The cryptocurrency market is on the rise, and you’re probably wondering where you can invest your crypto currency. Marketplaces are popping up all over the digital web designed to buy and sell NFTs via cryptocurrency! OpenSea is among them, and it’s worth looking into.
If you’re well-versed in cryptocurrency you’ve probably heard about OpenSea previously for a valid reason. It’s one of the largest and most popular marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.
So, hop on board and discover what you can do with 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. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace OpenSea Zssbecker
The aim for OpenSea was to offer a platform/marketplace for artists to upload commissions, without having to pay any additional fees. It also has additional functions that let you sell your art without too many issues.
For registration, you won’t have to provide all of your personal details. All you have to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as simple as that without going through many hurdles as you walk into NFTs.
The most well-known cryptocurrency to use within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system and is used for most processes. It is also based with the Polygon blockchain to ensure lower costs and faster trading.
There are two types of blockchains available you can pick which one you would like to upload your NFT on as an seller. This will ensure the security of your NFT, along with those who wish to purchase it. Every transaction will be conducted using this blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything the simplest domain name, to a piece of art from an artist that you admire. Anyone can be a seller however, it takes some time for anyone to become an established seller.
There’s a huge selection in the collection of NFTs available at OpenSea and you could join in with the collection! You can set up your own personal market here, along with finding NFTs you’d like to buy yourself.
What is an NFT?
A recent change in the cryptocurrency industry, the term “NFT” has been going around for so long on the internet that the majority of young people are familiar with it , but not exactly sure what it is. Let’s break down what an NFT is for any beginners in the field of cryptocurrency.
One of the new things you can buy includes an NFT. The NFT is a non-fungible token that is unique and can’t be replaced. It could be a piece of rarity like rare baseball trading cards in mint condition or a uncommon vinyl record.
There’s no limit on what an NFT could be, since it’s a non-fungible item you’re selling online. More straightforwardly, you can simply consider as an NFT being a virtual 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 marketplace, and you’re selling it. Usually, this becomes official once you fill out all the necessary information about the NFT and upload it to the marketplace.
On OpenSea, it’s a simple process to mint your NFTs. All you have to do is visit the store and then create a collection! Input the appropriate and correct information regarding your NFT and then select what type of settings you’d like to use to use it with (e.g. blockchain or payment tokens). After that then you’re able to upload it to the internet if it’s in 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 found here and what kind of NFTs you can sell should you decide to pursue that route. The kind of NFT it is unlimited because there’s a wide range of options for how to approach it.
You could be selling digital products, trading cards, game assets, domain names, and even physical assets! Explore what you believe can yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that separates OpenSea from other companies. There are zero gas fees when you use this feature to mint and sell NFTs. This means you’ll get the most profit when you start selling because you won’t have to spend on any additional charges.
Very few NFT marketplaces provide this feature, so this can be a fantastic way to earn a high return from your portfolio.
A Referral Program is another distinctive feature of OpenSea to take note of. Similar to traditional online markets, you can receive advantages by referring someone else to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from the site, you’ll receive 2.50 percent of the purchase amount, letting you earn more cash through this action.
Other NFT marketplaces don’t offer the same feature and that’s another advantage OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile application, however it is mainly used to browse through the marketplace. It isn’t able to purchase or sell anything while you browse through the listing.
The mobile apps from OpenSea are accessible for both iOS in addition to Android. Even though you can’t buy or sell anything, you can still at least explore the products you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are to you, and you can trade your fiat currency for cryptocurrency through these platforms. OpenSea Zssbecker
You can swap your fiat currency using a the credit card, or Paypal via these reputable websites to exchange it for crypto:
- Bittrex and more!
All of them have the option to exchange for ETH which is the primary cryptocurrency payment option in OpenSea.
Although OpenSea has been described as being an NFT marketplace open to all types of cryptocurrency, wallets are nevertheless more compatible than others. Since it is built on the ETH blockchain, wallets with a connection to the same network are suitable for the site.
Here is a list of different crypto wallets you can utilize in OpenSea:
- Authereum and many more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions including simple registration, mobile-only usage as well as the capability to buy cryptocurrency using a credit card. OpenSea Zssbecker
For more information about the service to learn more, check out their FAQs to see an overview of how you can start and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and cons here:
- Mobile apps available that are compatible with iOS or Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto market and NFTs.
- Allows royalties of only up to 10% for artists (low royalty rates).
- It is not possible to buy or sell items through this mobile application.
- Only supports cryptocurrency as its type of payment.
- An Crypto digital wallet must be used to use this marketplace.
OpenSea is open to everyone who has any crypto currency in their crypto wallets. When you are a seller, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. However, overall, you will easily recover that amount when you are actively selling since there’s no extra charge for it.
Frequently Asked Questions OpenSea Zssbecker
What is OpenSea?
OpenSea is an NFT marketplace that seeks to provide artists a platform for selling their artwork online and receive cryptocurrency as their form of payment. It’s an excellent option for artists who want to use the platform to market NFTs because of its zero gas fees and the low commission rate which you are required to pay.
You can browse and shop for a vast collection of digital items on the NFT marketplace, so you should take a look!
Is OpenSea legitimate and is it safe?
Short answer: Yes! OpenSea has been a trusted marketplace since it was established in 2018. Since its system is built on blockchain technology and is secured, it is safe to say that your transactions are safe and secure.
Additionally as a seller you will be verified after you’ve earned a reputation. A blue checkmark will appear next to your account or collection that you have uploaded to assure every customer. The team at OpenSea regularly checks the content to ensure that users are safe.
How do I earn royalties on OpenSea?
As an artist, you’ll get only 10 percent of the royalties when you upload the NFT. This is considered to be reasonably low compared to the other NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) is frequently utilized on this website and other sites to provide more cryptocurrency users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can make use of for OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. You can buy and sell cryptocurrency through trusted platforms with fiat money. All you need to do is connect your credit card or Paypal for the transaction.
Does OpenSea has a mobile or desktop application?
As we mentioned earlier there’s an official mobile application from OpenSea available for both iOS or Android. You can download it through their app store, and then you can begin exploring the collection right now!
The Desktop application that OpenSea can be downloaded via WebCatalog. On the desktop app, you can manage multiple accounts and receive alerts on any updates that affect 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/).