The cryptocurrency market is on the rise and you’re probably wondering where to invest your crypto coins. Marketplaces are popping up all over the internet, designed to sell and buy NFTs via cryptocurrency! OpenSea is among them, and it’s worth a look.
If you’re well-versed in cryptocurrency you’ve probably heard of OpenSea previously for a valid reason. It’s one of the largest and most popular marketplaces for cryptocurrency enthusiasts due to its security and quick transactions.
Get on board, and let’s explore what you can do with OpenSea, along with checking the NFTs available to view!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick review. Afterward, you will want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace OpenSea Your Payout Wallet Address
The goal for OpenSea was to offer a platform/marketplace for artists to upload commissions without any extra charges. It also has additional functions which allow you to market your artwork without any problems.
In terms of the registration process, you don’t have to provide all of your personal details. All you need to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It can be as simple as that, without many hurdles as you walk into NFTs.
The most well-known cryptocurrency that is used within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system, and this is used for most processes. It is also based on the Polygon blockchain, which ensures low-cost and quicker trading.
With these two types of blockchains available it is possible to choose which one you would like to transfer your NFT to as seller. This will ensure the security of your NFT, along with those who wish to buy it. All transactions will be made along with this blockchain, so you should think about 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 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, but it takes some time before anyone can become a reputable one.
There is a wide variety of NFTs available on OpenSea and you can also be a part of that! You can set up your own market here, along with finding NFTs you’d like to buy yourself.
What is an NFT?
In a recent advancement for the crypto industry,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that many millennials are familiar with it but aren’t exactly sure what it means. Let’s break down what an NFT is for anyone who is new in the field of cryptocurrency.
One of the newest things that you can buy with cryptocurrency can be an NFT. An NFT is a non-fungible currency that is very unique and can’t be replaced. This can be an item of rarity like rare baseball trading cards in mint condition or rare vinyl record.
There is no limit to what an NFT could be, since it’s a non-fungible item that you sell online. In simpler terms, you could just consider an NFT as a digital collectible paid via cryptocurrency only.
Minting is similar to calling for dibs for your personal NFTs. You are calling the ownership of the particular item that you posted to the marketplace, and you’re putting it up for sale. Usually, this becomes official after you fill in all the necessary information about the NFT and finally add it on the market.
On OpenSea it’s a straightforward procedure to create your own NFTs by visiting the store and then making a collection to begin! Input the appropriate and complete information about your NFT and then select what type of settings you’d like for it (e.g. blockchain and payment tokens). Once that’s all done you are able to upload it, if it’s within the 100 MB limit.
You can watch and see the way transactions are handled from now to determine whether OpenSea is the best marketplace for you.
What NFTs are available here?
So, at this point, you’re probably wondering the kind of NFTs you shop for here and what you can sell should you decide to go down that path. The kind of NFT it is indefinite as there’s a variety of ways to do it.
You could be selling trade cards, digital goods game assets, domain names, and even physical assets! Consider what you believe will bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what separates OpenSea from the others. There are zero gas fees for using this feature to make and then sell the NFTs. This is essentially a way to ensure that you be able to make the highest profits once you begin selling since you won’t have to spend on any additional charges.
Not many NFT marketplaces offer this feature, which is why this is a great way to receive high profit from your collection.
The Referral Program is a different aspect of OpenSea to be admired. Similar to traditional online markets there are rewards when you refer someone else to OpenSea! If you encourage a friend join OpenSea and buy an NFT from the site you’ll be rewarded with 2.50% of the sale amount, which allows you to make more money through this action.
Other NFT marketplaces don’t have the same feature, so that’s just another benefit OpenSea has over the other marketplaces.
There’s an OpenSea mobile app, but it is mainly used to browse the marketplace. You can’t buy or sell items as you scroll through the list.
OpenSea’s mobile apps are available on both iOS and Android. While you’re not able to buy or sell things, you can at least browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are to you to trade your fiat currency for cryptocurrency through these platforms. OpenSea Your Payout Wallet Address
You can exchange the fiat currency you have with a the credit card, or Paypal through these trusted sites for cryptocurrency:
- Bittrex, and more!
All of them have the option to exchange for ETH, which is the most common cryptocurrency used in OpenSea.
While OpenSea has been described as being an NFT marketplace that is open to all types of cryptocurrency, wallets are nevertheless more compatible than other. Since it is built mainly on the ETH blockchain, any wallets which are part of that network will be suitable for the site.
Here’s a list of different crypto wallets you can utilize in OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, use on mobile devices only and the ability to purchase cryptocurrency using the credit card. OpenSea Your Payout Wallet Address
To learn more about it, you can check their FAQs to get a rundown of how you can begin and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with its advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and cons here:
- Available as mobile apps that are compatible with iOS and Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto market and NFTs.
- Allows royalty rates of 10% for artists (low royalty rates).
- It is not possible to buy or sell items on the mobile app.
- Only supports cryptocurrency as its type of payment.
- The use of a Crypto account is needed for this marketplace.
OpenSea is accessible to everyone who has crypto coins in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. But overall, you can quickly recover this amount if you actively sell because there’s no additional cost for it.
Frequently Asked Questions OpenSea Your Payout Wallet Address
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to give artists a chance for selling their artwork online to receive cryptocurrency as their form of payment. It’s an excellent option for artists who want to use the platform to market NFTs due to its no gas fees and low commission fees that you have to pay.
You can browse and shop for a vast collection of digital products on this NFT marketplace which is why you should definitely go through it!
Is OpenSea real and safe?
Answer: Yes! OpenSea has been a trusted marketplace since it was founded on the 1st of December in 2018. Because its system is built on a blockchain that is secure, you can declare that transactions are secure and safe.
In addition, as a seller, you’ll be verified when you have built up your credibility. A blue checkmark will be assigned next to your account or the collection you uploaded to reassure 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 can get only 10 percent of the royalties when you have uploaded the NFT. This is believed to be quite low in comparison with others NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) has been widely utilized on this website and numerous others to cater for the increasing number of crypto users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can utilize to access OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. You can easily purchase or sell cryptocurrency through secure platforms that accept fiat money. All you have be able to connect is your credit or Paypal for the transaction.
Does OpenSea has a mobile or desktop application?
As mentioned before, there is definitely an official mobile application from OpenSea for both iOS as well as Android. Install it from their app store and you can start exploring the collection right now!
The version for desktops that OpenSea that can be downloaded through WebCatalog. With the desktop application, you can manage multiple accounts and get notifications on updates regarding your account when you’re on the desktop.