Cryptocurrency is booming right now and you’re probably wondering where to invest your crypto currency. There are numerous marketplaces popping up across the digital web designed to sell and buy NFTs via cryptocurrency! OpenSea is one of them, and it’s worth checking out.
If you’re familiar with cryptocurrency you’ve probably heard about OpenSea previously for a valid reason. It has become one of the largest and leading marketplaces among users of cryptocurrency due to its safety and speedy transactions.
Now hop aboard, and discover the possibilities of OpenSea, along with checking what NFTs you can view!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick review. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace OpenSea Yeti
The purpose to create OpenSea was to provide an online marketplace for artists to upload their commissions, without having to pay any additional fees. It has more functions which allow you to market your art without too many difficulties.
In terms of registration, you won’t have to provide all of your personal details. All you need to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as easy as that, without many hurdles as you walk into NFTs.
The most widely-used cryptocurrency used in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology and is used to carry out the majority of processes. It is also based with the Polygon blockchain, which allows for lower costs and faster trading.
With these two types of blockchains, you can choose which one you want to transfer your NFT to as seller. This will ensure the security of your NFT as well as the people who want to purchase it. All transactions are made by using the blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace 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 however, it takes time before anyone can become an established one.
There is a wide variety from the selection on OpenSea, and you can join in with the collection! You can set up 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 industry,”NFT” is a term that has been used in recent times “NFT” has been going around so long on the internet that the majority of young people have heard of it but aren’t sure exactly what it is. Let’s look at what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the new things that you can buy with cryptocurrency includes an NFT. An NFT is a non-fungible token which is extremely unique and can’t be substituted. This can be an item of rareness, such as authentic baseball cards or uncommon vinyl record.
There’s no limit to what an NFT could be, since it’s a non-fungible item that you can sell on the internet. It is simpler to simply imagine an NFT as a digital item that is paid for using cryptocurrency only.
Minting is like calling the shots to your NFTs. It is a way of claiming the ownership of the particular item that you have uploaded to the market place, but putting it up for sale. Usually, this is recognized when you have filled in the proper information regarding the NFT and then submit it for sale on.
On OpenSea, it’s a simple process to mint your NFTs by going to the store and simply create a collection! Complete the correct and complete information about your NFT and select the type of settings you’d like for it (e.g., blockchain and payment tokens). After that you are able to upload it if it fits the 100 MB limit.
You can wait and observe how the transactions go from here on out to see if OpenSea is the best marketplace for you.
What NFTs are available here?
In this moment you’re probably asking yourself the kind of NFTs be purchased here and what you can also sell if you decide to pursue that route. The kind of NFT it can be is unlimited because there’s a wide range of how you can go about it.
You could be selling digital products, trading cards, game assets, domain names, and also physical goods! Find out what you think will reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that sets OpenSea from the other options. There’s no cost for gas when you utilize this feature when you create and market NFTs. This is essentially a way to ensure that you receive the maximum profits when you sell because you won’t need to spend on any additional charges.
There aren’t many NFT marketplaces provide this feature, so this is great for you to receive high profit from your NFT collection.
This Referral Program is another unique aspect of OpenSea to admire. Like traditional online marketplaces that offer advantages by referring someone else to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from there you’ll earn 2.50 percent of the purchase amount, which allows you to earn more cash by this method.
Other NFT marketplaces don’t have this kind of feature either, so that’s just another benefit OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile application, however it’s mostly used to browse the marketplace. It isn’t able to purchase or sell anything while you browse through the listing.
OpenSea’s mobile apps are available on both iOS and Android. While you’re not able to buy or sell things, you can explore the products you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are to you You can also convert your fiat money into cryptocurrency through these platforms. OpenSea Yeti
You can swap your fiat money via the credit card, or Paypal via these reputable websites for cryptocurrency:
- Bittrex and other things!
All of these have the option of converting them into ETH, which is the primary cryptocurrency used in OpenSea.
While OpenSea has been described as being an NFT marketplace that is open to all types of cryptocurrency, the wallets nonetheless more compatible than others. Because it is based on the ETH blockchain, all wallets that share that network will be suitable for this site.
Here is a list of several crypto wallets you can utilize in OpenSea:
- Authereum and many 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, and the function to buy cryptocurrency using a credit card. OpenSea Yeti
For more information about the service You can go through their FAQs for a rundown of how you can get started and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets every one of them has advantages and drawbacks. OpenSea isn’t the only one to have this. You can view its pros and cons here:
- Mobile apps available that are compatible with iOS and Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
- Allows royalty rates of 10% to artists (low royalties).
- Cannot buy or sell through the mobile app.
- Only accepts cryptocurrency as a method of payment.
- The use of a Crypto wallet is required to access this marketplace.
OpenSea is open to everyone who has any crypto currency in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. In the end, you’ll quickly recover this amount if you are actively selling since there’s no additional cost for it.
Frequently Asked Questions OpenSea Yeti
What is OpenSea?
OpenSea is an NFT marketplace that aims to give artists a chance to sell their works online to receive cryptocurrency as a method of payment. It’s a great platform for artists who use the platform to market NFTs due to its no gas fees and the low commission rate that you have to pay.
You can browse and purchase a vast collection of digital products on this NFT marketplace, so you should check it out!
Is OpenSea legitimate and is it safe?
Answer: Yes! OpenSea has been a reliable marketplace since its inception at the end of 2018. Since the system it operates on is built on a blockchain that is secure, you can declare that transactions are safe and secure.
Furthermore as a seller you can become verified once you have built up your credibility. A blue checkmark will appear on your account or the collection that you have uploaded to assure every customer. OpenSea’s team regularly reviews the content to ensure users are safe.
How can I earn royalties on OpenSea?
However, as an artist, you can get only 10 percent of the royalties when you have uploaded the NFT. This is believed to be quite low in comparison against other NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) is frequently used on this site as well as other sites to provide the increasing number of cryptocurrency users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize to access OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. It is easy to buy or sell cryptocurrency on reliable platforms using fiat currency. All you need just connect your debit or credit card to Paypal for the transaction.
Does OpenSea has a mobile or desktop app?
As we mentioned earlier, there is definitely an official mobile app by OpenSea that is available for iOS as well as Android. Download it at their respective app store and then you can begin exploring the collection now!
There is also a desktop application for OpenSea which can be downloaded from WebCatalog. On the desktop app you are able to manage multiple accounts and receive notifications on updates regarding your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).