The cryptocurrency market is on the rise and you’re probably wondering where to invest your crypto coins. Markets have popped up all over the internet, designed to sell and buy NFTs via cryptocurrency! OpenSea can be one and is worth a look.
If you’re interested in crypto, you’ve probably heard of OpenSea before for a good reason. It’s one of the biggest and most popular marketplaces for users of cryptocurrency due to its security and quick transactions.
So, hop on board and discover what you can do with OpenSea and also see the NFTs available to view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick review. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Spheroid OpenSea
The goal to create OpenSea was to provide an online marketplace for artists to easily upload their commissions, without having to pay any additional costs. There are additional features that allow you to sell your artwork without any problems.
When it comes to registration, you don’t need to give too many details about yourself. All you have to do is 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 widely-used cryptocurrency used 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 functions using the Polygon blockchain, which allows for the lowest cost and speediest trading.
With these two types of blockchains it is possible to choose which one you’d like to publish your NFT as a seller. This is to ensure the security of your NFT and those who wish to purchase it. Every transaction will be conducted by using the blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace where you can trade in your cryptocurrency or NFTs for other NFTs. You can buy anything as simple as a domain name, to a piece of art by an artist you admire. Anyone can be a seller however, it takes a while for anyone to become a reputable one.
There are a variety of NFTs in the collection on OpenSea, and you can become a part of this! You can create your own marketplace there, and also find 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 so long on the internet that the majority of young people have heard of it but aren’t sure exactly what it means. Let’s look at what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the new things you can purchase your cryptocurrency includes an NFT. A NFT is a token that is non-fungible that is exclusive and cannot be replaced. It could be a piece of rareness, such as rare baseball trading cards in mint condition, or a unique vinyl album.
There’s no limit to what an NFT can be as it’s a non-fungible item you’re selling online. It is simpler to just think of the NFT being a virtual collectible paid via 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 posted to market, as selling it. Usually, this becomes official once you fill out the proper information regarding the NFT and finally submit it for sale on.
On OpenSea, it’s a simple process to mine your NFTs by visiting the store and create a collection! Fill out the proper and complete information about your NFT and select the type of settings you’d like to use it with (e.g. blockchain, payment tokens). After that you are able to upload it, if it’s within the 100 MB limit.
You can watch and see the way transactions are handled from now on to determine whether OpenSea is the best marketplace for you.
What NFTs can you find here?
So, at this point you’re probably thinking about what kind of NFTs you shop for here and what kind of NFTs you can also sell if you decide to go down that path. The kind of NFT it can be isn’t limited because there’s a wide range of options for how to do it.
You could be selling digital items, trading cards games, domain names, and also physical goods! Explore what you believe can reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that differentiates OpenSea from other companies. There are no gas costs when you utilize this feature when you create and market NFTs. This is essentially a way to ensure that you get the most profit when you begin selling since you won’t need to spend on extra fees.
There aren’t many NFT marketplaces offer this feature, which is why this is a great way to make a huge profit from your NFT collection.
The Referral Program is another unique aspect of OpenSea to be admired. Like traditional online marketplaces, you can receive advantages by referring a friend to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from the site, you’ll receive 2.50% of the sale amount, which allows you to earn more money from this act.
Other NFT marketplaces do not have the same feature This is a further advantage 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. You can’t buy or sell items as you browse through the listing.
OpenSea’s mobile apps are available on both iOS and Android. Even though you can’t buy or sell anything, you can still look through the options you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available at your disposal, and you can convert your fiat money into cryptocurrency on these platforms. Spheroid OpenSea
You can convert your fiat currency using a credit card or Paypal on these reliable websites for cryptocurrency:
- Bittrex and more!
Each of them has the option to exchange for ETH, which is the primary cryptocurrency used in OpenSea.
Although OpenSea is an NFT marketplace open to all forms of cryptocurrency, the wallets nevertheless more compatible than others. Because it is based on the ETH blockchain, wallets that share this network are appropriate for this website.
Here is a list of several crypto wallets you can utilize in OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each one has its own set of limitations, such as easy registration, only mobile usage, and the function to purchase cryptocurrency with a credit card. Spheroid OpenSea
For more information about the service to learn more, check out their FAQs to see a rundown of how you can start and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with advantages and disadvantages. 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.
- The best option for beginners to the crypto world and NFTs.
- Allows royalties of only up to 10% for artists (low royalties).
- Cannot buy or sell on the mobile app.
- Only supports cryptocurrency as its form of payment.
- An Crypto digital wallet must be used to use this marketplace.
OpenSea is available to anyone who owns any crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. However, overall, you will quickly recover this amount if you are actively selling since there’s no extra charge for it.
Frequently Asked Questions Spheroid OpenSea
What is OpenSea?
OpenSea is an NFT marketplace that seeks to offer artists a way for selling their artwork online to receive cryptocurrency as a form of payment. It’s an ideal platform for artists using for selling NFTs due to its low gas fees and the low commission rate which you are required to pay.
You can shop and browse a vast collection of digital products on this NFT marketplace and you must go through it!
Is OpenSea legitimate and is it safe?
Answer: Yes! OpenSea has been a trusted marketplace since it was founded at the end of 2018. Since the system it operates on is built on blockchain technology, it is safe to say that your transactions are protected and secured.
Additionally as a seller you will be verified after you’ve earned a reputation. A blue checkmark is placed to your account or any collection that you have uploaded to assure any customer. The team at OpenSea regularly checks the content to ensure that users are safe.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you can be paid only 10% of the royalties once you upload the NFT. This is believed to be quite low in comparison to the other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) can be widely used on this site and numerous others to cater for the increasing number of crypto users. Below are the other cryptocurrency 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 does not allow cryptocurrency exchanges on its website. You can easily purchase or trade cryptocurrency using secure platforms that accept fiat money. All you have just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea have a desktop or mobile application?
As previously mentioned There is an official mobile app by OpenSea that is available for iOS as well as Android. Download it at their respective app store, and begin exploring the collection right now!
There is also a version for desktops that OpenSea that can be downloaded through WebCatalog. In the desktop application you can manage multiple accounts as well as 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/).