Cryptocurrency is booming right now and you’re probably wondering where you can invest your crypto-coins. Markets have popped up across the digital web designed to sell and buy NFTs using cryptocurrency! OpenSea is one of them, and it’s worth looking into.
If you’re familiar with cryptocurrency you’ve likely heard of OpenSea previously for a valid reason. It’s one of the largest and most popular marketplaces for cryptocurrency enthusiasts due to its security and rapid transactions.
Now hop aboard, and let’s explore what you can do with OpenSea and also see what NFTs you can view!
Before you go on, you may want to watch 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 of OpenSea.
OpenSea as an NFT Marketplace Pre Nft I Nft E Nft
The aim for OpenSea was to provide artists with a marketplace/platform to easily upload their commissions with no additional charges. It also has additional functions that allow you to sell your art without too many difficulties.
For registration, you won’t have to worry about giving too many details about yourself. All you need to do is connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as simple as that and without much hassle as you step into NFTs.
The most popular cryptocurrency used within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology and is used for the majority of transactions. It is also based on the Polygon blockchain to ensure low-cost and quicker trading.
With these two kinds of blockchains you can pick which one you want to transfer your NFT to as an seller. This ensures the safety of your NFT as well as the people who want to purchase it. All transactions will be made along with this blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace that lets you trade your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything the simplest domain name, to a piece of art by an artist you admire. Anyone can be a seller however it takes a while for anyone to become a reputable one.
There is a wide variety from the selection of NFTs available at OpenSea, and you can join in with the collection! You can set up your own market there, and also find NFTs you’d like to buy yourself.
What is an NFT?
In a recent advancement for the crypto industry, the term “NFT” has been going around for so long on internet that many millennials have heard of it but aren’t exactly sure what it means. Let’s take a look at what NFT is for any beginners in cryptocurrency.
One of the new things you can purchase your cryptocurrency can be an NFT. The NFT is a non-fungible currency which is extremely exclusive and cannot be substituted. This can be an item of rarity like rare baseball trading cards in mint condition or unique vinyl album.
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 just think of an NFT being a virtual item paid via cryptocurrency only.
Minting is similar to calling for dibs for your personal NFTs. You’re claiming the owner of the item or token that you posted to the market place, but you’re selling it. Typically, this is official when you have filled in all the necessary information about the NFT and finally submit it for sale on.
On OpenSea, it’s a simple process to mint your NFTs. All you have to do is visit the store and simply create a collection! Input the appropriate and accurate information about your NFT and then select what type of settings you want to use it with (e.g. blockchain or payments tokens). After that you are able to upload it, if it’s within the 100 MB limit.
You can wait and observe the way transactions are handled from here on out to determine if OpenSea is the best marketplace for you.
What NFTs are available here?
In this moment, you’re probably wondering the kind of NFTs be purchased here, and what you could also sell if you decide to go that route. The type of NFT that you can purchase isn’t limited since there’s a broad range of how you can approach it.
You could be selling digital items, trading cards game assets domain names, also physical goods! Find out what you think will bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that differentiates OpenSea from the other options. There are no gas costs when you utilize this feature to create and market NFTs. This means you’ll receive the maximum profits when you start selling because you don’t need to pay on any additional charges.
There aren’t many NFT marketplaces provide this feature, which is why this is great for you to earn a high return from your portfolio.
A Referral Program is another unique aspect of OpenSea to admire. Similar to traditional online markets that offer advantages when you refer your friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from the site you’ll earn 2.50% of the sale amount, letting you make more money from this act.
Other NFT marketplaces do not have this kind of feature either and that’s another benefit OpenSea has over them.
There is an OpenSea mobile application, however it is mainly used to browse through the marketplace. It isn’t able to purchase or sell anything as you browse through the listings.
The mobile apps from OpenSea are accessible on both iOS as well as Android. While you’re not able to buy or sell things, you can browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available at your disposal, and you can trade your fiat currency for cryptocurrency on these platforms. Pre Nft I Nft E Nft
You can convert your fiat money via the credit card, or Paypal via these reputable websites for cryptocurrency:
- Bittrex and other things!
All of these have the option of converting them into ETH, which is the standard crypto payment in OpenSea.
Although OpenSea is an NFT marketplace that is open to all types of crypto, wallets are nonetheless more compatible than other. Since it is built mainly on an ETH blockchain, any wallets which are part of this network are appropriate for this website.
Here’s a list of various crypto wallets that which you can use with OpenSea:
- Authereum and much 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, mobile-only usage as well as the capability to buy cryptocurrency using a credit card. Pre Nft I Nft E Nft
To know more about it to learn more, check out their FAQs to see a rundown of how you can start and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and pros here:
- Mobile apps available for iOS as well as Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalties 10% to artists (low royalties).
- You cannot buy or sell products on our mobile apps.
- Only accepts cryptocurrency as a method of payment.
- The use of a Crypto account is needed to use this marketplace.
OpenSea is open to everyone who has any crypto currency in their crypto wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. But overall, you can quickly regain that when you actively sell because there’s no extra charge for it.
Frequently Asked Questions Pre Nft I Nft E Nft
What is OpenSea?
OpenSea is an NFT marketplace that is designed to provide artists a platform to sell their works online, and to accept cryptocurrency as a form of payment. It’s a great option for artists who want to use it to sell NFTs due to its no cost of gas and the low commission rate you must pay.
You can shop and browse an array of digital products on this NFT marketplace and you must check it out!
Is OpenSea legitimate and is it safe?
The short answer is yes! OpenSea has been a trusted marketplace since it was founded at the end of 2018. Since its system is built on a blockchain and is secured, it is safe to claim that your transactions are secure and safe.
Additionally, as a seller, you can become verified once you have built up your credibility. A blue checkmark will appear on your account or any collection that you have uploaded to assure anyone who buys from you. The team at OpenSea regularly checks the contents to ensure users are protected.
How can I earn royalties on OpenSea?
However, as an artist, you’ll be paid only 10 percent of the royalties when you upload the NFT. This is considered to be quite low in comparison with others NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) can be frequently used on this site as well as other sites to provide many more cryptocurrency users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can utilize for OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. It is easy to buy or trade cryptocurrency using reliable platforms using fiat currency. All you need to do is connect your credit card or Paypal for the transaction.
Does OpenSea have a desktop or mobile application?
As we mentioned earlier There is an official mobile application from OpenSea that is available for iOS as well as Android. Install it from their app store and then you can begin exploring the collection now!
The Desktop application that OpenSea that can be downloaded through WebCatalog. On the desktop app you are able to manage multiple accounts and get alerts on any updates that affect your account while you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).