The crypto currency market is in a boom right now and you’re probably thinking where to invest your crypto coins. There are numerous marketplaces popping up across the digital web designed to buy and sell NFTs via cryptocurrency! OpenSea is one of them, and it’s worth checking out.
If you’re interested in crypto you’ve probably heard of OpenSea before for a good reason. It’s one of the largest and leading marketplaces among cryptocurrency users because of its security and rapid transactions.
Get on board, and let’s explore what you can do with OpenSea and also see the NFTs that you can see!
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 the article for a more comprehensive review.
OpenSea as an NFT Marketplace What Can Cause A 504 Error
The goal to create OpenSea was to offer an online marketplace for artists to upload commissions with no additional fees. It has more functions that let you sell your work without having to deal with many difficulties.
When it comes to registration, you don’t need to provide too many details about yourself. All you have 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 hurdles as you walk into NFTs.
The most well-known cryptocurrency that is used in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system and is used for most processes. It also operates on the Polygon blockchain, which allows for lower costs and faster trading.
With these two types of blockchains that are available you can pick which one you want to publish your NFT as a seller. This ensures the safety of your NFT and the people who want to purchase it. All transactions are made along with this blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an online shopping mall that is endless that lets you trade your cryptocurrency or NFTs 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 be a seller however, it takes some time before anyone can become an established one.
There is a wide variety of NFTs available at OpenSea, and you can join in with this! You can set up your own market on this site, as well as find NFTs you’d like to buy yourself.
What is an NFT?
A recent change in the crypto market, the term “NFT” has been going around for so long on internet that a lot of millennials have heard of it but not exactly sure what it means. Let’s look at what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the new things that you can buy with cryptocurrency includes an NFT. An NFT is a non-fungible currency that is individual and cannot be substituted. It could be an item of rareness like mint-condition baseball trading cards or uncommon vinyl record.
There’s no limit to what an NFT could be, since it’s a non-fungible item that you can sell on the internet. It is simpler to simply think of the NFT being a virtual collectible paid via cryptocurrency only.
Minting is like calling dibs on your own NFTs. You are calling the owner of the item or token that you posted to the marketplace, and offering it for sale. Usually, this is recognized once you fill out all the necessary information about the NFT and then add it on the market.
On OpenSea it’s a straightforward process to mint your NFTs. All you have to do is visit the store and create a collection! Fill out the proper and accurate information about your NFT and choose what kind of settings you want to use it with (e.g. blockchain and payments tokens). Once that’s all done you are able to upload it if it fits the 100 MB limit.
You can wait and observe how the transactions go from here on out to see whether OpenSea is the right marketplace for you.
What NFTs are available here?
In this moment you’re probably asking yourself which kind of NFT you shop for here, and what you could sell should you decide to pursue that route. The type of NFT it is unlimited because there’s a wide range of how you can do it.
You could be selling trade cards, digital goods game assets domain names, also physical goods! Consider what you believe will yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that sets OpenSea from the others. There are no gas costs when you utilize this feature when you mint and sell NFTs. This is essentially a way to ensure that you receive the maximum profits when you start selling because you won’t need to spend on extra fees.
There aren’t many NFT marketplaces provide this feature, which is why this is a great way to make a huge profit from your NFT collection.
A Referral Program is another distinctive feature of OpenSea to take note of. Like traditional online marketplaces there are rewards when you refer a friend to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from the site you’ll be rewarded with 2.50 percent of the purchase amount, letting you earn more cash through this action.
Other NFT marketplaces do not have this kind of feature either This is a further benefit OpenSea has over them.
There is an OpenSea mobile app, but it’s mostly used to browse the marketplace. Unfortunately, you can’t purchase or sell anything while you scroll through the list.
The mobile apps from OpenSea are accessible on the two platforms of iOS and Android. Although you aren’t able to purchase or sell something, you can explore the products you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are at your disposal, and you can convert your fiat money into cryptocurrency using these platforms. What Can Cause A 504 Error
You can exchange your fiat currency using a credit card or Paypal through these trusted sites for cryptocurrency:
- Bittrex and more!
All of these have the option of converting them into ETH that is the primary cryptocurrency payment option in OpenSea.
Although OpenSea can be described as an NFT marketplace open to all types of cryptocurrency, wallets are nevertheless more compatible than other. Because it is based around the ETH blockchain, all wallets that share the same network are suitable for this site.
Here’s a list various crypto wallets that 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, only mobile usage as well as the capability to purchase cryptocurrency using the credit card. What Can Cause A 504 Error
To know more about it, you can check their FAQs to get a rundown of how you can get started and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets every one of them has advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and cons here:
- Mobile apps available that are compatible with iOS and Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto market and NFTs.
- Allows royalties of only up to 10% for artists (low royalties).
- It is not possible to buy or sell items on our mobile apps.
- Only accepts cryptocurrency as a type of payment.
- The use of a Crypto wallet is required for this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. But overall, you can quickly recover this amount if you actively sell because there is no additional fee for it.
Frequently Asked Questions What Can Cause A 504 Error
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to provide artists a platform to sell their works online and receive cryptocurrency as their form of payment. It’s a great platform for artists using the platform to market NFTs due to its no gas fees and low commission fee rate which you are required to pay.
You can shop and browse an array of digital products on this NFT marketplace and you must check it out!
Is OpenSea real and secure?
The short answer is yes! OpenSea has been a reliable marketplace since it was established at the end of the year 2018. Because its system is built on blockchain technology, it is safe to say that your transactions are secure and safe.
Additionally, 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 you uploaded to reassure any customer. OpenSea’s team regularly reviews the content to ensure users are secure.
How can I earn royalties on OpenSea?
As an artist, you’ll get 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 frequently utilized on this website and other sites to provide many more cryptocurrency users. These are other cryptos you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can make use of for OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. You can easily purchase or sell cryptocurrency through secure platforms that accept fiat money. All you need to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea has a mobile or desktop app?
As we mentioned earlier there’s an official mobile application from OpenSea that is available for iOS as well as Android. You can download it through their app store, and then you can begin exploring the collection now!
There is also a version for desktops that OpenSea that can be downloaded through WebCatalog. On the desktop app you are able to 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/).