Cryptocurrency is booming right now, and you’re probably wondering where to invest your crypto currency. There are numerous marketplaces popping up across the web that allow users to sell and buy NFTs via cryptocurrency! OpenSea is among them and is worth looking into.
If you’re interested in crypto you’ve likely heard of OpenSea before for a good reason. It has become one of the biggest and most popular marketplaces among cryptocurrency users because of its security and quick transactions.
Get on board, and let’s explore what you can do with OpenSea and also see the NFTs that you can see!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Top Nft Art
The purpose of OpenSea was to provide an online marketplace for artists to upload commissions with no additional charges. There are additional features that let you sell your art without too many problems.
When it comes to registration, you don’t need to provide too many details about yourself. All you have to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It can be as simple as that and without many hurdles as you walk into NFTs.
The most widely-used cryptocurrency to use on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it and is used for most processes. It is also based using the Polygon blockchain to ensure the lowest cost and speediest trading.
With these two types of blockchains that are available it is possible to choose which one you’d like to publish your NFT as an seller. This is to ensure the security of your NFT and those who would like to buy it. All transactions are made along with this blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from as simple as a domain name to an official artwork by an artist you admire. Anyone can sell, but it takes time for anyone to be an established seller.
There’s a huge selection of NFTs available on OpenSea and you can become a part of the collection! You can create your own marketplace here, along with finding NFTs that you would like to purchase yourself.
What is an NFT?
A recent change in the crypto market,”NFT,” a popular term in the crypto industry “NFT” has been going around so long on the internet that the majority of young people are familiar with it but aren’t exactly sure what it is. Let’s break down what an NFT is for any beginners in cryptocurrency.
One of the new things you can purchase your cryptocurrency can be an NFT. The NFT is a non-fungible currency that is very unique and can’t be changed. This can be an item of any rareness like rare baseball trading cards in mint condition or unique vinyl album.
There’s no limit on what an NFT can be since it’s a non-fungible object that you sell on the internet. It is simpler to just think of an NFT being a virtual item that is paid for using cryptocurrency only.
Minting is similar to calling for dibs to your NFTs. You are calling the ownership of the particular item you uploaded on the marketplace, and you’re offering it for sale. Usually, this is recognized when you have filled in the proper information regarding the NFT and finally add it on the market.
On OpenSea it’s a straightforward process to mint your NFTs by visiting the store and then creating a collection to start! Input the appropriate and correct information regarding your NFT and choose what kind of settings you want to use it with (e.g., blockchain, payment tokens). Once that’s all done 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 the transactions go from now on to see whether 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 purchased here and what kind of NFTs you can also sell if you choose to go that route. The kind of NFT that you can purchase isn’t limited as there’s a variety of ways to approach it.
You can be selling trade cards, digital goods game assets, domain names, and even physical assets! Explore what you believe can bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that separates OpenSea from the others. There are zero gas fees for using this feature when you create and market NFTs. This simply means that you’ll receive the maximum profits when you start selling because you won’t have to spend on extra fees.
There aren’t many NFT marketplaces provide this feature, so this is a great way to make a huge profit from your collection.
A Referral Program is a different aspect of OpenSea to take note of. Similar to traditional online markets there are benefits when you refer someone else to OpenSea! If you invite a friend to join OpenSea and buy an NFT from there you’ll earn 2.50 percent of the purchase amount, which allows you to earn more cash by this method.
Other NFT marketplaces do not have this kind of feature either and that’s another advantage OpenSea has over the other marketplaces.
There’s an OpenSea mobile application, however it’s mostly used for perusing through the marketplace. It isn’t able to purchase or sell anything as you browse through the listing.
The mobile apps of OpenSea are available on both iOS in addition to Android. Although you aren’t able to purchase or sell something, 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 available to you to convert your fiat money into cryptocurrency on these platforms. Top Nft Art
You can exchange your fiat money via your credit or debit card as well as Paypal through these trusted sites for cryptocurrency:
- Bittrex, and other things!
All of these have the option to exchange for ETH, which is the standard cryptocurrency payment option in OpenSea.
Although OpenSea is an NFT marketplace that is open to all types of crypto, wallets are nonetheless more compatible than other. Since it is built mainly around an ETH blockchain, any wallets with a connection to the same network are suitable for this website.
Here’s a list different crypto wallets you can use in OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, use on mobile devices only and the ability to buy cryptocurrency using the credit card. Top Nft Art
To learn more about it to learn more, check out their FAQs to see 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 advantages and drawbacks. OpenSea isn’t the only one to have this. It is possible to read about its pros and cons here:
- Mobile apps available that are compatible with iOS and 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 royalties of only up to 10% for artists (low royalty).
- Cannot buy or sell through our mobile apps.
- Only accepts cryptocurrency as a type of payment.
- 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 selling, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. In the end, you’ll quickly regain that when you actively sell because there’s no additional cost for it.
Frequently Asked Questions Top Nft Art
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to provide artists a platform to sell their works online, and to accept cryptocurrency as a form of payment. It’s an excellent platform for artists who use it to sell NFTs because of its zero gas costs and low commission fees that you have to pay.
You can shop and browse a vast collection of digital items on the NFT marketplace which is why you should definitely take a look!
Is OpenSea legitimate and is it safe?
The short answer is yes! OpenSea has been a reliable marketplace since its inception in the year of 2018. Since the system it operates on is built on a blockchain and is secured, it is safe to say that your transactions are safe and secure.
In addition, as a seller, you will be verified after you’ve earned a reputation. A blue checkmark will be assigned next to your account or collection you uploaded to reassure anyone who buys from you. The team at OpenSea regularly checks the content to ensure users are safe.
How do I earn royalties on OpenSea?
However, as an artist, you will get only 10% of the royalties once you have uploaded the NFT. This is considered to be reasonably low compared with the other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) can be frequently used on this site and numerous others to cater for more crypto users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can make use of for OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. You can easily purchase or sell cryptocurrency through secure platforms that accept fiat money. All you have be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea have a desktop/mobile app?
As mentioned before, there is definitely an official mobile app by OpenSea available for both iOS and Android. Install it from their app store, and then you can begin exploring the collection now!
The version for desktops that OpenSea can be downloaded via WebCatalog. On the desktop app 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/).