The crypto currency market is in a boom right now and you’re probably wondering where you can invest your crypto coins. Marketplaces are popping up across the digital web designed to sell and buy NFTs with cryptocurrency! OpenSea is among them and is worth a look.
If you’re interested in crypto, you’ve probably heard of OpenSea before for a good reason. It’s now one of the largest and most popular marketplaces for users of cryptocurrency due to its security and rapid transactions.
So, hop on board and let’s explore what you can do with OpenSea, along with checking what NFTs you can view!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Over Under Nft Week 11
The goal of OpenSea was to offer artists with a marketplace/platform to upload their commissions with no additional fees. It also has additional functions which allow you to market your artwork without any issues.
For registration, you won’t have to provide all of your personal details. All you have to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It can be as simple as that and without much hassle as you step into NFTs.
The most well-known cryptocurrency to use in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology and is used for most processes. It is also based with the Polygon blockchain to ensure lower costs and faster trading.
With these two types of blockchains you can pick which one you want to publish your NFT as an seller. This is to ensure the security of your NFT as well as the people who want to buy it. All transactions will be made along with this blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless that lets you trade your NFTs or cryptocurrency for other NFTs. You can purchase anything from the simplest domain name to official art from an artist that you admire. Anyone can become a seller however it takes time for anyone to be an established one.
There’s a huge selection in the collection on OpenSea and you can join in with this! You can start your own personal market there, and also find NFTs you want to purchase yourself.
What is an NFT?
In a recent development for the crypto market”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that a lot of millennials have heard of it but aren’t sure exactly what it is. Let’s break down what an NFT is for any beginners in the field of cryptocurrency.
One of the newest things you can buy can be an NFT. An NFT is a non-fungible token that is unique and can’t be substituted. It can be an item of any rareness like authentic baseball cards or uncommon vinyl record.
There is no limit to what an NFT could be, since it’s a non-fungible thing that you sell online. It is simpler to simply consider the NFT to be a type of digital item which is only paid in cryptocurrency.
Minting is similar to calling for dibs on your own NFTs. You’re claiming the ownership of the particular item that you posted to the marketplace, and you’re offering it for sale. Usually, this is recognized once you fill out all the necessary information about the NFT and submit it for sale on.
On OpenSea It’s a very simple procedure to create your own NFTs by visiting the store and simply create a collection! Input the appropriate and correct information regarding your NFT and then select what type of settings you want for it (e.g., blockchain, payment tokens). After that then you’re able to upload it to the internet if it’s in the limit of 100MB.
You can wait and observe the way transactions are handled from now to determine whether OpenSea is the marketplace for you.
What NFTs can you find here?
In this moment, you’re probably wondering the kind of NFTs be found here and what you can also sell if you choose to go that route. The kind of NFT it isn’t limited since there’s a broad range of how you can go about it.
You can be selling trade cards, digital goods game assets domain names, even physical assets! Consider what you believe will bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that differentiates OpenSea from the other options. There are zero gas fees for using this feature to make and then sell the NFTs. This means you’ll get the most profit when you begin selling since you won’t need to spend on additional fees.
There aren’t many NFT marketplaces provide this feature, so this can be a fantastic way to make a huge profit from your NFT collection.
A Referral Program is another distinctive feature of OpenSea to take note of. Similar to traditional online markets that offer benefits by referring a friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from there, you’ll receive 2.50 percent of the sales amount, which means you can earn more money through this action.
Other NFT marketplaces don’t offer the same feature, so that’s just another benefit OpenSea has over them.
There’s an OpenSea mobile app, but it is mainly used for perusing through the marketplace. You can’t buy or sell anything as you browse through the listing.
OpenSea’s mobile apps are available for the two platforms of iOS as well as Android. Even though you can’t buy or sell things, you can at least look through the options you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are to you to convert your fiat money into cryptocurrency on these platforms. Over Under Nft Week 11
You can exchange your fiat money via credit card or Paypal via these reputable websites for cryptocurrency:
- Bittrex, and many more!
Each of them has the option of converting them into ETH which is the standard cryptocurrency used in OpenSea.
While OpenSea has been described as being an NFT marketplace open to all kinds of crypto, wallets are nevertheless more compatible than others. Since it is built mainly using an ETH blockchain, any wallets with a connection to the same network are suitable for the site.
Here is a list of several crypto wallets you can use in OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each wallet has its own restrictions including simple registration, mobile-only usage as well as the capability to buy cryptocurrency using credit cards. Over Under Nft Week 11
For more information about the service to learn more, check out their FAQs to see the steps you can begin and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with advantages and drawbacks. OpenSea isn’t the only one to have this. You can read about its pros and pros here:
- Available as mobile apps for iOS or Android.
- Smart contracts are used for transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto world and NFTs.
- Allows royalties of only up to 10% for artists (low royalty).
- You cannot buy or sell products through this mobile application.
- Only supports cryptocurrency as its form of payment.
- The use of a Crypto account is needed for this marketplace.
OpenSea is open to everyone who owns any crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. However, overall, you will quickly recover this amount if you sell regularly since there is no additional fee for it.
Frequently Asked Questions Over Under Nft Week 11
What is OpenSea?
OpenSea is an NFT marketplace that is designed to give artists a chance to sell their works online, and to accept cryptocurrency as a method of payment. It’s a great option for artists who want to use for selling NFTs due to its no cost of gas and the low commission rate that you have to pay.
You can shop and browse an array of digital items on the NFT marketplace and you must take a look!
Is OpenSea real and safe?
Short answer: Yes! OpenSea has been a trusted marketplace since its inception in the year 2018. Since its system is based on a blockchain that is secure, you can say that your transactions are secure and safe.
Additionally as a seller you’ll be verified when you build up your reputation. A blue checkmark is placed next to your account or collection that you have uploaded to assure every customer. OpenSea’s team regularly reviews the content to ensure that users are protected.
How can I earn royalties from OpenSea?
However, as an artist, you will be paid only 10 percent of the royalties when you upload the NFT. This is thought to be a reasonable amount compared to the other NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) can be widely used on this site and other sites to provide more cryptocurrency users. Below are the other cryptocurrency you can purchase on 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 on 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 app?
As previously mentioned There is an official mobile application from OpenSea that is available for iOS or Android. Install it from their app store, and you can start exploring the collection right now!
There is also a version for desktops that OpenSea which can be downloaded from WebCatalog. On the desktop app, you can manage multiple accounts as well as receive notifications on updates regarding 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/).