The cryptocurrency market is on the rise and you’re probably wondering where you can invest your crypto coins. Marketplaces are popping up across the digital web designed to purchase and sell NFTs using cryptocurrency! OpenSea can be one and is worth a look.
If you’re familiar with cryptocurrency, you’ve probably heard about OpenSea prior to this for a valid reason. It’s one of the largest and most popular marketplaces among cryptocurrency users because of its security and quick transactions.
Now hop aboard, and let’s explore the possibilities of OpenSea, along with checking 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 will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace OpenSea Refresh Metadata
The goal of OpenSea was to offer a platform/marketplace for artists to upload their commissions with no additional fees. There are additional features that allow you to sell your work without having to deal with many issues.
For registration, you don’t need to provide all of your personal details. All you have to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It can be as simple as that without going through much hassle as you step into NFTs.
The most widely-used cryptocurrency to use on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system and is used for most processes. It is also based using the Polygon blockchain, which ensures the lowest cost and speediest trading.
With these two kinds of blockchains that are available it is possible to choose which one you’d like to transfer your NFT to as an seller. This will ensure the security of your NFT as well as the people who want to buy it. All transactions will be made using this blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless where you can exchange your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything just a domain name to official art from an artist that you admire. Anyone can sell however it takes a while for anyone to become an established one.
There are a variety of NFTs in the collection at OpenSea and you could join in with this! You can start your own marketplace there, and also find NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent advancement for the cryptocurrency industry,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that many millennials are familiar with it , but aren’t exactly sure what it is. Let’s break down what an NFT is for any beginners in cryptocurrency.
One of the new things that you can buy with cryptocurrency can be an NFT. An NFT is a non-fungible token that is very unique and can’t be changed. This can be an item of any rareness like mint-condition baseball trading cards, or a unique vinyl album.
There is no limit to what an NFT could be, since it’s a non-fungible thing that you sell on the internet. It is simpler to just think of the 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 correct information about the NFT and add it on the market.
On OpenSea it’s a straightforward process to mint your NFTs by visiting the store and then creating a collection to start! Input the appropriate and accurate information about your NFT and choose what kind of settings you want to use it with (e.g. blockchain, money transfer tokens). Once that’s all done then you’re able to upload it to the internet if it’s in the 100 MB limit.
It is possible to wait and see how the transactions go from now on to determine if OpenSea is the best marketplace for you.
What NFTs can you get here?
So, at this point you’re probably asking yourself which kind of NFT can be purchased here and what you can also sell if you choose to pursue that route. The kind of NFT it can be isn’t limited since there’s a broad range of options for how to do it.
You could be selling trade cards, digital goods, game assets, domain names, and also physical goods! Consider what you believe will bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what sets 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 get the most profit when you start selling because you won’t have to spend on any additional charges.
Not many NFT marketplaces provide this feature, which is why this is a great way to receive high profit from your portfolio.
This Referral Program is another distinctive feature of OpenSea to be admired. Similar to traditional online markets, you can receive benefits by referring someone else to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from there you’ll be rewarded with 2.50% of the sale amount, which allows you to earn more money by this method.
Other NFT marketplaces don’t offer the same feature, so that’s just another advantage OpenSea has over them.
There is an OpenSea mobile app, but it’s mostly used for perusing through the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listing.
OpenSea’s mobile apps are available on both iOS in addition to Android. Even though you can’t buy or sell things, you can at least explore the products you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are at your disposal to trade your fiat currency for cryptocurrency on these platforms. OpenSea Refresh Metadata
You can exchange the fiat currency you have with a your credit or debit card as well as Paypal via these reputable websites to exchange it for crypto:
- Bittrex and other things!
All of these have the option to exchange for ETH that is the standard cryptocurrency used in OpenSea.
Although OpenSea has been described as being an NFT marketplace open to all kinds of crypto, wallets are still more compatible with it than other. Because it is based on the ETH blockchain, all wallets which are part of the same network are suitable for this site.
Here is a list of various crypto wallets that which you can use with OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets 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 purchase cryptocurrency using a credit card. OpenSea Refresh Metadata
For more information about the service to learn more, check out their FAQs to get an overview of how you can get started and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with advantages and drawbacks. OpenSea isn’t an exception to this. You can view its pros and pros here:
- Available as mobile apps that are compatible with iOS as well as Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto world and NFTs.
- Allows royalty rates of 10% to artists (low royalties).
- It is not possible to buy or sell items via this mobile application.
- Only supports cryptocurrency as its method of payment.
- A Crypto digital wallet must be used to use this marketplace.
OpenSea is available to anyone who owns any crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. However, overall, you will easily recover that amount when you are actively selling since there’s no extra charge for it.
Frequently Asked Questions OpenSea Refresh Metadata
What is OpenSea?
OpenSea is an NFT marketplace that seeks to give artists a chance to market their work online to receive cryptocurrency as a form of payment. It’s an excellent platform for artists using for selling NFTs because of its zero cost of gas and the low commission rate you must pay.
You can shop and browse a vast collection of digital products on this NFT marketplace, so you should take a look!
Is OpenSea legit & is it safe?
The short answer is yes! OpenSea has been a trusted marketplace since it was founded at the end of 2018. Since its system is built on a blockchain and is secured, it is safe to declare that transactions are secure and safe.
Furthermore, as a seller, you can become verified once you build up your reputation. A blue checkmark will appear to your account or collection you uploaded to reassure anyone who buys from you. The OpenSea team reviews regularly the content to ensure users are safe.
How can I earn royalties on OpenSea?
As an artist, you’ll be paid only 10 percent of the royalties when you have uploaded the NFT. This is believed to be a reasonable amount compared to other NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) can be widely used on this site as well as many others to accommodate the increasing number of crypto users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can use to access OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. You can easily purchase or sell cryptocurrency on reliable platforms using fiat currency. 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 definitely an official mobile app by OpenSea that is available for iOS and Android. You can download it through their app store and you can start browsing through the collection right now!
The version for desktops that OpenSea that can be downloaded through WebCatalog. With the desktop application you are able to 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/).