Cryptocurrency is booming right now and you’re probably wondering where to invest your crypto currency. Markets have popped up all over the web that allow users to buy and sell NFTs via cryptocurrency! OpenSea is one of them, and it’s worth a look.
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 among users of cryptocurrency due to its security and rapid transactions.
Get on board, and let’s see what you can do with OpenSea, along with checking what NFTs you can view!
Before you go on, you may want to check out 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 Top 3 Nft
The purpose to create OpenSea was to offer an online marketplace for artists to upload their commissions with no additional charges. It has more functions which allow you to market your work without having to deal with many issues.
When it comes to registration, you won’t have to provide all of your personal details. 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 popular cryptocurrency to use in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it and is used for most processes. It is also based with the Polygon blockchain, which allows for lower costs and faster trading.
With these two types of blockchains that are available you can pick which one you’d like to transfer your NFT to as seller. This will ensure the security of your NFT as well as those who would like to purchase it. All transactions will be made by using the blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace where you can exchange your NFTs or cryptocurrency for other NFTs. You can purchase anything from the simplest domain name, to a piece of art from an artist that you admire. Anyone can become a seller however, it takes a while before anyone can become an established one.
There’s a huge selection of NFTs available on OpenSea, and you can also be a part of that! You can set up your own marketplace on this site, as well as find NFTs you’d like to buy for yourself.
What is an NFT?
In a recent development for the crypto market, the term “NFT” has been going around for so long on internet that a lot of millennials are familiar with it but not exactly sure what it is. Let’s look at what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the newest things you can buy includes an NFT. The NFT is a non-fungible token that is unique and can’t be substituted. It could be a piece of rarity like mint-condition baseball trading cards or a rare vinyl record.
There is no limit to what an NFT can be as it’s a non-fungible thing that you sell on the internet. It is simpler to just think of the NFT being a virtual item which is only paid in cryptocurrency.
Minting is similar to calling for dibs for your personal NFTs. You are calling ownership over that particular token/item you uploaded on market, as 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 mine your NFTs by going to the store and simply creating a collection to start! Fill out the proper and correct information regarding your NFT and select the type of settings you’d like for it (e.g. blockchain or money transfer tokens). After you’ve completed the process you are able to upload it to the internet if it’s in the limit of 100MB.
You can watch and see how transactions progress from now on to determine if OpenSea is the marketplace for you.
What NFTs can you get here?
So, at this point, you’re probably wondering what kind of NFTs be found here, and what you could also sell if you choose to go that route. The kind of NFT it is unlimited as there’s a variety of options for how to go about it.
You could be selling trade cards, digital goods games, domain names, and also physical goods! Consider what you believe will reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what separates OpenSea from other companies. There are zero gas fees for using this feature when you create and market NFTs. This simply means that you’ll be able to make the highest profits once you sell because you won’t have to spend on additional fees.
Very few NFT marketplaces have this feature, and it is great for you to make a huge profit from your collection.
The Referral Program is another distinctive feature of OpenSea to be admired. Similar to traditional online markets there are advantages when you refer a friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from there you’ll earn 2.50% of the sale amount, which means you can make more money through this action.
Other NFT marketplaces don’t offer this kind of feature either This is a further advantage OpenSea has over the other marketplaces.
There is an OpenSea mobile app, but it is mainly used to browse through the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listing.
The mobile apps of OpenSea are available on both iOS and Android. Even though you can’t buy or sell things, you can explore the products you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available at your disposal, and you can exchange your fiat money for cryptocurrency using these platforms. Top 3 Nft
You can convert the fiat currency you have with a the credit card, or Paypal via these reputable websites for cryptocurrency:
- Bittrex, and many more!
All of these have the option to exchange for ETH that is the most common cryptocurrency payment option in OpenSea.
Although OpenSea is an NFT marketplace open to all kinds of crypto, wallets are still more compatible with it than others. Since it is built around the ETH blockchain, wallets which are part of that network will be suitable for the site.
Here is a list of several crypto wallets you can utilize in OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations like easy registration, mobile-only usage, and the function to buy cryptocurrency using credit cards. Top 3 Nft
To learn more about it, you can check their FAQs to see a rundown of how you can get started and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets every one of them has its advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and pros here:
- Mobile apps available that are compatible with iOS or Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalties up to 10% for artists (low royalty).
- It is not possible to buy or sell items through the mobile app.
- Only accepts cryptocurrency as a type of payment.
- The use of a Crypto digital wallet must be used to use this marketplace.
OpenSea is available to anyone who has any crypto currency in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. However, overall, you will easily recover that amount when you are actively selling since there’s no extra charge for it.
Frequently Asked Questions Top 3 Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to provide artists a platform for selling their artwork online, and to accept cryptocurrency as a method of payment. It’s a great platform for artists who use the platform to market NFTs due to its low gas fees and the low commission rate which you are required to pay.
You can browse and purchase the vast array of digital goods in this NFT marketplace which is why you should definitely take a look!
Is OpenSea legitimate and is it safe?
The short answer is yes! OpenSea is a reputable marketplace since its inception in the year 2018. Since the system it operates on is built on blockchain technology and is secured, it is safe to claim that your transactions are secure and safe.
In addition as a seller you will be verified after you’ve earned a reputation. A blue checkmark will appear to your account or collection that you have uploaded to assure any customer. The OpenSea team reviews regularly the content to ensure that users are protected.
How can I earn royalties from OpenSea?
As an artist, you’ll get only 10 percent of the royalties when you upload the NFT. This is considered to be quite low in comparison to other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) can be frequently used on this site as well as many others to accommodate many more crypto users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can utilize to use OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. You can buy and trade cryptocurrency using trusted platforms with fiat money. All you need to do is connect your credit card or Paypal for the transaction.
Does OpenSea have a desktop/mobile app?
As previously mentioned there’s an official mobile app from OpenSea that is available for iOS as well as Android. You can download it through their app store and you can start browsing through the collection right now!
The Desktop application that OpenSea which can be downloaded from WebCatalog. On the desktop app you are able to manage multiple accounts and get notifications on updates regarding your account when you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).