The cryptocurrency market is on the rise, and you’re probably wondering what you can do with your crypto currency. Marketplaces are popping up across the internet, designed to buy and sell NFTs using cryptocurrency! OpenSea is among them and is worth looking into.
If you’re interested in crypto you’ve probably heard of OpenSea previously for a valid reason. It’s now one of the largest and leading marketplaces among cryptocurrency enthusiasts due to its security and quick transactions.
Get on board, and let’s see the possibilities of OpenSea as well as examining the NFTs available to 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 the article for a more comprehensive review.
OpenSea as an NFT Marketplace Top Nft Marketplaces
The purpose for OpenSea was to offer an online marketplace for artists to upload their commissions with no additional costs. There are additional features that allow you to sell your work without having to deal with many problems.
In terms of registration, you don’t need to worry about giving all of your personal details. All you need to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as easy as that and without many hurdles as you walk into NFTs.
The most widely-used cryptocurrency to use in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology and is used to carry out the majority of 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, you can choose which one you’d like to upload your NFT on as an seller. This ensures the safety of your NFT and the people who want to purchase it. All transactions will be made by using the blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless where you can exchange your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything just a domain name to official art from an artist that you admire. Anyone can be a seller however it takes some time for anyone to be an established one.
There are a variety of NFTs of NFTs available of NFTs available at OpenSea and you can also be a part of 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 crypto industry”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that the majority of young people are familiar with it but not exactly sure what it is. Let’s take a look at what NFT is for anyone who is new in the field of cryptocurrency.
One of the newest things you can buy is an NFT. A NFT is a token that is non-fungible that is exclusive and cannot be substituted. It could be an item of rareness, such as authentic baseball cards or a uncommon vinyl record.
There’s no limit to what an NFT could be, since it’s a non-fungible object that you sell on the internet. More straightforwardly, you can simply consider the NFT to be a type of digital item which is only paid in cryptocurrency.
Minting is like calling dibs for your personal NFTs. It is a way of claiming the ownership of the particular item you uploaded on market, as offering it for sale. Usually, this is recognized once you fill out the proper information regarding the NFT and then add it on the market.
On OpenSea, it’s a simple process to mine your NFTs. All you have to do is visit the store and then creating a collection to start! Fill out the proper and accurate information about your NFT and then select what type of settings you’d like for it (e.g., blockchain or payments tokens). Once that’s all done then you’re able to upload it to the internet if it’s in the limit of 100MB.
You can wait and observe how transactions progress from now to determine whether OpenSea is the right marketplace for you.
What NFTs can you find here?
At this point you’re probably thinking about what kind of NFTs be found here and what kind of NFTs you can sell should you decide to go down that path. The kind of NFT it is indefinite since there’s a broad range of options for how to go about it.
You can be selling digital products, trading cards games domain names, also physical goods! Explore what you believe can bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that sets OpenSea from other companies. There are no gas costs for using this feature when you create and market NFTs. This means you’ll receive the maximum profits when you start selling because you won’t need to spend on additional fees.
Not many NFT marketplaces provide this feature, which is why this is great for you to receive high profit from your collection.
A Referral Program is another distinctive feature of OpenSea to take note of. Like traditional online marketplaces there are advantages by referring 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 purchase amount, which allows you to earn more cash through this action.
Other NFT marketplaces don’t offer this kind of feature either, so that’s just another benefit OpenSea has over the other marketplaces.
There is an OpenSea mobile application, however it’s mostly used for perusing through the marketplace. Unfortunately, you can’t purchase or sell anything as you browse through the listings.
The mobile apps of OpenSea are available on the two platforms of iOS in addition to Android. While you’re not able to buy or sell things, you can at least browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available for you to use, and you can exchange your fiat money for cryptocurrency through these platforms. Top Nft Marketplaces
You can swap your fiat currency using a your credit or debit card as well as Paypal via these reputable websites to exchange it for crypto:
- Bittrex, and more!
All of these have the option to exchange for ETH which is the most common cryptocurrency used in OpenSea.
Although OpenSea is an NFT marketplace open to all forms of cryptocurrency, wallets are still more compatible with it than other. Because it is based on an ETH blockchain, all wallets that share that network will be suitable for this site.
Here’s a list several crypto wallets you can use in OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each wallet has its own restrictions including simple registration, use on mobile devices only and the ability to purchase cryptocurrency using the credit card. Top Nft Marketplaces
To know more about it, you can check their FAQs to get the steps you can begin and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and cons here:
- Mobile apps available for iOS or Android.
- Smart contracts can be used to perform transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto industry and NFTs.
- Allows royalties of only 10% to artists (low royalty).
- You cannot buy or sell products through this mobile application.
- Only accepts cryptocurrency as a method of payment.
- A Crypto digital wallet must be used to access this marketplace.
OpenSea is available to anyone who has any crypto currency in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. However, overall, you will quickly regain that when you sell regularly since there’s no additional cost for it.
Frequently Asked Questions Top Nft Marketplaces
What is OpenSea?
OpenSea is an NFT marketplace that seeks to provide artists a platform to market their work online to receive cryptocurrency as their form of payment. It’s an excellent option for artists who want to use the platform to market NFTs due to its low cost of gas and the low commission rate you must pay.
You can browse and purchase an array of digital products on this NFT marketplace, so you should go through it!
Is OpenSea legit & is it safe?
Short answer: Yes! OpenSea has been a reliable marketplace since its inception at the end of 2018. Because its system is built on blockchain technology, it is safe to declare that transactions are protected and secured.
In addition, as a seller, you will be verified after you build up your reputation. A blue checkmark will be assigned next to your account or collection you’ve uploaded to ensure the safety of any customer. OpenSea’s team regularly reviews the contents to ensure users are protected.
How can I earn royalties on OpenSea?
Unfortunately, as an artist, you’ll be paid only 10 percent of the royalties after you upload the NFT. This is considered to be quite low in comparison against the other NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) has been commonly used on this site as well as numerous others to cater for more crypto users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can use to access OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. It is easy to buy or trade cryptocurrency using secure platforms that accept fiat money. All you have to do is connect your credit card or Paypal for the transaction.
Does OpenSea have a desktop or mobile app?
As previously mentioned There is an official mobile app from OpenSea for both iOS as well as Android. Download it at their respective app store and begin browsing through the collection right now!
There is also a version for desktops that OpenSea which can be downloaded from WebCatalog. In the desktop application you can manage multiple accounts as well as receive notifications on updates regarding your account while you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).