Cryptocurrency is booming right now and you’re probably wondering where to invest your crypto-coins. Marketplaces are popping up across the internet, designed to sell and buy NFTs using cryptocurrency! OpenSea is among them and is worth checking out.
If you’re familiar with cryptocurrency, you’ve likely heard of OpenSea prior to this for a valid reason. It has become one of the largest and most popular marketplaces for users of cryptocurrency due to its security and rapid transactions.
Now hop aboard, and discover 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 will want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Tokenized Nft
The goal to create OpenSea was to offer a platform/marketplace for artists to easily upload their commissions with no additional costs. It also has additional functions that let you sell your artwork without any difficulties.
In terms of registration, you don’t need to worry about giving any personal information about yourself. All you need to do is connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as simple as that and without much hassle as you step into NFTs.
The most well-known cryptocurrency to use within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it, and this is used to carry out the majority of processes. It also functions with the Polygon blockchain to ensure the lowest cost and speediest trading.
There are two types of blockchains that are available, you can choose which one you would like to publish your NFT as a seller. This will ensure the security of your NFT, along with those who would like to purchase it. Every transaction will be conducted using this blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall where you can exchange your cryptocurrency or NFTs for other NFTs. You can buy anything the simplest domain name to official art from an artist you admire. Anyone can be a seller, but it takes time for anyone to be an established one.
There’s a huge selection in the collection of NFTs available at OpenSea and you can join in with the collection! You can create your own marketplace on this site, as well as find NFTs that you would like to purchase yourself.
What is an NFT?
A recent change in the crypto market the term “NFT” has been going around so long on the internet that a lot of millennials have heard of it but not exactly sure what it actually means. Let’s take a look at what NFT is for anyone who is new in cryptocurrency.
One of the new things you can buy can be an NFT. The NFT is a non-fungible token which is extremely unique and can’t be changed. It could be an item of any rareness, such as rare baseball trading cards in mint condition, or a rare vinyl record.
There’s no limit on what an NFT can be since it’s a non-fungible object you’re selling online. More straightforwardly, you can just consider as an NFT being a virtual item which is only paid in cryptocurrency.
Minting is like calling the shots to your NFTs. You are calling the ownership of the particular item you uploaded on the market place, but you’re putting it up for sale. Usually, this becomes official once you fill out all the necessary information about the NFT and then submit it for sale on.
On OpenSea, it’s a simple process to mint your NFTs. All you have to do is visit the store and simply create a collection! Fill out the proper and accurate information about your NFT and choose what kind of settings you’d like for it (e.g., blockchain or money transfer tokens). After that you are able to upload it if it fits the 100 MB limit.
It is possible to wait and see how transactions progress from now to see whether OpenSea is the best marketplace for you.
What NFTs can you get here?
At this point, you’re probably wondering which kind of NFT can be found here and what you can also sell if you choose to go down that path. The kind of NFT that you can purchase isn’t limited because there’s a wide range of how you can approach it.
You can be selling digital products, trading cards games domain names, some physical items! Find out what you think will reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that differentiates OpenSea from the others. There’s no cost for gas for using this feature when you make and then sell the 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, and it is a great way to make a huge profit from your collection.
A Referral Program is another unique aspect of OpenSea to take note of. Like traditional online marketplaces that offer benefits by referring your friend to OpenSea! If you refer a friend to join OpenSea and buy an NFT from the site you’ll be rewarded with 2.50 percent of the purchase amount, which allows you to make more money by this method.
Other NFT marketplaces do not have this feature and that’s another benefit OpenSea has over them.
There is an OpenSea mobile app, but it’s mostly used for perusing through the marketplace. You can’t buy or sell anything while you browse through the listing.
The mobile apps of OpenSea are available on the two platforms of iOS as well as Android. Even though you can’t buy or sell something, you can at least explore the products you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are to you, and you can convert your fiat money into cryptocurrency through these platforms. Tokenized Nft
You can exchange your fiat currency using a the credit card, or Paypal on these reliable websites to exchange it for crypto:
- Bittrex, and other things!
All of them have the option of converting them into ETH that is the standard cryptocurrency used in OpenSea.
While OpenSea can be described as an NFT marketplace open to all kinds of crypto, wallets are nevertheless more compatible than other. Since it is built on an ETH blockchain, all wallets with a connection to that network will be suitable for this site.
Here’s a list different crypto wallets you can use in OpenSea:
- Authereum and many more!
*Note: Wallets that are compatible with crypto can be seen 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 the credit card. Tokenized Nft
For more information about the service to learn more, check out their FAQs for a rundown 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 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 and Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalties 10% to artists (low royalties).
- You cannot buy or sell products via our mobile apps.
- Only supports cryptocurrency as its form of payment.
- A Crypto digital wallet must be used to use this marketplace.
OpenSea is open to everyone who has crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. However, overall, you will easily recover that amount when you are actively selling since there is no additional fee for it.
Frequently Asked Questions Tokenized Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to give artists a chance for selling their artwork online, and to accept cryptocurrency as a method of payment. It’s an excellent platform for artists using for selling NFTs due to its low gas costs and the low commission rate which you are required to pay.
You can browse and shop for the vast array of digital goods in this NFT marketplace, so you should check it out!
Is OpenSea real and is it safe?
Short answer: Yes! OpenSea has been a reliable marketplace since it was founded on the 1st of December in the year of 2018. Because its system is built on a blockchain that is secure, you can declare that transactions are safe and secure.
In addition as a seller you’ll be verified when you have built up your credibility. A blue checkmark will be assigned next to your account or collection you uploaded to reassure any customer. The OpenSea team reviews regularly the content to ensure users are secure.
How can I earn royalties on OpenSea?
However, as an artist, you can get only 10 percent of the royalties when you have uploaded the NFT. This is considered to be reasonably low compared against the other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) is widely utilized on this website and other sites to provide the increasing number of cryptocurrency users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize for OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. You can buy and sell cryptocurrency through reliable platforms using fiat currency. All you have be able to connect is your credit or Paypal for the transaction.
Does OpenSea have a desktop or mobile application?
As previously mentioned there’s an official mobile application from OpenSea for both iOS or Android. Download it at their respective app store, and begin browsing through the collection right now!
The desktop application for OpenSea can be downloaded via WebCatalog. With the desktop application you can manage multiple accounts and get 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/).