Cryptocurrency is booming right now, and you’re probably wondering where to invest your crypto currency. Markets have popped up across the digital web designed to purchase and sell NFTs via cryptocurrency! OpenSea is one of them and is worth checking out.
If you’re familiar with cryptocurrency, you’ve probably heard about OpenSea previously for a valid reason. It’s now one of the biggest and most popular marketplaces among cryptocurrency users because of its safety and speedy 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 go on, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace The Nft Vehicle
The goal of OpenSea was to simply provide a platform/marketplace for artists to upload their commissions without any extra costs. It has more functions that let you sell your art without too many problems.
When it comes to the registration process, you don’t have to provide too many details about yourself. All you need to connect your crypto wallet and voila! You have an account on OpenSea! It’s as easy as that, without many hurdles as you walk into NFTs.
The most popular cryptocurrency that is used in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology, and this is used for most processes. It is also based using the Polygon blockchain, which allows for lower costs and faster trading.
With these two types of blockchains that are available it is possible to choose which one you want to publish your NFT as a seller. This will ensure the security of your NFT and those who wish to purchase it. All transactions are made along with this blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall where you can exchange your cryptocurrency or NFTs for other NFTs. You can buy anything just a domain name to official art from an artist you admire. Anyone can sell however, it takes some time before anyone can become an established one.
There’s a huge selection in the collection at OpenSea and you could also be a part of the collection! You can start your own marketplace here, along with finding NFTs you want to purchase for yourself.
What is an NFT?
In a recent development for the crypto industry,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that many millennials are familiar with it , but not exactly sure what it means. Let’s take a look at what NFT is for any beginners in cryptocurrency.
One of the new things you can buy is an NFT. The NFT is a token that is non-fungible that is very individual and cannot be changed. It could be a piece of rareness, such as rare baseball trading cards in mint condition or a rare vinyl record.
There is no limit to what an NFT can be as it’s a non-fungible object that you can sell on the internet. It is simpler to just imagine an NFT to be a type of digital collectible paid via cryptocurrency only.
Minting is like calling the shots on your own NFTs. You are calling the owner of the item or token you uploaded on the marketplace, and selling it. Usually, this becomes official when you have filled in the proper information regarding the NFT and then upload it to the marketplace.
On OpenSea, it’s a simple process to mine your NFTs by visiting the store and create a collection! Complete the correct and accurate information about your NFT and select the type of settings you’d like to use to use it with (e.g., blockchain and money transfer tokens). After that then you’re able to upload it if it fits the limit of 100MB.
You can watch and see how the transactions go from now to determine whether OpenSea is the best marketplace for you.
What NFTs can you get here?
So, at this point you’re probably thinking about which kind of NFT can be found here and what you can sell should you decide to go down that path. The kind of NFT it can be is unlimited because there’s a wide range of how you can do it.
You could be selling digital products, trading cards games domain names, even physical assets! Consider what you believe will bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what sets OpenSea from the other options. There are no gas costs for using this feature to create and market NFTs. This means you’ll receive the maximum profits when you sell because you won’t have to spend on additional fees.
There aren’t many NFT marketplaces have this feature, so this is a great way to earn a high return from your NFT collection.
This Referral Program is another distinctive feature of OpenSea to take note of. Similar to traditional online markets, you can receive benefits 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 earn 2.50 percent of the sales amount, which allows you to earn more money through this action.
Other NFT marketplaces don’t offer this feature and that’s another benefit OpenSea has over the other marketplaces.
There’s an OpenSea mobile app, but it is mainly used to browse through the marketplace. It isn’t able to purchase or sell anything as you browse through the listing.
OpenSea’s mobile apps are available for the two platforms of iOS and Android. Although you aren’t able to purchase or sell things, you can at least explore the products you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are to you, and you can convert your fiat money into cryptocurrency using these platforms. The Nft Vehicle
You can exchange your fiat money via credit card or Paypal on these reliable websites to exchange it for crypto:
- Bittrex, and many more!
All of them have the option to exchange for ETH, which is the standard cryptocurrency used in OpenSea.
Although OpenSea has been described as being an NFT marketplace that is open to all forms of crypto, wallets are nevertheless more compatible than other. Since it is built mainly using the ETH blockchain, all wallets with a connection to the same network are suitable for this website.
Here’s a list of different crypto wallets you can use in OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each has its own limitations including simple registration, only mobile usage as well as the capability to purchase cryptocurrency with a credit card. The Nft Vehicle
To know more about it, you can check their FAQs to get the steps you can start and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with its advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and cons here:
- Available as mobile apps that are compatible with iOS or Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto market and NFTs.
- Allows royalty rates of 10% to artists (low royalties).
- You cannot buy or sell products on our mobile apps.
- Only accepts cryptocurrency as a form of payment.
- A Crypto wallet is required to use this marketplace.
OpenSea is available to anyone 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. But overall, you can quickly regain that when you are actively selling since there is no additional fee for it.
Frequently Asked Questions The Nft Vehicle
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to offer artists a way to market their work online, and to accept cryptocurrency as a method of payment. It’s an excellent platform for artists who use it to sell NFTs due to its no gas costs and low commission fees which you are required to pay.
You can browse and shop for an array of digital products on this NFT marketplace and you must check it out!
Is OpenSea legit & safe?
The short answer is yes! OpenSea has been a reliable marketplace since it was established at the end of the year of 2018. Since the system it operates on is built on blockchain technology, it is safe to say that your transactions are secure and safe.
Additionally, as a seller, you can become verified once you’ve earned a reputation. A blue checkmark will appear on your account or any collection you uploaded to reassure anyone who buys from you. The OpenSea team reviews regularly the content to ensure users are safe.
How can I earn royalties from OpenSea?
However, as an artist, you’ll receive only up to 10 percent of the royalties when you have uploaded the NFT. This is considered to be a reasonable amount compared with other NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) is widely used on this site as well as other sites to provide the increasing number of cryptocurrency users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can use to access OpenSea.
What are the payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. You can buy and sell cryptocurrency on secure platforms that accept fiat money. All you have be able to connect is your credit or Paypal for the transaction.
Does OpenSea have a desktop/mobile app?
As we mentioned earlier, there is definitely an official mobile app from OpenSea for both iOS as well as Android. Download it at their respective app store and then you can begin exploring the collection right now!
There is also a Desktop application that OpenSea that can be downloaded through WebCatalog. In the desktop application, you can manage multiple accounts as well as receive alerts on any updates that affect your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).