The cryptocurrency market is on the rise and you’re probably thinking where you can invest your crypto coins. Markets have popped up all over the web that allow users to purchase and sell NFTs using cryptocurrency! OpenSea can be one, and it’s worth looking into.
If you’re well-versed in cryptocurrency you’ve probably heard of OpenSea prior to this for a valid reason. It’s now one of the largest and most popular marketplaces for cryptocurrency enthusiasts due to its security and quick transactions.
Now hop aboard, and let’s see the possibilities of OpenSea and also see what NFTs you can view!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick review. After, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Ownthemoment Nft
The aim to create OpenSea was to simply provide a platform/marketplace for artists to easily upload their commissions with no additional fees. It also has additional functions that allow you to sell your artwork without any difficulties.
For the registration process, you don’t have to provide too many details about yourself. All you have to connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as easy as that and without many hassles when you enter into NFTs.
The most widely-used cryptocurrency used in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it, and this is used for the majority of transactions. It also functions using the Polygon blockchain to ensure the lowest cost and speediest trading.
With these two types of blockchains available it is possible to choose which one you’d like to transfer your NFT to as an seller. This will ensure the security of your NFT and those who wish to purchase it. Every transaction will be conducted along with this blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace where you can exchange your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything just a domain name to an official artwork by an artist you admire. Anyone can sell however, it takes some time for anyone to become an established seller.
There’s a huge selection from the selection of NFTs available at OpenSea and you can join in with the collection! You can create your own market on this site, as well as find NFTs that you would like to purchase yourself.
What is an NFT?
In a recent development for the crypto industry, the term “NFT” has been going around so long on the internet that a lot of millennials are familiar with it but aren’t exactly sure what it is. Let’s break down what an NFT is for anyone who is new in cryptocurrency.
One of the latest ways that you can buy with cryptocurrency can be an NFT. A NFT is a token that is non-fungible which is extremely individual and cannot be changed. It could be a piece of rarity like authentic baseball cards, or a unique vinyl album.
There is no limit to what an NFT could be, since it’s a non-fungible item that you sell on the internet. In simpler terms, you could just imagine as an NFT as a digital item which is only paid in cryptocurrency.
Minting is like calling dibs to your NFTs. You are calling ownership over that particular token/item that you posted to the marketplace, and you’re offering it for sale. Typically, this is official when you have filled in the correct information about the NFT and then add it on the market.
On OpenSea, it’s a simple procedure to create your own NFTs by going to the store and create a collection! Complete the correct and correct information regarding your NFT and choose what kind of settings you’d like to use for it (e.g., blockchain or payments tokens). Once that’s all done, you can finally upload it if it fits the 100 MB limit.
It is possible to wait and see how transactions progress from now to determine if OpenSea is the marketplace for you.
What NFTs are available here?
So, at this point, you’re probably wondering which kind of NFT be purchased here and what kind of NFTs you can also sell if you decide to pursue that route. The type of NFT it can be isn’t limited as there’s a variety of options for how to do it.
You could be selling trade cards, digital goods, game assets, domain names, and also physical goods! Explore what you believe can bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what separates OpenSea from other companies. There are zero gas fees when you use this feature to mint and sell NFTs. This simply means that you’ll get the most profit when you sell because you don’t need to pay on any additional charges.
Not many NFT marketplaces provide this feature, and it can be a fantastic way to receive high profit from your collection.
A Referral Program is another distinctive feature of OpenSea to be admired. Similar to traditional online markets, you can receive benefits by referring someone else to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from the site, you’ll receive 2.50% of the sale amount, which means you can earn more cash through this action.
Other NFT marketplaces don’t have this kind of feature either, so that’s just another benefit OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile application, however it is mainly used to browse through the marketplace. It isn’t able to purchase or sell anything as you scroll through the list.
OpenSea’s mobile apps are available for the two platforms of iOS and Android. While you’re not able to buy or sell things, you can browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are at your disposal, and you can convert your fiat money into cryptocurrency on these platforms. Ownthemoment Nft
You can convert your fiat currency using a your credit or debit card as well as Paypal via these reputable websites to exchange it for crypto:
- Bittrex and more!
Each of them has the option of exchange for ETH, which is the most common crypto payment in OpenSea.
While OpenSea can be described as an NFT marketplace that is open to all kinds of cryptocurrency, wallets are nevertheless more compatible than other. Because it is based around an ETH blockchain, any wallets that share that network will be suitable for the site.
Here’s a list of several crypto wallets 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 like easy registration, use on mobile devices only, and the function to purchase cryptocurrency using a credit card. Ownthemoment Nft
For more information about the service, you can check their FAQs to get an overview of how you can start and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has advantages and drawbacks. OpenSea isn’t an exception to this. You can read about its pros and pros here:
- Mobile apps available that are compatible with iOS and Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto industry and NFTs.
- Allows royalty rates of 10% to artists (low royalty rates).
- Cannot buy or sell through this mobile application.
- Only supports cryptocurrency as its type of payment.
- An Crypto digital wallet must be used to access 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 percentage of commissions for all sellers on the platform. But overall, you can quickly recover this amount if you are actively selling since there’s no additional cost for it.
Frequently Asked Questions Ownthemoment Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to provide artists a platform to sell their works online and receive cryptocurrency as their form of payment. It’s an excellent platform for artists who use for selling NFTs due to its no gas fees and the low commission rate which you are required to pay.
You can browse and shop for an array of digital items on the NFT marketplace, so you should check it out!
Is OpenSea legitimate and secure?
The short answer is yes! OpenSea has been a reliable marketplace since its inception on the 1st of December in 2018. Since the system it operates on is built on a blockchain that is secure, you can claim that your transactions are safe and secure.
Additionally, as a seller, you will be verified after you have built up your credibility. A blue checkmark is placed next to your account or any collection that you have uploaded to assure every customer. The OpenSea team reviews regularly the content to ensure that users are protected.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you’ll be paid only 10% of the royalties once you have uploaded the NFT. This is considered to be reasonably low compared to the other NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) can be commonly used on this site as well as many others to accommodate more cryptocurrency users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can use to use OpenSea.
What are the payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. You can easily purchase or sell cryptocurrency on secure platforms that accept fiat money. All you need to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea has a mobile or desktop app?
As previously mentioned, there is definitely an official mobile app by OpenSea for both iOS and Android. You can download it through their app store, and begin exploring the collection right now!
A Desktop application that OpenSea which can be downloaded from WebCatalog. In the desktop application, you can manage multiple accounts and receive notifications about updates to your account from the desktop.