Cryptocurrency is booming right now and you’re probably wondering where to invest your crypto coins. Markets have popped up all over the web that allow users to purchase and sell NFTs with cryptocurrency! OpenSea is one of them and is worth a look.
If you’re familiar with cryptocurrency, you’ve likely heard of OpenSea prior to this for a valid reason. It’s one of the biggest and most popular marketplaces among cryptocurrency enthusiasts due to its security and rapid transactions.
Get on board, and let’s see the possibilities of OpenSea and also see 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’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Vinyl Gutter Nft Lid
The goal to create OpenSea was to simply provide a platform/marketplace for artists to upload commissions with no additional charges. It has more functions which allow you to market your work without having to deal with many difficulties.
For registration, you won’t have to worry about giving any personal information about yourself. All you have to do is connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It can be as simple as that, without many hurdles as you walk into NFTs.
The most well-known cryptocurrency to use in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system and is used for most processes. It also operates using the Polygon blockchain to ensure the lowest cost and speediest trading.
With these two kinds of blockchains available it is possible to choose which one you want to upload your NFT on as seller. This is to ensure the security of your NFT, along with those who would like to buy it. Every transaction will be conducted by using the blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything as simple as a domain name to an official artwork from an artist you admire. Anyone can sell however it takes a while for anyone to be a reputable one.
There is a wide variety in the collection of NFTs available at OpenSea and you can become a part of that! You can create your own personal market there, and also find NFTs you want to purchase yourself.
What is an NFT?
A recent change in the crypto industry”NFT” is a term that has been used in recent times “NFT” has been going around for so long on the internet that many millennials are familiar with it , but not exactly sure what it is. Let’s break down what an NFT is for anyone who is new in the field of cryptocurrency.
One of the new things you can purchase your cryptocurrency is an NFT. An NFT is a token that is non-fungible that is very unique and can’t be changed. This can be an item of rareness like rare baseball trading cards in mint condition, or a unique vinyl album.
There’s no limit to what an NFT can be since it’s a non-fungible object you’re selling online. More straightforwardly, you can simply consider an NFT to be a type of digital collectible paid via cryptocurrency only.
Minting is like calling dibs for your personal NFTs. You’re claiming ownership over that particular token/item you uploaded on the marketplace, and you’re selling it. Usually, this becomes official once you fill out the proper information regarding the NFT and upload it to the marketplace.
On OpenSea it’s a straightforward process to mint your NFTs. All you have to do is visit the store and create a collection! Input the appropriate and correct information regarding your NFT and choose what kind of settings you’d like to use for it (e.g. blockchain and payments tokens). After you’ve completed the process then you’re able to upload it if it fits the limit of 100MB.
You can watch and see how the transactions go from now to see if OpenSea is the right marketplace for you.
What NFTs can you find here?
So, at this point you’re probably thinking about what kind of NFTs can be purchased here and what kind of NFTs you can also sell if you choose to go down that path. The kind of NFT it isn’t limited as there’s a variety of options for how to approach it.
You can be selling digital items, trading cards game assets, domain names, and some physical items! Find out what you think will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what differentiates OpenSea from other companies. There’s no cost for gas for using this feature when you create and market NFTs. This means you’ll get the most profit when you begin selling since you don’t need to pay on extra fees.
Very few NFT marketplaces have this feature, so this is a great way to receive high profit from your collection.
This Referral Program is a different aspect of OpenSea to admire. Similar to traditional online markets, you can receive rewards when you refer someone else to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from the site, you’ll receive 2.50 percent of the sales amount, letting you earn more money by this method.
Other NFT marketplaces don’t have this kind of feature either This is a further advantage OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile app, but it is mainly used to browse through the marketplace. It isn’t able to purchase or sell anything while you browse through the listing.
OpenSea’s mobile apps are available for the two platforms of iOS as well as Android. Even though you can’t buy or sell something, you can look through the options you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available to you, and you can convert your fiat money into cryptocurrency on these platforms. Vinyl Gutter Nft Lid
You can swap your fiat currency using a 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 to exchange for ETH, which is the primary cryptocurrency used in OpenSea.
Although OpenSea has been described as being an NFT marketplace open to all types of cryptocurrency, wallets are still more compatible with it than others. Because it is based using the ETH blockchain, all wallets with a connection to this network are appropriate for this site.
Here’s a list of different crypto wallets you can utilize in OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, mobile-only usage and the ability to purchase cryptocurrency using the credit card. Vinyl Gutter Nft Lid
To know more about it You can go through their FAQs to get a rundown of how you can begin and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets, each one has advantages and drawbacks. OpenSea isn’t an exception to this. You can view its pros and pros here:
- Available as mobile apps that are compatible with iOS and Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalties of only up to 10% for artists (low royalties).
- It is not possible to buy or sell items on the mobile app.
- Only accepts cryptocurrency as a type of payment.
- A Crypto wallet is required for this marketplace.
OpenSea is open 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 that all buyers on the marketplace. 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 Vinyl Gutter Nft Lid
What is OpenSea?
OpenSea is an NFT marketplace that aims to provide artists a platform for selling their artwork online and receive cryptocurrency as a form of payment. It’s a great option for artists who want to use it to sell NFTs due to its low cost of gas and low commission fee rate which you are required to pay.
You can shop and browse a vast collection of digital goods in this NFT marketplace which is why you should definitely check it out!
Is OpenSea real and secure?
The short answer is yes! OpenSea is a reputable marketplace since it was established in the year of 2018. Because its system is based on a blockchain that is secure, you can say that your transactions are protected and secured.
Additionally as a seller you will be verified after you’ve earned a reputation. A blue checkmark is placed to your account or the collection you’ve uploaded to ensure the safety of any customer. OpenSea’s team regularly reviews the contents to ensure users are safe.
How do I earn royalties from OpenSea?
As an artist, you will be paid only 10 percent of the royalties after you upload the NFT. This is believed to be quite low in comparison with the other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) is commonly utilized on this website and other sites to provide many more crypto users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can use to use OpenSea.
What are the payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. You can buy and trade cryptocurrency using secure platforms that accept fiat money. All you need to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea have a desktop/mobile app?
As previously mentioned there’s an official mobile app from OpenSea for both iOS and Android. Download it at their respective app store, and you can start exploring the collection right now!
There is also a Desktop application that OpenSea which can be downloaded from WebCatalog. With the desktop application you can manage multiple accounts as well as receive notifications on updates regarding your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).