The crypto currency market is in a boom right now, and you’re probably wondering where to invest your crypto currency. Markets have popped up across the internet, designed to purchase and sell NFTs with cryptocurrency! OpenSea is one of them and is worth checking out.
If you’re familiar with cryptocurrency, you’ve probably heard of OpenSea previously for a valid reason. It’s now one of the largest and most popular marketplaces among cryptocurrency users because of its security and rapid transactions.
So, hop on board and let’s see the possibilities of OpenSea as well as examining what NFTs you can view!
Before you go on, 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 our article for a more comprehensive review.
OpenSea as an NFT Marketplace Rare Nft
The goal of OpenSea was to offer artists with a marketplace/platform to upload their commissions with no additional costs. It also has additional functions which allow you to market your art without too many issues.
For registration, you won’t have to worry about giving too many details about yourself. All you need to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It can be as simple as that and 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, which is the system that runs it and is used for most processes. It also functions using the Polygon blockchain to ensure the lowest cost and speediest trading.
With these two kinds of blockchains that are available, you can choose which one you would like to upload your NFT on as a seller. This ensures the safety of your NFT and the people who want to buy it. Every transaction will be conducted using this blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless where you can trade in your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything just a domain name to official art from an artist that you admire. Anyone can become a seller, but it takes time for anyone to be an established one.
There is a wide variety in the collection on OpenSea and you can become a part of the collection! You can start your own personal market here, along with finding NFTs that you would like to purchase for yourself.
What is an NFT?
A recent change in the crypto market the term “NFT” has been going around so long on the internet that the majority of young people are familiar with it but aren’t exactly sure what it means. Let’s look at what an NFT is for any beginners in cryptocurrency.
One of the new things that you can buy with cryptocurrency is an NFT. An NFT is a non-fungible currency that is very exclusive and cannot be replaced. This can be an item of any rareness like rare baseball trading cards in mint condition or a unique vinyl album.
There’s no limit on what an NFT can be since it’s a non-fungible object that you can sell online. More straightforwardly, you can simply consider an NFT to be a type of digital item paid via cryptocurrency only.
Minting is like calling dibs for your personal NFTs. You are calling ownership over that particular token/item that you have uploaded to the marketplace, and you’re offering it for sale. Usually, this is recognized once you fill out the proper information regarding the NFT and submit it for sale on.
On OpenSea It’s a very simple procedure to create your own NFTs by visiting the store and creating a collection to start! Complete the correct and complete information about your NFT and then select what type of settings you’d like to use to use it with (e.g. blockchain and payments tokens). After you’ve completed the process you are able to upload it if it fits the limit of 100MB.
It is possible to wait and see how the transactions go from now on to see if OpenSea is the right marketplace for you.
What NFTs are available here?
At this point you’re probably asking yourself which kind of NFT can you shop for here and what kind of NFTs you can sell should you decide to go that route. The kind of NFT it is unlimited since there’s a broad range of ways to approach it.
It is possible to sell digital items, trading cards, game assets domain names, also physical goods! Explore what you believe can yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that differentiates OpenSea from the other options. There are zero gas fees when you utilize this feature when you make and then sell the NFTs. This simply means that you’ll be able to make the highest profits once you sell because you won’t have to spend on extra fees.
Not many NFT marketplaces have this feature, and it is great for you to make a huge profit from your portfolio.
This Referral Program is another distinctive feature of OpenSea to admire. Like traditional online marketplaces, you can receive rewards when you refer a friend to OpenSea! If you invite a friend to join OpenSea and buy an NFT from there you’ll earn 2.50% of the sale amount, which means you can earn more cash by this method.
Other NFT marketplaces do not have this feature and that’s another advantage OpenSea has over the other marketplaces.
There is an OpenSea mobile application, however it is mainly used to browse through the marketplace. You can’t buy or sell items as you scroll through the list.
The mobile apps of OpenSea are available for the two platforms of iOS in addition to Android. While you’re not able to buy or sell things, you can at least browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are at your disposal to exchange your fiat money for cryptocurrency using these platforms. Rare Nft
You can convert your fiat money via credit card or Paypal via these reputable websites for cryptocurrency:
- Bittrex, and many more!
All of these have the option of converting them into ETH, which is the primary cryptocurrency payment option in OpenSea.
Although OpenSea can be described as an NFT marketplace that is open to all kinds of cryptocurrency, wallets are nonetheless more compatible than other. Since it is built on the ETH blockchain, wallets which are part of this network are appropriate for this site.
Here is a list of various crypto wallets that you can utilize in OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each one has its own set of limitations, such as easy registration, only mobile usage and the ability to purchase cryptocurrency using the credit card. Rare Nft
To learn more about it, you can check 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 comes with its advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and cons here:
- Mobile apps are available that are compatible with iOS and Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
- Allows royalty rates of 10% to artists (low royalty rates).
- Cannot buy or sell via this mobile application.
- Only accepts cryptocurrency as a method of payment.
- A Crypto wallet is required to access this marketplace.
OpenSea is accessible to everyone who has any crypto currency in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. But overall, you can quickly recover this amount if you sell regularly since there’s no extra charge for it.
Frequently Asked Questions Rare Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to give artists a chance for selling their artwork online and receive cryptocurrency as their form of payment. It’s an ideal platform for artists using it to sell NFTs due to its no gas costs and low commission fee rate that you have to pay.
You can browse and purchase an array of digital goods in this NFT marketplace, so you should take a look!
Is OpenSea real and is it safe?
The short answer is yes! OpenSea has been a reliable marketplace since it was founded at the end of the year of 2018. Since its system is built on blockchain technology and is secured, it is safe to declare that transactions are protected and secured.
Furthermore, as a seller, you’ll be verified when you’ve earned a reputation. A blue checkmark will appear to your account or collection you’ve uploaded to ensure the safety of any customer. OpenSea’s team regularly reviews the contents to ensure users are protected.
How do I earn royalties from OpenSea?
Unfortunately, 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 against the other NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) is frequently used on this site as well as numerous others to cater for more cryptocurrency users. These are other cryptos you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize for OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. You can buy and trade cryptocurrency using trusted platforms with fiat money. All you have be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea have a desktop/mobile app?
As mentioned before There is an official mobile app by OpenSea available for both iOS and Android. You can download it through their app store, and begin exploring the collection right now!
The Desktop application that OpenSea that can be downloaded through WebCatalog. On the desktop app you are able to manage multiple accounts as well as receive alerts on any updates that affect your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).