The crypto currency market is in a boom right now, and you’re probably wondering where to invest your crypto currency. Marketplaces are popping up across the digital web designed to buy and sell NFTs with cryptocurrency! OpenSea can be one, and it’s worth looking into.
If you’re familiar with cryptocurrency, you’ve probably heard of OpenSea previously for a valid reason. It’s now one of the largest and most popular marketplaces among cryptocurrency enthusiasts due to its security and quick transactions.
Now hop aboard, and discover what you can do with OpenSea as well as examining the NFTs available to view!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick review. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Top Selling Nft Art
The purpose to create OpenSea was to provide a platform/marketplace for artists to upload commissions without any extra charges. It has more functions which allow you to market your art without too many difficulties.
In terms of the registration process, you don’t have to provide too many details about yourself. All you need to connect your crypto wallet and voila! You have an account with OpenSea! It can be as simple as that, without many hassles when you enter into NFTs.
The most widely-used cryptocurrency used in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system and is used for the majority of transactions. It is also based on the Polygon blockchain to ensure the lowest cost and speediest trading.
There are two types of blockchains available you can pick which one you’d like to transfer your NFT to as seller. This is to ensure the security of your NFT, along with those who would like to purchase it. All transactions will be made along with this blockchain, so you should think about where to 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 for other NFTs. You can purchase anything from just a domain name to an official artwork from an artist that you admire. Anyone can be a seller however, it takes time for anyone to be a reputable one.
There is a wide variety of NFTs available at OpenSea, and you can also be a part of this! You can create your own personal market 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 the internet that many millennials have heard of it but aren’t sure exactly what it is. Let’s break down what an NFT is for any beginners in the field of cryptocurrency.
One of the new things that you can buy with cryptocurrency is an NFT. A NFT is a non-fungible currency that is very unique and can’t be replaced. This can be a piece of rareness like mint-condition baseball trading cards or uncommon vinyl record.
There’s no limit on what an NFT can be since it’s a non-fungible thing you’re selling on the internet. More straightforwardly, you can just imagine the NFT to be a type of digital item that is paid for using cryptocurrency only.
Minting is like calling dibs on your own NFTs. You’re claiming ownership over that particular token/item that you posted to market, as selling it. Typically, this is official once you fill out all the necessary information about the NFT and finally submit it for sale on.
On OpenSea it’s a straightforward process to mine your NFTs by going to the store and then create a collection! 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, money transfer tokens). After that, you can finally upload it to the internet if it’s in the 100 MB limit.
You can wait and observe the way transactions are handled from now on to see if OpenSea is the best marketplace for you.
What NFTs are available here?
So, at this point, you’re probably wondering what kind of NFTs you shop for here and what kind of NFTs you can also sell if you choose to pursue that route. The type of NFT it isn’t limited since there’s a broad range of options for how to do it.
You could be selling digital products, trading cards game assets, domain names, and some physical items! Consider what you believe will bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what separates OpenSea from other companies. There are no gas costs when you utilize this feature when you make and then sell the NFTs. This means you’ll be able to make the highest profits once you sell because you won’t need to spend on any additional charges.
Not many NFT marketplaces offer this feature, and it can be a fantastic way to earn a high return from your portfolio.
A Referral Program is another distinctive feature of OpenSea to take note of. Similar to traditional online markets, you can receive benefits by referring someone else to OpenSea! If you invite a friend to join OpenSea and buy an NFT from there you’ll earn 2.50% of the sale amount, letting you make more money by this method.
Other NFT marketplaces don’t have this kind of feature either This is a further advantage OpenSea has over the other marketplaces.
There’s an OpenSea mobile application, however it’s mostly to browse the marketplace. Unfortunately, you can’t purchase or sell anything as you scroll through the list.
The mobile apps from OpenSea are accessible for the two platforms of iOS as well as Android. Although you aren’t able to purchase or sell things, you can at least look through the options you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are at your disposal You can also exchange your fiat money for cryptocurrency through these platforms. Top Selling Nft Art
You can swap the fiat currency you have with a the credit card, or Paypal on these reliable websites to exchange it for crypto:
- Bittrex, and more!
Each of them has the option of converting them into ETH, which is the primary crypto payment in OpenSea.
Although OpenSea is an NFT marketplace that is open to all types of cryptocurrency, the wallets nonetheless more compatible than others. Since it is built around the ETH blockchain, all wallets which are part of this network are appropriate for the site.
Here is a list of different crypto wallets which you can use with OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, mobile-only usage and the ability to buy cryptocurrency using credit cards. Top Selling Nft Art
To know more about it, you can check their FAQs to get the steps you can start and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has its advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and pros here:
- Mobile apps are 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.
- The best option for beginners to the crypto industry and NFTs.
- Allows royalties of only 10% for artists (low royalty).
- You cannot buy or sell products on our mobile apps.
- Only accepts cryptocurrency as a method of payment.
- A Crypto account is needed for this marketplace.
OpenSea is available to anyone who has crypto coins in their crypto wallets. If you’re 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 recover this amount if you actively sell because there’s no additional cost for it.
Frequently Asked Questions Top Selling Nft Art
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to give artists a chance for selling their artwork online and receive cryptocurrency as a form of payment. It’s an ideal platform for artists who use the platform to market NFTs because of its zero cost of gas and the low commission rate you must pay.
You can shop and browse an array of digital goods in this NFT marketplace and you must check it out!
Is OpenSea legit & is it safe?
Answer: Yes! OpenSea has been a trusted marketplace since its inception at the end of the year 2018. Since the system it operates on is built on a blockchain that is secure, you can declare that transactions are protected and secured.
Additionally as a seller you’ll be verified when you build up your reputation. A blue checkmark will appear to your account or the collection you’ve uploaded to ensure the safety of anyone who buys from you. The team at OpenSea regularly checks the contents to ensure users are safe.
How can I earn royalties from OpenSea?
However, as an artist, you’ll be paid only 10 percent of the royalties after you have uploaded the NFT. This is believed to be reasonably low compared to other NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) has been commonly used on this site and many others to accommodate many more crypto users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can make use of to access OpenSea.
What are the payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. You can buy and sell cryptocurrency on secure platforms that accept fiat money. All you have just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea have a desktop or mobile application?
As we mentioned earlier There is an official mobile application from OpenSea for both iOS and Android. You can download it through their app store, and you can start exploring the collection right now!
The Desktop application that OpenSea which can be downloaded from WebCatalog. With the desktop application, you can manage multiple accounts and get notifications about updates to 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/).