The cryptocurrency market is on the rise, and you’re probably wondering where you can invest your crypto coins. Markets have popped up all over the digital web designed to purchase and sell NFTs with cryptocurrency! OpenSea can be one and is 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 most popular marketplaces among cryptocurrency users because of its security and quick transactions.
So, hop on board and let’s see what you can do with 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 review. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Symtpoms Nft 1
The goal to create OpenSea was to provide artists with a marketplace/platform to upload their commissions, without having to pay any additional fees. There are additional features that allow you to sell your work without having to deal with many difficulties.
For the registration process, you don’t have to provide any personal information 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 much hassle as you step into NFTs.
The most widely-used cryptocurrency to use within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology, and this is used for the majority of transactions. It is also based using the Polygon blockchain to ensure lower costs and faster trading.
There are two types of blockchains available you can pick which one you would like to publish your NFT as seller. This will ensure the security of your NFT as well as the people who want to purchase it. All transactions are made by using the blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall that lets you trade your cryptocurrency or NFTs for other NFTs. You can purchase anything from the simplest domain name, to a piece of art by an artist you admire. Anyone can become a seller however, it takes some time before anyone can become an established seller.
There is a wide variety in the collection on OpenSea and you could become a part of the collection! You can start your own market here, along with finding NFTs you’d like to buy yourself.
What is an NFT?
In a recent advancement for the crypto market,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the 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 anyone who is new in the field of cryptocurrency.
One of the latest ways you can purchase your cryptocurrency is an NFT. A NFT is a token that is non-fungible that is very unique and can’t be substituted. It could be an item of rareness, such as rare baseball trading cards in mint condition, or a unique vinyl album.
There’s no limit on what an NFT can be as it’s a non-fungible thing that you can sell online. It is simpler to simply imagine as an NFT as a digital item which is only paid in cryptocurrency.
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 marketplace, and you’re putting it up for sale. Typically, this is official once you fill out the proper information regarding the NFT and add it on the market.
On OpenSea, it’s a simple process to mine your NFTs by going to the store and then creating a collection to start! Complete the correct and complete information about your NFT and select the type of settings you want to use it with (e.g. blockchain and payments 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 to see if OpenSea is the best marketplace for you.
What NFTs are available here?
So, at this point, you’re probably wondering what kind of NFTs can you shop for here and what you can also sell if you choose to go that route. The kind of NFT it can be is indefinite since there’s a broad range of options for how to go about it.
You could be selling trade cards, digital goods games domain names, also physical goods! Explore what you believe can bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that sets OpenSea from other companies. There’s no cost for gas when you use this feature to make and then sell the NFTs. This means you’ll receive the maximum profits when you begin selling since you won’t need to spend on any additional charges.
There aren’t many NFT marketplaces offer this feature, which is why this is great for you to receive high profit from your collection.
This Referral Program is another unique aspect of OpenSea to be admired. Similar to traditional online markets there are benefits when you refer a friend to OpenSea! If you refer a friend to join OpenSea and buy an NFT from there, you’ll receive 2.50 percent of the sales amount, which means you can earn more cash from this act.
Other NFT marketplaces don’t offer this feature, so that’s just another advantage OpenSea is able to offer over other NFT 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 scroll through the list.
The mobile apps of OpenSea are available for the two platforms of iOS in addition to Android. Even though you can’t buy or sell something, you can browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available to you, and you can exchange your fiat money for cryptocurrency through these platforms. Symtpoms Nft 1
You can convert 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!
All of these have the option to exchange for ETH which is the primary cryptocurrency used in OpenSea.
Although OpenSea can be described as an NFT marketplace open to all types of cryptocurrency, the wallets nonetheless more compatible than others. Since it is built mainly around the ETH blockchain, any wallets which are part of that network will be suitable for this site.
Here’s a list different crypto wallets you can use in OpenSea:
- Authereum and more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each has its own limitations like easy registration, only mobile usage and the ability to purchase cryptocurrency with the credit card. Symtpoms Nft 1
To know more about it to learn more, check out their FAQs to get an overview of how you can get started and which other wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with its advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and cons here:
- Mobile apps available for iOS as well as Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalties of only 10% for artists (low royalty).
- It is not possible to buy or sell items through our mobile apps.
- Only supports cryptocurrency as its method of payment.
- The use of a Crypto account is needed to use this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. In the end, you’ll quickly recover this amount if you actively sell because there’s no additional cost for it.
Frequently Asked Questions Symtpoms Nft 1
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to give artists a chance to sell their works online, and to accept cryptocurrency as a form of payment. It’s an ideal platform for artists using it to sell NFTs because of its zero gas fees and low commission fees which you are required to pay.
You can shop and browse a vast collection of digital goods in this NFT marketplace, so you should check it out!
Is OpenSea real and is it safe?
The short answer is yes! OpenSea is a reputable marketplace since it was established in 2018. Since its system is built on a blockchain that is secure, you can claim that your transactions are protected and secured.
Additionally as a seller you’ll be verified when you’ve earned a reputation. A blue checkmark will be assigned next to your account or the collection you’ve uploaded to ensure the safety of any customer. The OpenSea team reviews regularly the content to ensure that users are protected.
How can I earn royalties on OpenSea?
Unfortunately, as an artist, you can get only 10 percent of the royalties when you upload the NFT. This is considered to be quite low in comparison with other NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) is commonly used on this site and numerous others to cater for the increasing number of cryptocurrency users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can use for OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. You can easily purchase or sell cryptocurrency on reliable platforms using fiat currency. All you need just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea have a desktop or mobile app?
As previously mentioned there’s an official mobile app by OpenSea that is available for iOS and Android. You can download it through their app store and begin browsing through the collection right now!
A version for desktops that OpenSea which can be downloaded from WebCatalog. With the desktop application you are able to manage multiple accounts as well as receive notifications about updates to your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).