The crypto currency market is in a boom right now and you’re probably thinking where you can invest your crypto-coins. Markets have popped up across the internet, designed to purchase and sell NFTs with cryptocurrency! OpenSea is one of them, and it’s worth looking into.
If you’re interested in crypto, you’ve probably heard about OpenSea prior to this for a valid reason. It’s now one of the largest and most popular marketplaces among cryptocurrency users because of its safety and speedy transactions.
Get on board, and let’s see what you can do with OpenSea, along with checking what NFTs you can view!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick review. Afterward, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Valuables Nft Website
The purpose for OpenSea was to offer an online marketplace for artists to upload their commissions without any extra costs. It also has additional functions which allow you to market your art without too many problems.
For registration, you don’t need to worry about giving all of your personal details. All you need to do is connect your cryptocurrency 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 popular cryptocurrency that is used within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology, and this is used to carry out the majority of processes. It also operates with the Polygon blockchain to ensure lower costs and faster trading.
There are two types of blockchains it is possible to choose which one you’d like to upload your NFT on as a seller. This will ensure the security of your NFT, along with the people who want to purchase it. All transactions will be made using this blockchain, so you should consider 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 buy anything just a domain name to an official artwork by an artist you admire. Anyone can sell however it takes some time before anyone can become an established seller.
There is a wide variety in the collection on OpenSea and you could join in with that! You can create your own market here, along with finding NFTs you want to purchase for yourself.
What is an NFT?
In a recent advancement for the crypto market,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that many millennials are familiar with it , but aren’t sure exactly what it is. Let’s break down what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the newest things you can purchase your cryptocurrency can be an NFT. An NFT is a token that is non-fungible that is very exclusive and cannot be replaced. This can be a piece of rareness, such as mint-condition baseball trading cards or unique vinyl album.
There’s no limit on what an NFT could be, since it’s a non-fungible thing that you sell on the internet. More straightforwardly, you can simply consider as an NFT to be a type of digital item that is paid for using cryptocurrency only.
Minting is like calling dibs for your personal NFTs. You’re claiming ownership over that particular token/item that you have uploaded to market, as you’re selling it. Usually, this becomes official once you fill out the correct information about the NFT and finally add it on the market.
On OpenSea, it’s a simple process to mint your NFTs by going to the store and creating a collection to start! Complete the correct and complete information about your NFT and select the type of settings you’d like to use for it (e.g. blockchain or payment tokens). Once that’s all done, you can finally upload it if it fits the limit of 100MB.
You can watch and see how transactions progress from now on to see if OpenSea is the marketplace for you.
What NFTs can you find here?
So, at this point, you’re probably wondering what kind of NFTs can be found here and what you can also sell if you choose to pursue that route. The kind of NFT that you can purchase isn’t limited since there’s a broad range of ways to approach it.
You could be selling digital products, trading cards, game assets, domain names, and also physical goods! Explore what you believe can yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that separates OpenSea from the others. There are zero gas fees when you use this feature to make and then sell the NFTs. This means you’ll get the most profit when you start selling because you won’t need to spend on additional fees.
Very few NFT marketplaces provide this feature, so this can be a fantastic way to receive high profit from your collection.
This Referral Program is a different aspect of OpenSea to be admired. Like traditional online marketplaces, you can receive benefits by referring someone else to OpenSea! If you refer a friend to join OpenSea and buy an NFT from the site you’ll earn 2.50 percent of the purchase amount, which means you can earn more money by this method.
Other NFT marketplaces don’t offer the same feature, so that’s just another benefit OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile application, however it’s mostly for perusing through the marketplace. It isn’t able to purchase or sell items as you browse through the listing.
The mobile apps of OpenSea are available on both iOS in addition to Android. While you’re not able to buy or sell anything, you can still at least explore the products you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are at your disposal to convert your fiat money into cryptocurrency on these platforms. Valuables Nft Website
You can swap your fiat money via your credit or debit card as well as Paypal through these trusted sites to exchange it for crypto:
- Bittrex, and other things!
All of these have the option of converting them into ETH, which is the standard cryptocurrency payment option in OpenSea.
While OpenSea has been described as being an NFT marketplace open to all kinds of cryptocurrency, the wallets nonetheless more compatible than others. Because it is based using the ETH blockchain, wallets that share that network will be suitable for this site.
Here’s a list of various crypto wallets that you can use in OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, only mobile usage as well as the capability to purchase cryptocurrency using the credit card. Valuables Nft Website
To learn more about it You can go through their FAQs for a rundown of how you can begin and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets, each one has advantages and drawbacks. OpenSea isn’t the only one to have this. You can view its pros and cons here:
- Mobile apps are available for iOS as well as Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
- Allows royalties of only 10% for artists (low royalties).
- Cannot buy or sell on our mobile apps.
- Only supports cryptocurrency as its form of payment.
- An Crypto wallet is required to access this marketplace.
OpenSea is available to anyone who has any crypto currency in their crypto wallets. When you are 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 recover this amount if you actively sell because there’s no extra charge for it.
Frequently Asked Questions Valuables Nft Website
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to give artists a chance for selling their artwork online, and to accept cryptocurrency as a form of payment. It’s a great platform for artists using it to sell NFTs because of its zero gas fees and low commission fee rate which you are required to pay.
You can browse and purchase an array of digital goods in this NFT marketplace and you must check it out!
Is OpenSea legitimate and secure?
Answer: Yes! OpenSea has been a reliable marketplace since it was established in the year 2018. Since its system is built on blockchain technology that is secure, you can declare that transactions are safe and secure.
Furthermore as a seller you can become verified once you build up your reputation. A blue checkmark is placed to your account or any collection that you have uploaded to assure any customer. The team at OpenSea regularly checks the contents to ensure users are protected.
How can I earn royalties from OpenSea?
However, as an artist, you’ll get only 10% of the royalties once you have uploaded the NFT. This is thought to be quite low in comparison with other NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) can be commonly used on this site as well as other sites to provide more crypto users. These are other cryptos you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of to access OpenSea.
What are the payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. You can easily purchase or sell cryptocurrency through reliable platforms using fiat currency. All you need be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea have a desktop/mobile application?
As previously mentioned, there is definitely an official mobile app by OpenSea available for both iOS and Android. You can download it through their app store, and begin exploring the collection right now!
There is also a desktop application for OpenSea can be downloaded via WebCatalog. On the desktop app you can 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/).