The cryptocurrency market is on the rise, and you’re probably wondering where you can invest your crypto coins. Marketplaces are popping up across the digital web designed to sell and buy NFTs using cryptocurrency! OpenSea can be one and is worth looking into.
If you’re interested in crypto, you’ve probably heard about OpenSea previously for a valid reason. It’s now one of the largest and most popular marketplaces for cryptocurrency enthusiasts due to its security and rapid transactions.
Get on board, and let’s explore what you can do with OpenSea, along with checking the NFTs available to view!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Proprietary Nft Fertiliser Mix
The goal of OpenSea was to offer a platform/marketplace for artists to upload their commissions without any extra costs. There are additional features which allow you to market your art without too many issues.
In terms of registration, you won’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’s as simple as that, without many hurdles as you walk into NFTs.
The most popular cryptocurrency used in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology and is used for the majority of transactions. It also operates on the Polygon blockchain, which ensures low-cost and quicker trading.
With these two types of blockchains available, you can choose which one you want to publish your NFT as a seller. This is to ensure the security of your NFT and those who would like to purchase it. All transactions will be made using this blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall where you can exchange your NFTs or cryptocurrency for other NFTs. You can purchase anything from the simplest domain name, to a piece of art from an artist that you admire. Anyone can sell however it takes time for anyone to become an established seller.
There is a wide variety in the collection of NFTs available at OpenSea, and you can become a part of that! You can start your own personal market there, and also find NFTs you want to purchase for yourself.
What is an NFT?
A recent change in the crypto industry, the term “NFT” has been going around so long on the internet that the majority of young people have heard of it but aren’t sure exactly what it means. Let’s take a look at what NFT is for any beginners in the field of cryptocurrency.
One of the newest things you can buy includes an NFT. A NFT is a token that is non-fungible which is extremely exclusive and cannot be replaced. It can be a piece of rareness, such as mint-condition baseball trading cards or a uncommon vinyl record.
There’s 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 consider the NFT as a digital collectible paid via cryptocurrency only.
Minting is similar to calling for dibs for your personal NFTs. It is a way of claiming the ownership of the particular item that you posted to the marketplace, and offering it for sale. Typically, this is official when you have filled in the proper information regarding the NFT and finally add it on the market.
On OpenSea It’s a very simple process to mint your NFTs by visiting the store and making a collection to begin! Complete the correct and accurate information about your NFT and then select what type of settings you’d like for it (e.g. blockchain, payments tokens). Once that’s all done you are able to upload it to the internet if it’s in the limit of 100MB.
It is possible to wait and see how transactions progress from now to see if OpenSea is the right marketplace for you.
What NFTs are available here?
So, at this point you’re probably thinking about what kind of NFTs be found here, and what you could sell should you decide to go down that path. The type of NFT it is indefinite as there’s a variety of ways to do it.
You can be selling trade cards, digital goods game assets, domain names, and even physical assets! Find out what you think will reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what differentiates OpenSea from the other options. There are zero gas fees for using this feature to mint and sell NFTs. This simply means that you’ll be able to make the highest profits once you start selling because you won’t have to spend on additional fees.
Very few NFT marketplaces provide this feature, and it is great for you to make a huge profit from your portfolio.
This Referral Program is another unique aspect of OpenSea to be admired. Like traditional online marketplaces that offer advantages by referring your friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from there you’ll earn 2.50 percent of the sales amount, which means you can earn more money from this act.
Other NFT marketplaces do not have the same feature, so that’s just another benefit OpenSea has over them.
There is an OpenSea mobile app, but it’s mostly used to browse through the marketplace. It isn’t able to purchase or sell anything as you scroll through the list.
The mobile apps from OpenSea are accessible on the two platforms of iOS in addition to Android. Even though you can’t buy or sell something, 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 available at your disposal You can also exchange your fiat money for cryptocurrency on these platforms. Proprietary Nft Fertiliser Mix
You can swap your fiat money via your credit or debit card as well as Paypal through these trusted sites to exchange it for crypto:
- Bittrex, and other things!
All of them have the option of converting them into ETH which is the standard cryptocurrency used in OpenSea.
Although OpenSea is an NFT marketplace open to all forms of cryptocurrency, the wallets still more compatible with it than other. Since it is built around the ETH blockchain, all wallets which are part of that network will be suitable for this website.
Here’s a list of various crypto wallets that you can utilize in OpenSea:
- Authereum and many more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each has its own limitations, such as easy registration, only mobile usage, and the function to buy cryptocurrency using a credit card. Proprietary Nft Fertiliser Mix
To learn more about it, you can check their FAQs for a rundown of how you can start and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with its advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and pros here:
- Mobile apps available for iOS as well as Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in the crypto market and NFTs.
- Allows royalties up to 10% for artists (low royalty rates).
- You cannot buy or sell products through the mobile app.
- Only supports cryptocurrency as its type of payment.
- An Crypto digital wallet must be used for this marketplace.
OpenSea is available to anyone who has any crypto currency in their crypto wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. In the end, you’ll quickly recover this amount if you are actively selling since there is no additional fee for it.
Frequently Asked Questions Proprietary Nft Fertiliser Mix
What is OpenSea?
OpenSea is an NFT marketplace that seeks to give artists a chance to market their work online, and to accept cryptocurrency as a method of payment. It’s an ideal platform for artists who use the platform to market NFTs due to its low cost of gas and low commission fees that you have to pay.
You can browse and purchase an array of digital goods in this NFT marketplace which is why you should definitely take a look!
Is OpenSea legit & secure?
Short answer: Yes! OpenSea has been a reliable marketplace since it was founded at the end of 2018. Since its system is built on blockchain technology, it is safe to declare that transactions are protected and secured.
In addition, as a seller, you’ll be verified when you have built up your credibility. A blue checkmark will be assigned on your account or any collection you’ve uploaded to ensure the safety of anyone who buys from you. The team at OpenSea regularly checks the content to ensure users are secure.
How can I earn royalties from OpenSea?
However, as an artist, you’ll be paid only 10% of the royalties once you have uploaded 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 commonly used on this site and numerous others to cater for the increasing number of cryptocurrency users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can utilize to use OpenSea.
What are the payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. You can easily purchase or sell cryptocurrency through trusted platforms with fiat money. All you need just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea have a desktop or mobile app?
As previously mentioned, there is definitely an official mobile app from OpenSea that is available for iOS or Android. You can download it through their app store, and then you can begin exploring the collection right now!
A Desktop application that OpenSea can be downloaded via WebCatalog. With the desktop application you can manage multiple accounts and get notifications on updates regarding your account when you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).