Cryptocurrency is booming right now, and you’re probably wondering where to invest your crypto currency. Markets have popped up across the internet, designed to purchase and sell NFTs with cryptocurrency! OpenSea is one of them, and it’s worth a look.
If you’re familiar with cryptocurrency you’ve probably heard of OpenSea prior to this for a valid reason. It has become one of the largest and leading marketplaces among cryptocurrency users because of its safety and speedy transactions.
Get on board, and discover what you can do with OpenSea, along with checking what NFTs you can view!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Upcoming Nft Projects
The purpose for OpenSea was to offer a platform/marketplace for artists to easily upload their commissions with no additional charges. It has more functions that allow you to sell your artwork without any problems.
When it comes to registration, you won’t have to provide all of your personal details. All you have to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as easy as that and without many hurdles as you walk into NFTs.
The most widely-used cryptocurrency that is used within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology, and this is used for the majority of transactions. It is also based with the Polygon blockchain, which ensures the lowest cost and speediest trading.
With these two kinds of blockchains available it is possible to choose which one you want to transfer your NFT to as a seller. This is to ensure the security of your NFT and the people who want to purchase it. All transactions will be made using this blockchain, so you should think about where you should 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 as simple as a domain name to official art from an artist that you admire. Anyone can become a seller however it takes some time for anyone to be an established seller.
There is a wide variety in the collection at OpenSea and you can also be a part of this! You can start your own marketplace here, along with finding NFTs that you would like to purchase yourself.
What is an NFT?
A recent change in 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 the majority of young people are familiar with it but aren’t sure exactly what it means. Let’s look at what an NFT is for any beginners in the field of cryptocurrency.
One of the latest ways you can buy includes an NFT. An NFT is a token that is non-fungible which is extremely unique and can’t be changed. It could be a piece of rareness like mint-condition baseball trading cards, or a uncommon vinyl record.
There’s no limit on what an NFT can be since it’s a non-fungible item that you can sell online. In simpler terms, you could just consider the NFT as a digital item paid via cryptocurrency only.
Minting is similar to calling for dibs to your NFTs. It is a way of claiming the owner of the item or token that you posted to the market place, but offering it for sale. 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 making a collection to begin! Input the appropriate and accurate information about your NFT and select the type of settings you’d like to use to use it with (e.g., blockchain, money transfer tokens). After you’ve completed the process you are able to upload it to the internet if it’s in the 100 MB limit.
You can watch and see how transactions progress from here on out to determine if OpenSea is the best marketplace for you.
What NFTs can you get here?
In this moment you’re probably thinking about the kind of NFTs be found here, and what you could also sell if you choose to go that route. The kind of NFT that you can purchase is unlimited because there’s a wide range of how you can do it.
You could be selling digital products, trading cards games, domain names, and some physical items! Explore what you believe can bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that separates OpenSea from the others. There’s no cost for gas for using this feature when you create and market NFTs. This is essentially a way to ensure that you be able to make the highest profits once you sell because you don’t need to pay on additional fees.
Very few NFT marketplaces have this feature, so this can be a fantastic way to earn a high return from your portfolio.
The Referral Program is a different aspect of OpenSea to admire. Similar to traditional online markets there are rewards by referring your friend to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from there you’ll earn 2.50 percent of the purchase amount, letting you make more money from this act.
Other NFT marketplaces do not have this kind of feature either, so that’s just another benefit OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile app, but it’s mostly for perusing through the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listing.
The mobile apps from OpenSea are accessible for the two platforms of iOS as well as Android. Even though you can’t buy or sell anything, you can still explore the products you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available at your disposal You can also convert your fiat money into cryptocurrency through these platforms. Upcoming Nft Projects
You can swap your fiat currency using a the credit card, or Paypal via these reputable websites for cryptocurrency:
- Bittrex, and many more!
Each of them has the option to exchange for ETH which is the standard cryptocurrency used in OpenSea.
While OpenSea has been described as being an NFT marketplace open to all types of cryptocurrency, the wallets nonetheless more compatible than other. Since it is built using the ETH blockchain, wallets with a connection to this network are appropriate for this website.
Here’s a list of different crypto wallets you can utilize in OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, use on mobile devices only and the ability to purchase cryptocurrency with a credit card. Upcoming Nft Projects
To learn more about it, you can check their FAQs for an overview of how you can begin and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and pros here:
- Available as mobile apps that are compatible with iOS as well as 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 world and NFTs.
- Allows royalties of only up to 10% for artists (low royalty rates).
- Cannot buy or sell on the mobile app.
- Only supports cryptocurrency as its method of payment.
- An Crypto account is needed for this marketplace.
OpenSea is available to anyone who owns any crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. In the end, you’ll easily recover that amount when you are actively selling since there’s no additional cost for it.
Frequently Asked Questions Upcoming Nft Projects
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to offer artists a way for selling their artwork online, and to accept cryptocurrency as a form of payment. It’s an excellent platform for artists who use for selling NFTs due to its low cost of gas and low commission fee rate that you have to pay.
You can browse and shop for an array of digital items on the NFT marketplace, so you should go through it!
Is OpenSea legit & safe?
Short answer: Yes! OpenSea has been a reliable marketplace since it was founded at the end of the year of 2018. Because its system is based on a blockchain, it is safe to declare that transactions are safe and secure.
In addition, as a seller, you’ll be verified when you build up your reputation. A blue checkmark will appear on your account or collection that you have uploaded to assure any customer. The team at OpenSea regularly checks the contents to ensure users are secure.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you will be paid only 10 percent of the royalties after you have uploaded the NFT. This is considered to be quite low in comparison with other NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) can be commonly utilized on this website and numerous others to cater for the increasing number of crypto users. These are other cryptos you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize to use OpenSea.
What are the payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. It is easy to buy or trade cryptocurrency using secure platforms that accept fiat money. All you have be able to connect is your credit or Paypal for the transaction.
Does OpenSea have a desktop or mobile application?
As mentioned before there’s an official mobile app from OpenSea available for both iOS as well as Android. Install it from their app store and begin exploring the collection right now!
There is also a version for desktops that OpenSea can be downloaded via WebCatalog. With the desktop application you are able to manage multiple accounts and receive notifications on updates regarding 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/).