Cryptocurrency is booming right now and you’re probably thinking where to invest your crypto-coins. There are numerous marketplaces popping up all over the digital web designed to sell and buy NFTs via cryptocurrency! OpenSea can be one and is worth checking out.
If you’re interested in crypto, you’ve likely heard of OpenSea prior to this for a valid reason. It’s one of the largest and most popular marketplaces for cryptocurrency enthusiasts due to its security and quick transactions.
Get on board, and let’s explore the possibilities of 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 review. After, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Top Nft Websites
The goal for OpenSea was to simply provide a platform/marketplace for artists to upload their commissions with no additional costs. It has more functions that let you sell your art without too many difficulties.
In terms of registration, you don’t need to provide any personal information about yourself. All you have to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as simple as that and without many hassles when you enter into NFTs.
The most well-known cryptocurrency that is used in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it and is used for most processes. It also functions with the Polygon blockchain, which ensures the lowest cost and speediest trading.
With these two kinds of blockchains that are available it is possible to choose which one you’d like to publish your NFT as a seller. This will ensure the security of your NFT and those who wish to buy it. All transactions will be made by using the blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall that lets you trade your NFTs or cryptocurrency for other NFTs. You can buy anything as simple as a domain name, to a piece of art from an artist that you admire. Anyone can be a seller however, it takes time for anyone to be an established one.
There is a wide variety from the selection at OpenSea, and you can join in with the collection! You can start your own marketplace here, along with finding NFTs you’d like to buy yourself.
What is an NFT?
In a recent development for the crypto industry, the term “NFT” has been going around for so long on the internet that many millennials are familiar with it but aren’t sure exactly what it is. Let’s take a look at what NFT is for any beginners in cryptocurrency.
One of the latest ways you can purchase your cryptocurrency includes an NFT. The NFT is a non-fungible currency which is extremely unique and can’t be substituted. This can be an item of rareness like rare baseball trading cards in mint condition or rare vinyl record.
There’s no limit on what an NFT could be, since it’s a non-fungible thing you’re selling on the internet. More straightforwardly, you can just consider the NFT as a digital item that is paid for using cryptocurrency only.
Minting is like calling the shots on your own NFTs. You’re claiming the owner of the item or token you uploaded on the market place, but you’re putting it up for sale. Usually, this becomes official once you fill out the correct information about the NFT and then upload it to the marketplace.
On OpenSea it’s a straightforward process to mine your NFTs by going to the store and simply creating a collection to start! Input the appropriate and accurate information about your NFT and then select what type of settings you’d like to use it with (e.g. blockchain, payments tokens). Once that’s all done you are able to upload it, if it’s within the 100 MB limit.
You can wait and observe how transactions progress from now to determine if OpenSea is the right marketplace for you.
What NFTs can you find here?
At this point you’re probably thinking about the kind of NFTs be purchased here, and what you could also sell if you choose to go that route. The kind of NFT it can be isn’t limited since there’s a broad range of how you can go about it.
You could be selling digital products, trading cards games domain names, some physical items! Explore what you believe can yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what sets OpenSea from the other options. There are zero gas fees when you utilize this feature when you create and market NFTs. This simply means that you’ll receive the maximum profits when you begin selling since you won’t need to spend on additional fees.
Very few NFT marketplaces provide this feature, which is why this is great for you to receive high profit from your NFT collection.
A Referral Program is another unique aspect of OpenSea to be admired. Similar to traditional online markets, you can receive rewards when you refer a friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from the site, you’ll receive 2.50 percent of the sales amount, letting you earn more cash from this act.
Other NFT marketplaces don’t offer this kind of feature either and that’s another benefit OpenSea has over them.
There is an OpenSea mobile app, but it is mainly used to browse the marketplace. You can’t buy or sell anything as you browse through the listing.
The mobile apps of OpenSea are available for both iOS in addition to Android. Although you aren’t able to purchase or sell something, you can look through the options you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are to you to exchange your fiat money for cryptocurrency on these platforms. Top Nft Websites
You can swap your fiat money via the credit card, or Paypal on these reliable websites for cryptocurrency:
- Bittrex and more!
All of these have the option of converting them into ETH, which is the standard crypto payment in OpenSea.
While OpenSea has been described as being an NFT marketplace that is open to all kinds of crypto, wallets are nevertheless more compatible than other. Because it is based using the ETH blockchain, wallets with a connection to the same network are suitable for the site.
Here is a list of several crypto wallets you can use in OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each wallet has its own restrictions like easy registration, only mobile usage and the ability to purchase cryptocurrency using credit cards. Top Nft Websites
To learn more about it to learn more, check out their FAQs to get an overview of how you can get started and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with its advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and cons here:
- Available as mobile apps that are compatible with iOS as well as Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto industry and NFTs.
- Allows royalties 10% to artists (low royalties).
- Cannot buy or sell through our mobile apps.
- Only supports cryptocurrency as its type of payment.
- An Crypto account is needed for 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 quickly regain that when you actively sell because there is no additional fee for it.
Frequently Asked Questions Top Nft Websites
What is OpenSea?
OpenSea is an NFT marketplace that aims to offer artists a way for selling their artwork online, and to accept cryptocurrency as a form of payment. It’s an ideal option for artists who want to use it to sell NFTs due to its no cost of gas and low commission fees that you have to pay.
You can shop and browse the vast array of digital goods in this NFT marketplace and you must check it out!
Is OpenSea legitimate and is it safe?
The short answer is yes! OpenSea has been a reliable marketplace since it was established on the 1st of December in the year 2018. Since the system it operates on is built on a blockchain and is secured, it is safe to claim that your transactions are safe and secure.
Furthermore as a seller you’ll be verified when you have built up your credibility. A blue checkmark will be assigned on your account or the collection that you have uploaded to assure every customer. OpenSea’s team regularly reviews the content to ensure users are safe.
How can I earn royalties from OpenSea?
However, as an artist, you will get only 10 percent of the royalties when you upload the NFT. This is thought to be quite low in comparison against the other NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) has been widely used on this site and numerous others to cater for the increasing number of crypto users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of to use OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. It is easy to buy or sell cryptocurrency on reliable platforms using fiat currency. All you need just connect your debit or credit card to Paypal for the transaction.
Does OpenSea have a desktop or mobile app?
As we mentioned earlier There is an official mobile application from OpenSea that is available for iOS or Android. You can download it through their app store and then you can begin exploring the collection now!
The version for desktops that OpenSea that can be downloaded through WebCatalog. With the desktop application you can manage multiple accounts and get notifications about updates to 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/).