The cryptocurrency market is on the rise and you’re probably wondering where to invest your crypto currency. Markets have popped up across the digital web designed to sell and buy NFTs using cryptocurrency! OpenSea can be one and is worth checking out.
If you’re interested in crypto, you’ve probably heard about OpenSea before for a good reason. It’s one of the largest and most popular marketplaces among cryptocurrency enthusiasts due to its security and quick transactions.
Now hop aboard, and let’s explore the possibilities of 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 will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Polkamon Nft
The aim to create OpenSea was to offer artists with a marketplace/platform to upload their commissions with no additional charges. It also has additional functions that allow you to sell your art without too many problems.
For registration, you don’t need to give all of your personal details. All you need to do is connect your crypto wallet and voila! You have an account with OpenSea! It can be as simple as that without going through much hassle as you step into NFTs.
The most popular cryptocurrency to use within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology and is used to carry out the majority of processes. It also operates with the Polygon blockchain, which ensures low-cost and quicker trading.
With these two types of blockchains you can pick which one you want to publish your NFT as a seller. This is to ensure the security of your NFT, along with those who wish to purchase it. Every transaction will be conducted using this blockchain, which is why you need to 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 as simple as a domain name, to a piece of art by an artist you admire. Anyone can become a seller however it takes time for anyone to be a reputable one.
There is a wide variety in the collection on OpenSea and you could join in with 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 development for the crypto industry the term “NFT” has been going around for so long on internet that the majority of young people are familiar with it , but aren’t exactly sure what it actually means. Let’s look at what an NFT is for any beginners in the field of cryptocurrency.
One of the latest ways that you can buy with cryptocurrency includes an NFT. An NFT is a non-fungible token that is unique and can’t be substituted. This can be a piece of rareness, such as rare baseball trading cards in mint condition or a rare vinyl record.
There’s no limit to what an NFT could be, since it’s a non-fungible object that you can sell on the internet. It is simpler to simply consider as an NFT as a digital collectible paid via cryptocurrency only.
Minting is like calling the shots on your own NFTs. It is a way of claiming ownership over that particular token/item that you posted to the market place, but selling it. Typically, this is official once you fill out the proper information regarding the NFT and finally upload it to the marketplace.
On OpenSea, it’s a simple procedure to create your own NFTs. All you have to do is visit the store and then making a collection to begin! Input the appropriate and accurate information about your NFT and select the type of settings you’d like to use it with (e.g. blockchain, money transfer tokens). After that you are able to upload it if it fits the limit of 100MB.
You can watch and see how transactions progress from now to determine if OpenSea is the right marketplace for you.
What NFTs are available here?
In this moment you’re probably asking yourself the kind of NFTs you shop for here and what kind of NFTs you can sell should you decide to go down that path. The kind of NFT that you can purchase isn’t limited because there’s a wide range of options for how to go about it.
You can be selling digital items, trading cards game assets domain names, even physical assets! Find out what you think will yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what differentiates OpenSea from the others. There’s no cost for gas for using this feature when you mint and sell NFTs. This means you’ll receive the maximum profits when you begin selling since you won’t have to spend on additional fees.
There aren’t many NFT marketplaces provide this feature, so this is great for you to make a huge profit from your NFT collection.
A Referral Program is another distinctive feature of OpenSea to take note of. Similar to traditional online markets there are rewards by referring someone else to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from the site you’ll be rewarded with 2.50 percent of the sales amount, which means you can earn more money through this action.
Other NFT marketplaces do not have this feature This is a further advantage OpenSea has over them.
There is an OpenSea mobile app, but it’s mostly used to browse the marketplace. It isn’t able to purchase or sell anything as you browse through the listings.
OpenSea’s mobile apps are available for the two platforms of iOS as well as Android. Even though you can’t buy or sell anything, you can still at least browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are at your disposal, and you can exchange your fiat money for cryptocurrency through these platforms. Polkamon Nft
You can exchange your fiat money via credit card or Paypal through these trusted sites to exchange it for crypto:
- Bittrex and more!
Each of them has the option of converting them into ETH which is the standard cryptocurrency payment option in OpenSea.
Although OpenSea is an NFT marketplace open to all kinds of cryptocurrency, the wallets nevertheless more compatible than other. Because it is based around the ETH blockchain, any wallets that share this network are appropriate for this website.
Here’s a list several crypto wallets which you can use with OpenSea:
- Authereum and more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each one has its own set of limitations including simple registration, mobile-only usage as well as the capability to purchase cryptocurrency with a credit card. Polkamon Nft
To learn more about it, you can check their FAQs to get a rundown of how you can get started and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with advantages and drawbacks. OpenSea isn’t the only one to have this. It is possible to read about its pros and cons here:
- Mobile apps are available for iOS and Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto industry and NFTs.
- Allows royalties 10% for artists (low royalty).
- Cannot buy or sell via the mobile app.
- Only accepts cryptocurrency as a method of payment.
- A Crypto wallet is required to access this marketplace.
OpenSea is available to anyone who has any crypto currency in their crypto wallets. When you are selling, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. However, overall, you will easily recover that amount when you sell regularly since there’s no additional cost for it.
Frequently Asked Questions Polkamon Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to give artists a chance for selling their artwork online and receive cryptocurrency as a method of payment. It’s an ideal platform for artists using for selling NFTs due to its low gas costs and low commission fees that you have to pay.
You can browse and shop for the vast array of digital products on this NFT marketplace and you must take a look!
Is OpenSea legit & is it safe?
The short answer is yes! OpenSea is a reputable marketplace since its inception at the end of 2018. Because its system is based on a blockchain and is secured, it is safe to claim that your transactions are secure and safe.
Furthermore as a seller you will be verified after you build up your reputation. A blue checkmark is placed to your account or any collection you uploaded to reassure every customer. OpenSea’s team regularly reviews the content to ensure users are safe.
How do I earn royalties from OpenSea?
However, as an artist, you will be paid only 10 percent of the royalties after you upload the NFT. This is believed to be a reasonable amount compared against the other NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) can be widely used on this site and numerous others to cater for more cryptocurrency users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can use for OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. It is easy to buy or sell cryptocurrency on reliable platforms using fiat currency. All you have just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea have a desktop/mobile app?
As mentioned before, there is definitely an official mobile app from OpenSea for both iOS or Android. You can download it through their app store and then you can begin exploring the collection now!
There is also a version for desktops that OpenSea can be downloaded via WebCatalog. On the desktop app you can manage multiple accounts and receive alerts on any updates that affect 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/).