The cryptocurrency market is on the rise and you’re probably thinking where to invest your crypto currency. There are numerous marketplaces popping up across the internet, designed to purchase and sell NFTs with cryptocurrency! OpenSea can be one, and it’s worth looking into.
If you’re interested in crypto, you’ve likely heard of OpenSea previously for a valid reason. It has become one of the largest and most popular marketplaces for cryptocurrency enthusiasts due to its security and quick transactions.
Now hop aboard, and let’s see the possibilities of 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. After, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Rectangular Nft Hydroponics Gully
The goal of OpenSea was to provide artists with a marketplace/platform to easily upload their commissions, without having to pay any additional charges. It also has additional functions that let you sell your artwork without any difficulties.
When it comes to registration, you won’t have to provide all of your personal details. All you have to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as easy as that without going through much hassle as you step into NFTs.
The most popular cryptocurrency used on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology which is utilized for the majority of transactions. It is also based on the Polygon blockchain, which allows for the lowest cost and speediest trading.
There are two types of blockchains it is possible to choose which one you would like to publish your NFT as seller. This ensures the safety of your NFT and the people who want 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’s an online shopping mall that is endless where you can trade in your NFTs or cryptocurrency for other NFTs. You can purchase anything from as simple as a domain name, to a piece of art from an artist you admire. Anyone can become a seller however, it takes some time before anyone can become an established seller.
There are a variety of NFTs in the collection of NFTs available at OpenSea and you could become a part of that! You can set up your own market on this site, as well as find NFTs you want to purchase yourself.
What is an NFT?
In a recent development for the crypto industry the term “NFT” has been going around for so long on internet that many millennials are familiar with it but not exactly sure what it actually means. Let’s break down what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the latest ways you can buy includes an NFT. A NFT is a token that is non-fungible which is extremely individual and cannot be changed. It could be an item of rareness like authentic baseball cards, or a unique vinyl album.
There’s no limit to what an NFT can be as it’s a non-fungible thing you’re selling online. In simpler terms, you could just imagine the NFT as a digital item that is paid for using cryptocurrency only.
Minting is like calling dibs to your NFTs. It is a way of claiming the owner of the item or token you uploaded on the market place, but selling it. Usually, this becomes 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 going to the store and creating a collection to start! Fill out the proper and correct information regarding your NFT and then select what type of settings you’d like to use for it (e.g., blockchain or money transfer tokens). After that, you can finally upload it if it fits the 100 MB limit.
It is possible to wait and see how the transactions go from here on out to see if OpenSea is the best marketplace for you.
What NFTs can you find here?
In this moment you’re probably thinking about what kind of NFTs can you shop for here and what kind of NFTs you can also sell if you choose to pursue that route. The kind of NFT it isn’t limited as there’s a variety of options for how to approach it.
It is possible to sell trade cards, digital goods games, domain names, and some physical items! Find out what you think will yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what separates OpenSea from the others. There are no gas costs when you utilize this feature to mint and sell NFTs. This means you’ll receive the maximum profits when you start selling because you won’t need to spend on any additional charges.
Not many NFT marketplaces offer this feature, so this is a great way to receive high profit from your collection.
This Referral Program is a different aspect of OpenSea to be admired. Similar to traditional online markets there are advantages when you refer someone else to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from the site you’ll earn 2.50 percent of the purchase amount, which allows you to make more money by this method.
Other NFT marketplaces do not have this kind of feature either This is a further benefit OpenSea has over them.
There is an OpenSea mobile app, but it is mainly used to browse the marketplace. It isn’t able to purchase or sell anything while you browse through the listing.
The mobile apps of OpenSea are available on both iOS as well as Android. Even though you can’t buy or sell something, you can at least browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are available at your disposal, and you can trade your fiat currency for cryptocurrency through these platforms. Rectangular Nft Hydroponics Gully
You can exchange your fiat money via the credit card, or Paypal via these reputable websites for cryptocurrency:
- Bittrex and other things!
Each of them has the option to exchange for ETH which is the most common cryptocurrency payment option in OpenSea.
While 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 using an ETH blockchain, any wallets with a connection to that network will be suitable for this website.
Here’s a list of different crypto wallets you can utilize in OpenSea:
- Authereum and many more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each wallet has its own restrictions including simple registration, only mobile usage and the ability to purchase cryptocurrency with credit cards. Rectangular Nft Hydroponics Gully
To know more about it, you can check their FAQs to see a rundown of how you can begin and what other crypto wallets are compatible 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. It is possible to read about its pros and cons here:
- Mobile apps are available that are compatible with iOS as well as 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 market and NFTs.
- Allows royalty rates of up to 10% for artists (low royalties).
- It is not possible to buy or sell items via the mobile app.
- Only accepts cryptocurrency as a method of payment.
- A Crypto digital wallet must be used for this marketplace.
OpenSea is open to everyone who has crypto coins in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. In the end, you’ll quickly recover this amount if you are actively selling since there’s no extra charge for it.
Frequently Asked Questions Rectangular Nft Hydroponics Gully
What is OpenSea?
OpenSea is an NFT marketplace that aims to give artists a chance for selling their artwork online to receive cryptocurrency as their form of payment. It’s an ideal option for artists who want to use for selling NFTs due to its low gas fees and low commission fee rate you must pay.
You can browse and purchase a vast collection of digital products on this NFT marketplace, so you should take a look!
Is OpenSea legit & safe?
The short answer is yes! OpenSea is a reputable marketplace since it was established on the 1st of December in 2018. Because its system is built on blockchain technology and is secured, it is safe to claim that your transactions are safe and secure.
Furthermore as a seller you’ll be verified when you build up your reputation. A blue checkmark is placed next to your account or collection you’ve uploaded to ensure the safety of every customer. OpenSea’s team regularly reviews the contents to ensure users are secure.
How do I earn royalties from OpenSea?
However, as an artist, you will receive only up to 10 percent of the royalties when you have uploaded the NFT. This is thought to be a reasonable amount compared to the other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) can be frequently utilized on this website and numerous others to cater for more cryptocurrency users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can use to use OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency through 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 we mentioned earlier there’s an official mobile app by OpenSea that is available for iOS and Android. Download it at their respective app store and you can start browsing through the collection right now!
A Desktop application that OpenSea can be downloaded via WebCatalog. On the desktop app, you can manage multiple accounts and receive 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/).