The cryptocurrency market is on the rise and you’re probably thinking where to invest your crypto coins. Markets have popped 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 prior to this for a valid reason. It’s now one of the largest and leading marketplaces among users of cryptocurrency due to its safety and speedy transactions.
Get on board, and let’s see what you can do with OpenSea, along with checking 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 overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Pinata Nft
The aim of OpenSea was to provide artists with a marketplace/platform to upload their commissions with no additional charges. It also has additional functions that let you sell your artwork without any problems.
In terms of the registration process, you don’t have to worry about giving too many details about yourself. All you have to do is connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as simple as that, without many hurdles as you walk into NFTs.
The most popular cryptocurrency to use on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system, and this is used for most processes. It also functions on the Polygon blockchain, which ensures lower costs and faster trading.
There are two types of blockchains available you can pick which one you want to transfer your NFT to as a seller. This will ensure the security of your NFT, along with those who would like to buy it. Every transaction will be conducted along with this 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 exchange your cryptocurrency or NFTs for other NFTs. You can buy anything just a domain name, to a piece of art by an artist you admire. Anyone can be a seller however it takes some time before anyone can become an established seller.
There is a wide variety of NFTs available on OpenSea, and you can become a part of the collection! You can set up your own marketplace on this site, as well as find NFTs you’d like to buy yourself.
What is an NFT?
A recent change in the crypto industry the term “NFT” has been going around for so long on the internet that many millennials have heard of it but aren’t sure exactly what it is. Let’s take a look at what NFT is for those who are just beginning to get started in cryptocurrency.
One of the latest ways you can buy includes an NFT. A NFT is a non-fungible token that is very individual and cannot be replaced. This can be an item of rareness like rare baseball trading cards in mint condition or uncommon vinyl record.
There’s no limit to what an NFT could be, since it’s a non-fungible thing that you sell on the internet. It is simpler to simply imagine the NFT being a virtual item that is paid for using cryptocurrency only.
Minting is like calling dibs on your own NFTs. You are calling ownership over that particular token/item that you posted to the marketplace, and putting it up for sale. Usually, this is recognized when you have filled in the correct information about the NFT and then submit it for sale on.
On OpenSea it’s a straightforward process to mint your NFTs. All you have to do is visit the store and then creating a collection to start! Fill out the proper and accurate information about your NFT and choose what kind of settings you’d like to use it with (e.g., blockchain, money transfer tokens). Once that’s all done then you’re able to upload it if it fits the limit of 100MB.
You can wait and observe how the transactions go from now to determine if OpenSea is the best marketplace for you.
What NFTs are available here?
At this point you’re probably asking yourself what kind of NFTs be found here and what kind of NFTs you can also sell if you decide to pursue that route. The kind of NFT it is unlimited as there’s a variety of how you can approach it.
You can be selling digital products, trading cards, game assets domain names, some physical items! Explore what you believe can reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that separates OpenSea from other companies. There’s no cost for gas for using this feature when you create and market NFTs. This means you’ll be able to make the highest profits once you begin selling since you won’t need to spend on additional fees.
Not many NFT marketplaces offer this feature, so this can be a fantastic way to earn a high return from your collection.
This Referral Program is another unique aspect of OpenSea to be admired. Like traditional online marketplaces there are advantages by referring a friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from there you’ll be rewarded with 2.50 percent of the sales amount, letting you make more money by this method.
Other NFT marketplaces don’t have this kind of feature either, so that’s just another advantage OpenSea has over them.
There’s an OpenSea mobile app, but it’s mostly used to browse the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listings.
The mobile apps of OpenSea are available on both iOS in addition to Android. While you’re not able to buy or sell anything, you can still at least look through the options you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are to you to convert your fiat money into cryptocurrency on these platforms. Pinata Nft
You can convert your fiat money via credit card or Paypal on these reliable websites for cryptocurrency:
- Bittrex, and other things!
Each of them has the option of converting them into ETH, which is the primary cryptocurrency payment option in OpenSea.
Although OpenSea is an NFT marketplace open to all types of cryptocurrency, wallets are nevertheless more compatible than others. Since it is built using the ETH blockchain, all wallets with a connection to the same network are suitable for the site.
Here is a list of different crypto wallets you can utilize in OpenSea:
- Authereum and more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each has its own limitations like easy registration, use on mobile devices only, and the function to purchase cryptocurrency with credit cards. Pinata Nft
For more information about the service You can go through their FAQs to get an overview of how you can start and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets, each one has its advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and cons here:
- Mobile apps are available that are compatible with iOS as well as Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- The best option for beginners to the crypto industry and NFTs.
- Allows royalties of only up to 10% for artists (low royalty rates).
- Cannot buy or sell through the mobile app.
- Only supports cryptocurrency as its type of payment.
- A Crypto account is needed to access this marketplace.
OpenSea is open to everyone who has crypto coins in their cryptocurrency wallets. When you are selling, 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 are actively selling since there is no additional fee for it.
Frequently Asked Questions Pinata Nft
What is OpenSea?
OpenSea is an NFT marketplace that aims to give artists a chance to sell their works online, and to accept cryptocurrency as a form of payment. It’s an excellent platform for artists who use it to sell NFTs due to its low gas fees and low commission fees which you are required to pay.
You can shop and browse a vast collection of digital items on the NFT marketplace, so you should take a look!
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 2018. Since its system is built on a blockchain and is secured, it is safe to claim that your transactions are safe and secure.
Additionally as a seller you can become verified once you’ve earned a reputation. A blue checkmark will appear on your account or any collection that you have uploaded to assure every customer. The team at OpenSea regularly checks the contents to ensure users are safe.
How can I earn royalties from OpenSea?
Unfortunately, as an artist, you can get only 10 percent of the royalties when you have uploaded the NFT. This is considered to be quite low in comparison with others NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) can be commonly utilized on this website and numerous others to cater for the increasing number of crypto users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can use for OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. It is easy to buy or sell cryptocurrency on trusted platforms with fiat money. All you have just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea have a desktop or mobile app?
As mentioned before There is an official mobile app from OpenSea that is available for iOS or Android. Install it from their app store, and begin exploring the collection now!
A version for desktops that OpenSea which can be downloaded from WebCatalog. With the desktop application you can manage multiple accounts and receive notifications about updates to 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/).