The crypto currency market is in a boom right now, and you’re probably wondering where to invest your crypto currency. Marketplaces are popping up all over the web that allow users to purchase and sell NFTs using cryptocurrency! OpenSea is among them, and it’s worth checking out.
If you’re familiar with cryptocurrency, you’ve probably heard of OpenSea before for a good reason. It’s now one of the biggest and most popular marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.
Get on board, and discover the possibilities of OpenSea and also see what NFTs you can view!
Before you continue, you may want to check out 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.
OpenSea as an NFT Marketplace Wax Nft
The goal to create OpenSea was to offer a platform/marketplace for artists to easily upload their commissions without any extra costs. There are additional features which allow you to market your work without having to deal with many issues.
In terms of the registration process, you don’t have to worry about giving any personal information about yourself. All you need to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as simple as that and without many hurdles as you walk into NFTs.
The most well-known cryptocurrency used on 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 on the Polygon blockchain, which allows for the lowest cost and speediest trading.
With these two types of blockchains that are available it is possible to choose which one you’d like to upload your NFT on as an seller. This is to ensure the security of your NFT, along with those who wish to purchase it. All transactions are made by using the blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall where you can trade in your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything as simple as a domain name, to a piece of art by an artist you admire. Anyone can sell, but it takes time for anyone to become a reputable one.
There is a wide variety of NFTs available of NFTs available at OpenSea and you can join in with this! You can set up your own marketplace here, along with finding NFTs you’d like to buy 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 so long on the internet that many millennials have heard of it but not exactly sure what it is. Let’s take a look at what 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 is an NFT. The NFT is a non-fungible currency that is very exclusive and cannot be substituted. This can be an item of any rarity like mint-condition baseball trading cards or a unique vinyl album.
There is no limit to what an NFT can be since it’s a non-fungible object you’re selling on the internet. It is simpler to just imagine an NFT being a virtual collectible paid via cryptocurrency only.
Minting is like calling dibs to your NFTs. You are calling the owner of the item or token you uploaded on market, as selling it. Typically, this is official when you have filled in all the necessary information about the NFT and add it on the market.
On OpenSea, it’s a simple process to mint your NFTs by going to the store and making a collection to begin! Input the appropriate and accurate information about your NFT and then select what type of settings you want to use it with (e.g. blockchain, payments tokens). After that, you can finally upload it if it fits the limit of 100MB.
You can wait and observe how the transactions go from here on out to see if OpenSea is the best marketplace for you.
What NFTs are available here?
In this moment you’re probably asking yourself the kind of NFTs be purchased here, and what you could also sell if you decide to go that route. The type of NFT that you can purchase is unlimited as there’s a variety of ways to go about it.
You could be selling trade cards, digital goods games, domain names, and some physical items! Consider what you believe will reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that differentiates OpenSea from the other options. There are no gas costs when you use this feature to mint and sell NFTs. This simply means that you’ll get the most profit when you start selling because you don’t need to pay on extra fees.
Not many NFT marketplaces offer this feature, and it can be a fantastic way to earn a high return from your collection.
The Referral Program is another unique aspect of OpenSea to be admired. Similar to traditional online markets, you can receive benefits by referring someone else to OpenSea! If you encourage a friend join OpenSea and buy an NFT from the site you’ll earn 2.50 percent of the purchase amount, which allows you to make more money through this action.
Other NFT marketplaces do not have this kind of feature either, so that’s just another advantage OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile application, however it is mainly used to browse through the marketplace. You can’t buy or sell anything as you browse through the listings.
OpenSea’s mobile apps are available on the two platforms of iOS and Android. Although you aren’t able to purchase or sell anything, you can still at least look through the options you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are for you to use You can also trade your fiat currency for cryptocurrency on these platforms. Wax Nft
You can convert your fiat money via the credit card, or Paypal through these trusted sites for cryptocurrency:
- Bittrex, and other things!
All of them have the option of exchange for ETH which is the standard cryptocurrency payment option in OpenSea.
While 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 on an ETH blockchain, wallets that share this network are appropriate for this website.
Here is a list of various crypto wallets that you can use in OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations including simple registration, only mobile usage, and the function to buy cryptocurrency using the credit card. Wax Nft
For more information about the service to learn more, check out their FAQs for a rundown of how you can begin and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with its advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and cons here:
- Mobile apps available for iOS and Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto market and NFTs.
- Allows royalties of only up to 10% for artists (low royalty).
- It is not possible to buy or sell items on our mobile apps.
- Only accepts cryptocurrency as a type of payment.
- An Crypto digital wallet must be used to access this marketplace.
OpenSea is available to anyone who has crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. However, overall, you will quickly regain that when you sell regularly since there’s no extra charge for it.
Frequently Asked Questions Wax Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to offer artists a way for selling their artwork online and receive cryptocurrency as a form of payment. It’s an ideal platform for artists who use for selling NFTs because of its zero gas costs and low commission fees that you have to pay.
You can browse and shop for an array of digital items on the NFT marketplace and you must check it out!
Is OpenSea real and secure?
The short answer is yes! OpenSea is a reputable marketplace since its inception in the year 2018. Since its system is built on a blockchain that is secure, you can declare that transactions are safe and secure.
Furthermore, as a seller, you’ll be verified when you’ve earned a reputation. A blue checkmark will appear on your account or the collection that you have uploaded to assure anyone who buys from you. OpenSea’s team regularly reviews the content to ensure that users are secure.
How can I earn royalties from OpenSea?
Unfortunately, as an artist, you can get only 10 percent of the royalties when you upload the NFT. This is thought to be a reasonable amount compared with others NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) can be frequently used on this site as well as numerous others to cater for the increasing number of cryptocurrency users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can use for OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the 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/mobile application?
As mentioned before, there is definitely an official mobile application from OpenSea available for both iOS as well as Android. Install it from their app store, and then you can begin exploring the collection now!
There is also a version for desktops that OpenSea can be downloaded via WebCatalog. In the desktop application you are able to manage multiple accounts as well as receive notifications about updates to 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/).