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 web that allow users to buy and sell NFTs with cryptocurrency! OpenSea is among them, and it’s worth checking out.
If you’re well-versed in cryptocurrency you’ve probably heard about OpenSea previously for a valid reason. It’s one of the largest and leading marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.
Get on board, and let’s see the possibilities of OpenSea, along with checking the NFTs that you can see!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Scamed By Nft
The aim to create OpenSea was to offer artists with a marketplace/platform to easily upload their commissions, without having to pay any additional costs. It has more functions that allow you to sell your work without having to deal with many difficulties.
In terms of registration, you don’t need to give all of your personal details. All you need to connect your crypto wallet and voila! You have an account with OpenSea! It’s as easy as that and 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 technology which is utilized to carry out the majority of processes. It also operates with the Polygon blockchain, which allows for the lowest cost and speediest trading.
With these two types of blockchains you can pick which one you would like to transfer your NFT to as seller. This is to ensure the security of your NFT and those who would like to buy it. All transactions are made by using the blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall that lets you trade your cryptocurrency or NFTs for other NFTs. You can buy anything the simplest domain name to official art from an artist you admire. Anyone can become a seller however, it takes a while before anyone can become an established seller.
There’s a huge selection from the selection of NFTs available at OpenSea, and you can become a part of this! You can set up your own market here, along with finding NFTs you’d like to buy yourself.
What is an NFT?
A recent change in the crypto industry,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that a lot of millennials have heard of it but not exactly sure what it is. Let’s take a look at what NFT is for anyone who is new in the field of cryptocurrency.
One of the newest things that you can buy with cryptocurrency is an NFT. The NFT is a non-fungible currency which is extremely exclusive and cannot be substituted. It can be a piece of rarity like authentic baseball cards or a rare vinyl record.
There’s no limit on what an NFT can be as it’s a non-fungible item you’re selling on the internet. In simpler terms, you could just think of an NFT to be a type of digital item that is paid for using cryptocurrency only.
Minting is like calling the shots 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 becomes official after you fill in the correct information about the NFT and add it on the market.
On OpenSea It’s a very simple procedure to create your own NFTs by visiting the store and making a collection to begin! Fill out the proper and complete information about your NFT and choose what kind of settings you’d like to use to use it with (e.g., blockchain and money transfer tokens). After you’ve completed the process you are able to upload it to the internet if it’s in the limit of 100MB.
You can wait and observe how transactions progress from now to determine whether OpenSea is the right marketplace for you.
What NFTs can you get here?
So, at this point, you’re probably wondering what kind of NFTs can be purchased here and what you can sell should you decide to go down that path. The type of NFT that you can purchase is unlimited since there’s a broad range of options for how to do it.
You could be selling trade cards, digital goods games domain names, also physical goods! 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 no gas costs when you utilize this feature when you create and market NFTs. This means you’ll be able to make the highest profits once you begin selling since you won’t need to spend on any additional charges.
Not many NFT marketplaces have this feature, and it can be a fantastic way to make a huge profit from your NFT collection.
The Referral Program is a different aspect of OpenSea to admire. Similar to traditional online markets that offer rewards by referring a friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from the site, you’ll receive 2.50 percent of the purchase amount, which allows you to earn more money by this method.
Other NFT marketplaces do not have the same feature and that’s another benefit OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile app, but it is mainly used to browse through the marketplace. Unfortunately, you can’t purchase or sell items as you scroll through the list.
OpenSea’s mobile apps are available for the two platforms of iOS and Android. Although you aren’t able to purchase or sell anything, you can still at least look through the options you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available for you to use to exchange your fiat money for cryptocurrency using these platforms. Scamed By Nft
You can swap the fiat currency you have with a credit card or Paypal through these trusted sites to exchange it for crypto:
- Bittrex, and many more!
Each of them has the option of exchange for ETH which is the standard cryptocurrency used in OpenSea.
While OpenSea is an NFT marketplace that is open to all kinds of cryptocurrency, wallets are nevertheless more compatible than other. Since it is built around an ETH blockchain, wallets which are part of the same network are suitable for this website.
Here’s a list of different crypto wallets which you can use with OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations like easy registration, only mobile usage as well as the capability to purchase cryptocurrency with a credit card. Scamed By Nft
To learn more about it You can go through their FAQs for the steps you can begin and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and cons here:
- Mobile apps available for iOS and 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 royalties of only 10% to artists (low royalty).
- It is not possible to buy or sell items via the mobile app.
- Only accepts cryptocurrency as a form of payment.
- An Crypto digital wallet must be used to use this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. However, overall, you will quickly regain that when you sell regularly since there is no additional fee for it.
Frequently Asked Questions Scamed By Nft
What is OpenSea?
OpenSea is an NFT marketplace that aims to offer artists a way for selling their artwork online to receive cryptocurrency as their form of payment. It’s an excellent platform for artists who use for selling NFTs due to its low gas costs and low commission fees that you have to pay.
You can browse and shop for the vast array of digital items on the NFT marketplace and you must check it out!
Is OpenSea legit & safe?
Answer: Yes! OpenSea is a reputable marketplace since it was founded in 2018. Since the system it operates on is built on blockchain technology, it is safe to say that your transactions are secure and safe.
Additionally as a seller you’ll be verified when you’ve earned a reputation. A blue checkmark will appear on your account or the collection that you have uploaded to assure anyone who buys from you. OpenSea’s team regularly reviews the content to ensure that users are secure.
How can I earn royalties from OpenSea?
Unfortunately, as an artist, you’ll be paid only 10% of the royalties once you upload the NFT. This is thought to be reasonably low compared with the other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) is widely used on this site as well as other sites to provide the increasing number of crypto users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can use to access OpenSea.
What are the payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. You can buy and sell cryptocurrency on reliable platforms using fiat currency. All you need to do is connect your credit card or Paypal for the transaction.
Does OpenSea have a desktop or mobile app?
As mentioned before there’s an official mobile application from OpenSea that is available for iOS as well as Android. You can download it through their app store and begin exploring the collection right now!
A desktop application for OpenSea that can be downloaded through WebCatalog. On the desktop app you are able to 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/).