The cryptocurrency market is on the rise and you’re probably thinking where to invest your crypto coins. Marketplaces are popping up all over the internet, designed to sell and buy NFTs using cryptocurrency! OpenSea is among 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 one of the biggest and leading marketplaces among cryptocurrency enthusiasts due to its security and rapid transactions.
Get on board, and discover what you can do with OpenSea as well as examining the NFTs available to view!
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.
OpenSea as an NFT Marketplace OpenSea Reserve Price
The goal for OpenSea was to offer artists with a marketplace/platform to upload their commissions without any extra costs. It also has additional functions that let you sell your artwork without any problems.
When it comes to the registration process, you don’t have to worry about giving all of your personal details. All you have to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as simple as that, without much hassle as you step into NFTs.
The most well-known cryptocurrency to use on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology which is utilized for the majority of transactions. It also functions with the Polygon blockchain, which allows for lower costs and faster trading.
With these two types of blockchains available you can pick which one you would like to publish your NFT as seller. This is to ensure the security of your NFT and those who would like to purchase it. Every transaction will be conducted using this blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace that lets you trade your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything just a domain name to an official artwork from an artist you admire. Anyone can become a seller, but it takes time before anyone can become an established seller.
There are a variety of NFTs from the selection at OpenSea, and you can join in with this! You can create your own marketplace on this site, as well as 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 have heard of 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 newest things you can buy includes an NFT. The NFT is a non-fungible currency that is exclusive and cannot be changed. It can be an item of rareness, such as mint-condition baseball trading cards or rare vinyl record.
There’s no limit on what an NFT can be since it’s a non-fungible item you’re selling online. It is simpler to simply think of an NFT to be a type of digital item which is only paid in cryptocurrency.
Minting is similar to calling for dibs to your NFTs. You’re claiming ownership over that particular token/item that you have uploaded to the marketplace, and offering it for sale. Usually, this is recognized once you fill out the correct information about the NFT and finally upload it to the marketplace.
On OpenSea, it’s a simple procedure to create your own NFTs. All you have to do is visit the store and then create a collection! Input the appropriate and accurate information about your NFT and then select what type of settings you want for it (e.g., blockchain or payment tokens). After that 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 here on out to determine whether OpenSea is the right marketplace for you.
What NFTs are available here?
So, at this point, you’re probably wondering what kind of NFTs 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 that you can purchase is unlimited as there’s a variety of how you can go about it.
You can be selling digital items, trading cards, game assets domain names, even physical assets! Find out what you think 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 the other options. There are zero gas fees when you use this feature to mint and sell NFTs. This simply means that you’ll be able to make the highest profits once you sell because you don’t need to pay on additional fees.
There aren’t many NFT marketplaces provide this feature, which is why this is a great way to receive high profit from your NFT collection.
This Referral Program is another distinctive feature of OpenSea to be admired. Like traditional online marketplaces that offer rewards when you refer your friend to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from the site you’ll earn 2.50 percent of the purchase amount, letting you earn more cash by this method.
Other NFT marketplaces do not have this feature and that’s another advantage OpenSea has over them.
There is an OpenSea mobile application, however it’s mostly used for perusing through the marketplace. You can’t buy or sell anything as you scroll through the list.
OpenSea’s mobile apps are available for both iOS in addition to Android. Even though you can’t buy or sell things, you can at least explore the products you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are at your disposal, and you can convert your fiat money into cryptocurrency on these platforms. OpenSea Reserve Price
You can convert your fiat money via your credit or debit card as well as Paypal on these reliable websites to exchange it for crypto:
- Bittrex, and more!
Each of them has the option of exchange for ETH, which is the primary crypto payment in OpenSea.
While OpenSea is an NFT marketplace that is open to all types of cryptocurrency, the wallets nonetheless more compatible than other. Since it is built mainly on the ETH blockchain, all wallets with a connection to that network will be suitable for this site.
Here’s a list different crypto wallets which you can use with OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each has its own limitations, such as easy registration, use on mobile devices only and the ability to purchase cryptocurrency with the credit card. OpenSea Reserve Price
To learn more about it You can go through their FAQs to get the steps you can begin and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and pros here:
- Mobile apps available that are compatible with iOS or Android.
- Smart contracts can be used to perform transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto market and NFTs.
- Allows royalties of only 10% to artists (low royalty rates).
- It is not possible to buy or sell items through the mobile app.
- Only accepts cryptocurrency as a method of payment.
- The use of a Crypto wallet is required to use this marketplace.
OpenSea is accessible to everyone who has any crypto currency in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percent commission fee for all sellers on the 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 Reserve Price
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to give artists a chance for selling their artwork online and receive cryptocurrency as their form of payment. It’s a great platform for artists who use for selling NFTs because of its zero gas costs and the low commission rate that you have to pay.
You can browse and purchase the vast array of digital goods in this NFT marketplace which is why you should definitely check it out!
Is OpenSea legit & is it safe?
Answer: Yes! OpenSea has been a trusted marketplace since its inception in 2018. Since its system is built on blockchain technology, it is safe to claim that your transactions are secure and safe.
Furthermore, as a seller, you will be verified after you’ve earned a reputation. A blue checkmark is placed to your account or any collection that you have uploaded to assure every customer. OpenSea’s team regularly reviews the content to ensure that users are secure.
How do I earn royalties on OpenSea?
As an artist, you’ll receive only up to 10% of the royalties once you have uploaded the NFT. This is believed to be a reasonable amount compared to other NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) has been commonly used on this site as well as numerous others to cater for many more crypto users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can make use of to access OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. You can easily purchase or sell cryptocurrency on secure platforms that accept fiat money. All you have be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea have a desktop or mobile app?
As mentioned before there’s an official mobile application from OpenSea available for both iOS and Android. Install it from their app store, and you can start browsing through the collection right now!
There is also a version for desktops that OpenSea that can be downloaded through WebCatalog. In the desktop application, you can manage multiple accounts and get 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/).