The cryptocurrency market is on the rise and you’re probably wondering where you can invest your crypto currency. Marketplaces are popping up all over the digital web designed to buy and sell NFTs via cryptocurrency! OpenSea can be one and is worth a look.
If you’re interested in crypto, you’ve likely heard of OpenSea previously for a valid reason. It has become one of the biggest and most popular marketplaces for cryptocurrency users because of its security and rapid transactions.
Now hop aboard, and let’s explore what you can do with OpenSea, along with checking the NFTs available to view!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Transplany Nft Systewm
The aim of OpenSea was to provide an online marketplace for artists to upload commissions without any extra fees. There are additional features which allow you to market your work without having to deal with many issues.
In terms of registration, you don’t need to give too many details about yourself. All you have to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as easy as that and without much hassle as you step into NFTs.
The most popular cryptocurrency that is used in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology, and this is used to carry out the majority of processes. It is also based with the Polygon blockchain, which ensures low-cost and quicker trading.
With these two kinds of blockchains it is possible to choose which one you want to publish your NFT as seller. This ensures the safety of your NFT, along with those who wish to purchase it. All transactions are made using this blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall where you can exchange your cryptocurrency or NFTs for other NFTs. You can buy anything as simple as a domain name, to a piece of art by an artist you admire. Anyone can sell however it takes a while before anyone can become a reputable one.
There’s a huge selection in the collection on OpenSea, and you can also be a part of this! You can start your own marketplace on this site, as well as find NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent advancement for the cryptocurrency industry”NFT” is a term that has been used in recent times “NFT” has been going around for so long on the internet that many millennials are familiar with it , but not exactly sure what it actually means. Let’s break down what an NFT is for any beginners in the field of cryptocurrency.
One of the newest things you can purchase your cryptocurrency is an NFT. An NFT is a non-fungible currency that is 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 is no limit to what an NFT can be as it’s a non-fungible thing that you sell on the internet. In simpler terms, you could simply consider as an NFT as a digital collectible that is paid for using cryptocurrency only.
Minting is like calling the shots on your own NFTs. You are calling the owner of the item or token that you posted to the market place, but selling it. Typically, this is official when you have filled in all the necessary information about the NFT and finally submit it for sale on.
On OpenSea, it’s a simple process to mint your NFTs. All you have to do is visit the store and then create a collection! Fill out the proper and complete information about your NFT and then select what type of settings you want for it (e.g., blockchain or money transfer tokens). After that 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 transactions progress from now on to determine if OpenSea is the right marketplace for you.
What NFTs can you get here?
So, at this point you’re probably thinking about the kind of NFTs can you shop for here and what kind of NFTs you can sell should you decide to go that route. The kind of NFT that you can purchase isn’t limited as there’s a variety of ways to do it.
You could be selling digital items, trading cards, game assets domain names, also physical goods! Find out what you think will bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that separates OpenSea from the others. There’s no cost for gas when you use this feature when you create and market NFTs. This is essentially a way to ensure that you receive the maximum profits when you sell because you don’t need to pay on any additional charges.
Not many NFT marketplaces provide this feature, and it can be a fantastic way to receive high profit from your portfolio.
A Referral Program is a different aspect of OpenSea to be admired. Similar to traditional online markets that offer benefits by referring someone else to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from there you’ll be rewarded with 2.50 percent of the sales amount, which allows you to earn more money through this action.
Other NFT marketplaces don’t have the same feature, so that’s just another benefit OpenSea has over them.
There is an OpenSea mobile application, however it is mainly used to browse the marketplace. It isn’t able to purchase or sell anything as you browse through the listings.
OpenSea’s mobile apps are available on the two platforms of iOS and Android. While you’re not able to buy or sell things, you can explore the products you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available at your disposal to trade your fiat currency for cryptocurrency using these platforms. Transplany Nft Systewm
You can convert your fiat currency using a your credit or debit card as well as Paypal on these reliable websites to exchange it for crypto:
- Bittrex, and many more!
Each of them has the option of exchange for ETH that is the standard crypto payment in OpenSea.
While OpenSea can be described as an NFT marketplace open to all forms of cryptocurrency, the wallets nonetheless more compatible than other. Since it is built mainly on an ETH blockchain, wallets with a connection to that network will be suitable for this website.
Here’s a list several crypto wallets you can use in OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each has its own limitations, such as easy registration, use on mobile devices only, and the function to buy cryptocurrency using credit cards. Transplany Nft Systewm
To learn more about it to learn more, check out their FAQs to see the steps you can get started and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has advantages and drawbacks. OpenSea isn’t an exception to this. You can view its pros and cons here:
- Available as mobile apps for iOS and Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalty rates of 10% for artists (low royalty).
- It is not possible to buy or sell items through the mobile app.
- Only accepts cryptocurrency as a type of payment.
- An Crypto digital wallet must be used to access this marketplace.
OpenSea is accessible to everyone who has any crypto currency in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. However, overall, you will quickly regain that when you actively sell because there is no additional fee for it.
Frequently Asked Questions Transplany Nft Systewm
What is OpenSea?
OpenSea is an NFT marketplace that aims to give artists a chance to market their work online, and to accept cryptocurrency as their form of payment. It’s a great option for artists who want to use the platform to market NFTs because of its zero gas fees and low commission fee rate that you have to pay.
You can browse and shop for the vast array of digital products on this NFT marketplace and you must check it out!
Is OpenSea legitimate and secure?
The short answer is yes! OpenSea has been a trusted marketplace since its inception at the end of the year 2018. Because its system 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 have built up your credibility. A blue checkmark is placed next to your account or collection that you have uploaded to assure anyone who buys from you. The OpenSea team reviews regularly the content to ensure that users are secure.
How do I earn royalties from OpenSea?
However, as an artist, you can get only 10 percent of the royalties after you upload the NFT. This is believed to be quite low in comparison with other NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) has been widely used on this site as well as many others to accommodate many more cryptocurrency users. These are other cryptos you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can use to use OpenSea.
What are the payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. You can easily purchase or sell cryptocurrency on secure platforms that accept fiat money. All you need be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea have a desktop/mobile app?
As we mentioned earlier, there is definitely an official mobile app by OpenSea available for both iOS as well as Android. Download it at their respective app store and begin exploring the collection right now!
There is also a Desktop application that OpenSea that can be downloaded through WebCatalog. In the desktop application you can manage multiple accounts and receive 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/).