The crypto currency market is in a boom right now and you’re probably wondering where you can invest your crypto coins. There are numerous marketplaces popping up all over the internet, designed to buy and sell NFTs via cryptocurrency! OpenSea is one of them, and it’s 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 among cryptocurrency users because of its security and rapid transactions.
Get on board, and let’s see what you can do with OpenSea as well as examining the NFTs available to 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 of OpenSea.
OpenSea as an NFT Marketplace Pizza Nft
The purpose for OpenSea was to provide a platform/marketplace for artists to upload commissions, without having to pay any additional costs. There are additional features which allow you to market your work without having to deal with many issues.
In terms of registration, you won’t have to worry about giving any personal information about yourself. All you have to connect your crypto wallet–and voila!–you have an account with OpenSea! It can be as simple as that and without much hassle as you step into NFTs.
The most popular cryptocurrency used on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology which is utilized for most processes. It also functions using the Polygon blockchain, which allows for low-cost and quicker trading.
With these two types of blockchains that are available, you can choose which one you would like to upload your NFT on as a seller. This ensures the safety of your NFT and those who would like to purchase it. All transactions will be made by using the 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 cryptocurrency or NFTs in exchange for other NFTs. You can buy anything just a domain name, to a piece of art from an artist that you admire. Anyone can be a seller, but it takes some time before anyone can become a reputable one.
There are a variety of NFTs of NFTs available of NFTs available at OpenSea, and you can join in with that! You can start your own personal market on this site, as well as 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 so long on the internet that many millennials are familiar with it , but not exactly sure what it means. Let’s break down what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the new things that you can buy with cryptocurrency includes an NFT. The NFT is a non-fungible token that is exclusive and cannot be changed. It could be an item of rareness like authentic baseball cards, or a uncommon vinyl record.
There’s no limit to what an NFT could be, since it’s a non-fungible item you’re selling on the internet. More straightforwardly, you can simply think of as an NFT as a digital collectible paid via cryptocurrency only.
Minting is like calling dibs to your NFTs. You are calling the ownership of the particular item you uploaded on the market place, but offering it for sale. Usually, this is recognized after you fill in the proper information regarding the NFT and submit it for sale on.
On OpenSea It’s a very simple procedure to create your own NFTs by visiting the store and then making a collection to begin! Input the appropriate and correct information regarding your NFT and select the type of settings you want to use it with (e.g., blockchain and 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 how transactions progress from now on to see whether OpenSea is the marketplace for you.
What NFTs can you get here?
At this point you’re probably asking yourself which kind of NFT be purchased here, and what you could also sell if you choose to go down that path. The kind of NFT it isn’t limited as there’s a variety of ways to approach it.
It is possible to sell digital items, trading cards games, domain names, and even physical assets! Find out what you think will reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that sets OpenSea from the others. There’s no cost for gas when you utilize this feature when you mint and sell NFTs. This is essentially a way to ensure that you get the most profit when you sell because you won’t have to spend on any additional charges.
Very few NFT marketplaces offer this feature, which is why this can be a fantastic way to receive high profit from your portfolio.
This Referral Program is another unique aspect of OpenSea to admire. Like traditional online marketplaces, you can receive rewards when you refer a friend to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from there you’ll earn 2.50% of the sale amount, which means you can make more money from this act.
Other NFT marketplaces don’t have this kind of feature either This is a further benefit OpenSea has over the other marketplaces.
There is an OpenSea mobile app, but it’s mostly used for perusing through the marketplace. It isn’t able to purchase or sell items as you scroll through the list.
The mobile apps from OpenSea are accessible for the two platforms of iOS and Android. Even though you can’t buy or sell something, you can at least explore the products you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available to you to convert your fiat money into cryptocurrency using these platforms. Pizza Nft
You can swap your fiat currency using a the credit card, or Paypal on these reliable websites for cryptocurrency:
- Bittrex and other things!
All of these have the option of converting them into ETH, which is the primary cryptocurrency used in OpenSea.
Although OpenSea has been described as being an NFT marketplace that is open to all types of cryptocurrency, wallets are nevertheless more compatible than other. Because it is based using the ETH blockchain, all wallets that share the same network are suitable for this website.
Here is a list of different crypto wallets you can use in OpenSea:
- Authereum and many more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s 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 using the credit card. Pizza Nft
For more information about the service, you can check their FAQs for the steps you can begin and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets, each one has advantages and drawbacks. OpenSea isn’t an exception to this. You can read about its pros and pros here:
- Available as mobile apps for iOS as well as Android.
- Smart contracts can be used to perform 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% for artists (low royalties).
- It is not possible to buy or sell items on the mobile app.
- Only accepts cryptocurrency as a type of payment.
- The use of a Crypto wallet is required to access this marketplace.
OpenSea is accessible to everyone who has crypto coins in their crypto wallets. When you are a seller, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. But overall, you can quickly recover this amount if you are actively selling since there is no additional fee for it.
Frequently Asked Questions Pizza Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to give artists a chance to market their work online, and to accept cryptocurrency as their form of payment. It’s an ideal platform for artists who use it to sell NFTs because of its zero gas costs and low commission fees you must 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 secure?
Short answer: Yes! OpenSea has been a trusted marketplace since it was established on the 1st of December in the year 2018. Because its system is built on blockchain technology and is secured, it is safe to say that your transactions are secure and safe.
Furthermore as a seller you’ll be verified when you’ve earned a reputation. A blue checkmark is placed to your account or collection you uploaded to reassure any customer. OpenSea’s team regularly reviews the content to ensure users are protected.
How do I earn royalties on OpenSea?
Unfortunately, as an artist, you can get only 10 percent of the royalties after you have uploaded the NFT. This is thought to be quite low in comparison to the other NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) has been frequently used on this site as well as numerous others to cater for the increasing number of cryptocurrency users. These are other cryptos you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can make use of to use 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 trusted platforms with fiat money. All you need be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea have a desktop/mobile application?
As we mentioned earlier there’s an official mobile application from OpenSea that is available for iOS as well as Android. You can download it through their app store and you can start exploring the collection right now!
The version for desktops that OpenSea can be downloaded via WebCatalog. On the desktop app you can manage multiple accounts as well as receive notifications about updates to your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).