The cryptocurrency market is on the rise and you’re probably thinking where to invest your crypto currency. There are numerous marketplaces popping up across the digital web designed to sell and buy NFTs with cryptocurrency! OpenSea can be one and is worth checking out.
If you’re well-versed in cryptocurrency, you’ve probably heard of OpenSea prior to this for a valid reason. It’s now one of the largest and most popular marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.
Now hop aboard, and let’s explore what you can do with OpenSea as well as examining the NFTs that you can see!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. After, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Upcoming Nft Projects 2021
The goal of OpenSea was to provide artists with a marketplace/platform to upload commissions, without having to pay any additional fees. There are additional features that let you sell your artwork without any problems.
When it comes to 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 without going through many hassles when you enter into NFTs.
The most popular cryptocurrency that is used in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology which is utilized for the majority of transactions. It also functions on the Polygon blockchain, which allows for the lowest cost and speediest trading.
There are two types of blockchains you can pick which one you would like to publish your NFT as an seller. This is to ensure the security of your NFT as well as the people who want to purchase it. Every transaction will be conducted along with this blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless that lets you trade your cryptocurrency or NFTs in exchange 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 be a seller, but it takes some time for anyone to become an established seller.
There are a variety of NFTs in the collection at OpenSea and you could become a part of the collection! You can create your own market on this site, as well as find NFTs you’d like to buy for yourself.
What is an NFT?
A recent change in the crypto industry,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that the majority of young people are familiar with it but aren’t exactly sure what it is. Let’s break down what an NFT is for any beginners in the field of cryptocurrency.
One of the new things you can buy is an NFT. A NFT is a token that is non-fungible which is extremely individual and cannot be substituted. It could be a piece of rarity like authentic baseball cards or uncommon vinyl record.
There’s no limit on what an NFT can be as it’s a non-fungible thing that you can sell online. More straightforwardly, you can simply think of as an NFT being a virtual collectible paid via cryptocurrency only.
Minting is like calling dibs for your personal NFTs. It is a way of claiming the owner of the item or token that you have uploaded to market, as you’re selling it. Typically, this is official when you have filled in all the necessary information about the NFT and then upload it to the marketplace.
On OpenSea, it’s a simple process to mint your NFTs by visiting the store and simply creating a collection to start! Complete the correct and accurate information about your NFT and select the type of settings you want to use it with (e.g. blockchain or payments tokens). After you’ve completed the process, you can finally upload it if it fits the 100 MB limit.
It is possible to wait and see how transactions progress from now on to determine whether OpenSea is the marketplace for you.
What NFTs are available here?
So, at this point you’re probably asking yourself what kind of NFTs be purchased here, and what you could also sell if you choose to pursue that route. The kind of NFT it is unlimited because there’s a wide range of ways to do it.
It is possible to sell trade cards, digital goods game assets domain names, some physical items! Consider what you believe will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that separates OpenSea from other companies. There are no gas costs for using this feature to create and market NFTs. This simply means that you’ll receive the maximum profits when you start selling because you don’t need to pay on any additional charges.
Very few NFT marketplaces offer this feature, which is why this can be a fantastic way to earn a high return from your NFT collection.
A Referral Program is a different aspect of OpenSea to admire. Similar to traditional online markets, you can receive rewards by referring someone else to OpenSea! If you refer a friend to join OpenSea and buy an NFT from the site you’ll be rewarded with 2.50 percent of the sales amount, letting you make more money by this method.
Other NFT marketplaces don’t have this feature and that’s another benefit OpenSea has over the other marketplaces.
There’s an OpenSea mobile application, however it’s mostly to browse through the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listings.
OpenSea’s mobile apps are available on both iOS and Android. Even though you can’t buy or sell things, you can at least explore the products you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available for you to use, and you can trade your fiat currency for cryptocurrency through these platforms. Upcoming Nft Projects 2021
You can convert your fiat money via your credit or debit card as well as Paypal through these trusted sites to exchange it for crypto:
- Bittrex and more!
Each of them has the option of exchange for ETH, which is the most common crypto payment in OpenSea.
While OpenSea has been described as being an NFT marketplace that is open to all types of cryptocurrency, wallets are nevertheless more compatible than other. Since it is built on an ETH blockchain, all wallets which are part of the same network are suitable for this website.
Here is a list of different crypto wallets you can use in OpenSea:
- Authereum and more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, use on mobile devices only, and the function to buy cryptocurrency using a credit card. Upcoming Nft Projects 2021
For more information about the service You can go through their FAQs to get an overview of how you can start and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with 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 for iOS as well as Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto market and NFTs.
- Allows royalty rates of up to 10% for artists (low royalty).
- Cannot buy or sell on the mobile app.
- Only supports cryptocurrency as its type of payment.
- An Crypto digital wallet must be used to use this marketplace.
OpenSea is available to anyone who has 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. In the end, you’ll easily recover that amount when you actively sell because there is no additional fee for it.
Frequently Asked Questions Upcoming Nft Projects 2021
What is OpenSea?
OpenSea is an NFT marketplace that is designed to offer artists a way to market their work online, and to accept cryptocurrency as a method of payment. It’s a great platform for artists who use for selling NFTs due to its no gas costs and the low commission rate you must pay.
You can browse and shop for a vast collection of digital items on the NFT marketplace, so you should check it out!
Is OpenSea legit & safe?
The short answer is yes! OpenSea has been a reliable marketplace since it was founded in the year of 2018. Because its system is built on a blockchain and is secured, it is safe to claim that your transactions are safe and secure.
In addition as a seller you’ll be verified when you’ve earned a reputation. A blue checkmark will appear to your account or the collection you uploaded to reassure anyone who buys from you. The OpenSea team reviews regularly the content to ensure users are secure.
How do I earn royalties on OpenSea?
As an artist, you can receive only up to 10% of the royalties once you have uploaded the NFT. This is believed to be quite low in comparison to the other NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) has been widely utilized on this website and numerous others to cater for more crypto users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can use for OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. It is easy to buy or sell cryptocurrency on reliable platforms using fiat currency. All you need be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea has a mobile or desktop application?
As previously mentioned There is an official mobile app by OpenSea available for both iOS or 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 and receive alerts on any updates that affect your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).