The crypto currency market is in a boom right now, and you’re probably wondering where you can invest your crypto coins. There are numerous marketplaces popping up across the web that allow users to purchase and sell NFTs using cryptocurrency! OpenSea is among them and is worth looking into.
If you’re interested in crypto you’ve probably heard about OpenSea before for a good reason. It’s now one of the biggest and leading marketplaces among users of cryptocurrency due to its security and quick transactions.
Get on board, and discover what you can do with OpenSea as well as examining the NFTs that you can see!
Before you continue, 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 Vs Binance Nft
The aim for OpenSea was to offer a platform/marketplace for artists to upload commissions, without having to pay any additional charges. It also has additional functions that let you sell your art without too many problems.
In terms of the registration process, you don’t have to worry about giving all of your personal details. All you need to connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as simple as that, without many hurdles as you walk into NFTs.
The most popular cryptocurrency that is used in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system which is utilized for most processes. It also operates on the Polygon blockchain, which allows for 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 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 along with this blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless where you can exchange your cryptocurrency or NFTs for other NFTs. You can purchase anything from just a domain name, to a piece of art from an artist that you admire. Anyone can sell however, it takes a while for anyone to be an established one.
There’s a huge selection from the selection on OpenSea and you can also be a part of this! You can start your own personal market there, and also find NFTs that you would like to purchase yourself.
What is an NFT?
A recent change in the crypto market”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 sure exactly what it is. Let’s look at what an NFT is for anyone who is new in the field of cryptocurrency.
One of the latest ways that you can buy with cryptocurrency is an NFT. An NFT is a non-fungible token that is very unique and can’t be changed. It could be an item of rarity like mint-condition baseball trading cards, or a uncommon vinyl record.
There is no limit to what an NFT can be since it’s a non-fungible object that you sell online. In simpler terms, you could just imagine as an NFT being a virtual item which is only paid in cryptocurrency.
Minting is like calling the shots for your personal NFTs. You are calling the ownership of the particular item that you posted to market, as putting it up for sale. Typically, this is official after you fill in all the necessary information about the NFT and add it on the market.
On OpenSea It’s a very simple process to mine your NFTs. All you have to do is visit the store and then creating a collection to start! Input the appropriate and accurate information about your NFT and select the type of settings you’d like for it (e.g., blockchain or money transfer tokens). After that you are able to upload it if it fits the 100 MB limit.
You can wait and observe the way transactions are handled from now on to determine whether 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 can you shop for here and what kind of NFTs you can also sell if you choose to go that route. The type of NFT it can be is indefinite because there’s a wide range of how you can approach it.
You could be selling digital items, trading cards, game assets, domain names, and even physical assets! Find out what you think will bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that differentiates OpenSea from other companies. There’s no cost for gas when you use this feature when you make and then sell the NFTs. This simply means that you’ll get the most profit when you sell because you don’t need to pay on extra fees.
There aren’t many NFT marketplaces offer this feature, so this can be a fantastic way to receive high profit from your collection.
The Referral Program is another distinctive feature of OpenSea to take note of. Similar to traditional online markets that offer benefits when you refer your friend to OpenSea! If you invite a friend to join OpenSea and buy an NFT from there, you’ll receive 2.50 percent of the sales amount, which means you can make more money by this method.
Other NFT marketplaces don’t have this kind of feature either and that’s another benefit OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile app, but it’s mostly used to browse the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listing.
The mobile apps of OpenSea are available on both iOS in addition to Android. Although you aren’t able to purchase or sell things, you can look through the options you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are for you to use, and you can trade your fiat currency for cryptocurrency using these platforms. OpenSea Vs Binance Nft
You can swap the fiat currency you have with a your credit or debit card as well as Paypal through these trusted sites to exchange it for crypto:
- Bittrex and many more!
All of them have the option to exchange for ETH which is the most common cryptocurrency payment option in OpenSea.
Although OpenSea can be described as an NFT marketplace open to all kinds of cryptocurrency, wallets are nonetheless more compatible than other. Since it is built on an ETH blockchain, all wallets that share this network are appropriate for the site.
Here’s a list of several crypto wallets you can utilize in OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations including simple registration, use on mobile devices only as well as the capability to buy cryptocurrency using a credit card. OpenSea Vs Binance Nft
To learn more about it You can go through their FAQs to get the steps you can get started and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has its advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about 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.
- Best for beginners in the crypto market and NFTs.
- Allows royalty rates of up to 10% for artists (low royalty).
- It is not possible to buy or sell items on our mobile apps.
- Only accepts cryptocurrency as a method of payment.
- The use of a Crypto digital wallet must be used to use this marketplace.
OpenSea is accessible to everyone who has crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. However, overall, you will quickly recover this amount if you are actively selling since there is no additional fee for it.
Frequently Asked Questions OpenSea Vs Binance Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims 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 who use it to sell NFTs because of its zero gas costs and low commission fee rate that you have to pay.
You can browse and shop for an array of digital products on this NFT marketplace and you must take a look!
Is OpenSea legitimate and safe?
The short answer is yes! OpenSea is a reputable marketplace since it was founded in the year of 2018. Because its system is built on a blockchain and is secured, it is safe to claim that your transactions are secure and safe.
Furthermore, as a seller, you will be verified after you have built up your credibility. A blue checkmark will appear next to your account or the collection that you have uploaded to assure any customer. The team at OpenSea regularly checks the contents to ensure users are protected.
How can I earn royalties on OpenSea?
However, as an artist, you’ll be paid only 10 percent of the royalties after you have uploaded the NFT. This is believed to be reasonably low compared with others NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) has been commonly utilized on this website and numerous others to cater for the increasing number of cryptocurrency users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can utilize for OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. You can buy and trade cryptocurrency using reliable platforms using fiat currency. All you need just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea has a mobile or desktop application?
As previously mentioned there’s an official mobile app from OpenSea available for both iOS and Android. You can download it through their app store and you can start exploring the collection 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 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/).