The crypto currency market is in a boom right now and you’re probably thinking where to invest your crypto coins. Marketplaces are popping up across the web that allow users to purchase and sell NFTs using cryptocurrency! OpenSea can be one and is worth a look.
If you’re interested in crypto you’ve probably heard of OpenSea previously for a valid reason. It’s one of the biggest and most popular marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.
Get on board, and let’s explore what you can do with OpenSea, along with checking the NFTs available to view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick review. After, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Vertical Nft System
The aim of OpenSea was to offer a platform/marketplace for artists to easily upload their commissions with no additional costs. It has more functions which allow you to market your work without having to deal with many issues.
For the registration process, you don’t have to give all of your personal details. All you need to connect your crypto wallet and voila! You have an account with OpenSea! It’s as simple as that and without many hurdles as you walk into NFTs.
The most popular cryptocurrency to use in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it which is utilized for most processes. It is also based using the Polygon blockchain, which allows for lower costs and faster trading.
With these two types of blockchains, you can choose which one you’d like to upload your NFT on as a seller. This ensures the safety of your NFT, along with the people who want to buy it. All transactions will be made using this blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace where you can trade in your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything just a domain name, to a piece of art by an artist you admire. Anyone can become a seller however it takes some time for anyone to be an established one.
There are a variety of NFTs in the collection at OpenSea and you could become a part of this! You can set up your own marketplace on this site, as well as find NFTs you’d like to buy for yourself.
What is an NFT?
A recent change in the cryptocurrency industry,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that a lot of millennials are familiar with it , but not exactly sure 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 new things you can purchase your cryptocurrency includes an NFT. An NFT is a non-fungible currency that is exclusive and cannot be replaced. It can be a piece of rarity like rare baseball trading cards in mint condition or rare vinyl record.
There’s no limit to what an NFT could be, since it’s a non-fungible item you’re selling online. In simpler terms, you could simply think of the NFT as a digital item that is paid for using cryptocurrency only.
Minting is like calling the shots to your NFTs. It is a way of claiming the ownership of the particular item that you have uploaded to the market place, but you’re putting it up for sale. Usually, this is recognized once you fill out the correct information about the NFT and upload it to the marketplace.
On OpenSea it’s a straightforward process to mine your NFTs by visiting the store and create a collection! Complete the correct and complete information about your NFT and then select what type of settings you want for it (e.g. blockchain or payment tokens). Once that’s all done you are able to upload it, if it’s within the limit of 100MB.
You can wait and observe the way transactions are handled from here on out to determine whether OpenSea is the best marketplace for you.
What NFTs can you get here?
At this point, you’re probably wondering which kind of NFT can you shop for here and what you can sell should you decide to go down that path. The type of NFT it is indefinite as there’s a variety of options for how to approach it.
It is possible to sell digital items, trading cards game assets domain names, some physical items! Explore what you believe can yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what separates OpenSea from the others. There are zero gas fees when you utilize this feature to mint and sell NFTs. This is essentially a way to ensure that you be able to make the highest profits once you sell because you won’t need to spend on any additional charges.
There aren’t many NFT marketplaces have this feature, so this is great for you to earn a high return from your NFT collection.
This Referral Program is a different aspect of OpenSea to be admired. Like traditional online marketplaces that offer benefits when you refer a friend to OpenSea! If you invite a friend to join OpenSea and buy an NFT from there you’ll earn 2.50% of the sale amount, which means you can earn more cash through this action.
Other NFT marketplaces do not have this kind of feature either This is a further benefit OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile application, however it’s mostly used to browse the marketplace. It isn’t able to purchase or sell items as you browse through the listing.
OpenSea’s mobile apps are available on the two platforms of iOS as well as Android. Although you aren’t able to purchase or sell things, you can at least explore the products you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are to you, and you can exchange your fiat money for cryptocurrency using these platforms. Vertical Nft System
You can convert your fiat currency using a your credit or debit card as well as Paypal on these reliable websites for cryptocurrency:
- Bittrex and many more!
All of these have the option of exchange for ETH, which is the standard cryptocurrency used in OpenSea.
Although OpenSea is an NFT marketplace open to all types of cryptocurrency, wallets are still more compatible with it than other. Since it is built on the ETH blockchain, all wallets that share the same network are suitable for the site.
Here’s a list of different crypto wallets you can utilize in OpenSea:
- Authereum and more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations, such as easy registration, use on mobile devices only, and the function to purchase cryptocurrency using credit cards. Vertical Nft System
To learn more about it to learn more, check out their FAQs to get a rundown of how you can get started and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with advantages and drawbacks. OpenSea isn’t the only one to have this. It is possible to read about its pros and pros here:
- Mobile apps available for iOS as well as Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto world and NFTs.
- Allows royalties of only 10% to artists (low royalty rates).
- It is not possible to buy or sell items on the mobile app.
- Only supports cryptocurrency as its type of payment.
- A Crypto account is needed for this marketplace.
OpenSea is accessible to everyone who has crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. In the end, you’ll quickly recover this amount if you are actively selling since there’s no extra charge for it.
Frequently Asked Questions Vertical Nft System
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to provide artists a platform to sell their works online and receive cryptocurrency as a form of payment. It’s an ideal platform for artists who use the platform to market NFTs because of its zero gas costs and low commission fees that you have to pay.
You can browse and purchase the vast array of digital items on the NFT marketplace and you must take a look!
Is OpenSea legit & secure?
The short answer is yes! OpenSea is a reputable marketplace since it was established in the year 2018. Since its system is built on blockchain technology, it is safe to claim that your transactions are safe and secure.
Additionally, as a seller, you’ll be verified when you build up your reputation. A blue checkmark will be assigned to your account or collection that you have uploaded to assure anyone who buys from you. OpenSea’s team regularly reviews the content to ensure that users are protected.
How do I earn royalties from OpenSea?
However, as an artist, you’ll be paid only 10 percent of the royalties when you upload the NFT. This is believed to be a reasonable amount compared against the other NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) has been commonly used on this site and many others to accommodate the increasing number of cryptocurrency users. These are other cryptos you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can make use of for OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. You can buy and sell cryptocurrency on reliable platforms using fiat currency. All you have to do is connect your credit card or Paypal for the transaction.
Does OpenSea have a desktop/mobile app?
As mentioned before there’s an official mobile app from OpenSea for both iOS and Android. Install it from their app store and begin browsing through the collection right now!
There is also a desktop application for OpenSea that can be downloaded through WebCatalog. In the desktop application, you can manage multiple accounts as well as receive notifications on updates regarding your account when you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).