue checkmark is placed next to your account or collection you’ve uploaded to ensure the safety of every customer. OpenSea’s team regularly reviews the content to ensure that users are protected.
How do I earn royalties from OpenSea?
As an artist, you can get only 10 percent of the royalties after you upload the NFT. This is considered to be quite low in comparison with others NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) has been widely used on this site as well as numerous others to cater for the increasing number of cryptocurrency users. These are other cryptos you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can use to access OpenSea.
What are the payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. You can easily purchase or trade cryptocurrency using trusted platforms with fiat money. All you need be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea have a desktop or mobile application?
As mentioned before There is an official mobile application from OpenSea available for both iOS or Android. Download it at their respective app store and then you can begin browsing through the collection right now!
There is also a Desktop application that OpenSea that can be downloaded through WebCatalog. On the desktop app you can manage multiple accounts and receive 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/).