The cryptocurrency market is on the rise and you’re probably wondering where you can invest your crypto-coins. Markets have popped up across the digital web designed to purchase and sell NFTs with cryptocurrency! OpenSea is one of them, and it’s worth a look.
If you’re well-versed in cryptocurrency, you’ve likely heard of OpenSea before for a good reason. It’s one of the biggest and most popular marketplaces for cryptocurrency users because of its security and rapid transactions.
Now hop aboard, and let’s see what you can do with OpenSea as well as examining the NFTs available to view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Perspolis Vs Sanat Nft Highlite
The purpose for OpenSea was to offer artists with a marketplace/platform to upload commissions with no additional charges. It has more functions which allow you to market your art without too many issues.
In terms of 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 on OpenSea! It’s as simple as that without going through much hassle as you step into NFTs.
The most well-known cryptocurrency used on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system and is used to carry out the majority of processes. It also operates using the Polygon blockchain to ensure low-cost and quicker trading.
With these two kinds of blockchains that are available you can pick which one you’d like to transfer your NFT to as seller. This will ensure the security of your NFT, along with those who would like to purchase it. Every transaction will be conducted along with this blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from the simplest domain name to official art by an artist you admire. Anyone can sell however, it takes time before anyone can become an established seller.
There’s a huge selection in the collection of NFTs available at OpenSea, and you can also be a part of that! You can create your own personal market there, and also find NFTs you want to purchase for yourself.
What is an NFT?
In a recent advancement for the crypto market the term “NFT” has been going around for so long on internet that many millennials are familiar with it but aren’t exactly sure what it means. Let’s look at what an NFT is for any beginners in the field of cryptocurrency.
One of the new things that you can buy with cryptocurrency is an NFT. The NFT is a non-fungible currency which is extremely individual and cannot be replaced. It could be an item of rarity like mint-condition baseball trading cards, or a rare vinyl record.
There is no limit to what an NFT can be since it’s a non-fungible item you’re selling on the internet. It is simpler to just consider an NFT being a virtual item which is only paid in cryptocurrency.
Minting is like calling dibs on your own NFTs. You’re claiming the owner of the item or token that you posted to the market place, but selling it. Usually, this is recognized when you have filled in all the necessary information about the NFT and then submit it for sale on.
On OpenSea, it’s a simple process to mint your NFTs by going to the store and making a collection to begin! Input the appropriate and complete information about your NFT and choose what kind of settings you’d like to use to use it with (e.g., blockchain, payment tokens). Once that’s all done, you can finally upload it, if it’s within the limit of 100MB.
It is possible to wait and see the way transactions are handled from now to determine whether OpenSea is the best marketplace for you.
What NFTs can you get here?
So, at this point you’re probably thinking about the kind of NFTs be found here and what you can also sell if you choose to go down that path. The type of NFT it is indefinite since there’s a broad range of how you can do it.
It is possible to sell digital items, trading cards game assets, domain names, and even physical assets! Find out what you think will reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that separates OpenSea from the other options. There’s no cost for gas for using this feature when you make and then sell the NFTs. This is essentially a way to ensure that you receive the maximum profits when you begin selling since you don’t need to pay on any additional charges.
Very few NFT marketplaces offer this feature, and it is a great way to receive high profit from your collection.
This Referral Program is another unique aspect 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 buy 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 don’t offer the same feature and that’s another advantage OpenSea has over the other marketplaces.
There is an OpenSea mobile application, however it is mainly used to browse through the marketplace. Unfortunately, you can’t purchase or sell anything as you browse through the listing.
The mobile apps from OpenSea are accessible for both iOS and Android. Although you aren’t able to purchase or sell something, you can at least explore the products you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are for you to use to exchange your fiat money for cryptocurrency on these platforms. Perspolis Vs Sanat Nft Highlite
You can exchange your fiat money via the credit card, or Paypal via these reputable websites for cryptocurrency:
- Bittrex and more!
Each of them has the option to exchange for ETH, which is the most common cryptocurrency payment option in OpenSea.
While OpenSea can be described as an NFT marketplace open to all kinds of cryptocurrency, wallets are still more compatible with it than others. Because it is based around the ETH blockchain, all wallets that share that network will be suitable for this site.
Here’s a list of different 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, such as easy registration, use on mobile devices only as well as the capability to purchase cryptocurrency with credit cards. Perspolis Vs Sanat Nft Highlite
To know more about it You can go through their FAQs to see a rundown of how you can get started 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 pros here:
- Available as mobile apps for iOS as well as Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalties up to 10% for artists (low royalties).
- You cannot buy or sell products on the mobile app.
- Only supports cryptocurrency as its type of payment.
- An Crypto wallet is required to use this marketplace.
OpenSea is open to everyone who has crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. In the end, you’ll quickly regain that when you sell regularly since there’s no extra charge for it.
Frequently Asked Questions Perspolis Vs Sanat Nft Highlite
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to offer artists a way to market their work online and receive cryptocurrency as their form of payment. It’s an excellent option for artists who want to use for selling NFTs due to its no gas fees and low commission fee rate that you have to pay.
You can browse and shop for a vast collection of digital items on the NFT marketplace which is why you should definitely go through it!
Is OpenSea real and is it safe?
Answer: Yes! OpenSea is a reputable marketplace since its inception on the 1st of December in 2018. Since its system is built on a blockchain and is secured, it is safe to declare that transactions are protected and secured.
In addition, as a seller, you can become verified once you build up your reputation. A blue checkmark will be assigned next to your account or the collection you uploaded to reassure anyone who buys from you. The OpenSea team reviews regularly the content to ensure that users are safe.
How can I earn royalties from OpenSea?
Unfortunately, as an artist, you will receive only up to 10 percent of the royalties after you have uploaded the NFT. This is believed to be quite low in comparison with other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) can be commonly utilized on this website and other sites to provide many more crypto users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can utilize to access OpenSea.
What are the payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. You can buy and sell cryptocurrency through reliable platforms using fiat currency. All you have just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea have a desktop/mobile application?
As we mentioned earlier There is an official mobile app by OpenSea for both iOS and Android. Download it at their respective app store and you can start exploring the collection right now!
The desktop application for OpenSea that can be downloaded through WebCatalog. With the desktop application you can manage multiple accounts as well as receive alerts on any updates that affect your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).