The cryptocurrency market is on the rise, and you’re probably wondering where to invest your crypto currency. Markets have popped up across the internet, designed to sell and buy NFTs via cryptocurrency! OpenSea can be one, and it’s worth checking out.
If you’re familiar with cryptocurrency you’ve probably heard about OpenSea prior to this for a valid reason. It’s one of the largest and leading marketplaces among cryptocurrency users because of its safety and speedy transactions.
Get on board, and let’s explore the possibilities of OpenSea, along with checking the NFTs available to view!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. After, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Should I Buy Nft Art
The purpose for OpenSea was to offer a platform/marketplace for artists to upload commissions without any extra fees. It has more functions that let you sell your work without having to deal with many difficulties.
In terms of registration, you don’t need to give any personal information about yourself. All you have to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It can be as simple as that and without many hassles when you enter into NFTs.
The most popular cryptocurrency to use on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it which is utilized for the majority of transactions. It also operates with the Polygon blockchain, which allows for low-cost and quicker trading.
There are two types of blockchains that are available you can pick which one you want to upload your NFT on as seller. This is to ensure the security of your NFT as well as those who would like to purchase it. All transactions are made along with this blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless where you can exchange your NFTs or cryptocurrency for other NFTs. You can buy anything as simple as a domain name to official art from an artist that you admire. Anyone can become a seller, but it takes a while for anyone to be a reputable one.
There is a wide variety of NFTs available at OpenSea, and you can also be a part of that! You can create your own marketplace on this site, as well as find NFTs that you would like to purchase for yourself.
What is an NFT?
A recent change in the crypto market,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that the majority of young people are familiar with it but aren’t exactly sure what it is. Let’s look at what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the latest ways you can purchase your cryptocurrency includes an NFT. A NFT is a non-fungible token that is very unique and can’t be substituted. This can be an item of any rarity like mint-condition baseball trading cards or a rare vinyl record.
There’s no limit on what an NFT can be as it’s a non-fungible object that you can sell online. It is simpler to just think of the NFT being a virtual collectible that is paid for using cryptocurrency only.
Minting is like calling the shots for your personal NFTs. It is a way of claiming the owner of the item or token that you have uploaded to the market place, but you’re putting it up for sale. Typically, this is official when you have filled in the proper information regarding the NFT and submit it for sale on.
On OpenSea It’s a very simple process to mint your NFTs by visiting the store and making a collection to begin! Complete the correct and complete information about your NFT and then select what type of settings you’d like for it (e.g. blockchain or payment tokens). Once that’s all done, you can finally upload it if it fits the 100 MB limit.
You can watch and see how the transactions go from here on out to determine whether OpenSea is the right marketplace for you.
What NFTs can you find here?
In this moment you’re probably asking yourself what kind of NFTs be purchased here and what you can also sell if you decide to pursue that route. The kind of NFT it can be isn’t limited since there’s a broad range of ways to go about it.
You could be selling digital items, trading cards games, domain names, and some physical items! Find out what you think will bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that differentiates OpenSea from other companies. There’s no cost for gas when you use this feature to create and market NFTs. This is essentially a way to ensure that you be able to make the highest profits once you sell because you don’t need to pay on additional fees.
Very few NFT marketplaces offer this feature, so this can be a fantastic way to earn a high return from your NFT collection.
This Referral Program is another unique aspect of OpenSea to admire. Similar to traditional online markets there are advantages when you refer your friend 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 from this act.
Other NFT marketplaces don’t offer this feature, so that’s just another advantage OpenSea has over the other marketplaces.
There’s an OpenSea mobile application, however it’s mostly for perusing through the marketplace. You can’t buy or sell anything as you browse through the listings.
OpenSea’s mobile apps are available on both iOS in addition to Android. Even though you can’t buy or sell something, you can at least browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are to you, and you can exchange your fiat money for cryptocurrency through these platforms. Should I Buy Nft Art
You can convert your fiat money via credit card or Paypal via these reputable websites for cryptocurrency:
- Bittrex, and more!
All of them have the option of exchange for ETH which is the primary cryptocurrency payment option in OpenSea.
Although OpenSea can be described as an NFT marketplace open to all forms of crypto, wallets are still more compatible with it than others. Since it is built around an ETH blockchain, wallets which are part of this network are appropriate for the site.
Here’s a list several crypto wallets you can utilize in OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each has its own limitations like easy registration, mobile-only usage as well as the capability to purchase cryptocurrency using credit cards. Should I Buy Nft Art
For more information about the service, you can check their FAQs to see a rundown of how you can get started 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 the only one to have this. You can view its pros and pros here:
- Mobile apps are available for iOS as well as Android.
- Smart contracts can be used to perform transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalties of only up to 10% for artists (low royalty).
- Cannot buy or sell through our mobile apps.
- Only accepts cryptocurrency as a form of payment.
- A Crypto account is needed to access this marketplace.
OpenSea is available to anyone who has any crypto currency in their crypto wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. But overall, you can quickly regain that when you actively sell because there’s no additional cost for it.
Frequently Asked Questions Should I Buy Nft Art
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to offer artists a way to sell their works online to receive cryptocurrency as a form of payment. It’s a great option for artists who want to use for selling NFTs due to its low cost of gas and low commission fee rate that you have to pay.
You can browse and shop for an array of digital products on this NFT marketplace and you must take a look!
Is OpenSea legitimate and safe?
Short answer: Yes! OpenSea is a reputable marketplace since its inception on the 1st of December in the year 2018. Because its system is built on blockchain technology, it is safe to declare that transactions are safe and secure.
Additionally, as a seller, you’ll be verified when you have built up your credibility. A blue checkmark will appear next to your account or collection that you have uploaded to assure any customer. The OpenSea team reviews regularly the content to ensure users are protected.
How can I earn royalties on OpenSea?
Unfortunately, as an artist, you will get only 10% of the royalties once you have uploaded the NFT. This is thought to be quite low in comparison with the other NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) has been commonly utilized on this website and other sites to provide more cryptocurrency users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can make use of for OpenSea.
What are the payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency through reliable platforms using fiat currency. All you have to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea has a mobile or desktop application?
As mentioned before There is an official mobile application from OpenSea that is available for iOS and Android. You can download it through their app store, and then you can begin exploring the collection now!
A version for desktops that OpenSea can be downloaded via WebCatalog. On the desktop app, you can manage multiple accounts and receive notifications about updates to your account while you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).