Cryptocurrency is booming right now and you’re probably wondering where to invest your crypto currency. Markets have popped up across the web that allow users to sell and buy NFTs via cryptocurrency! OpenSea can be one, and it’s worth a look.
If you’re interested in crypto, you’ve likely heard of OpenSea before for a good reason. It’s now one of the largest and leading marketplaces among cryptocurrency users because of its safety and speedy transactions.
Get on board, and let’s see the possibilities of OpenSea as well as examining the NFTs available to view!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you will want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Was Ist OpenSearch
The goal to create OpenSea was to simply provide an online marketplace for artists to easily upload their commissions, without having to pay any additional costs. It also has additional functions that let you sell your art without too many problems.
When it comes to registration, you won’t have to worry about giving any personal information about yourself. All you need to do is connect your crypto wallet and voila! You have an account on OpenSea! It’s as easy as that, without much hassle as you step into NFTs.
The most widely-used cryptocurrency used on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology and is used to carry out the majority of processes. It also operates on the Polygon blockchain, which allows for lower costs and faster trading.
With these two kinds of blockchains available, you can choose which one you would like to publish your NFT as a seller. This ensures the safety of your NFT, along with those who wish to buy it. All transactions will be made using this blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from as simple as a domain name, to a piece of art from an artist that you admire. Anyone can become a seller however, it takes a while before anyone can become an established seller.
There is a wide variety of NFTs available of NFTs available at OpenSea and you can become a part of the collection! You can start your own market here, along with finding NFTs that you would like to purchase 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 many millennials are familiar with it , but aren’t sure exactly what it actually means. Let’s look at what an NFT is for anyone who is new in cryptocurrency.
One of the newest things you can purchase your cryptocurrency is an NFT. A NFT is a non-fungible currency which is extremely individual and cannot be substituted. It can be an item of rarity like mint-condition baseball trading cards, or a uncommon vinyl record.
There’s no limit to what an NFT could be, since it’s a non-fungible thing that you can sell online. In simpler terms, you could just think of 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 you uploaded on the marketplace, and you’re putting it up for sale. Typically, this is official once you fill out the correct information about the NFT and then submit it for sale on.
On OpenSea, it’s a simple process to mine your NFTs by visiting the store and then creating a collection to start! Fill out the proper and correct information regarding your NFT and then select what type of settings you’d like for it (e.g., blockchain or money transfer tokens). Once that’s all done, you can finally upload it if it fits the 100 MB limit.
It is possible to wait and see how the transactions go from now to determine whether OpenSea is the right marketplace for you.
What NFTs can you get here?
In this moment you’re probably asking yourself the kind of NFTs can be found here and what you can also sell if you choose to pursue that route. The type of NFT it can be isn’t limited since there’s a broad range of ways to do it.
It is possible to sell digital items, trading cards game assets, domain names, and also physical goods! Consider what you believe will reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that sets OpenSea from other companies. There’s no cost for gas for using this feature to make and then sell the NFTs. This simply means that you’ll be able to make the highest profits once you begin selling since you don’t need to pay on any additional charges.
There aren’t many NFT marketplaces offer this feature, which is why this can be a fantastic way to receive high profit from your NFT collection.
This Referral Program is another unique aspect of OpenSea to be admired. Like traditional online marketplaces that offer benefits by referring a friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from the site, you’ll receive 2.50% of the sale amount, letting you make more money by this method.
Other NFT marketplaces don’t offer the same feature, so that’s just another benefit OpenSea has over the other marketplaces.
There is an OpenSea mobile application, however it’s mostly to browse the marketplace. You can’t buy or sell anything as you scroll through the list.
The mobile apps of OpenSea are available for the two platforms of iOS in addition to Android. Even though you can’t buy or sell things, you can at least look through the options you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available to you, and you can convert your fiat money into cryptocurrency using these platforms. Was Ist OpenSearch
You can swap the fiat currency you have with a your credit or debit card as well as Paypal through these trusted sites to exchange it for crypto:
- Bittrex and more!
All of them have the option of converting them into ETH that is the most common cryptocurrency payment option in OpenSea.
Although OpenSea can be described as an NFT marketplace that is open to all kinds of cryptocurrency, the wallets still more compatible with it than others. Because it is based using an ETH blockchain, wallets with a connection to that network will be suitable for the site.
Here is a list of different crypto wallets you can use in OpenSea:
- Authereum and more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each wallet has its own restrictions, such as easy registration, mobile-only usage as well as the capability to purchase cryptocurrency with the credit card. Was Ist OpenSearch
For more information about the service You can go through their FAQs to get the steps you can start and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has advantages and drawbacks. 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 royalties of only 10% for artists (low royalty).
- You cannot buy or sell products on our mobile apps.
- Only accepts cryptocurrency as a type of payment.
- An Crypto account is needed 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 quickly recover this amount if you actively sell because there’s no extra charge for it.
Frequently Asked Questions Was Ist OpenSearch
What is OpenSea?
OpenSea is an NFT marketplace that seeks to provide artists a platform to sell their works online and receive cryptocurrency as a form of payment. It’s a great option for artists who want to use the platform to market NFTs due to its low gas fees and low commission fee rate which you are required to pay.
You can browse and purchase a vast collection of digital goods in this NFT marketplace, so you should take a look!
Is OpenSea legit & secure?
The short answer is yes! OpenSea is a reputable marketplace since it was founded in the year of 2018. Since its system is built on blockchain technology that is secure, you can claim that your transactions are secure and safe.
Furthermore, as a seller, you will be verified after you build up your reputation. A blue checkmark is placed to your account or collection that you have uploaded to assure any customer. The OpenSea team reviews regularly the content to ensure that users are secure.
How can I earn royalties from OpenSea?
Unfortunately, as an artist, you can receive only up to 10 percent of the royalties when you upload the NFT. This is thought to be quite low in comparison against others NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) has been commonly used on this site and many others to accommodate many more crypto users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can use for OpenSea.
What are the payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. You can easily purchase or sell cryptocurrency on reliable platforms using fiat currency. All you have just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea have a desktop/mobile app?
As previously mentioned There is an official mobile app by OpenSea available for both iOS and Android. Download it at their respective app store and begin browsing through the collection right now!
The Desktop application that OpenSea that can be downloaded through WebCatalog. In the desktop application you are able to manage multiple accounts as well as 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/).