Cryptocurrency is booming right now, and you’re probably wondering where you can invest your crypto currency. There are numerous marketplaces popping up all over the digital web designed to buy and sell NFTs via cryptocurrency! OpenSea is among them, and it’s worth looking into.
If you’re well-versed in cryptocurrency you’ve probably heard of OpenSea previously for a valid reason. It’s now one of the largest and most popular marketplaces among users of cryptocurrency due to its security and quick transactions.
Now hop aboard, and discover what you can do with OpenSea, along with checking the NFTs that you can see!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Sell Nft Without Gas Fee
The goal to create OpenSea was to provide an online marketplace for artists to upload their commissions, without having to pay any additional costs. It also has additional functions that allow you to sell your work without having to deal with many issues.
When it comes to the registration process, you don’t have to give too many details about yourself. All you need to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as simple as that without going through many hurdles as you walk into NFTs.
The most widely-used cryptocurrency to use in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system and is used for most processes. It also operates with the Polygon blockchain, which allows for lower costs and faster trading.
With these two types of blockchains available you can pick which one you would like to publish your NFT as seller. This ensures the safety of your NFT as well as the people who want 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’s an endless online marketplace that lets you trade your NFTs or cryptocurrency for other NFTs. You can purchase anything from just a domain name, to a piece of art by an artist you admire. Anyone can become a seller, but it takes some time for anyone to become an established one.
There’s a huge selection in the collection on OpenSea, and you can also be a part of that! You can start your own marketplace here, along with finding NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent development for the cryptocurrency industry, the term “NFT” has been going around for so long on internet that many millennials are familiar with it , but aren’t sure exactly what it is. 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 is an NFT. The NFT is a token that is non-fungible which is extremely unique and can’t be substituted. This can be an item of any rareness, such as mint-condition baseball trading cards, or a unique vinyl album.
There is no limit to what an NFT can be as it’s a non-fungible item you’re selling online. It is simpler to simply imagine the NFT being a virtual collectible that is paid for using cryptocurrency only.
Minting is like calling dibs for your personal NFTs. You are calling the ownership of the particular item you uploaded on the marketplace, and you’re offering it for sale. Usually, this is recognized when you have filled in all the necessary information about the NFT and submit it for sale on.
On OpenSea, it’s a simple procedure to create your own NFTs by going to the store and creating a collection to start! Input the appropriate and complete information about your NFT and choose what kind of settings you want for it (e.g. blockchain, payments tokens). After you’ve completed the process, you can finally upload it if it fits the 100 MB limit.
You can wait and observe how transactions progress from now to determine if OpenSea is the marketplace for you.
What NFTs are available here?
So, at this point, you’re probably wondering what kind of NFTs be purchased here and what you can sell should you decide to pursue that route. The kind of NFT it can be is unlimited since there’s a broad range of how you can do it.
You could be selling digital products, trading cards, game assets, domain names, and even physical assets! Find out what you think will yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that differentiates OpenSea from the others. There’s no cost for gas when you utilize this feature to mint and sell NFTs. This is essentially a way to ensure that you get the most profit when you begin selling since you don’t need to pay on additional fees.
Not many NFT marketplaces have this feature, so this is a great way to make a huge profit from your collection.
A Referral Program is another unique aspect of OpenSea to admire. Similar to traditional online markets there are rewards when you refer a friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from there you’ll be rewarded with 2.50 percent of the purchase amount, which means you can earn more cash by this method.
Other NFT marketplaces do not have the same feature This is a further benefit OpenSea has over them.
There’s an OpenSea mobile application, however it is mainly used to browse the marketplace. It isn’t able to purchase or sell anything as you scroll through the list.
The mobile apps of OpenSea are available on both iOS as well as Android. Although you aren’t able to purchase or sell anything, you can still browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are at your disposal You can also trade your fiat currency for cryptocurrency through these platforms. Sell Nft Without Gas Fee
You can exchange the fiat currency you have with a your credit or debit card as well as Paypal via these reputable websites to exchange it for crypto:
- Bittrex, and more!
Each of them has the option of converting them into ETH which is the most common cryptocurrency payment option in OpenSea.
Although OpenSea can be described as an NFT marketplace open to all types of crypto, wallets are still more compatible with it than other. Since it is built mainly using the ETH blockchain, all wallets with a connection to that network will be suitable for this site.
Here is a list of several crypto wallets which you can use with OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations, such as easy registration, use on mobile devices only, and the function to purchase cryptocurrency using a credit card. Sell Nft Without Gas Fee
To know more about it You can go through their FAQs for a rundown of how you can begin and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets every one of them has advantages and drawbacks. OpenSea isn’t an exception to this. You can read about its pros and pros here:
- Available as mobile apps that are compatible with iOS or Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto market and NFTs.
- Allows royalties of only up to 10% for artists (low royalty).
- It is not possible to buy or sell items on our mobile apps.
- Only supports cryptocurrency as its method of payment.
- An Crypto wallet is required for this marketplace.
OpenSea is open to everyone who has crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. In the end, you’ll easily recover that amount when you sell regularly since there’s no extra charge for it.
Frequently Asked Questions Sell Nft Without Gas Fee
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to give artists a chance for selling their artwork online and receive cryptocurrency as a method of payment. It’s an ideal option for artists who want to use the platform to market NFTs due to its low cost of gas and the low commission rate that you have to pay.
You can shop and browse an array of digital goods in this NFT marketplace which is why you should definitely check it out!
Is OpenSea legitimate and is it safe?
Short answer: Yes! OpenSea has been a reliable marketplace since its inception in the year 2018. Since its system is built on a blockchain, it is safe to claim that your transactions are secure and safe.
Furthermore, as a seller, you’ll be verified when you’ve earned a reputation. A blue checkmark will be assigned on your account or any collection you’ve uploaded to ensure the safety of every customer. The team at OpenSea regularly checks the content to ensure users are protected.
How can I earn royalties from OpenSea?
Unfortunately, as an artist, you will receive only up to 10% of the royalties once you have uploaded the NFT. This is thought to be quite low in comparison against others NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) has been widely utilized on this website and many others to accommodate many more 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 methods for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. It is easy to buy or sell cryptocurrency through secure platforms that accept fiat money. All you need to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea have a desktop/mobile application?
As mentioned before, there is definitely an official mobile application from OpenSea for both iOS as well as Android. Download it at their respective app store and you can start exploring the collection now!
The Desktop application that OpenSea can be downloaded via WebCatalog. On the desktop app you are able to manage multiple accounts as well as receive alerts on any updates that affect 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/).