The crypto currency market is in a boom right now and you’re probably wondering where to invest your crypto currency. There are numerous marketplaces popping up across the internet, designed to sell and buy NFTs via cryptocurrency! OpenSea is among them and is worth a look.
If you’re familiar with cryptocurrency you’ve likely heard of OpenSea before for a good reason. It’s now one of the largest and most popular marketplaces for cryptocurrency users because of its security and quick transactions.
Get on board, and let’s see the possibilities of OpenSea, along with checking the NFTs that you can see!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick review. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Physical Nft
The aim to create OpenSea was to provide artists with a marketplace/platform to upload their commissions, without having to pay any additional costs. It also has additional functions which allow you to market your artwork without any difficulties.
In terms of registration, you don’t need to provide any personal information about yourself. All you have to connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as easy as that, without many hurdles as you walk into NFTs.
The most well-known 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 to carry out the majority of processes. It is also based on the Polygon blockchain, which allows for low-cost and quicker trading.
With these two types of blockchains available you can pick which one you would like to publish your NFT as an seller. This will ensure the security of your NFT as well as those who wish to purchase it. Every transaction will be conducted by using the blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything the simplest domain name, to a piece of art from an artist that you admire. Anyone can be a seller however, it takes time before anyone can become an established seller.
There is a wide variety in the collection on OpenSea and you could also be a part of this! You can create your own market there, and also find NFTs you’d like to buy yourself.
What is an NFT?
In a recent advancement for the cryptocurrency industry”NFT” is a term that has been used in recent times “NFT” has been going around so long on the internet that the majority of young people are familiar with it but not exactly sure what it actually means. Let’s look at what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the newest things you can purchase your cryptocurrency includes an NFT. An NFT is a token that is non-fungible that is unique and can’t be replaced. It can be a piece of rareness like rare baseball trading cards in mint condition or rare vinyl record.
There is no limit to what an NFT can be as it’s a non-fungible object that you can sell online. In simpler terms, you could just consider the NFT being a virtual collectible that is paid for using cryptocurrency only.
Minting is like calling dibs on your own NFTs. You’re claiming the ownership of the particular item you uploaded on the marketplace, and offering it for sale. Typically, this is official once you fill out the proper information regarding 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 simply creating a collection to start! Input the appropriate and complete information about your NFT and select the type of settings you’d like to use to use it with (e.g., blockchain, payments tokens). After that then you’re able to upload it, if it’s within the 100 MB limit.
You can wait and observe how the transactions go from now on to see whether OpenSea is the marketplace for you.
What NFTs are available here?
At this point you’re probably thinking about what kind of NFTs can be purchased here and what you can sell should you decide to pursue that route. The type of NFT it can be is unlimited as there’s a variety of ways to go about it.
You can be selling trade cards, digital goods, game assets, domain names, and also physical goods! Explore what you believe can yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that differentiates OpenSea from the others. There’s no cost for gas when you utilize this feature to create and market NFTs. This means you’ll get the most profit when you sell because you won’t need to spend on extra fees.
Very few NFT marketplaces offer this feature, and it is great for you to make a huge profit from your portfolio.
A Referral Program is a different aspect of OpenSea to be admired. Like traditional online marketplaces that offer rewards by referring your friend to OpenSea! If you refer a friend to join OpenSea and buy an NFT from there you’ll earn 2.50 percent of the sales amount, letting you earn more cash from this act.
Other NFT marketplaces don’t have this kind of feature either This is a further advantage OpenSea has over the other marketplaces.
There’s an OpenSea mobile application, however it is mainly used to browse the marketplace. It isn’t able to purchase or sell anything as you browse through the listings.
The mobile apps from OpenSea are accessible for the two platforms of iOS as well as Android. Although you aren’t able to purchase or sell things, you can at least explore the products you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available for you to use You can also trade your fiat currency for cryptocurrency on these platforms. Physical Nft
You can swap your fiat money via your credit or debit card as well as Paypal on these reliable websites for cryptocurrency:
- Bittrex, and more!
All of them have the option to exchange for ETH, which is the standard cryptocurrency used in OpenSea.
While OpenSea is an NFT marketplace open to all forms of crypto, wallets are nonetheless more compatible than other. Since it is built mainly around the ETH blockchain, any wallets that share this network are appropriate for the site.
Here’s a list several crypto wallets you can utilize in OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations including simple registration, only mobile usage and the ability to purchase cryptocurrency with a credit card. Physical Nft
To learn more about it, you can check their FAQs for an overview of how you can begin and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with its advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and pros here:
- Available as mobile apps that are compatible with iOS or Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalties of only 10% for artists (low royalty rates).
- Cannot buy or sell on the mobile app.
- Only supports cryptocurrency as its method of payment.
- The use of a Crypto account is needed for this marketplace.
OpenSea is accessible to everyone who has any crypto currency in their crypto wallets. When you are a seller, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. But overall, you can easily recover that amount when you sell regularly since there is no additional fee for it.
Frequently Asked Questions Physical Nft
What is OpenSea?
OpenSea is an NFT marketplace that seeks to give artists a chance for selling their artwork online, and to accept cryptocurrency as a method of payment. It’s a great platform for artists using the platform to market NFTs due to its no gas fees and low commission fees that you have to pay.
You can browse and purchase a vast collection of digital goods in this NFT marketplace and you must go through it!
Is OpenSea legit & secure?
The short answer is yes! OpenSea has been a reliable marketplace since its inception on the 1st of December in the year of 2018. Since the system it operates on 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 have built up your credibility. A blue checkmark will appear next to your account or any collection you’ve uploaded to ensure the safety of anyone who buys from you. OpenSea’s team regularly reviews the contents to ensure users are secure.
How can I earn royalties from OpenSea?
However, as an artist, you can be paid only 10% of the royalties once you have uploaded the NFT. This is considered to be reasonably low compared to others NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) has been widely utilized on this website and numerous others to cater for many more crypto users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can use to use OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. It is easy to buy or trade cryptocurrency using secure platforms that accept fiat money. All you have be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea have a desktop or mobile app?
As we mentioned earlier there’s an official mobile app by OpenSea for both iOS as well as Android. Download it at their respective app store, and begin exploring the collection now!
The desktop application for OpenSea can be downloaded via WebCatalog. In the desktop application you are able to manage multiple accounts and get 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/).