The cryptocurrency market is on the rise and you’re probably thinking what you can do with your crypto-coins. Marketplaces are popping up across the digital web designed to purchase and sell NFTs via cryptocurrency! OpenSea can be one, and it’s worth looking into.
If you’re familiar with cryptocurrency, you’ve likely heard of OpenSea before for a good reason. It’s one of the biggest and leading marketplaces among cryptocurrency users because of its safety and speedy transactions.
Get on board, and let’s explore the possibilities of OpenSea, along with checking the NFTs available to view!
Before you go on, 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 the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace What Are Nft Stocks
The goal of OpenSea was to offer an online marketplace for artists to upload commissions, without having to pay any additional charges. It has more functions which allow you to market your artwork without any issues.
When it comes to registration, you won’t have to provide too many details 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 going through many hassles when you enter into NFTs.
The most widely-used cryptocurrency that is used in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system, and this is used for the majority of transactions. It is also based with the Polygon blockchain to ensure the lowest cost and speediest trading.
There are two types of blockchains that are available it is possible to choose which one you would like to upload your NFT on as a seller. This ensures the safety of your NFT as well as those who wish to purchase it. All transactions will be made using this blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything the simplest domain name to an official artwork by an artist you admire. Anyone can become a seller however, it takes a while for anyone to be a reputable one.
There is a wide variety of NFTs available at OpenSea, and you can become a part of the collection! You can start your own market there, and also find NFTs that you would like to purchase yourself.
What is an NFT?
A recent change in the crypto industry,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that many millennials are familiar with 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 latest ways you can buy includes an NFT. The NFT is a non-fungible token which is extremely unique and can’t be changed. It can be an item of rareness like rare baseball trading cards in mint condition or uncommon vinyl record.
There’s no limit on what an NFT could be, since it’s a non-fungible thing you’re selling online. It is simpler to simply think of the NFT as a digital collectible which is only paid in cryptocurrency.
Minting is similar to calling for dibs to your NFTs. You are calling the owner of the item or token you uploaded on the market place, but offering it for sale. Usually, this is recognized after you fill in all the necessary information about the NFT and finally upload it to the marketplace.
On OpenSea it’s a straightforward process to mint your NFTs by going to the store and simply making a collection to begin! Complete the correct and accurate information about your NFT and select the type of settings you’d like to use for it (e.g., blockchain, money transfer tokens). After you’ve completed the process, you can finally upload it if it fits the limit of 100MB.
You can watch and see the way transactions are handled from now to see if OpenSea is the marketplace for you.
What NFTs are available here?
So, at this point you’re probably asking yourself the kind of NFTs be found here and what you can also sell if you decide to pursue that route. The type of NFT that you can purchase is unlimited since there’s a broad range of how you can approach it.
You could be selling digital products, trading cards, game assets, domain names, and also physical goods! Explore what you believe can reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The 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 mint and sell NFTs. This means you’ll be able to make the highest profits once you begin selling since you won’t have to spend on any additional charges.
Very few NFT marketplaces provide this feature, and it is a great way to make a huge profit from your portfolio.
A Referral Program is a different aspect of OpenSea to take note of. Similar to traditional online markets there are rewards by referring a friend to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from there you’ll be rewarded with 2.50% of the sale amount, which allows you to earn more cash through this action.
Other NFT marketplaces don’t have this feature, so that’s just another advantage OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile app, but it’s mostly used to browse through the marketplace. You can’t buy or sell items as you browse through the listings.
OpenSea’s mobile apps are available on the two platforms of iOS in addition to Android. Although you aren’t able to purchase or sell anything, you can still at least look through the options you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are to you to convert your fiat money into cryptocurrency using these platforms. What Are Nft Stocks
You can convert the fiat currency you have with a the credit card, or Paypal through these trusted sites for cryptocurrency:
- Bittrex and more!
All of these have the option of exchange for ETH, which is the standard cryptocurrency payment option in OpenSea.
Although OpenSea is an NFT marketplace open to all forms of crypto, wallets are nevertheless more compatible than other. Because it is based around an ETH blockchain, any wallets that share that network will be suitable for this website.
Here’s a list several crypto wallets you can utilize in OpenSea:
- Authereum and more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each has its own limitations, such as easy registration, use on mobile devices only, and the function to purchase cryptocurrency using a credit card. What Are Nft Stocks
To know more about it to learn more, check out their FAQs to get the steps you can begin and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with 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.
- The best option for beginners to the crypto market and NFTs.
- Allows royalties 10% for artists (low royalties).
- Cannot buy or sell on our mobile apps.
- Only accepts cryptocurrency as a form of payment.
- An Crypto wallet is required to access this marketplace.
OpenSea is available to anyone who owns any crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. However, overall, you will easily recover that amount when you sell regularly since there’s no additional cost for it.
Frequently Asked Questions What Are Nft Stocks
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to give artists a chance to sell their works online, and to accept cryptocurrency as their form of payment. It’s an ideal option for artists who want to use for selling NFTs due to its no gas fees and low commission fees that you have to pay.
You can shop and browse the vast array of digital products on this NFT marketplace which is why you should definitely check it out!
Is OpenSea legit & secure?
Answer: Yes! OpenSea has been a trusted marketplace since it was founded in the year of 2018. Because its system is built on blockchain technology that is secure, you can say that your transactions are safe and secure.
In addition, as a seller, you can become verified once you’ve earned a reputation. A blue checkmark will be assigned next to your account or the collection that you have uploaded to assure any customer. The team at OpenSea regularly checks the contents to ensure users are secure.
How do I earn royalties from OpenSea?
As an artist, you can get only 10 percent of the royalties after you upload the NFT. This is thought to be quite low in comparison against other NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) is widely used on this site as well as other sites to provide more cryptocurrency users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize to use OpenSea.
What are the payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. It is easy to buy or sell cryptocurrency on trusted platforms with fiat money. All you need just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea have a desktop or mobile application?
As mentioned before There is an official mobile app from OpenSea available for both iOS as well as Android. Download it at their respective app store and you can start browsing through the collection right now!
A version for desktops that OpenSea that can be downloaded through WebCatalog. On the desktop app you can manage multiple accounts and get alerts on any updates that affect your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).