The cryptocurrency market is on the rise and you’re probably thinking where to invest your crypto-coins. Markets have popped up across the internet, designed 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 about OpenSea previously for a valid reason. It’s now one of the biggest and most popular marketplaces among users of cryptocurrency due to its security and rapid transactions.
So, hop on board and let’s explore what you can do with 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. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace What Beaches Are Open At Night
The goal for OpenSea was to provide artists with a marketplace/platform to upload their commissions with no additional fees. There are additional features that allow you to sell your art without too many problems.
When it comes to the registration process, you don’t have to worry about giving all of your personal details. All you have to do is connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as easy as that and without many hassles when you enter into NFTs.
The most popular cryptocurrency that is used within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it and is used for the majority of transactions. It is also based on the Polygon blockchain, which ensures low-cost and quicker trading.
With these two kinds of blockchains that are available you can pick which one you want to transfer your NFT to as an seller. This will ensure the security of your NFT as well as those who would like 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 is like an endless online marketplace where you can exchange your cryptocurrency or NFTs for other NFTs. You can buy anything the simplest domain name to an official artwork from an artist you admire. Anyone can sell however it takes time for anyone to become an established one.
There’s a huge selection of NFTs available of NFTs available at OpenSea, and you can also be a part of that! You can create your own marketplace on this site, as well as find NFTs you’d like to buy for yourself.
What is an NFT?
In a recent advancement for the crypto industry, the term “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 actually means. Let’s look at what an NFT is for anyone who is new in the field of cryptocurrency.
One of the latest ways that you can buy with cryptocurrency includes an NFT. An NFT is a token that is non-fungible which is extremely unique and can’t be replaced. It could be an item of any rareness, such as authentic baseball cards or unique vinyl album.
There’s no limit to what an NFT could be, since it’s a non-fungible object you’re selling on the internet. In simpler terms, you could simply imagine the NFT to be a type of digital collectible paid via cryptocurrency only.
Minting is like calling the shots for your personal NFTs. You’re claiming ownership over that particular token/item that you posted to the marketplace, and selling it. Usually, this becomes official when you have filled in the proper information regarding the NFT and finally submit it for sale on.
On OpenSea, it’s a simple procedure to create your own NFTs by visiting the store and simply creating a collection to start! Complete the correct and correct information regarding your NFT and choose what kind of settings you’d like to use to use it with (e.g., blockchain, payment tokens). After you’ve completed the process, you can finally upload it, if it’s within the limit of 100MB.
It is possible to wait and see how transactions progress from here on out to determine if OpenSea is the best marketplace for you.
What NFTs are available here?
So, at this point, you’re probably wondering the kind of NFTs can be found here, and what you could sell should you decide to go down that path. The type of NFT that you can purchase is indefinite since there’s a broad range of ways to go about it.
You could be selling digital items, trading cards, game assets domain names, some physical items! Find out what you think will bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that differentiates OpenSea from the other options. There are zero gas fees when you utilize this feature when you mint and sell NFTs. This simply means that you’ll receive the maximum profits when you sell because you don’t need to pay on additional fees.
Not many NFT marketplaces provide this feature, so this is great for you to receive high profit from your portfolio.
The Referral Program is a different aspect of OpenSea to take note of. Similar to traditional online markets that offer benefits when you refer a friend to OpenSea! If you invite a friend to join OpenSea and buy an NFT from the site you’ll be rewarded with 2.50 percent of the purchase amount, which means you can earn more money from this act.
Other NFT marketplaces don’t have this feature and that’s another benefit OpenSea has over them.
There is an OpenSea mobile app, but it’s mostly to browse through the marketplace. It isn’t able to purchase or sell items as you browse through the listings.
The mobile apps from OpenSea are accessible on the two platforms of iOS as well as Android. Although you aren’t able to purchase or sell something, you can browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available to you to trade your fiat currency for cryptocurrency using these platforms. What Beaches Are Open At Night
You can exchange your fiat money via the credit card, or Paypal via these reputable websites for cryptocurrency:
- Bittrex, and many more!
All of these have the option of converting them into ETH that is the primary cryptocurrency payment option in OpenSea.
While OpenSea has been described as being an NFT marketplace that is open to all forms of cryptocurrency, the wallets nevertheless more compatible than other. Since it is built mainly using an ETH blockchain, wallets with a connection to this network are appropriate for the site.
Here is a list of different crypto wallets you can utilize in OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each has its own limitations including simple registration, only mobile usage and the ability to purchase cryptocurrency with the credit card. What Beaches Are Open At Night
To learn more about it to learn more, check out their FAQs to get the steps you can begin and which other wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with its advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and cons here:
- Available as mobile apps for iOS or Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalty rates of up to 10% for artists (low royalty).
- Cannot buy or sell on the mobile app.
- Only accepts cryptocurrency as a type of payment.
- An Crypto wallet is required for this marketplace.
OpenSea is open to everyone who owns any crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. But overall, you can quickly regain that when you actively sell because there’s no additional cost for it.
Frequently Asked Questions What Beaches Are Open At Night
What is OpenSea?
OpenSea is an NFT marketplace that aims to offer artists a way to market their work online, and to accept 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 cost of gas and the low commission rate which you are required to pay.
You can browse and shop for an array of digital goods in this NFT marketplace which is why you should definitely check it out!
Is OpenSea legit & safe?
The short answer is yes! OpenSea has been a trusted marketplace since its inception on the 1st of December in 2018. Since its system is built on a blockchain that is secure, you can say that your transactions are protected and secured.
In addition as a seller you will be verified after you build up your reputation. A blue checkmark will appear to your account or any collection you uploaded to reassure every customer. The team at OpenSea regularly checks the content to ensure users are protected.
How do I earn royalties on OpenSea?
As an artist, you will get only 10% of the royalties once you upload the NFT. This is believed to be a reasonable amount compared against other NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) has been commonly used on this site as well as many others to accommodate more crypto users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can use to use OpenSea.
What are the payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. You can easily purchase or sell cryptocurrency on reliable platforms using fiat currency. All you need be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea have a desktop/mobile application?
As we mentioned earlier there’s an official mobile application from OpenSea that is available for iOS as well as Android. Install it from their app store, and then you can begin exploring the collection right now!
There is also a Desktop application that OpenSea can be downloaded via WebCatalog. In the desktop application you can manage multiple accounts and receive 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/).