Cryptocurrency is booming right now and you’re probably thinking where you can invest your crypto-coins. Markets have popped up across the digital web designed to buy and sell NFTs via cryptocurrency! OpenSea can be one and is worth a look.
If you’re well-versed in cryptocurrency, you’ve probably heard of OpenSea before for a good reason. It’s now one of the biggest and leading marketplaces among cryptocurrency users because of its security and rapid transactions.
Now hop aboard, and discover the possibilities of 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. After, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Sand Nft
The aim of OpenSea was to offer an online marketplace for artists to upload their commissions, without having to pay any additional charges. It also has additional functions that allow you to sell your artwork without any issues.
In terms of 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 with OpenSea! It’s as simple as that and without many hurdles as you walk into NFTs.
The most popular cryptocurrency used within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system which is utilized for the majority of transactions. It also functions using the Polygon blockchain, which ensures low-cost and quicker trading.
With these two types of blockchains you can pick which one you’d like to publish your NFT as an seller. This is to ensure the security of your NFT and the people who want to purchase it. Every transaction will be conducted by using the blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything as simple as a domain name to an official artwork from an artist you admire. Anyone can become a seller however it takes a while before anyone can become an established one.
There’s a huge selection in the collection of NFTs available at OpenSea and you could also be a part of that! You can create your own personal market there, and also find NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent advancement for the crypto industry,”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 means. Let’s take a look at what NFT is for any beginners in cryptocurrency.
One of the newest things you can buy can be an NFT. An NFT is a token that is non-fungible which is extremely unique and can’t be replaced. It could be an item of any rareness, such as authentic baseball cards, or a uncommon vinyl record.
There’s no limit on what an NFT can be since it’s a non-fungible item that you sell on the internet. In simpler terms, you could just consider an NFT to be a type of digital item which is only paid in cryptocurrency.
Minting is like calling dibs on your own NFTs. You’re claiming ownership over that particular token/item that you posted to the marketplace, and selling it. Typically, this is official after you fill in the correct information about 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 simply making a collection to begin! Input the appropriate and correct information regarding your NFT and choose what kind of settings you want for it (e.g., blockchain, payments tokens). After you’ve completed the process then you’re able to upload it to the internet if it’s in the 100 MB limit.
You can watch and see how transactions progress from here on out to determine if OpenSea is the right marketplace for you.
What NFTs can you find here?
In this moment, you’re probably wondering what kind of NFTs can be found here and what you can also sell if you decide to go that route. The type of NFT it can be is indefinite as there’s a variety of ways to do it.
You can be selling digital products, trading cards games domain names, some physical items! Explore what you believe can yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that differentiates OpenSea from the other options. There are zero gas fees when you utilize this feature to create and market NFTs. This simply means that you’ll get the most profit when you begin selling since you won’t have to spend on additional fees.
Very few NFT marketplaces offer this feature, so this is great for you to receive high profit from your portfolio.
A Referral Program is another distinctive feature of OpenSea to take note of. Similar to traditional online markets there are rewards when you refer a friend to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from there, you’ll receive 2.50 percent of the purchase amount, letting you earn more money by this method.
Other NFT marketplaces do not have the same feature and that’s another benefit OpenSea has over the other marketplaces.
There is an OpenSea mobile application, however it is mainly used for perusing through the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listings.
The mobile apps of OpenSea are available for both iOS as well as Android. Although you aren’t able to purchase or sell something, you can at least look through the options you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are available for you to use to exchange your fiat money for cryptocurrency on these platforms. Sand Nft
You can convert your fiat money via credit card or Paypal on these reliable websites for cryptocurrency:
- Bittrex and many more!
All of them have the option of converting them into ETH, which is the standard crypto payment in OpenSea.
While OpenSea has been described as being an NFT marketplace that is open to all types of cryptocurrency, wallets are still more compatible with it than other. Since it is built around the ETH blockchain, wallets that share this network are appropriate for this website.
Here is a list of various crypto wallets that you can utilize in OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions including simple registration, only mobile usage and the ability to purchase cryptocurrency using credit cards. Sand Nft
For more information about the service to learn more, check out their FAQs to see an overview of how you can get started and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets every one of them has advantages and drawbacks. OpenSea isn’t the only one to have this. You can read about its pros and cons here:
- Available as mobile apps that are compatible with iOS and Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto world and NFTs.
- Allows royalties 10% for artists (low royalty rates).
- Cannot buy or sell via our mobile apps.
- Only accepts cryptocurrency as a method of payment.
- A Crypto account is needed to access this marketplace.
OpenSea is available to anyone who has crypto coins in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. However, overall, you will quickly regain that when you sell regularly since there’s no extra charge for it.
Frequently Asked Questions Sand Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to offer artists a way for selling their artwork online, and to accept cryptocurrency as a form of payment. It’s an excellent platform for artists using it to sell NFTs because of its zero gas fees and the low commission rate which you are required to pay.
You can shop and browse the vast array of digital items on the NFT marketplace and you must check it out!
Is OpenSea legit & is it safe?
Short answer: Yes! OpenSea has been a trusted marketplace since its inception in 2018. Since the system it operates on is based on a blockchain and is secured, it is safe to declare that transactions are safe and secure.
In addition as a seller you’ll be verified when you have built up your credibility. A blue checkmark is placed next to your account or any collection that you have uploaded to assure anyone who buys from you. The team at OpenSea regularly checks the contents to ensure users are protected.
How do I earn royalties on OpenSea?
Unfortunately, as an artist, you can receive only up to 10% of the royalties once you have uploaded the NFT. This is believed to be quite low in comparison with others NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) is widely utilized on this website and many others to accommodate the increasing number of cryptocurrency users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can utilize for OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. You can easily purchase or sell cryptocurrency through reliable platforms using fiat currency. All you have be able to connect is your credit or Paypal for the transaction.
Does OpenSea has a mobile or desktop application?
As mentioned before there’s an official mobile application from OpenSea for both iOS and Android. Install it from their app store, and then you can begin exploring the collection right now!
A Desktop application that OpenSea which can be downloaded from WebCatalog. On the desktop app, you can manage multiple accounts and receive notifications on updates regarding your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).