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 web that allow users to sell and buy NFTs via cryptocurrency! OpenSea is among them and is worth checking out.
If you’re interested in crypto you’ve probably heard about OpenSea prior to this for a valid reason. It’s now one of the biggest and most popular marketplaces for users of cryptocurrency due to its safety and speedy transactions.
Now hop aboard, 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 review. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Safe Nft Set Ups
The purpose for OpenSea was to simply provide artists with a marketplace/platform to easily upload their commissions, without having to pay any additional charges. It also has additional functions that allow you to sell your art without too many difficulties.
When it comes to the registration process, you don’t have to worry about giving all of your personal details. All you need to connect your crypto wallet and voila! You have an account with OpenSea! It can be as simple as that, without many hurdles as you walk into NFTs.
The most well-known cryptocurrency to use on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system which is utilized for the majority of transactions. It is also based with the Polygon blockchain, which ensures lower costs and faster trading.
With these two types of blockchains available, you can choose which one you want to transfer your NFT to as seller. This ensures the safety of your NFT, along with those who wish to buy it. Every transaction will be conducted using this blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall that lets you trade your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything just a domain name, to a piece of art from an artist you admire. Anyone can sell, but it takes some time for anyone to be a reputable one.
There’s a huge selection in the collection of NFTs available at OpenSea, and you can join in with the collection! You can set up your own marketplace here, along with finding NFTs you’d like to buy yourself.
What is an NFT?
A recent change in the crypto market”NFT,” a popular term in the crypto industry “NFT” has been going around 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 break down what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the new things that you can buy with cryptocurrency includes an NFT. An NFT is a non-fungible currency which is extremely individual and cannot be substituted. This can be an item of rareness, such as authentic baseball cards, or a uncommon vinyl record.
There’s no limit to what an NFT can be since it’s a non-fungible thing that you can sell online. In simpler terms, you could just consider the NFT being a virtual collectible paid via cryptocurrency only.
Minting is similar to calling for dibs on your own NFTs. It is a way of claiming the ownership of the particular item that you have uploaded to market, as selling it. Usually, this is recognized when you have filled in the correct information about the NFT and then submit it for sale on.
On OpenSea, it’s a simple procedure to create your own NFTs by visiting the store and then creating a collection to start! Input the appropriate and complete information about your NFT and choose what kind of settings you’d like to use it with (e.g. blockchain, money transfer tokens). After that then you’re able to upload it if it fits the limit of 100MB.
You can wait and observe how transactions progress from now to see if OpenSea is the right marketplace for you.
What NFTs can you get here?
At this point you’re probably asking yourself which kind of NFT can be purchased here and what you can also sell if you choose to go that route. The type of NFT it isn’t limited since there’s a broad range of how you can go about it.
You can be selling digital products, trading cards, game assets, domain names, and even physical assets! Explore what you believe can bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what separates OpenSea from other companies. There’s no cost for gas when you use this feature when you mint and sell NFTs. This simply means that you’ll get the most profit when you sell because you won’t need to spend on additional fees.
There aren’t many NFT marketplaces offer this feature, and it is great for you to earn a high return from your portfolio.
A Referral Program is another distinctive feature of OpenSea to take note of. Similar to traditional online markets that offer rewards when you refer a friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from the site you’ll be rewarded with 2.50% of the sale amount, letting you earn more cash by this method.
Other NFT marketplaces don’t have this feature This is a further benefit OpenSea has over them.
There is an OpenSea mobile app, but it’s mostly to browse through the marketplace. Unfortunately, you can’t purchase or sell anything while you scroll through the list.
The mobile apps of OpenSea are available for both iOS in addition to Android. Even though you can’t buy or sell things, you can look through the options you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available to you, and you can convert your fiat money into cryptocurrency using these platforms. Safe Nft Set Ups
You can exchange your fiat currency using a the credit card, or Paypal through these trusted sites for cryptocurrency:
- Bittrex, and many more!
All of these have the option to exchange for ETH that is the primary cryptocurrency used in OpenSea.
While OpenSea is an NFT marketplace open to all kinds of cryptocurrency, wallets are nevertheless more compatible than others. Since it is built around an ETH blockchain, wallets with a connection to that network will be suitable for the site.
Here is a list of several crypto wallets you can use in OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each wallet has its own restrictions including simple registration, mobile-only usage as well as the capability to buy cryptocurrency using the credit card. Safe Nft Set Ups
For more information about the service, you can check their FAQs to get a rundown of how you can get started and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets, each one has advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and pros here:
- Available as mobile apps for iOS or Android.
- Smart contracts are utilized for 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 up to 10% for artists (low royalty).
- It is not possible to buy or sell items on this mobile application.
- Only supports cryptocurrency as its form of payment.
- The use of a Crypto digital wallet must be used to access this marketplace.
OpenSea is open to everyone who has crypto coins in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. But overall, you can easily recover that amount when you actively sell because there’s no extra charge for it.
Frequently Asked Questions Safe Nft Set Ups
What is OpenSea?
OpenSea is an NFT marketplace that seeks to provide artists a platform to sell their works online to receive cryptocurrency as a form of payment. It’s an excellent platform for artists using for selling NFTs due to its no gas fees and low commission fee rate that you have to pay.
You can shop and browse the vast array of digital goods in this NFT marketplace and you must go through it!
Is OpenSea legit & secure?
The short answer is yes! OpenSea has been a reliable marketplace since it was founded in the year of 2018. Since the system it operates on is built on blockchain technology, it is safe to declare that transactions are safe and secure.
Furthermore, as a seller, you can become verified once you have built up your credibility. A blue checkmark is placed to your account or collection you uploaded to reassure every customer. The team at OpenSea regularly checks the contents to ensure users are protected.
How can I earn royalties from OpenSea?
Unfortunately, as an artist, you can be paid only 10 percent of the royalties when you upload the NFT. This is thought to be quite low in comparison with others NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) can be commonly used on this site and many others to accommodate many more cryptocurrency users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of to access OpenSea.
What are the payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. You can easily purchase or sell cryptocurrency through reliable platforms using fiat currency. All you have just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea has a mobile or desktop application?
As previously mentioned, there is definitely an official mobile app from OpenSea that is available for iOS as well as Android. Install it from their app store and begin exploring the collection now!
There is also a version for desktops that OpenSea can be downloaded via WebCatalog. With the desktop application you can manage multiple accounts as well as 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/).