The crypto currency market is in a boom right now, and you’re probably wondering where you can invest your crypto coins. Markets have popped up across the digital web designed to buy and sell NFTs via cryptocurrency! OpenSea is among them and is worth looking into.
If you’re familiar with cryptocurrency you’ve probably heard about OpenSea previously for a valid reason. It has become one of the biggest and most popular marketplaces among cryptocurrency enthusiasts due to its security and rapid transactions.
So, hop on board and let’s explore what you can do with OpenSea and also see 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 overview. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Pak Nft Artist
The purpose for OpenSea was to offer a platform/marketplace for artists to upload their commissions, without having to pay any additional costs. It also has additional functions that allow you to sell your artwork without any difficulties.
When it comes to registration, you won’t have to give too many details about yourself. All you need to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It can be as simple as that and without 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, which is the system that runs it which is utilized for most processes. It is also based with the Polygon blockchain, which ensures low-cost and quicker trading.
There are two types of blockchains that are available, you can choose which one you would like to publish your NFT as seller. This ensures the safety of your NFT as well as those who would like to purchase it. All transactions are made by using the 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 where you can trade in your NFTs or cryptocurrency for other NFTs. You can purchase anything from as simple as a domain name to official art from an artist you admire. Anyone can be a seller however, it takes a while for anyone to become a reputable one.
There are a variety of NFTs in the collection at OpenSea and you could join in with this! You can set up your own market on this site, as well as find NFTs you’d like to buy for yourself.
What is an NFT?
In a recent advancement for the crypto market”NFT,” a popular term in the crypto industry “NFT” has been going around so long on the internet that a lot of millennials are familiar with it , but not exactly sure what it is. Let’s look at what an NFT is for anyone who is new in the field of cryptocurrency.
One of the newest things you can buy can be an NFT. The NFT is a non-fungible currency that is exclusive and cannot be replaced. It can be an item of rarity like mint-condition baseball trading cards, or a rare vinyl record.
There’s no limit on what an NFT could be, since it’s a non-fungible thing you’re selling online. In simpler terms, you could just imagine as an NFT being a virtual collectible which is only paid in cryptocurrency.
Minting is like calling dibs to your NFTs. You are calling ownership over that particular token/item you uploaded on market, as you’re putting it up for sale. Typically, this is official once you fill out all the necessary information about the NFT and submit it for sale on.
On OpenSea it’s a straightforward process to mint your NFTs by visiting the store and then create a collection! Complete the correct and correct information regarding your NFT and select the type of settings you’d like to use it with (e.g., blockchain, payments tokens). After you’ve completed the process then you’re able to upload it, if it’s within the limit of 100MB.
It is possible to wait and see how transactions progress from now on to see if OpenSea is the best marketplace for you.
What NFTs can you get here?
At this point, you’re probably wondering which kind of NFT can be purchased here and what kind of NFTs you can sell should you decide to pursue that route. The type of NFT it can be is unlimited 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, and even physical assets! Find out what you think will bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what differentiates OpenSea from the other options. There’s no cost for gas when you utilize this feature to make and then sell the NFTs. This simply means that you’ll receive the maximum profits when you start selling because you won’t have to spend on additional fees.
There aren’t many NFT marketplaces offer this feature, which is why this is a great way to earn a high return from your collection.
This Referral Program is a different aspect of OpenSea to admire. Like traditional online marketplaces, you can receive advantages by referring someone else to OpenSea! If you refer a friend to join OpenSea and buy an NFT from there, you’ll receive 2.50 percent of the purchase amount, letting you earn more money from this act.
Other NFT marketplaces don’t have 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. Unfortunately, you can’t purchase or sell anything while you scroll through the list.
The mobile apps of OpenSea are available for both iOS in addition to Android. Although you aren’t able to purchase or sell things, you can at least browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are for you to use, and you can convert your fiat money into cryptocurrency on these platforms. Pak Nft Artist
You can swap your fiat currency using a your credit or debit card as well as Paypal on these reliable websites for cryptocurrency:
- Bittrex and other things!
Each of them has the option of exchange for ETH, which is the standard crypto payment in OpenSea.
While OpenSea has been described as being an NFT marketplace open to all kinds of cryptocurrency, the wallets still more compatible with it than other. Since it is built using the ETH blockchain, wallets which are part of this network are appropriate for this website.
Here’s a list of several crypto wallets you can use in OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each one has its own set of limitations, such as easy registration, use on mobile devices only, and the function to purchase cryptocurrency with a credit card. Pak Nft Artist
For more information about the service, you can check their FAQs for an overview of how you can begin 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 the only one to have this. You can read about its pros and cons here:
- Available as mobile apps for iOS as well as Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalties of only 10% to artists (low royalty rates).
- It is not possible to buy or sell items through this mobile application.
- Only accepts cryptocurrency as a type of payment.
- A Crypto digital wallet must be used for this marketplace.
OpenSea is open to everyone who owns any crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. But overall, you can quickly recover this amount if you sell regularly since there’s no additional cost for it.
Frequently Asked Questions Pak Nft Artist
What is OpenSea?
OpenSea is an NFT marketplace that aims to offer artists a way to sell their works online, and to accept cryptocurrency as their form of payment. It’s a great platform for artists using it to sell NFTs because of its zero cost of gas and low commission fee rate which you are required to pay.
You can shop and browse a vast collection of digital goods in this NFT marketplace which is why you should definitely take a look!
Is OpenSea legitimate and secure?
Short answer: Yes! OpenSea has been a reliable marketplace since it was founded in the year 2018. Because its system is built on blockchain technology, it is safe to declare that transactions are secure and safe.
Furthermore, as a seller, you’ll be verified when you have built up your credibility. A blue checkmark will be assigned to your account or any collection you’ve uploaded to ensure the safety of any customer. OpenSea’s team regularly reviews the content to ensure that users are secure.
How do I earn royalties from OpenSea?
As an artist, you will get only 10 percent of the royalties when you upload the NFT. This is considered to be quite low in comparison with other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) can be widely used on this site as well as numerous others to cater for the increasing number of crypto users. These are other cryptos you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can use for OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. You can easily purchase or sell cryptocurrency through trusted platforms with fiat money. All you have be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea have a desktop/mobile application?
As mentioned before, there is definitely an official mobile app from OpenSea that is available for iOS as well as Android. Download it at their respective app store and you can start exploring the collection now!
There is also a Desktop application that OpenSea can be downloaded via WebCatalog. In the desktop application you can manage multiple accounts and get 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/).