The cryptocurrency market is on the rise, and you’re probably wondering where you can invest your crypto-coins. Markets have popped up all over the digital web designed to buy and sell NFTs with cryptocurrency! OpenSea is one of them and is worth looking into.
If you’re well-versed in cryptocurrency, you’ve probably heard about OpenSea before for a good reason. It’s one of the largest and most popular marketplaces for cryptocurrency enthusiasts due to its safety and speedy transactions.
Get on board, and let’s explore the possibilities of OpenSea and also see 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. After, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace OpenSea Weth Or Eth
The aim to create OpenSea was to simply provide an online marketplace for artists to easily upload their commissions with no additional costs. There are additional features that let you sell your work without having to deal with many difficulties.
When it comes to registration, you don’t need 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 easy as that and without much hassle as you step into NFTs.
The most well-known cryptocurrency used within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it and is used to carry out the majority of processes. It also operates on the Polygon blockchain, which ensures the lowest cost and speediest trading.
With these two types of blockchains available, you can choose which one you would like to publish your NFT as seller. This will ensure the security of your NFT as well as those who would like to buy it. All transactions are made using this blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an online shopping mall that is endless where you can trade in your cryptocurrency or NFTs in exchange 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, but it takes a while for anyone to become an established seller.
There’s a huge selection of NFTs available at OpenSea and you could also be a part of this! You can start your own marketplace here, along with finding NFTs that you would like to purchase yourself.
What is an NFT?
In a recent advancement for the crypto market the term “NFT” has been going around for so long on the internet that a lot of millennials have heard of it but aren’t exactly sure what it is. Let’s break down what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the newest things you can purchase your cryptocurrency includes an NFT. The NFT is a non-fungible currency that is individual and cannot be replaced. This can be an item of rareness like rare baseball trading cards in mint condition or rare vinyl record.
There is no limit to what an NFT can be as it’s a non-fungible thing that you can sell on the internet. In simpler terms, you could simply think of as an NFT to be a type of digital collectible which is only paid in cryptocurrency.
Minting is similar to calling for dibs on your own NFTs. You are calling the owner of the item or token that you posted to market, as putting it up for sale. Typically, this is official after you fill in the proper information regarding the NFT and upload it to the marketplace.
On OpenSea, it’s a simple process to mint your NFTs by going to the store and then creating a collection to start! Input the appropriate and complete 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, you can finally upload it if it fits the limit of 100MB.
You can wait and observe how the transactions go from now on to determine if OpenSea is the marketplace for you.
What NFTs can you get here?
So, at this point you’re probably thinking about which kind of NFT can be found here, and what you could also sell if you choose to pursue that route. The type of NFT it can be is indefinite as there’s a variety of ways to approach it.
You could be selling trade cards, digital goods, game assets domain names, even physical assets! Explore what you believe can reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that differentiates OpenSea from the others. There’s no cost for gas when you use this feature to create and market NFTs. This simply means that you’ll be able to make the highest profits once you start selling because you don’t need to pay on extra fees.
Not many NFT marketplaces provide this feature, so this can be a fantastic way to make a huge profit from your portfolio.
This Referral Program is another unique aspect of OpenSea to be admired. Similar to traditional online markets that offer benefits by referring your friend to OpenSea! If you encourage a friend join OpenSea and buy an NFT from there you’ll be rewarded with 2.50 percent of the sales amount, letting you make more money by this method.
Other NFT marketplaces don’t have this kind of feature either and that’s another advantage OpenSea has over the other marketplaces.
There is an OpenSea mobile app, but it’s mostly to browse through the marketplace. It isn’t able to purchase or sell anything as you browse through the listings.
The mobile apps of OpenSea are available on both iOS and Android. While you’re not able to buy or sell anything, you can still at least look through the options you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are to you, and you can convert your fiat money into cryptocurrency using these platforms. OpenSea Weth Or Eth
You can swap the fiat currency you have with a your credit or debit card as well as Paypal through these trusted sites for cryptocurrency:
- Bittrex and many more!
All of them have the option of exchange for ETH, which is the standard cryptocurrency payment option in OpenSea.
While OpenSea is an NFT marketplace open to all types of cryptocurrency, wallets are nonetheless more compatible than others. Since it is built around the ETH blockchain, any wallets that share this network are appropriate for the site.
Here is a list of different crypto wallets you can use in OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, use on mobile devices only as well as the capability to purchase cryptocurrency using a credit card. OpenSea Weth Or Eth
To learn more about it to learn more, check out their FAQs for 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 every one of them has advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and pros here:
- Mobile apps available for iOS or Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto industry and NFTs.
- Allows royalties of only up to 10% for artists (low royalties).
- Cannot buy or sell via our mobile apps.
- Only supports cryptocurrency as its form of payment.
- A Crypto account is needed to use this marketplace.
OpenSea is open to everyone who has crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. In the end, you’ll quickly recover this amount if you are actively selling since there is no additional fee for it.
Frequently Asked Questions OpenSea Weth Or Eth
What is OpenSea?
OpenSea is an NFT marketplace that is designed to give artists a chance to market their work online and receive cryptocurrency as a method of payment. It’s an excellent platform for artists who use the platform to market NFTs because of its zero gas fees and low commission fee rate which you are required to pay.
You can browse and purchase an array of digital products on this NFT marketplace which is why you should definitely go through it!
Is OpenSea real and secure?
The short answer is yes! OpenSea is a reputable marketplace since its inception at the end of 2018. Because its system is built on a blockchain that is secure, you can say that your transactions are protected and secured.
Furthermore, as a seller, you can become verified once you have built up your credibility. A blue checkmark is placed on your account or collection you uploaded to reassure every customer. The team at OpenSea regularly checks the content to ensure that users are protected.
How do I earn royalties on OpenSea?
Unfortunately, as an artist, you can be paid only 10% of the royalties once you have uploaded the NFT. This is considered to be reasonably low compared against other NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) has been commonly used on this site and many others to accommodate the increasing number of cryptocurrency users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of for OpenSea.
What are the payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. You can buy and 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 has a mobile or desktop app?
As previously mentioned there’s an official mobile app from OpenSea available for both iOS or Android. Install it from their app store, and then you can begin browsing through the collection right now!
A version for desktops that OpenSea can be downloaded via WebCatalog. In the desktop application, you can manage multiple accounts as well as 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/).