The crypto currency market is in a boom right now and you’re probably wondering where you can invest your crypto-coins. Markets have popped up across the digital web designed to purchase and sell NFTs via cryptocurrency! OpenSea can be one and is worth a look.
If you’re well-versed in cryptocurrency you’ve probably heard of OpenSea prior to this for a valid reason. It’s one of the largest and leading marketplaces among cryptocurrency users because of its safety and speedy transactions.
So, hop on board and let’s explore the possibilities of OpenSea as well as examining the NFTs available to view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace OpenSea Support
The purpose of OpenSea was to provide a platform/marketplace for artists to upload their commissions without any extra costs. There are additional features that let you sell your art without too many issues.
For registration, you won’t have to give all of your personal details. All you have to do is connect your crypto 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 widely-used cryptocurrency 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 operates with the Polygon blockchain, which allows for low-cost and quicker trading.
With these two kinds of blockchains it is possible to choose which one you want to publish your NFT as a seller. This ensures the safety of your NFT as well as those who wish to buy it. All transactions are made using this blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless where you can trade in your cryptocurrency or NFTs for other NFTs. You can buy anything the simplest domain name to official art by an artist you admire. Anyone can sell, but it takes a while before anyone can become an established seller.
There are a variety of NFTs of NFTs available of NFTs available at OpenSea and you could also be a part of that! You can create your own personal market there, and also find NFTs you’d like to buy for yourself.
What is an NFT?
A recent change in the cryptocurrency industry, the term “NFT” has been going around for so long on the internet that many millennials have heard of it but not exactly sure what it means. Let’s take a look at what NFT is for any beginners in the field of cryptocurrency.
One of the new things that you can buy with cryptocurrency can be an NFT. The NFT is a token that is non-fungible which is extremely exclusive and cannot be substituted. It could be an item of any rareness like authentic baseball cards, or a uncommon vinyl record.
There’s no limit to what an NFT can be as it’s a non-fungible thing you’re selling on the internet. In simpler terms, you could simply imagine as an NFT as a digital collectible paid via cryptocurrency only.
Minting is like calling dibs to your NFTs. You’re claiming the owner of the item or token you uploaded on the marketplace, and you’re offering it for sale. Usually, this becomes official once you fill out the proper information regarding the NFT and then add it on the market.
On OpenSea It’s a very simple procedure to create your own NFTs. All you have to do is visit the store and then making a collection to begin! Input the appropriate and accurate information about your NFT and choose what kind of settings you’d like for it (e.g., blockchain and money transfer tokens). After you’ve completed the process you are able to upload it if it fits the limit of 100MB.
You can wait and observe how the transactions go from now to determine whether OpenSea is the right marketplace for you.
What NFTs are available here?
At this point, you’re probably wondering which kind of NFT you shop for here and what kind of NFTs you can also sell if you decide to go that route. The type of NFT it can be is indefinite because there’s a wide range of how you can do it.
It is possible to sell digital items, trading cards game assets, domain names, and some physical items! Consider what you believe will reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what differentiates OpenSea from other companies. There’s no cost for gas when you utilize this feature when you mint and sell NFTs. This simply means that you’ll receive the maximum profits when you sell because you don’t need to pay on extra fees.
Not many NFT marketplaces have this feature, which is why this can be a fantastic way to receive high profit from your collection.
This Referral Program is a different aspect of OpenSea to be admired. Similar to traditional online markets there are benefits by referring your friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from the site you’ll be rewarded with 2.50 percent of the sales amount, which means you can make more money through this action.
Other NFT marketplaces don’t have this feature and that’s another benefit OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile app, but it’s mostly to browse the marketplace. You can’t buy or sell items as you browse through the listing.
OpenSea’s mobile apps are available for the two platforms of iOS in addition to Android. Although you aren’t able to purchase or sell anything, you can still browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are available at your disposal You can also trade your fiat currency for cryptocurrency on these platforms. OpenSea Support
You can exchange the fiat currency you have with a your credit or debit card as well as Paypal on these reliable websites for cryptocurrency:
- Bittrex, and more!
All of them have the option to exchange for ETH, which is the standard cryptocurrency payment option in OpenSea.
While OpenSea has been described as being an NFT marketplace that is open to all types of cryptocurrency, wallets are nonetheless more compatible than others. Since it is built on an ETH blockchain, wallets that share that network will be suitable for the site.
Here’s a list of different crypto wallets you can utilize in OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each one has its own set of limitations including simple registration, only mobile usage as well as the capability to purchase cryptocurrency using the credit card. OpenSea Support
For more information about the service, you can check their FAQs to get a rundown of how you can start and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets, each one has advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and cons here:
- Mobile apps are available that are compatible with iOS as well as Android.
- Smart contracts are used for transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalties 10% to artists (low royalty).
- Cannot buy or sell via this mobile application.
- Only accepts cryptocurrency as a method of payment.
- A Crypto account is needed to use this marketplace.
OpenSea is open to everyone who has any crypto currency in their crypto wallets. If you’re selling, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. In the end, you’ll easily recover that amount when you actively sell because there’s no extra charge for it.
Frequently Asked Questions OpenSea Support
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to offer artists a way to sell their works online, and to accept cryptocurrency as a form of payment. It’s a great platform for artists using the platform to market NFTs due to its no cost of gas and the low commission rate you must pay.
You can browse and shop for an array of digital products on this NFT marketplace and you must take a look!
Is OpenSea legit & safe?
Answer: Yes! OpenSea has been a reliable marketplace since it was founded in the year of 2018. Since its system is based on a blockchain that is secure, you can claim that your transactions are secure and safe.
Additionally, as a seller, you’ll be verified when you build up your reputation. A blue checkmark will be assigned on your account or the collection that you have uploaded to assure anyone who buys from you. The team at OpenSea regularly checks the contents to ensure users are safe.
How can I earn royalties on OpenSea?
As an artist, you will receive only up to 10 percent of the royalties after you have uploaded the NFT. This is thought to be reasonably low compared to others NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) has been frequently utilized on this website and numerous others to cater for 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 use OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. You can easily purchase or trade cryptocurrency using reliable platforms using fiat currency. 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 is 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 right now!
The Desktop application that OpenSea that can be downloaded through WebCatalog. With the desktop application you can manage multiple accounts and 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/).