Cryptocurrency is booming right now and you’re probably wondering what you can do with your crypto-coins. There are numerous marketplaces popping up across the digital web designed to purchase and sell NFTs via cryptocurrency! OpenSea is among them, and it’s worth looking into.
If you’re interested in crypto you’ve probably heard of OpenSea prior to this for a valid reason. It’s one of the largest and most popular marketplaces for cryptocurrency enthusiasts due to its safety and speedy transactions.
Now hop aboard, and let’s explore the possibilities of OpenSea, along with checking the NFTs that you can see!
Before you go on, you may want to watch 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 What Is An Nft Art
The goal of OpenSea was to simply provide artists with a marketplace/platform to easily upload their commissions without any extra costs. It also has additional functions that allow you to sell your work without having to deal with many difficulties.
For registration, you don’t need to give too many details about yourself. All you have to 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 popular cryptocurrency 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 with the Polygon blockchain, which allows for the lowest cost and speediest trading.
There are two types of blockchains that are available it is possible to choose which one you want to transfer your NFT to as an seller. This will ensure the security of your NFT, along with those who wish to purchase it. All transactions are made along with this 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 marketplace where you can exchange your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything as simple as a domain name to official art by an artist you admire. Anyone can be a seller, but it takes a while for anyone to be an established one.
There is a wide variety in the collection on OpenSea, and you can join in with the collection! You can create your own market there, and also find NFTs you want to purchase yourself.
What is an NFT?
A recent change in the crypto industry the term “NFT” has been going around for so long on the internet that many millennials have heard of it but aren’t sure exactly what it is. Let’s break down what an NFT is for anyone who is new in the field of cryptocurrency.
One of the latest ways you can buy is an NFT. The NFT is a non-fungible token which is extremely individual and cannot be substituted. This can be a piece of rarity like mint-condition baseball trading cards, or a unique vinyl album.
There is no limit to what an NFT can be as it’s a non-fungible object you’re selling on the internet. More straightforwardly, you can simply consider the NFT as a digital collectible paid via cryptocurrency only.
Minting is like calling dibs to your NFTs. You’re claiming ownership over that particular token/item that you posted to the market place, but selling it. Typically, this is official once you fill out the correct information about the NFT and add it on the market.
On OpenSea, it’s a simple process to mint your NFTs. All you have to do is visit the store and simply create a collection! Complete the correct and correct information regarding your NFT and select the type of settings you’d like for it (e.g., blockchain or money transfer tokens). After you’ve completed the process, you can finally upload it to the internet if it’s in the 100 MB limit.
It is possible to wait and see how transactions progress from now to see if OpenSea is the right marketplace for you.
What NFTs are available here?
At this point you’re probably asking yourself what kind of NFTs can you shop for here and what kind of NFTs you can sell should you decide to go down that path. The type of NFT it is indefinite since there’s a broad range of ways to do it.
It is possible to sell digital items, trading cards game assets domain names, also physical goods! Explore what you believe can yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that differentiates OpenSea from other companies. There are no gas costs when you use this feature when you make and then sell the NFTs. This means you’ll get the most profit when you start selling because you won’t need to spend on additional fees.
Very few NFT marketplaces offer this feature, so this can be a fantastic way to receive high profit from your portfolio.
A Referral Program is another distinctive feature of OpenSea to be admired. 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 there, you’ll receive 2.50% of the sale amount, letting you earn more money from this act.
Other NFT marketplaces don’t offer the same feature, so that’s just another benefit OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile app, but it is mainly used to browse through the marketplace. You can’t buy or sell items as you browse through the listings.
The mobile apps from OpenSea are accessible for the two platforms of iOS as well as Android. Although you aren’t able to purchase or sell things, you can at least look through the options you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are to you You can also exchange your fiat money for cryptocurrency through these platforms. What Is An Nft Art
You can swap the fiat currency you have with a credit card or Paypal on these reliable websites to exchange it for crypto:
- Bittrex and more!
Each of them has the option of converting them into ETH which is the standard cryptocurrency used in OpenSea.
While OpenSea can be described as an NFT marketplace open to all types of cryptocurrency, wallets are still more compatible with it than other. Because it is based around the ETH blockchain, any wallets which are part of that network will be suitable for this website.
Here is a list of several crypto wallets which you can use with OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, only mobile usage, and the function to buy cryptocurrency using a credit card. What Is An Nft Art
To learn more about it You can go through their FAQs to see the steps you can get started and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets every one of them has advantages and drawbacks. OpenSea isn’t the only one to have this. You can view its pros and cons here:
- Mobile apps are available that are compatible with iOS as well as Android.
- Smart contracts can be used to perform transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalties of only up to 10% for artists (low royalty rates).
- You cannot buy or sell products through our mobile apps.
- Only supports cryptocurrency as its type of payment.
- The use of a Crypto digital wallet must be used 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 percentage of commissions that all buyers on the marketplace. But overall, you can quickly regain that when you actively sell because there’s no additional cost for it.
Frequently Asked Questions What Is An Nft Art
What is OpenSea?
OpenSea is an NFT marketplace that seeks to give artists a chance to market their work online to receive cryptocurrency as a method of payment. It’s a great platform for artists who use the platform to market NFTs because of its zero gas costs and low commission fees which you are required to pay.
You can browse and purchase an array of digital products on this NFT marketplace, so you should take a look!
Is OpenSea legitimate and is it safe?
The short answer is yes! OpenSea has been a reliable marketplace since it was established in 2018. Because its system is built on a blockchain and is secured, it is safe to declare that transactions are safe and secure.
Additionally as a seller you can become verified once you have built up your credibility. A blue checkmark will appear next to your account or collection you uploaded to reassure anyone who buys from you. The OpenSea team reviews regularly the content to ensure that users are secure.
How do I earn royalties from OpenSea?
However, as an artist, you’ll be paid only 10 percent of the royalties when you have uploaded the NFT. This is believed to be reasonably low compared with the other NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) has been frequently used on this site as well as other sites to provide many more crypto users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can make use of for OpenSea.
What are the payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. You can easily purchase or sell cryptocurrency through secure platforms that accept fiat money. All you have just connect your debit or credit card to Paypal for the transaction.
Does OpenSea have a desktop or mobile app?
As we mentioned earlier There is an official mobile app by OpenSea for both iOS and Android. You can download it through their app store and begin exploring the collection now!
The desktop application for OpenSea which can be downloaded from WebCatalog. On the desktop app you are able to manage multiple accounts and get notifications about updates to your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).