The cryptocurrency market is on the rise and you’re probably wondering where to invest your crypto currency. Markets have popped up all over the internet, designed to sell and buy NFTs with cryptocurrency! OpenSea is among them, and it’s worth checking out.
If you’re familiar with cryptocurrency you’ve likely heard of OpenSea previously for a valid reason. It has become one of the largest and leading marketplaces among users of cryptocurrency due to its security and rapid transactions.
So, hop on board and let’s explore what you can do with OpenSea as well as examining 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. After, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Upcoming Nft Games
The goal to create OpenSea was to provide artists with a marketplace/platform to easily upload their commissions with no additional charges. It also has additional functions that let you sell your work without having to deal with many problems.
When it comes to registration, you won’t have to give any personal information 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 and without many hurdles as you walk into NFTs.
The most popular cryptocurrency used within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it, and this is used for the majority of transactions. It also functions with the Polygon blockchain, which ensures low-cost and quicker trading.
With these two types of blockchains you can pick which one you’d like to publish your NFT as an seller. This is to ensure the security of your NFT, along with the people who want to purchase it. All transactions will be made using this blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an online shopping mall that is endless where you can trade in your NFTs or cryptocurrency for other NFTs. You can purchase anything from just a domain name to official art by an artist you admire. Anyone can be a seller however, it takes some time for anyone to become an established seller.
There is a wide variety in the collection of NFTs available at OpenSea and you could also be a part of the collection! You can start your own marketplace on this site, as well as find NFTs you’d like to buy for yourself.
What is an NFT?
In a recent advancement for the crypto market”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that many millennials are familiar with it but not exactly sure what it means. Let’s break down what an NFT is for any beginners in cryptocurrency.
One of the newest things that you can buy with cryptocurrency is an NFT. A NFT is a non-fungible token that is very exclusive and cannot be substituted. It can be a piece of rarity like authentic baseball 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 on the internet. It is simpler to simply think of as an NFT to be a type of digital collectible that is paid for using cryptocurrency only.
Minting is similar to calling for dibs for your personal NFTs. You are calling ownership over that particular token/item you uploaded on market, as selling it. Usually, this is recognized when you have filled in the proper information regarding the NFT and then upload it to the marketplace.
On OpenSea, it’s a simple procedure to create your own NFTs. All you have to do is visit the store and making a collection to begin! Input the appropriate and correct information regarding your NFT and select the type of settings you want for it (e.g., blockchain and money transfer tokens). After you’ve completed the process you are able to upload it to the internet if it’s in the limit of 100MB.
It is possible to wait and see the way transactions are handled from now on to determine if OpenSea is the right marketplace for you.
What NFTs can you get here?
In this moment, you’re probably wondering which kind of NFT be found here, and what you could also sell if you decide to go down that path. The type of NFT it is indefinite because there’s a wide range of how you can do it.
You could be selling digital products, trading cards game assets, domain names, and even physical assets! Explore what you believe can yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what separates OpenSea from the other options. There’s no cost for gas when you utilize this feature when you make and then sell the NFTs. This simply means that you’ll receive the maximum profits when you begin selling since you won’t have to spend on additional fees.
There aren’t many NFT marketplaces have this feature, which is why this can be a fantastic way to make a huge profit from your collection.
The Referral Program is another distinctive feature of OpenSea to be admired. Similar to traditional online markets that offer advantages by referring your friend to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from there you’ll earn 2.50% of the sale amount, which allows you to earn more money by this method.
Other NFT marketplaces do not have the same feature, so that’s just another advantage OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile application, however it’s mostly used to browse through the marketplace. You can’t buy or sell anything while you scroll through the list.
OpenSea’s mobile apps are available for both iOS in addition to Android. While you’re not able to buy or sell something, you can at least explore the products you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are for you to use You can also convert your fiat money into cryptocurrency through these platforms. Upcoming Nft Games
You can convert the fiat currency you have with a your credit or debit card as well as Paypal via these reputable websites to exchange it for crypto:
- Bittrex and many more!
All of them have the option of exchange for ETH, which is the primary cryptocurrency used in OpenSea.
While OpenSea has been described as being an NFT marketplace open to all kinds of cryptocurrency, the wallets still more compatible with it than others. Since it is built mainly on an ETH blockchain, any wallets with a connection to that network will be suitable for this website.
Here’s a list several crypto wallets you can utilize in OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations, such as easy registration, mobile-only usage as well as the capability to purchase cryptocurrency using credit cards. Upcoming Nft Games
To know more about it You can go through their FAQs to see a rundown of how you can get started and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and pros here:
- Mobile apps available for iOS and Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalties of only 10% to artists (low royalty rates).
- You cannot buy or sell products through the mobile app.
- Only supports cryptocurrency as its method of payment.
- The use of a Crypto wallet is required for this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their crypto wallets. When you are a seller, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. But overall, you can quickly regain that when you sell regularly since there is no additional fee for it.
Frequently Asked Questions Upcoming Nft Games
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to provide artists a platform to sell their works online, and to accept cryptocurrency as their form of payment. It’s an excellent platform for artists who use for selling NFTs because of its zero cost of gas and low commission fees you must pay.
You can browse and shop for the vast array of digital items on the NFT marketplace and you must go through it!
Is OpenSea real and 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 blockchain technology, it is safe to declare that transactions are protected and secured.
Furthermore as a seller you can become verified once you build up your reputation. A blue checkmark is placed on your account or any collection you’ve uploaded to ensure the safety of 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?
As an artist, you’ll be paid only 10 percent of the royalties when you have uploaded the NFT. This is thought to be quite low in comparison with other NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) is widely used on this site as well as numerous others to cater for many more 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 for OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. It is easy to buy or trade cryptocurrency using reliable platforms using fiat currency. All you need to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea have a desktop/mobile app?
As mentioned before There is an official mobile app by OpenSea available for both iOS or Android. Download it at their respective app store and then you can begin exploring the collection right now!
A Desktop application that OpenSea can be downloaded via WebCatalog. In the desktop application you can manage multiple accounts and get alerts on any updates that affect 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/).