The cryptocurrency market is on the rise, and you’re probably wondering where to invest your crypto-coins. Marketplaces are popping up across the internet, designed to sell and buy NFTs using cryptocurrency! OpenSea is among them, and it’s worth a look.
If you’re familiar with cryptocurrency, you’ve probably heard of OpenSea prior to this for a valid reason. It’s one of the biggest and leading marketplaces among users of cryptocurrency due to its safety and speedy transactions.
Get on board, and let’s explore the possibilities of OpenSea, along with checking the NFTs that you can see!
Before you continue, 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 Ovr Nft
The aim for OpenSea was to provide a platform/marketplace for artists to upload their commissions, without having to pay any additional costs. There are additional features which allow you to market your artwork without any problems.
For registration, you won’t have to worry about giving any personal information about yourself. All you need to do is connect your cryptocurrency 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 popular cryptocurrency to use in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system which is utilized for most processes. It is also based with the Polygon blockchain, which allows for low-cost and quicker trading.
There are two types of blockchains available it is possible to choose which one you would like to transfer your NFT to as a seller. This ensures the safety of your NFT, along with those who would like to purchase 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’s an online shopping mall that is endless that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything the simplest domain name to an official artwork by an artist you admire. Anyone can sell however it takes some time before anyone can become an established seller.
There’s a huge selection of NFTs available of NFTs available at OpenSea and you can join in with this! 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 crypto market, the term “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 take a look at what NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the newest things that you can buy with cryptocurrency includes an NFT. A NFT is a non-fungible currency that is very individual and cannot be replaced. It can be an item of any rareness, such as mint-condition baseball trading cards, or a unique vinyl album.
There is no limit to what an NFT can be since it’s a non-fungible thing that you sell on the internet. More straightforwardly, you can just imagine as an NFT to be a type of digital collectible paid via cryptocurrency only.
Minting is similar to calling for dibs for your personal NFTs. It is a way of claiming the owner of the item or token that you posted to market, as you’re putting it up for sale. 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 mine your NFTs by going to the store and simply create a collection! Fill out the proper and accurate information about your NFT and select the type of settings you want to use it with (e.g. blockchain or money transfer tokens). After you’ve completed the process then you’re able to upload it to the internet if it’s in the limit of 100MB.
You can wait and observe how the transactions go from here on out to determine whether OpenSea is the best marketplace for you.
What NFTs can you find here?
In this moment you’re probably thinking about which kind of NFT can be found here and what kind of NFTs you can also sell if you choose to go that route. The type of NFT that you can purchase isn’t limited as there’s a variety of how you can go about it.
You can be selling digital items, trading cards game assets, domain names, and some physical items! Explore what you believe can reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that differentiates OpenSea from the other options. There are no gas costs when you use this feature when you create and market NFTs. This is essentially a way to ensure that you be able to make the highest profits once you sell because you won’t have to spend on any additional charges.
Very few NFT marketplaces offer this feature, and it is a great way to earn a high return from your portfolio.
The Referral Program is another unique aspect of OpenSea to take note of. Similar to traditional online markets there are rewards by referring a friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from there you’ll earn 2.50 percent of the sales amount, which allows you to earn more cash by this method.
Other NFT marketplaces don’t have the same feature, so that’s just another benefit OpenSea has over them.
There is an OpenSea mobile application, however it’s mostly used to browse through the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listings.
The mobile apps of OpenSea are available for the two platforms of iOS and Android. Although you aren’t able to purchase or sell things, you can look through the options you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are for you to use to trade your fiat currency for cryptocurrency through these platforms. Ovr Nft
You can convert your fiat money via your credit or debit card as well as Paypal on these reliable websites to exchange it for crypto:
- Bittrex, and many more!
Each of them has the option to exchange for ETH that is the primary crypto payment in OpenSea.
Although OpenSea is an NFT marketplace that is open to all kinds of cryptocurrency, the wallets nevertheless more compatible than others. Because it is based using an ETH blockchain, any wallets with a connection to that network will be suitable for this website.
Here’s 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, only mobile usage, and the function to purchase cryptocurrency with a credit card. Ovr Nft
To know more about it You can go through their FAQs to see an overview of how you can begin and which other wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets, each one has advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and cons here:
- Mobile apps available that are compatible with iOS as well as Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalties 10% to artists (low royalties).
- You cannot buy or sell products through the mobile app.
- Only supports cryptocurrency as its form of payment.
- An Crypto wallet is required to access this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their crypto wallets. When you are a seller, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. In the end, you’ll easily recover that amount when you sell regularly since there is no additional fee for it.
Frequently Asked Questions Ovr Nft
What is OpenSea?
OpenSea is an NFT marketplace that is designed to offer artists a way to sell their works online and receive cryptocurrency as their form of payment. It’s an excellent platform for artists who 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 the vast array of digital products on this NFT marketplace, so you should check it out!
Is OpenSea legit & is it safe?
The short answer is yes! OpenSea is a reputable marketplace since it was established on the 1st of December in the year of 2018. Because its system is built on blockchain technology that is secure, you can declare that transactions are secure and safe.
Furthermore, as a seller, you will be verified after you’ve earned a reputation. A blue checkmark is placed to your account or collection that you have uploaded to assure any customer. The team at OpenSea regularly checks the contents to ensure users are protected.
How can I earn royalties on OpenSea?
As an artist, you’ll get only 10 percent of the royalties after you have uploaded the NFT. This is considered to be quite low in comparison to other NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) is frequently used on this site and many others to accommodate the increasing number of crypto users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can use to access OpenSea.
What are the payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. It is easy to buy or sell cryptocurrency through reliable platforms using fiat currency. All you have be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea has a mobile or desktop application?
As mentioned before there’s an official mobile app by OpenSea that is available for iOS as well as Android. You can download it through their app store, and then you can begin browsing through the collection right now!
A Desktop application that OpenSea can be downloaded via WebCatalog. In the desktop application you can manage multiple accounts and get alerts on any updates that affect 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/).