Cryptocurrency is booming right now and you’re probably wondering where you can invest your crypto currency. Marketplaces are popping up across the internet, designed to buy and sell NFTs via cryptocurrency! OpenSea is one of them and is worth looking into.
If you’re interested in crypto you’ve likely heard of OpenSea prior to this for a valid reason. It’s one of the largest and most popular marketplaces for users of cryptocurrency due to its security and rapid transactions.
Get on board, and let’s explore the possibilities of OpenSea, along with checking the NFTs that you can see!
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 our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Post Office Nft
The purpose for OpenSea was to provide a platform/marketplace for artists to easily upload their commissions with no additional charges. There are additional features which allow you to market your art without too many problems.
When it comes to registration, you won’t have to provide too many details about yourself. All you have to connect your crypto wallet–and voila!–you have an account on OpenSea! It can be as simple as that without going through many hassles when you enter into NFTs.
The most popular cryptocurrency used on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology and is used for the majority of transactions. It also operates on the Polygon blockchain, which ensures lower costs and faster trading.
With these two kinds of blockchains that are available, you can choose which one you’d like to upload your NFT on as a seller. This will ensure the security of your NFT, along with those who would like to buy it. All transactions will be made along with this blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace where you can exchange your cryptocurrency or NFTs for other NFTs. You can purchase anything from just a domain name, to a piece of art from an artist you admire. Anyone can sell, but it takes a while before anyone can become an established seller.
There are a variety of NFTs in the collection on OpenSea and you could join in with this! You can set up your own marketplace on this site, as well as find NFTs you want to purchase for yourself.
What is an NFT?
In a recent development for the crypto market, the term “NFT” has been going around for so long on the internet that many millennials are familiar with it but not exactly sure what it means. Let’s look at what an NFT is for any beginners in cryptocurrency.
One of the new things you can purchase your cryptocurrency is an NFT. A NFT is a token that is non-fungible that is very exclusive and cannot be replaced. It could be an item of any rareness, such as mint-condition baseball trading cards, or a rare vinyl record.
There’s no limit to what an NFT could be, since it’s a non-fungible item that you can sell online. It is simpler to just think of an NFT to be a type of digital item that is paid for using cryptocurrency only.
Minting is like calling dibs for your personal NFTs. You’re claiming the ownership of the particular item that you have uploaded to the marketplace, and you’re putting it up for sale. Usually, this becomes official when you have filled in the correct information about the NFT and then upload it to the marketplace.
On OpenSea It’s a very simple process to mint your NFTs by visiting the store and simply creating a collection to start! Input the appropriate and correct information regarding your NFT and select the type of settings you’d like to use for it (e.g., blockchain or money transfer 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 how the transactions go from now to determine if OpenSea is the right marketplace for you.
What NFTs can you get here?
In this moment you’re probably thinking about the kind of NFTs be purchased here and what kind of NFTs you can also sell if you decide to pursue that route. The type of NFT it can be is indefinite as there’s a variety of how you can do it.
It is possible to sell digital products, trading cards, game assets, domain names, and some physical items! Consider what you believe will bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that sets OpenSea from the other options. There are no gas costs when you use this feature to create and market NFTs. This is essentially a way to ensure that you be able to make the highest profits once you sell because you won’t need to spend on any additional charges.
There aren’t many NFT marketplaces provide this feature, which is why this is a great way to receive high profit from your NFT collection.
The Referral Program is another unique aspect of OpenSea to take note of. Similar to traditional online markets there are benefits when you refer your friend to OpenSea! If you refer a friend to join OpenSea and buy an NFT from there you’ll be rewarded with 2.50% of the sale amount, which means you can make more money through this action.
Other NFT marketplaces do not have the same feature and that’s another benefit OpenSea has over the other marketplaces.
There is an OpenSea mobile application, however it is mainly used to browse the marketplace. You can’t buy or sell anything as you browse through the listing.
OpenSea’s mobile apps are available on the two platforms of iOS as well as Android. Although you aren’t able to purchase or sell something, you can at least explore the products you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are for you to use to convert your fiat money into cryptocurrency using these platforms. Post Office Nft
You can swap your fiat money via credit card or Paypal through these trusted sites for cryptocurrency:
- Bittrex, and other things!
All of them have the option of exchange for ETH which is the most common crypto payment in OpenSea.
Although OpenSea is an NFT marketplace that is open to all kinds of crypto, wallets are nevertheless more compatible than others. Since it is built mainly around an ETH blockchain, any wallets with a connection to the same network are suitable for this website.
Here’s a list different crypto wallets you can utilize in OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each wallet has its own restrictions like easy registration, use on mobile devices only as well as the capability to buy cryptocurrency using credit cards. Post Office Nft
To know more about it to learn more, check out their FAQs for the steps you can get started and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has advantages and drawbacks. 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 and Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto market and NFTs.
- Allows royalty rates of up to 10% for artists (low royalty rates).
- You cannot buy or sell products on our mobile apps.
- Only accepts cryptocurrency as a form of payment.
- The use of a Crypto wallet is required to access this marketplace.
OpenSea is open to everyone who owns any crypto coins in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. But overall, you can quickly recover this amount if you sell regularly since there is no additional fee for it.
Frequently Asked Questions Post Office Nft
What is OpenSea?
OpenSea is an NFT marketplace that is designed to offer artists a way to sell their works online and receive cryptocurrency as their form of payment. It’s an excellent platform for artists using the platform to market NFTs because of its zero gas fees and the low commission rate which you are required to pay.
You can browse and shop for the vast array of digital items on the NFT marketplace, so you should take a look!
Is OpenSea legitimate and is it safe?
Answer: Yes! OpenSea has been a trusted marketplace since it was established at the end of 2018. Since its system is built on blockchain technology, it is safe to say that your transactions are safe and secure.
In addition, as a seller, you’ll be verified when you have built up your credibility. A blue checkmark is placed next to your account or any collection you’ve uploaded to ensure the safety of any customer. The team at OpenSea regularly checks the content to ensure users are protected.
How can I earn royalties on OpenSea?
As an artist, you will be paid only 10 percent of the royalties when you upload the NFT. This is considered to be quite low in comparison with other NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) is frequently utilized on this website and numerous others to cater for the increasing number of crypto users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can utilize to use OpenSea.
What are the payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency through reliable platforms using fiat currency. All you have just connect your debit or credit card to Paypal for the transaction.
Does OpenSea have a desktop/mobile application?
As previously mentioned, there is definitely an official mobile app by OpenSea available for both iOS and Android. You can download it through their app store, and then you can begin browsing through the collection right now!
The Desktop application that OpenSea that can be downloaded through WebCatalog. On the desktop app, you can manage multiple accounts and receive 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/).