The crypto currency market is in a boom right now, and you’re probably wondering where you can invest your crypto coins. There are numerous marketplaces popping up across the internet, designed to purchase and sell NFTs with cryptocurrency! OpenSea is among them and is worth checking out.
If you’re well-versed in cryptocurrency, you’ve likely heard of OpenSea before for a good reason. It’s now one of the biggest and most popular marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.
Now hop aboard, and discover the possibilities of OpenSea, along with checking 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. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Problems With Nft
The goal for OpenSea was to simply provide an online marketplace for artists to upload commissions with no additional charges. It also has additional functions that let you sell your art without too many difficulties.
For the registration process, you don’t have to give any personal information about yourself. All you have 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 within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system and is used to carry out the majority of processes. It is also based with the Polygon blockchain, which allows for low-cost and quicker trading.
With these two types of blockchains available you can pick which one you want to upload your NFT on as an seller. This ensures the safety of your NFT as well as those who would like to purchase it. Every transaction will be conducted using this blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace where you can exchange your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything the simplest domain name to official art from an artist you admire. Anyone can sell, but it takes some time for anyone to become an established seller.
There are a variety of NFTs in the collection at OpenSea and you could join in with that! You can create your own personal market here, along with finding NFTs you’d like to buy yourself.
What is an NFT?
In a recent development for the crypto market”NFT” is a term that has been used in recent times “NFT” has been going around so long on the internet that many millennials have heard of it but not exactly sure what it actually means. Let’s break down what an NFT is for anyone who is new in cryptocurrency.
One of the newest things you can buy can be an NFT. A NFT is a token that is non-fungible which is extremely exclusive and cannot be substituted. It can be an item of rareness like authentic baseball cards or uncommon vinyl record.
There is no limit to what an NFT could be, since it’s a non-fungible item you’re selling on the internet. It is simpler to simply imagine an NFT to be a type of digital item which is only paid in cryptocurrency.
Minting is similar to calling for dibs to your NFTs. You are calling ownership over that particular token/item that you have uploaded to market, as you’re offering it for sale. Usually, this is recognized once you fill out all the necessary information about the NFT and then submit it for sale on.
On OpenSea, it’s a simple process to mint your NFTs by visiting the store and create a collection! Fill out the proper and accurate information about your NFT and then select what type of settings you’d like to use it with (e.g. blockchain and money transfer tokens). After that, you can finally upload it to the internet if it’s in the limit of 100MB.
You can wait and observe how transactions progress from now to see if OpenSea is the best marketplace for you.
What NFTs can you find here?
So, at this point, you’re probably wondering what kind of NFTs can be found here and what you can sell should you decide to pursue that route. The type of NFT it can be isn’t limited since there’s a broad range of options for how to do it.
It is possible to sell trade cards, digital goods, game assets domain names, also physical goods! Explore what you believe can reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what differentiates OpenSea from the other options. There are no gas costs when you utilize this feature when you create and market NFTs. This is essentially a way to ensure that you get the most profit when you start selling because you won’t have to spend on additional fees.
Very few NFT marketplaces offer this feature, and it is great for you to receive high profit from your portfolio.
This Referral Program is another distinctive feature of OpenSea to be admired. Similar to traditional online markets, you can receive benefits when you refer a friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from there, you’ll receive 2.50 percent of the sales amount, letting you earn more cash through this action.
Other NFT marketplaces do not have the same feature This is a further benefit OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile application, however it is mainly used to browse the marketplace. It isn’t able to purchase or sell anything while you browse through the listing.
OpenSea’s mobile apps are available for both iOS and Android. Even though you can’t buy or sell anything, you can still at least look through the options you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are to you to trade your fiat currency for cryptocurrency through these platforms. Problems With Nft
You can convert your fiat currency using a your credit or debit card as well as Paypal via these reputable websites to exchange it for crypto:
- Bittrex, and many more!
Each of them has the option to exchange for ETH, which is the primary cryptocurrency payment option in OpenSea.
While OpenSea has been described as being an NFT marketplace that is open to all forms of cryptocurrency, wallets are nevertheless more compatible than others. Since it is built mainly using the ETH blockchain, all wallets with a connection to the same network are suitable for the site.
Here’s a list of different crypto wallets you can use in OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each has its own limitations like easy registration, use on mobile devices only, and the function to buy cryptocurrency using the credit card. Problems With Nft
To know more about it, you can check their FAQs to see 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 each one comes with its advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and cons here:
- Available as mobile apps for iOS and Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalties of only up to 10% for artists (low royalty rates).
- Cannot buy or sell via the mobile app.
- 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 has any crypto currency in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. In the end, you’ll quickly recover this amount if you sell regularly since there’s no extra charge for it.
Frequently Asked Questions Problems With Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to provide artists a platform for selling their artwork online, and to accept cryptocurrency as a form of payment. It’s an ideal platform for artists who use the platform to market NFTs due to its low gas fees and the low commission rate which you are required to pay.
You can browse and shop for the vast array of digital products on this NFT marketplace which is why you should definitely go through it!
Is OpenSea legitimate and secure?
Answer: Yes! OpenSea has been a reliable marketplace since it was founded in 2018. Since the system it operates on is based on a blockchain and is secured, it is safe to claim that your transactions are safe and secure.
Furthermore, as a seller, you will be verified after you’ve earned a reputation. A blue checkmark will be assigned on your account or collection you’ve uploaded to ensure the safety of anyone who buys from you. OpenSea’s team regularly reviews the content to ensure that users are safe.
How can I earn royalties on OpenSea?
Unfortunately, as an artist, you can be paid only 10% of the royalties once you have uploaded the NFT. This is thought to be reasonably low compared against others NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) can be frequently used on this site as well as numerous others to cater for the increasing number of cryptocurrency users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can make use of to use OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the 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/mobile application?
As previously mentioned, there is definitely an official mobile app by OpenSea available for both iOS and Android. Download it at their respective app store, and you can start exploring the collection now!
The version for desktops that OpenSea which can be downloaded from WebCatalog. With the desktop application you can manage multiple accounts and get 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/).