The crypto currency market is in a boom right now, and you’re probably wondering where to invest your crypto currency. Markets have popped up across the internet, designed to buy and sell NFTs with cryptocurrency! OpenSea is among them and is worth looking into.
If you’re interested in crypto you’ve probably heard of OpenSea prior to this for a valid reason. It has become one of the largest and leading marketplaces among cryptocurrency enthusiasts due to its security and quick transactions.
Now hop aboard, and discover the possibilities of OpenSea and also see what NFTs you can view!
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 Top Nft Crypto Projects
The purpose for OpenSea was to provide artists with a marketplace/platform to upload commissions with no additional fees. There are additional features that allow you to sell your work without having to deal with many issues.
In terms of the registration process, you don’t have to worry about giving 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 going through many hassles when you enter into NFTs.
The most popular cryptocurrency to use in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system, and this is used for the majority of transactions. It also functions on the Polygon blockchain to ensure lower costs and faster trading.
There are two types of blockchains available you can pick which one you want to upload your NFT on as a seller. This ensures the safety of your NFT, along with the people who want to buy it. All transactions will be made along with this blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything as simple as a domain name, to a piece of art from an artist you admire. Anyone can be a seller, but it takes a while before anyone can become an established one.
There are a variety of NFTs from the selection of NFTs available at OpenSea and you can join in with this! You can set up your own personal market there, and also find NFTs that you would like to purchase yourself.
What is an NFT?
In a recent development for the cryptocurrency industry, the term “NFT” has been going around for so long on internet that a lot of millennials have heard of it but not exactly sure what it is. Let’s take a look at what NFT is for any beginners in cryptocurrency.
One of the new things you can purchase your cryptocurrency includes an NFT. An NFT is a non-fungible currency that is unique and can’t be replaced. It could be an item of rarity like mint-condition baseball trading cards or a unique vinyl album.
There’s no limit to what an NFT could be, since it’s a non-fungible item that you can sell online. It is simpler to simply consider as an NFT to be a type of digital item paid via cryptocurrency only.
Minting is like calling the shots to your NFTs. It is a way of claiming ownership over that particular token/item that you posted to the marketplace, and putting it up for sale. Usually, this becomes official after you fill in all the necessary information about the NFT and then submit it for sale on.
On OpenSea It’s a very simple procedure to create your own NFTs by going to the store and then create a collection! Complete the correct and accurate information about your NFT and choose what kind of settings you’d like to use it with (e.g., blockchain and payment tokens). Once that’s all done, you can finally upload it to the internet if it’s in the limit of 100MB.
You can wait and observe how the transactions go from here on out to determine if OpenSea is the right marketplace for you.
What NFTs are available here?
At this point, you’re probably wondering which kind of NFT be purchased here and what you can sell should you decide to go down that path. The type of NFT it can be is indefinite since there’s a broad range of how you can do it.
You can be selling trade cards, digital goods game assets domain names, some physical items! Explore what you believe can yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that sets OpenSea from the others. There are zero gas fees for using this feature to mint and sell NFTs. This simply means that you’ll be able to make the highest profits once you begin selling since you won’t need to spend on additional fees.
Very few NFT marketplaces provide this feature, which is why this can be a fantastic way to receive high profit from your portfolio.
A Referral Program is a different aspect of OpenSea to take note of. Like traditional online marketplaces, you can receive benefits when you refer a friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from the site, you’ll receive 2.50 percent of the sales amount, letting you make more money through this action.
Other NFT marketplaces do not have the same feature, so that’s just another advantage OpenSea has over them.
There is an OpenSea mobile app, but it is mainly used for perusing through the marketplace. You can’t buy or sell items as you browse through the listings.
The mobile apps of OpenSea are available on the two platforms of iOS in addition to Android. Even though you can’t buy or sell something, you can at least look through the options you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are for you to use You can also exchange your fiat money for cryptocurrency on these platforms. Top Nft Crypto Projects
You can convert your fiat currency using a the credit card, or Paypal on these reliable websites for cryptocurrency:
- Bittrex and more!
All of these have the option of exchange for ETH, which is the most common cryptocurrency used in OpenSea.
While OpenSea is an NFT marketplace open to all kinds of cryptocurrency, the wallets nonetheless more compatible than other. Because it is based on the ETH blockchain, any wallets with a connection to this network are appropriate for this website.
Here’s a list several crypto wallets you can utilize in OpenSea:
- Authereum and more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each wallet has its own restrictions including simple registration, mobile-only usage, and the function to purchase cryptocurrency with the credit card. Top Nft Crypto Projects
For more information about the service to learn more, check out their FAQs to get an overview of how you can start 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:
- Mobile apps available for iOS as well as Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto market and NFTs.
- Allows royalties of only up to 10% for artists (low royalties).
- Cannot buy or sell via the mobile app.
- Only accepts cryptocurrency as a form of payment.
- An 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 selling, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. In the end, you’ll easily recover that amount when you are actively selling since there’s no additional cost for it.
Frequently Asked Questions Top Nft Crypto Projects
What is OpenSea?
OpenSea is an NFT marketplace that aims to provide artists a platform to sell their works online, and to accept cryptocurrency as a method of payment. It’s a great option for artists who want to use it to sell NFTs due to its low cost of gas and the low commission rate that you have to pay.
You can shop and browse an array of digital products on this NFT marketplace which is why you should definitely go through it!
Is OpenSea legit & secure?
Answer: Yes! OpenSea has been a reliable marketplace since it was founded at the end of 2018. Since its system is based on a blockchain, it is safe to declare that transactions are secure and safe.
In addition, as a seller, you will be verified after you build up your reputation. A blue checkmark is placed on your account or collection you’ve uploaded to ensure the safety of every customer. The OpenSea team reviews regularly the contents to ensure users are safe.
How can I earn royalties on OpenSea?
As an artist, you’ll be paid only 10 percent of the royalties after you have uploaded the NFT. This is considered to be reasonably low compared to other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) is widely utilized on this website 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 to access OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. You can buy and sell cryptocurrency through reliable platforms using fiat currency. All you have to do is connect your credit card or Paypal for the transaction.
Does OpenSea have a desktop/mobile application?
As we mentioned earlier, there is definitely an official mobile app by OpenSea that is available for iOS or Android. Download it at their respective app store and you can start exploring the collection right now!
The desktop application for OpenSea that can be downloaded through WebCatalog. On the desktop app you can manage multiple accounts and 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/).