Cryptocurrency is booming right now and you’re probably thinking where to invest your crypto-coins. Markets have popped up all over the digital web designed to purchase and sell NFTs using cryptocurrency! OpenSea is among them, and it’s worth a look.
If you’re familiar with cryptocurrency you’ve likely heard of OpenSea previously for a valid reason. It’s one of the largest and most popular marketplaces among users of cryptocurrency due to its security and quick transactions.
Now hop aboard, and let’s explore 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. Afterward, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Sutra Nft Atlanta Paul Francis
The goal of OpenSea was to simply provide a platform/marketplace for artists to easily upload their commissions without any extra fees. It also has additional functions that let you sell your work without having to deal with many difficulties.
In terms of registration, you don’t need to provide any personal information about yourself. All you need to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as simple as that and without many hassles when you enter into NFTs.
The most widely-used cryptocurrency used within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology which is utilized for most processes. It also operates on the Polygon blockchain, which ensures lower costs and faster trading.
With these two types of blockchains that are available, you can choose which one you’d like to publish your NFT as seller. This is to ensure the security of your NFT, along with the people who want to buy it. All transactions are made 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 mall that lets you trade your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything as simple as a domain name to official art by an artist you admire. Anyone can sell however, it takes a while for anyone to become an established one.
There is a wide variety from the selection at OpenSea, and you can also be a part of this! You can create your own personal market here, along with finding NFTs you want to purchase for yourself.
What is an NFT?
A recent change in the crypto industry, the term “NFT” has been going around for so long on the internet that a lot of millennials are familiar with it but aren’t exactly sure what it is. Let’s take a look at what NFT is for any beginners in the field of cryptocurrency.
One of the new things you can purchase your cryptocurrency is an NFT. An NFT is a non-fungible currency which is extremely unique and can’t be substituted. It could be a piece of rarity like rare baseball trading cards in mint condition or unique vinyl album.
There’s no limit on what an NFT can be as it’s a non-fungible object that you can sell online. More straightforwardly, you can simply imagine the NFT to be a type of digital item that is paid for using cryptocurrency only.
Minting is similar to calling for dibs to your NFTs. You are calling the owner of the item or token that you posted to the market place, but putting it up for sale. Usually, this is recognized when you have filled in the proper information regarding the NFT and then add it on the market.
On OpenSea it’s a straightforward process to mint your NFTs. All you have to do is visit the store and simply create a collection! Input the appropriate and accurate information about your NFT and select the type of settings you want for it (e.g. blockchain, money transfer tokens). After you’ve completed the process then you’re able to upload it to the internet if it’s in the limit of 100MB.
It is possible to wait and see how transactions progress from now on to determine whether OpenSea is the marketplace for you.
What NFTs are available here?
At this point, you’re probably wondering which kind of NFT be purchased here, and what you could also sell if you choose to go down that path. The type of NFT that you can purchase isn’t limited because there’s a wide range of options for how to approach it.
You can be selling digital items, trading cards game assets, domain names, and also physical goods! Consider what you believe will bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what sets 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 be able to make the highest profits once you start selling because you won’t have to spend on additional fees.
Not many NFT marketplaces provide this feature, so this can be a fantastic way to earn a high return from your portfolio.
A Referral Program is a different aspect of OpenSea to admire. Similar to traditional online markets, you can receive advantages when you refer your friend to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from the site, you’ll receive 2.50% of the sale amount, letting you make more money from this act.
Other NFT marketplaces do not have the same feature and that’s another advantage OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile app, but it’s mostly used to browse through the marketplace. It isn’t able to purchase or sell anything as you browse through the listings.
The mobile apps from OpenSea are accessible for both iOS and Android. While you’re not able to buy or sell things, you can at least browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are to you You can also trade your fiat currency for cryptocurrency through these platforms. Sutra Nft Atlanta Paul Francis
You can convert your fiat money via the credit card, or Paypal on these reliable websites for cryptocurrency:
- Bittrex and many more!
All of them have the option of exchange for ETH, which is the most common crypto payment in OpenSea.
Although OpenSea is an NFT marketplace open to all kinds of cryptocurrency, the wallets nevertheless more compatible than others. Since it is built using the ETH blockchain, any wallets that share the same network are suitable for this site.
Here’s a list several crypto wallets you can utilize in OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations including simple registration, use on mobile devices only, and the function to buy cryptocurrency using credit cards. Sutra Nft Atlanta Paul Francis
To learn more about it You can go through their FAQs to see an overview of how you can start and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets, each one has its advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and cons here:
- Available as mobile apps for iOS and Android.
- Smart contracts are used for transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalties of only up to 10% for artists (low royalty rates).
- Cannot buy or sell on the mobile app.
- Only supports cryptocurrency as its form of payment.
- A Crypto wallet is required to use this marketplace.
OpenSea is open to everyone who owns any crypto coins in their crypto wallets. When you are a seller, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. However, overall, you will quickly regain that when you sell regularly since there’s no extra charge for it.
Frequently Asked Questions Sutra Nft Atlanta Paul Francis
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to offer artists a way to market their work online to receive cryptocurrency as a form of payment. It’s an excellent option for artists who want to use the platform to market NFTs due to its low gas costs and low commission fees you must pay.
You can shop and browse an array of digital goods in this NFT marketplace and you must check it out!
Is OpenSea legitimate and safe?
Short 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 a blockchain, it is safe to say that your transactions are safe and secure.
In addition as a seller you can become verified once you build up your reputation. A blue checkmark is placed next to your account or collection you’ve uploaded to ensure the safety of any customer. OpenSea’s team regularly reviews the contents to ensure users are protected.
How can I earn royalties from OpenSea?
Unfortunately, as an artist, you can be paid only 10 percent of the royalties when you have uploaded the NFT. This is thought to be a reasonable amount compared against the other NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) is widely used on this site and numerous others to cater for the increasing number of crypto users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can use for OpenSea.
What are the payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency through trusted platforms with fiat money. All you have be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea have a desktop or mobile application?
As we mentioned earlier There is an official mobile application from OpenSea available for both iOS as well as Android. Download it at their respective app store and you can start exploring the collection right now!
The desktop application for OpenSea that can be downloaded through WebCatalog. In the desktop application you are able to manage multiple accounts as well as 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/).