The cryptocurrency market is on the rise, and you’re probably wondering where you can invest your crypto currency. There are numerous marketplaces popping up all over the digital web designed to sell and buy NFTs using cryptocurrency! OpenSea is one of them and is worth looking into.
If you’re familiar with cryptocurrency, you’ve probably heard of OpenSea prior to this for a valid reason. It has become one of the biggest and most popular marketplaces for cryptocurrency enthusiasts due to its security and rapid transactions.
Now hop aboard, and discover 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 review. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Popular Nft Artists
The goal of OpenSea was to offer artists with a marketplace/platform to upload their commissions with no additional charges. There are additional features that let you sell your artwork without any problems.
For registration, you don’t need to give too many details about yourself. All you need to connect your crypto wallet and voila! You have an account on OpenSea! It’s 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, which is the system that runs it which is utilized to carry out the majority of processes. It also operates with the Polygon blockchain, which allows for low-cost and quicker trading.
With these two types of blockchains available, you can choose which one you’d like to upload your NFT on as a seller. This ensures the safety of your NFT as well as the people who want to purchase it. All transactions are made using this blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless that lets you trade your cryptocurrency or NFTs for other NFTs. You can purchase anything from as simple as a domain name to an official artwork by an artist you admire. Anyone can sell however, it takes time before anyone can become an established one.
There are a variety of NFTs of NFTs available of NFTs available at OpenSea, and you can become a part of this! You can start your own market there, and also find NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent advancement for the crypto industry”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that a lot of millennials are familiar with it , but aren’t sure exactly what it means. Let’s look at what an NFT is for anyone who is new in cryptocurrency.
One of the new things you can buy includes an NFT. A NFT is a non-fungible token that is very exclusive and cannot be substituted. It can be a piece of rarity like mint-condition baseball trading cards, or a rare vinyl record.
There’s no limit to what an NFT can be since it’s a non-fungible object you’re selling on the internet. It is simpler to just consider an NFT as a digital item that is paid for using cryptocurrency only.
Minting is similar to calling for dibs on your own NFTs. It is a way of claiming the owner of the item or token that you posted to market, as you’re selling it. Typically, this is official when you have filled in all the necessary information about the NFT and add it on the market.
On OpenSea, it’s a simple procedure to create your own NFTs by visiting the store and then making a collection to begin! Complete the correct and correct information regarding your NFT and then select what type of settings you’d like to use for it (e.g., blockchain, payments tokens). Once that’s all done then you’re able to upload it if it fits the limit of 100MB.
You can watch and see how the transactions go from now on to determine whether OpenSea is the best marketplace for you.
What NFTs can you find here?
In this moment you’re probably asking yourself the kind of NFTs be found here and what you can also sell if you choose to pursue that route. The kind of NFT it can be is unlimited since there’s a broad range of ways to approach it.
It is possible to sell digital items, trading cards game assets, domain names, and even physical assets! Consider what you believe will bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that sets OpenSea from the other options. There are no gas costs when you utilize this feature when you create and market NFTs. This means you’ll be able to make the highest profits once you sell because you won’t have to spend on additional fees.
There aren’t many NFT marketplaces have this feature, so this is great for you to receive high profit from your portfolio.
This Referral Program is a different aspect of OpenSea to be admired. Similar to traditional online markets, you can receive advantages when you refer someone else to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from the site, you’ll receive 2.50 percent of the sales amount, letting you earn more money from this act.
Other NFT marketplaces do not have this feature, so that’s just another benefit OpenSea has over the other marketplaces.
There is an OpenSea mobile app, but it’s mostly to browse the marketplace. Unfortunately, you can’t purchase or sell items as you scroll through the list.
OpenSea’s mobile apps are available on the two platforms of iOS in addition to Android. Even though you can’t buy or sell things, you can at least look through the options you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available at your disposal, and you can exchange your fiat money for cryptocurrency using these platforms. Popular Nft Artists
You can swap your fiat money via the credit card, or Paypal on these reliable websites to exchange it for crypto:
- Bittrex and more!
All of them have the option to exchange for ETH which is the most common cryptocurrency payment option in OpenSea.
Although OpenSea can be described as an NFT marketplace that is open to all kinds of cryptocurrency, wallets are nonetheless more compatible than others. Because it is based around an ETH blockchain, wallets with a connection to the same network are suitable for the site.
Here’s a list several crypto wallets you can utilize in OpenSea:
- Authereum and many more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each one has its own set of limitations including simple registration, only mobile usage and the ability to purchase cryptocurrency using credit cards. Popular Nft Artists
To learn more about it to learn more, check out their FAQs for a rundown of how you can get started and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets every one of them has advantages and drawbacks. OpenSea isn’t the only one to have this. You can view its pros and cons here:
- Mobile apps are available for iOS or Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- The best option for beginners to the crypto world and NFTs.
- Allows royalties of only 10% for artists (low royalty).
- Cannot buy or sell on the mobile app.
- Only accepts cryptocurrency as a form of payment.
- The use of a Crypto account is needed to access this marketplace.
OpenSea is available to anyone who has any crypto currency in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. However, overall, you will easily recover that amount when you sell regularly since there is no additional fee for it.
Frequently Asked Questions Popular Nft Artists
What is OpenSea?
OpenSea is an NFT marketplace that aims to provide artists a platform for selling their artwork online, and to accept cryptocurrency as a form of payment. It’s an ideal option for artists who want to use the platform to market NFTs due to its low cost of gas 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 and you must go through it!
Is OpenSea legitimate and secure?
Short answer: Yes! OpenSea has been a trusted marketplace since it was founded at the end of the year of 2018. Since its system is based on a blockchain and is secured, it is safe to declare that transactions are protected and secured.
Furthermore as a seller you can become verified once you have built up your credibility. A blue checkmark will be assigned next to your account or collection that you have uploaded to assure any customer. OpenSea’s team regularly reviews the contents to ensure users are protected.
How do I earn royalties on OpenSea?
Unfortunately, as an artist, you can receive only up to 10 percent of the royalties when you have uploaded the NFT. This is believed to be a reasonable amount compared with other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) is frequently used on this site and many others to accommodate the increasing number of crypto users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can use to access OpenSea.
What are the payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. You can buy and trade cryptocurrency using trusted platforms with fiat money. All you need to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea have a desktop or mobile application?
As we mentioned earlier There is an official mobile app by OpenSea for both iOS as well as Android. Download it at their respective app store, and then you can begin browsing through the collection right now!
The desktop application for OpenSea which can be downloaded from WebCatalog. In the desktop application you are able to 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/).