Cryptocurrency is booming right now and you’re probably wondering where you can invest your crypto currency. Marketplaces are popping up across the digital web designed to sell and buy NFTs via cryptocurrency! OpenSea is one of them and is worth checking out.
If you’re familiar with cryptocurrency you’ve likely heard of OpenSea prior to this for a valid reason. It’s now one of the biggest and leading marketplaces among cryptocurrency enthusiasts due to its security and rapid transactions.
Get on board, and let’s see the possibilities of OpenSea and also see 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 of OpenSea.
OpenSea as an NFT Marketplace Popular Nft
The purpose for OpenSea was to provide an online marketplace for artists to upload commissions without any extra charges. It also has additional functions that allow you to sell your work without having to deal with many difficulties.
When it comes to the registration process, you don’t have to provide too many details about yourself. 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 much hassle as you step into NFTs.
The most widely-used cryptocurrency used in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it, and this is used for the majority of transactions. It also functions on the Polygon blockchain, which allows for low-cost and quicker trading.
With these two types of blockchains available, you can choose which one you would like to publish your NFT as an seller. This is to ensure the security of your NFT and those who would like to purchase it. All transactions will be made by using the blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from the simplest domain name to official art from an artist you admire. Anyone can become a seller, but it takes a while for anyone to be a reputable one.
There’s a huge selection of NFTs available of NFTs available at OpenSea and you can join in with that! You can start your own marketplace there, and also find NFTs you want to purchase yourself.
What is an NFT?
A recent change in the crypto industry”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that many millennials have heard of it but aren’t sure exactly what it means. Let’s look at what an NFT is for anyone who is new in the field of cryptocurrency.
One of the new things you can purchase your cryptocurrency is an NFT. The NFT is a non-fungible currency that is unique and can’t be replaced. It could be a piece of rarity like rare baseball trading cards in mint condition or unique vinyl album.
There’s no limit on what an NFT could be, since it’s a non-fungible item that you can sell on the internet. More straightforwardly, you can just think of an NFT as a digital collectible that is paid for using cryptocurrency only.
Minting is like calling the shots to your NFTs. It is a way of claiming the owner of the item or token that you posted to the marketplace, and you’re offering it for sale. Usually, this becomes official when you have filled in the correct information about the NFT and finally submit it for sale on.
On OpenSea, it’s a simple process to mine your NFTs by visiting the store and simply making a collection to begin! Complete the correct and complete information about your NFT and then select what type of settings you’d like to use it with (e.g., blockchain, payment tokens). Once that’s all done then you’re able to upload it if it fits the 100 MB limit.
You can wait and observe the way transactions are handled from here on out to see if OpenSea is the marketplace for you.
What NFTs can you get here?
In this moment you’re probably thinking about which kind of NFT be purchased here and what kind of NFTs you can also sell if you decide to go down that path. The kind of NFT it can be isn’t limited because there’s a wide range of how you can approach it.
It is possible to sell digital items, trading cards games, domain names, and some physical items! Consider what you believe will bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that sets OpenSea from the other options. There’s no cost for gas for using this feature to mint and sell NFTs. This simply means that you’ll get the most profit when you start selling because you won’t have to spend on extra fees.
Not many NFT marketplaces offer this feature, which is why this is a great way to earn a high return from your NFT collection.
A Referral Program is a different aspect of OpenSea to be admired. Similar to traditional online markets that offer benefits when you refer someone else to OpenSea! If you encourage a friend join OpenSea and buy an NFT from there you’ll earn 2.50 percent of the sales amount, letting you make more money through this action.
Other NFT marketplaces don’t have this feature and that’s another advantage OpenSea has over the other marketplaces.
There’s an OpenSea mobile application, however it’s mostly to browse through the marketplace. It isn’t able to purchase or sell anything while you browse through the listing.
The mobile apps of OpenSea are available for the two platforms of iOS and Android. While you’re not able to buy or sell things, you can at least look through the options you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are at your disposal, and you can exchange your fiat money for cryptocurrency on these platforms. Popular Nft
You can convert the fiat currency you have with a credit card or Paypal via these reputable websites to exchange it for crypto:
- Bittrex and other things!
Each of them has the option of exchange for ETH which is the primary cryptocurrency payment option in OpenSea.
While OpenSea is an NFT marketplace open to all forms of cryptocurrency, wallets are still more compatible with it than others. Since it is built mainly on the ETH blockchain, all wallets which are part of the same network are suitable for this site.
Here is a list of various crypto wallets that you can use in OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions, such as easy registration, only mobile usage and the ability to purchase cryptocurrency with the credit card. Popular Nft
To know more about it, you can check their FAQs to see the steps you can get started and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets every one of them has advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and pros here:
- Mobile apps are available that are compatible with iOS or Android.
- Smart contracts are utilized 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 up to 10% for artists (low royalties).
- You cannot buy or sell products through our mobile apps.
- Only supports cryptocurrency as its type of payment.
- The use of a Crypto wallet is required for this marketplace.
OpenSea is open to everyone who owns any crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. But overall, you can quickly regain that when you are actively selling since there’s no additional cost for it.
Frequently Asked Questions Popular Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to provide artists a platform to market their work online and receive cryptocurrency as a form of payment. It’s an excellent platform for artists who use the platform to market NFTs due to its low gas fees and low commission fee rate that you have to pay.
You can browse and shop for an array of digital products on this NFT marketplace and you must take a look!
Is OpenSea real and safe?
Answer: Yes! OpenSea has been a trusted marketplace since it was established at the end of the year of 2018. Since the system it operates on is built on blockchain technology that is secure, you can declare that transactions are secure and safe.
Additionally, as a seller, you’ll be verified when you have built up your credibility. A blue checkmark is placed next to your account or the collection you’ve uploaded to ensure the safety of any customer. The OpenSea team reviews regularly the content to ensure users are secure.
How can I earn royalties from OpenSea?
As an artist, you’ll get only 10 percent of the royalties when you upload the NFT. This is considered to be reasonably low compared against other NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) is frequently used on this site 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 core cryptocurrencies you can make use of to access OpenSea.
What are the payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. You can buy and trade cryptocurrency using reliable platforms using fiat currency. All you have to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea have a desktop/mobile application?
As previously mentioned There is an official mobile application from OpenSea that is available for iOS as well as Android. Download it at their respective app store and you can start exploring the collection right now!
The version for desktops that OpenSea can be downloaded via WebCatalog. With the desktop application, you can manage multiple accounts and get notifications on updates regarding your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).