Cryptocurrency is booming right now, and you’re probably wondering where you can invest your crypto currency. Markets have popped up all over the web that allow users to buy and sell NFTs via cryptocurrency! OpenSea can be one and is worth looking into.
If you’re well-versed in cryptocurrency, you’ve likely heard of OpenSea previously for a valid reason. It has become one of the biggest and most popular marketplaces for cryptocurrency users because of its security and rapid transactions.
So, hop on board and let’s see what you can do with OpenSea and also see the NFTs that you can see!
Before you continue, you may want to watch 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 OpenSeadragon Z-Index
The purpose of OpenSea was to simply provide a platform/marketplace for artists to easily upload their commissions without any extra charges. It has more functions that let you sell your artwork without any problems.
When it comes to the registration process, you don’t have to give any personal information about yourself. All you have to do is connect your crypto wallet and voila! You have an account on OpenSea! It’s as simple as that without going through many hassles when you enter into NFTs.
The most well-known cryptocurrency that is used on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system and is used for most processes. It also functions using the Polygon blockchain to ensure the lowest cost and speediest trading.
There are two types of blockchains available you can pick which one you want to upload your NFT on as a seller. This will ensure the security of your NFT, along with those who wish to purchase it. All transactions are made along with this blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything just a domain name to an official artwork from an artist you admire. Anyone can sell, but it takes a while before anyone can become an established one.
There is a wide variety in the collection of NFTs available at OpenSea and you could join in with this! You can set up your own market there, and also find NFTs you want to purchase for yourself.
What is an NFT?
In a recent advancement for the cryptocurrency industry,”NFT” is a term that has been used in recent times “NFT” has been going around so long on the internet that many millennials have heard of it but aren’t exactly sure what it means. Let’s take a look at what NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the latest ways you can purchase your cryptocurrency includes an NFT. An NFT is a non-fungible token that is very unique and can’t be replaced. It can be an item of any rareness like rare baseball trading cards in mint condition, or a uncommon vinyl record.
There is no limit to what an NFT could be, since it’s a non-fungible object that you can sell online. More straightforwardly, you can simply think of the 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 ownership over that particular token/item that you have uploaded to the market place, but offering it for sale. Typically, this is official after you fill in the proper information regarding the NFT and finally upload it to the marketplace.
On OpenSea, it’s a simple procedure to create your own NFTs by visiting the store and then create a collection! Input the appropriate and complete information about your NFT and select the type of settings you’d like to use it with (e.g. blockchain, money transfer tokens). Once that’s all done you are able to upload it if it fits the 100 MB limit.
It is possible to wait and see how transactions progress from now to see whether OpenSea is the right marketplace for you.
What NFTs can you find here?
In this moment you’re probably asking yourself what kind of NFTs can you shop for here and what you can also sell if you choose to go that route. The kind of NFT that you can purchase is unlimited because there’s a wide range of ways to do it.
It is possible to sell digital products, trading cards, game assets domain names, some physical items! Consider what you believe will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that differentiates OpenSea from other companies. There’s no cost for gas when you utilize this feature when you mint and sell NFTs. This means you’ll get the most profit when you begin selling since you won’t have to spend on additional fees.
There aren’t many NFT marketplaces have this feature, so this is a great way to make a huge profit from your NFT collection.
A Referral Program is another distinctive feature of OpenSea to admire. Like traditional online marketplaces there are rewards by referring someone else to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from there, you’ll receive 2.50% of the sale amount, which allows you to earn more money by this method.
Other NFT marketplaces don’t offer this feature and that’s another advantage OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile application, however it’s mostly used to browse through the marketplace. It isn’t able to purchase or sell anything while you browse through the listings.
The mobile apps of OpenSea are available for the two platforms of iOS in addition to Android. Even though you can’t buy or sell things, you can at least explore the products you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available at your disposal to exchange your fiat money for cryptocurrency using these platforms. OpenSeadragon Z-Index
You can exchange your fiat money via the credit card, or Paypal on these reliable websites for cryptocurrency:
- Bittrex and many more!
All of these have the option of converting them into ETH, which is the primary crypto payment in OpenSea.
Although OpenSea can be described as an NFT marketplace that is open to all types of crypto, wallets are nevertheless more compatible than others. Because it is based using an ETH blockchain, all wallets that share this network are appropriate for this website.
Here’s a list of various crypto wallets that which you can use with OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each wallet has its own restrictions including simple registration, use on mobile devices only as well as the capability to purchase cryptocurrency using the credit card. OpenSeadragon Z-Index
To know more about it, you can check their FAQs for an overview of how you can start and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets, each one has its advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and cons here:
- Mobile apps available for iOS as well as Android.
- Smart contracts can be used to perform 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% to artists (low royalty).
- Cannot buy or sell via the mobile app.
- Only supports cryptocurrency as its form of payment.
- An Crypto account is needed to access this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. However, overall, you will easily recover that amount when you are actively selling since there’s no additional cost for it.
Frequently Asked Questions OpenSeadragon Z-Index
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to give artists a chance to market their work online to receive cryptocurrency as a method of payment. It’s a great platform for artists using it to sell NFTs due to its low cost of gas and low commission fees which you are required to pay.
You can browse and purchase a vast collection of digital products on this NFT marketplace which is why you should definitely go through it!
Is OpenSea legitimate and is it safe?
Short answer: Yes! OpenSea has been a trusted marketplace since it was established at the end of the year 2018. Since the system it operates on is based on a blockchain that is secure, you can declare that transactions are secure and safe.
In addition as a seller you will be verified after you have built up your credibility. A blue checkmark will appear next to your account or the collection you’ve uploaded to ensure the safety of anyone who buys from you. The team at OpenSea regularly checks the contents to ensure users are safe.
How do I earn royalties on OpenSea?
Unfortunately, as an artist, you will receive only up to 10% of the royalties once you upload the NFT. This is thought to be quite low in comparison with other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) can be frequently used on this site and other sites to provide many more crypto users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize for OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. It is easy to buy or sell cryptocurrency through reliable platforms using fiat currency. All you need to do is connect your credit card or Paypal for the transaction.
Does OpenSea have a desktop or mobile app?
As previously mentioned, there is definitely an official mobile app by 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!
There is also a Desktop application that OpenSea can be downloaded via WebCatalog. With the desktop application you can manage multiple accounts as well as receive notifications about updates to 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/).