The cryptocurrency market is on the rise and you’re probably wondering where to invest your crypto coins. Marketplaces are popping up across the digital web designed to purchase and sell NFTs using cryptocurrency! OpenSea is one of them and is worth looking into.
If you’re well-versed in cryptocurrency, you’ve probably heard of OpenSea prior to this for a valid reason. It has become one of the largest and leading marketplaces among cryptocurrency enthusiasts due to its security and rapid transactions.
So, hop on board and let’s see what you can do with OpenSea as well as examining 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. After, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Pipe Frame Nft
The purpose to create OpenSea was to provide a platform/marketplace for artists to upload their commissions, without having to pay any additional fees. It has more functions that let you sell your work without having to deal with many issues.
In terms of the registration process, you don’t have to give any personal information about yourself. All you need to do is connect your crypto wallet and voila! You have an account on OpenSea! It can be as simple as that and without many hurdles as you walk into NFTs.
The most widely-used cryptocurrency that is used in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system which is utilized to carry out the majority of processes. It is also based on the Polygon blockchain to ensure the lowest cost and speediest trading.
With these two kinds of blockchains available it is possible to choose which one you’d like to transfer your NFT to as seller. This is to ensure the security of your NFT as well as those who wish to buy it. All transactions are made using this blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace that lets you trade your NFTs or cryptocurrency for other NFTs. You can purchase anything from just a domain name to an official artwork from an artist you admire. Anyone can become a seller, but it takes some time before anyone can become a reputable one.
There are a variety of NFTs from the selection at OpenSea, and you can also be a part of this! You can start your own personal market here, along with finding NFTs that you would like to purchase for yourself.
What is an NFT?
A recent change in the cryptocurrency industry the term “NFT” has been going around for so long on the internet that a lot of millennials have heard of it but aren’t exactly sure what it is. Let’s take a look at what NFT is for any beginners in cryptocurrency.
One of the latest ways that you can buy with cryptocurrency can be an NFT. A NFT is a non-fungible currency which is extremely individual and cannot be substituted. This can be a piece of rareness like mint-condition baseball trading cards or uncommon vinyl record.
There’s no limit to what an NFT can be since it’s a non-fungible thing you’re selling on the internet. More straightforwardly, you can simply consider the NFT as a digital item which is only paid in cryptocurrency.
Minting is like calling the shots on your own NFTs. It is a way of claiming the ownership of the particular item that you have uploaded to market, as selling it. Usually, this is recognized after you fill in all the necessary information about the NFT and then submit it for sale on.
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! Fill out the proper and complete information about your NFT and choose what kind of settings you’d like for it (e.g., blockchain, money transfer tokens). After that you are able to upload it, if it’s within the 100 MB limit.
You can wait and observe how the transactions go from now to determine if OpenSea is the right marketplace for you.
What NFTs can you find here?
In this moment, you’re probably wondering the kind of NFTs can be purchased here, and what you could also sell if you choose to go down that path. The type of NFT it isn’t limited since there’s a broad range of how you can approach it.
You could be selling digital items, trading cards games, domain names, and even physical assets! Explore what you believe can yield the most profit 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 use this feature when you make and then sell the NFTs. This means you’ll receive the maximum profits when you start selling because you don’t need to pay on extra fees.
Not many NFT marketplaces offer this feature, which is why this can be a fantastic way to earn a high return from your NFT collection.
The Referral Program is another distinctive feature of OpenSea to be admired. Like traditional online marketplaces that offer advantages by referring someone else to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from there you’ll be rewarded with 2.50 percent of the sales amount, letting you earn more cash from this act.
Other NFT marketplaces don’t have this feature This is a further advantage OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile app, but it is mainly used for perusing through the marketplace. It isn’t able to purchase or sell anything while you browse through the listings.
OpenSea’s mobile apps are available on the two platforms of iOS as well as Android. While you’re not able to buy or sell something, you can look through the options you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are for you to use, and you can trade your fiat currency for cryptocurrency using these platforms. Pipe Frame Nft
You can exchange the fiat currency you have with a the credit card, or Paypal via these reputable websites to exchange it for crypto:
- Bittrex, and many more!
All of these have the option of exchange for ETH that is the primary cryptocurrency payment option in OpenSea.
While OpenSea is an NFT marketplace open to all types of crypto, wallets are still more compatible with it than others. Since it is built mainly on an ETH blockchain, wallets that share the same network are suitable for the site.
Here’s a list different crypto wallets you can use in OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, mobile-only usage and the ability to buy cryptocurrency using credit cards. Pipe Frame Nft
For more information about the service You can go through their FAQs to see the steps you can start and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has advantages and drawbacks. OpenSea isn’t the only one to have this. You can view its pros and pros here:
- Available as mobile apps that are compatible with iOS or 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 royalties).
- You cannot buy or sell products on this mobile application.
- Only supports cryptocurrency as its form of payment.
- The use of a Crypto account is needed to access this marketplace.
OpenSea is open to everyone who has crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. But overall, you can quickly regain that when you are actively selling since there is no additional fee for it.
Frequently Asked Questions Pipe Frame Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to provide artists a platform to market their work online to receive cryptocurrency as a form of payment. It’s an ideal platform for artists using for selling NFTs due to its no gas costs and low commission fees that you have to pay.
You can browse and shop for the vast array of digital goods in this NFT marketplace, so you should go through it!
Is OpenSea legit & secure?
The short answer is yes! OpenSea has been a trusted marketplace since it was established in the year of 2018. Since its system is built on blockchain technology and is secured, it is safe to declare that transactions are secure and safe.
Additionally, as a seller, you can become verified once you have built up your credibility. A blue checkmark will appear on your account or any collection you’ve uploaded to ensure the safety of anyone who buys from you. The team at OpenSea regularly checks the contents to ensure users are safe.
How do I earn royalties from OpenSea?
However, as an artist, you will receive only up to 10 percent of the royalties when you have uploaded the NFT. This is considered to be a reasonable amount compared to 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 cryptocurrency users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can make use of to use OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. You can easily purchase or trade cryptocurrency using reliable platforms using fiat currency. All you need just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea have a desktop/mobile application?
As mentioned before there’s an official mobile app from OpenSea for both iOS as well as Android. Install it from their app store and you can start exploring the collection right now!
There is also a version for desktops that OpenSea which can be downloaded from WebCatalog. In the desktop application, you can 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/).