Cryptocurrency is booming right now, and you’re probably wondering where you can invest your crypto-coins. Marketplaces are popping up all over the web that allow users to purchase and sell NFTs using cryptocurrency! OpenSea is among them and is worth checking out.
If you’re familiar with cryptocurrency you’ve probably heard of OpenSea before for a good reason. It’s now one of the biggest and most popular marketplaces for cryptocurrency enthusiasts due to its security and quick transactions.
Now hop aboard, and let’s explore the possibilities of 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 overview. Afterward, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Palm Nft Studio
The purpose to create OpenSea was to provide an online marketplace for artists to upload commissions, without having to pay any additional costs. It has more functions that allow you to sell your artwork without any difficulties.
When it comes to the registration process, you don’t have to worry about giving any personal information about yourself. All you need to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as simple as that without going through many hassles when you enter into NFTs.
The most popular cryptocurrency to use on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system, and this is used for the majority of transactions. It also functions on the Polygon blockchain to ensure lower costs and faster trading.
There are two types of blockchains available, you can choose which one you would like to publish your NFT as seller. This will ensure the security of your NFT, along with the people who want to buy it. All transactions are made along with this blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace where you can exchange your NFTs or cryptocurrency for other NFTs. You can purchase anything from as simple as a domain name to an official artwork from an artist you admire. Anyone can become a seller, but it takes some time for anyone to become a reputable one.
There is a wide variety in the collection of NFTs available at OpenSea, and you can also be a part of the collection! You can set up your own market there, and also find 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 so long on the internet that a lot of millennials have heard of it but not exactly sure what it means. Let’s break down what an NFT is for any beginners in the field of cryptocurrency.
One of the new things you can buy includes an NFT. A NFT is a token that is non-fungible which is extremely unique and can’t be substituted. It can be an item of rarity like authentic baseball cards or rare vinyl record.
There’s no limit to what an NFT could be, since it’s a non-fungible thing you’re selling online. More straightforwardly, you can just imagine the NFT as a digital item which is only paid in cryptocurrency.
Minting is like calling the shots to your NFTs. You’re claiming the ownership of the particular item that you have uploaded to the market place, but offering it for sale. Usually, this becomes official once you fill out the correct information about the NFT and then upload it to the marketplace.
On OpenSea, it’s a simple procedure to create your own NFTs. All you have to do is visit the store and simply making a collection to begin! Input the appropriate and accurate information about your NFT and then select what type of settings you want for it (e.g. blockchain and money transfer tokens). Once that’s all done 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 here on out to see whether OpenSea is the marketplace for you.
What NFTs are available here?
So, at this point you’re probably thinking about the kind of NFTs can you shop for here and what kind of NFTs you can sell should you decide to go down that path. The kind of NFT that you can purchase isn’t limited since there’s a broad range of options for how to approach it.
You could be selling trade cards, digital goods game assets, domain names, and some physical items! Find out what you think will reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what differentiates OpenSea from other companies. There are no gas costs when you utilize this feature to create and market NFTs. This is essentially a way to ensure that you be able to make the highest profits once you start selling because you won’t need to spend on any additional charges.
Very few NFT marketplaces provide this feature, which is why this can be a fantastic way to receive high profit from your NFT collection.
The Referral Program is another unique aspect of OpenSea to take note of. Similar to traditional online markets that offer advantages by referring your friend to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from the site you’ll earn 2.50 percent of the sales amount, letting you earn more cash from this act.
Other NFT marketplaces do not have this feature and that’s another advantage OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile application, however it’s mostly used for perusing through the marketplace. You can’t buy or sell anything while you browse through the listings.
The mobile apps of OpenSea are available for both iOS in addition to Android. Although you aren’t able to purchase or sell something, you can explore the products you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available at your disposal to trade your fiat currency for cryptocurrency through these platforms. Palm Nft Studio
You can swap the fiat currency you have with a your credit or debit card as well as Paypal on these reliable websites for cryptocurrency:
- Bittrex, and more!
All of them have 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 still more compatible with it than other. Since it is built mainly on the ETH blockchain, any wallets with a connection to that network will be suitable for this site.
Here’s a list different crypto wallets you can utilize in OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each one has its own set of limitations, such as easy registration, only mobile usage as well as the capability to buy cryptocurrency using credit cards. Palm Nft Studio
For more information about the service You can go through their FAQs for a rundown of how you can get started and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has its advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and pros here:
- Mobile apps are available for iOS and Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
- Allows royalties of only 10% to artists (low royalties).
- You cannot buy or sell products through the mobile app.
- Only accepts cryptocurrency as a form of payment.
- An Crypto digital wallet must be used to use this marketplace.
OpenSea is accessible to everyone who has crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. However, overall, you will easily recover that amount when you actively sell because there is no additional fee for it.
Frequently Asked Questions Palm Nft Studio
What is OpenSea?
OpenSea is an NFT marketplace that seeks to provide artists a platform to sell their works online, and to accept cryptocurrency as a form of payment. It’s an ideal platform for artists who use it to sell NFTs due to its low gas fees and low commission fees you must pay.
You can browse and purchase the vast array of digital items on the NFT marketplace which is why you should definitely check it out!
Is OpenSea legitimate and is it safe?
Short answer: Yes! OpenSea has been a reliable marketplace since it was founded at the end of the year of 2018. Because its system is based on a blockchain that is secure, you can claim that your transactions are secure and safe.
Additionally as a seller you will be verified after you’ve earned a reputation. A blue checkmark will be assigned next to your account or any collection that you have uploaded to assure anyone who buys from you. OpenSea’s team regularly reviews the content to ensure that users are safe.
How do I earn royalties from OpenSea?
However, as an artist, you’ll get only 10% of the royalties once you have uploaded the NFT. This is believed to be quite low in comparison to the other NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) is widely used on this site and numerous others to cater for the increasing number of crypto users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize to use OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. It is easy to buy or sell cryptocurrency on secure platforms that accept fiat money. All you have to do is connect your credit card or Paypal for the transaction.
Does OpenSea has a mobile or desktop application?
As mentioned before there’s an official mobile application from OpenSea that is available for iOS and Android. You can download it through their app store and then you can begin exploring the collection right now!
A desktop application for OpenSea can be downloaded via WebCatalog. With the desktop application you are able to 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/).