The crypto currency market is in a boom right now, and you’re probably wondering where you can invest your crypto-coins. Marketplaces are popping up across the digital web designed to purchase and sell NFTs with cryptocurrency! OpenSea is one of them, and it’s worth checking out.
If you’re familiar with cryptocurrency you’ve probably heard of OpenSea before for a good reason. It’s now one of the largest and leading marketplaces among users of cryptocurrency due to its security and rapid transactions.
So, hop on board and let’s see what you can do with OpenSea, along with checking the NFTs available to view!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick review. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace President Of Nft Union
The purpose of OpenSea was to simply provide a platform/marketplace for artists to easily upload their commissions without any extra costs. It also has additional functions which allow you to market your artwork without any difficulties.
For registration, you won’t have to provide any personal information about yourself. All you need to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as easy as that, without many hurdles as you walk into NFTs.
The most well-known cryptocurrency used on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it which is utilized for the majority of transactions. It also functions on the Polygon blockchain to ensure the lowest cost and speediest trading.
There are two types of blockchains available, you can choose which one you’d like to publish your NFT as an seller. This ensures the safety of your NFT as well as those who would like to buy it. All transactions will be made using this blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall where you can exchange your NFTs or cryptocurrency for other NFTs. You can buy anything the simplest domain name to an official artwork from an artist you admire. Anyone can be a seller, but it takes time for anyone to be an established seller.
There is a wide variety in the collection on OpenSea and you can also be a part of that! You can start your own personal market here, along with finding NFTs you want to purchase yourself.
What is an NFT?
A recent change in the crypto industry,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on the internet that many millennials are familiar with it but aren’t sure exactly what it is. Let’s break down what an NFT is for anyone who is new in the field of cryptocurrency.
One of the new things you can buy includes an NFT. An NFT is a non-fungible currency that is very individual and cannot be changed. This can be a piece of rarity like rare baseball trading cards in mint condition, or a rare vinyl record.
There is no limit to what an NFT could be, since it’s a non-fungible object that you sell online. It is simpler to simply think of as an NFT to be a type of digital item paid via cryptocurrency only.
Minting is like calling the shots to your NFTs. You’re claiming ownership over that particular token/item that you posted to the market place, but offering it for sale. Usually, this becomes official once you fill out 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 create a collection! Input the appropriate and correct information regarding your NFT and select the type of settings you’d like for it (e.g. blockchain and payments tokens). Once that’s all done, you can finally upload it, if it’s within the limit of 100MB.
It is possible to wait and see how transactions progress from now on to see whether OpenSea is the 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 kind of NFTs you can also sell if you choose to go down that path. The type of NFT that you can purchase isn’t limited because there’s a wide range of how you can go about it.
You can be selling digital items, trading cards games, domain names, and even physical assets! Explore what you believe can bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what sets OpenSea from the other options. There are zero gas fees when you use this feature to create and market NFTs. This simply means that you’ll get the most profit when you sell because you won’t need to spend on extra fees.
Very few NFT marketplaces provide this feature, so this can be a fantastic way to make a huge profit from your collection.
This Referral Program is another unique aspect of OpenSea to take note of. Like traditional online marketplaces that offer advantages when you refer a friend to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from the site, you’ll receive 2.50% of the sale amount, letting you earn more cash by this method.
Other NFT marketplaces do not have this feature This is a further advantage OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile application, however it’s mostly to browse through the marketplace. You can’t buy or sell anything while you browse through the listing.
OpenSea’s mobile apps are available for the two platforms of iOS in addition to Android. While you’re not able to buy or sell things, you can browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are for you to use to convert your fiat money into cryptocurrency using these platforms. President Of Nft Union
You can convert your fiat money via your credit or debit card as well as Paypal on these reliable websites for cryptocurrency:
- Bittrex, and other things!
All of them have the option to exchange for ETH that is the primary crypto payment in OpenSea.
Although OpenSea can be described as an NFT marketplace that is open to all kinds of cryptocurrency, wallets are still more compatible with it than other. Because it is based around the ETH blockchain, wallets that share that network will be suitable for this website.
Here’s a list various crypto wallets that which you can use with OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each wallet has its own restrictions like easy registration, use on mobile devices only, and the function to buy cryptocurrency using a credit card. President Of Nft Union
To learn more about it to learn more, check out their FAQs for a rundown of how you can start and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets every one of them has its advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and cons here:
- Mobile apps are available for iOS or Android.
- Smart contracts can be used to perform transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto industry and NFTs.
- Allows royalties of only up to 10% for artists (low royalties).
- Cannot buy or sell via our mobile apps.
- Only supports cryptocurrency as its form of payment.
- An Crypto digital wallet must be used for this marketplace.
OpenSea is accessible to everyone who has crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. But overall, you can quickly recover this amount if you actively sell because there is no additional fee for it.
Frequently Asked Questions President Of Nft Union
What is OpenSea?
OpenSea is an NFT marketplace that is designed to offer artists a way to market their work online to receive cryptocurrency as a method of payment. It’s a great platform for artists who use it to sell NFTs due to its low gas fees and the low commission rate that you have to pay.
You can shop and browse a vast collection of digital items on the NFT marketplace and you must check it out!
Is OpenSea legitimate and safe?
The short answer is yes! OpenSea has been a reliable marketplace since it was founded at the end of 2018. Because its system is built on a blockchain, it is safe to declare that transactions are protected and secured.
Additionally, as a seller, you can become verified once you have built up your credibility. A blue checkmark will be assigned on your account or the collection you’ve uploaded to ensure the safety of anyone who buys from you. The OpenSea team reviews regularly the content to ensure that users are protected.
How can I earn royalties from OpenSea?
As an artist, you can be paid only 10% of the royalties once you have uploaded the NFT. This is believed to be a reasonable amount compared with the other NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) is widely used on this site as well as other sites to provide more cryptocurrency users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can make use of to access OpenSea.
Which are the accepted payment methods 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 has a mobile or desktop app?
As previously mentioned, there is definitely an official mobile app from OpenSea that is available for iOS or Android. Download it at their respective app store and begin exploring the collection now!
The desktop application for OpenSea that can be downloaded through WebCatalog. On the desktop app you are able to 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/).