The cryptocurrency market is on the rise and you’re probably wondering where you can invest your crypto currency. There are numerous marketplaces popping up across the internet, designed to sell and buy NFTs using cryptocurrency! OpenSea is among them and is worth checking out.
If you’re familiar with cryptocurrency, you’ve probably heard about OpenSea previously for a valid reason. It’s now one of the biggest and leading marketplaces among cryptocurrency enthusiasts due to its security and rapid transactions.
Get on board, and let’s see the possibilities of OpenSea as well as examining 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 will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Reddit Nft
The aim of OpenSea was to offer a platform/marketplace for artists to easily upload their commissions without any extra fees. There are additional features which allow you to market your artwork without any difficulties.
For the registration process, you don’t have to provide too many details about yourself. All you have to do is connect your crypto wallet and voila! You have an account on OpenSea! It’s as easy as that and without much hassle as you step into NFTs.
The most well-known cryptocurrency used in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system which is utilized to carry out the majority of processes. It is also based using the Polygon blockchain, which ensures the lowest cost and speediest trading.
With these two kinds of blockchains that are available, you can choose which one you want to transfer your NFT to as an seller. This ensures the safety of your NFT and the people who want to buy it. Every transaction will be conducted using this blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace where you can exchange your cryptocurrency or NFTs for other NFTs. You can purchase anything from as simple as a domain name, to a piece of art from an artist that you admire. Anyone can become a seller however it takes time for anyone to become an established seller.
There’s a huge selection of NFTs available on OpenSea and you can also be a part of that! You can start your own marketplace here, along with finding NFTs you want to purchase for yourself.
What is an NFT?
In a recent development for 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 a lot of millennials are familiar with it but aren’t exactly sure what it actually means. Let’s look at what an NFT is for any beginners in the field of cryptocurrency.
One of the latest ways you can buy includes an NFT. An NFT is a non-fungible currency which is extremely exclusive and cannot be substituted. It could be an item of rarity like mint-condition baseball trading cards, or a unique vinyl album.
There’s no limit to what an NFT can be since it’s a non-fungible object you’re selling on the internet. It is simpler to just think of as an NFT as a digital collectible 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 posted to the market place, but offering it for sale. Usually, this becomes official when you have filled in the proper information regarding the NFT and finally upload it to the marketplace.
On OpenSea, it’s a simple procedure to create your own NFTs by visiting the store and then create a collection! Complete the correct and accurate information about your NFT and select the type of settings you want to use it with (e.g. blockchain or payments tokens). After you’ve completed the process you are able to upload it, if it’s within the limit of 100MB.
You can watch and see how transactions progress from now to determine whether OpenSea is the marketplace for you.
What NFTs can you find here?
At this point you’re probably asking yourself the kind of NFTs you shop for here and what you can sell should you decide to go that route. The type of NFT that you can purchase is unlimited since there’s a broad range of how you can do it.
You could be selling trade cards, digital goods, game assets, domain names, and even physical assets! Explore what you believe can reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that separates OpenSea from the others. There’s no cost for gas when you utilize this feature to make and then sell the NFTs. This means you’ll receive the maximum profits when you sell because you won’t have to spend on additional fees.
Not many NFT marketplaces provide this feature, so this can be a fantastic way to receive high profit from your NFT collection.
A Referral Program is another distinctive feature of OpenSea to take note of. Like traditional online marketplaces that offer benefits by referring someone else to OpenSea! If you invite a friend to join OpenSea and buy an NFT from the site you’ll earn 2.50 percent of the sales amount, which means you can make more money through this action.
Other NFT marketplaces don’t offer the same feature, so that’s just another advantage OpenSea has over the other marketplaces.
There is an OpenSea mobile app, but it’s mostly to browse through the marketplace. Unfortunately, you can’t purchase or sell anything as you browse through the listings.
OpenSea’s mobile apps are available for both iOS as well as Android. While you’re not able to buy or sell things, you can at least explore the products you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available to you to trade your fiat currency for cryptocurrency on these platforms. Reddit Nft
You can swap your fiat money via your credit or debit card as well as Paypal through these trusted sites for cryptocurrency:
- Bittrex and other things!
All of these have the option of exchange for ETH, which is the most common crypto payment in OpenSea.
Although OpenSea has been described as being an NFT marketplace open to all forms of cryptocurrency, wallets are nevertheless more compatible than others. Since it is built on the ETH blockchain, any wallets with a connection to the same network are suitable for this site.
Here is a list of different crypto wallets you can use in OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations, such as easy registration, mobile-only usage and the ability to purchase cryptocurrency with a credit card. Reddit Nft
For more information about the service You can go through their FAQs to get 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 advantages and drawbacks. OpenSea isn’t an exception to this. It is possible to read about its pros and cons here:
- Mobile apps are available for iOS or Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto market and NFTs.
- Allows royalties up to 10% for artists (low royalty rates).
- Cannot buy or sell through our mobile apps.
- Only supports cryptocurrency as its form of payment.
- The use of a Crypto digital wallet must be used to use this marketplace.
OpenSea is open to everyone who has crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. But overall, you can easily recover that amount when you actively sell because there’s no additional cost for it.
Frequently Asked Questions Reddit Nft
What is OpenSea?
OpenSea is an NFT marketplace that aims to offer artists a way to market their work online, and to accept cryptocurrency as a form of payment. It’s an ideal platform for artists using for selling NFTs because of its zero gas fees and low commission fees you must pay.
You can shop and browse an array of digital products on this NFT marketplace, so you should check it out!
Is OpenSea legit & safe?
The short answer is yes! OpenSea is a reputable marketplace since its inception in the year of 2018. Because its system is built on a blockchain that is secure, you can say that your transactions are secure and safe.
In addition as a seller you’ll be verified when you have built up your credibility. A blue checkmark is placed on your account or the collection you uploaded to reassure any customer. 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 thought to be reasonably low compared with the other NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) can be frequently used on this site and numerous others to cater for many more cryptocurrency users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can use for OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. You can buy and sell cryptocurrency on secure platforms that accept fiat money. All you need just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea have a desktop or mobile app?
As mentioned before there’s an official mobile app from OpenSea available for both iOS as well as Android. Download it at their respective app store and then you can begin browsing through the collection right now!
There is also a version for desktops that OpenSea that can be downloaded through WebCatalog. In the desktop application, you can manage multiple accounts and receive notifications about updates to 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/).