The crypto currency market is in a boom right now, and you’re probably wondering where to invest your crypto currency. Markets have popped up across the digital web designed to purchase and sell NFTs using cryptocurrency! OpenSea is among them, and it’s worth a look.
If you’re familiar with cryptocurrency, you’ve probably heard about OpenSea prior to this for a valid reason. It’s one of the largest and most popular marketplaces for users of cryptocurrency due to its security and quick transactions.
So, hop on board and discover the possibilities of OpenSea as well as examining 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 overview. Afterward, you will want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace OpenSea Zone Definition
The goal to create OpenSea was to simply provide artists with a marketplace/platform to upload their commissions, without having to pay any additional fees. It also has additional functions that let you sell your work without having to deal with many problems.
In terms of registration, you don’t need to provide all of your personal details. All you need to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as easy as that, without much hassle as you step into NFTs.
The most widely-used cryptocurrency to use on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it and is used for most processes. It is also based with the Polygon blockchain to ensure low-cost and quicker trading.
With these two types of blockchains that are available it is possible to choose which one you’d like to publish your NFT as a seller. This will ensure the security of your NFT as well as those who would like to purchase it. All transactions are made using this blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless where you can exchange your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything as simple as a domain name to official art from an artist you admire. Anyone can become a seller, but it takes some time before anyone can become an established seller.
There are a variety of NFTs from the selection at OpenSea and you could also be a part of that! You can start your own personal market on this site, as well as find NFTs you want to purchase yourself.
What is an NFT?
A recent change in the crypto market,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that many millennials are familiar with it but aren’t sure exactly what it means. Let’s take a look at what NFT is for any beginners in cryptocurrency.
One of the latest ways you can purchase your cryptocurrency can be an NFT. An NFT is a non-fungible currency that is individual and cannot be replaced. It can be an item of any rareness like authentic baseball cards, or a uncommon vinyl record.
There’s no limit on what an NFT can be as it’s a non-fungible item that you sell online. It is simpler to simply consider as an NFT to be a type of digital item that is paid for using cryptocurrency only.
Minting is similar to calling for dibs to your NFTs. You’re claiming the owner of the item or token that you have uploaded to the market place, but offering it for sale. Usually, this is recognized once you fill out the proper information regarding the NFT and finally add it on the market.
On OpenSea, it’s a simple procedure to create your own NFTs by visiting the store and simply create a collection! Complete the correct and accurate information about your NFT and select the type of settings you’d like to use it with (e.g. blockchain or payment tokens). After that you are able to upload it, if it’s within the limit of 100MB.
You can watch and see the way transactions are handled 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 what kind of NFTs be purchased here and what you can also sell if you choose to go down that path. The kind of NFT it can be is unlimited since there’s a broad range of options for how to go about it.
You can be selling digital products, trading cards games domain names, also physical goods! Find out what you think will yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that sets OpenSea from other companies. There’s no cost for gas for using this feature when you mint and sell NFTs. This simply means that you’ll be able to make the highest profits once you begin selling since you won’t need to spend on any additional charges.
Very few NFT marketplaces offer this feature, so this is a great way to make a huge profit from your portfolio.
The Referral Program is another distinctive feature of OpenSea to take note of. Like traditional online marketplaces there are rewards by referring someone else to OpenSea! If you encourage a friend join OpenSea and buy an NFT from there you’ll be rewarded with 2.50% of the sale amount, letting you earn more cash from this act.
Other NFT marketplaces don’t have this kind of feature either, so that’s just another benefit OpenSea has over the other marketplaces.
There’s an OpenSea mobile app, but it’s mostly used for perusing through the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listing.
The mobile apps from OpenSea are accessible on both iOS in addition to Android. Even though you can’t buy or sell something, you can at least look through the options you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are for you to use You can also trade your fiat currency for cryptocurrency on these platforms. OpenSea Zone Definition
You can convert 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 other things!
All of them have the option of exchange for ETH that is the most common cryptocurrency payment option in OpenSea.
While OpenSea has been described as being an NFT marketplace open to all kinds of cryptocurrency, the wallets nonetheless more compatible than others. Since it is built around the ETH blockchain, all wallets which are part of that network will be suitable for this site.
Here’s a list different crypto wallets which you can use with 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, use on mobile devices only and the ability to purchase cryptocurrency with a credit card. OpenSea Zone Definition
For more information about the service to learn more, check out their FAQs to see a rundown of how you can start and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with its advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and pros here:
- Available as mobile apps for iOS and Android.
- Smart contracts are utilized 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).
- You cannot buy or sell products via this mobile application.
- Only supports cryptocurrency as its form of payment.
- An Crypto wallet is required to access 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 to all the sellers who are on this platform. In the end, you’ll quickly regain that when you actively sell because there’s no additional cost for it.
Frequently Asked Questions OpenSea Zone Definition
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 their form of payment. It’s an excellent option for artists who want to use it to sell NFTs because of its zero cost of gas and the low commission rate which you are required to pay.
You can shop and browse the vast array of digital goods in this NFT marketplace which is why you should definitely take a look!
Is OpenSea real and is it safe?
Short answer: Yes! OpenSea has been a reliable marketplace since it was founded on the 1st of December in the year of 2018. Because its system is built on a blockchain, it is safe to claim that your transactions are secure and safe.
Additionally, as a seller, you will be verified after you build up your reputation. A blue checkmark is placed to your account or the collection that you have uploaded to assure every customer. The team at OpenSea regularly checks the contents to ensure users are secure.
How can I earn royalties on OpenSea?
Unfortunately, as an artist, you will get only 10 percent of the royalties when you have uploaded the NFT. This is thought to be reasonably low compared against other NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) can be frequently used on this site as well as numerous others to cater for many more crypto users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can make use of for OpenSea.
What are the payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. You can easily purchase or sell cryptocurrency on trusted platforms with 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 we mentioned earlier There is an official mobile app by OpenSea for both iOS or Android. You can download it through their app store, and begin exploring the collection now!
The Desktop application that OpenSea which can be downloaded from WebCatalog. In the desktop application you can manage multiple accounts and get notifications about updates to your account when you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).