Cryptocurrency is booming right now and you’re probably thinking where you can invest your crypto coins. There are numerous marketplaces popping up all over the digital web designed to purchase and sell NFTs with cryptocurrency! OpenSea is among them and is worth looking into.
If you’re familiar with cryptocurrency you’ve probably heard about OpenSea previously for a valid reason. It has become one of the biggest and leading marketplaces among cryptocurrency enthusiasts due to its security and rapid transactions.
Get on board, and let’s explore the possibilities of OpenSea and also see the NFTs available to 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 What Is An Nft Bamboo Fly Rod Worth
The purpose to create OpenSea was to simply provide a platform/marketplace for artists to easily upload their commissions without any extra fees. It has more functions which allow you to market your artwork without any problems.
For registration, you won’t have to give any personal information about yourself. All you have to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as simple as that without going through much hassle as you step into NFTs.
The most well-known cryptocurrency that is used in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology and is used for the majority of transactions. It also functions on the Polygon blockchain, which ensures lower costs and faster trading.
There are two types of blockchains available it is possible to choose which one you’d like to upload your NFT on as a seller. This ensures the safety of your NFT and the people who want to buy it. All transactions are made by using the blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless where you can trade in your cryptocurrency or NFTs for other NFTs. You can buy anything just a domain name to official art from an artist that you admire. Anyone can be a seller however, it takes some time for anyone to become an established one.
There’s a huge selection of NFTs available of NFTs available at OpenSea and you could join in with that! You can create your own personal market on this site, as well as find NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent development for the crypto industry the term “NFT” has been going around for so long on internet that a lot of millennials are familiar with it but aren’t exactly sure what it actually means. Let’s look at what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the newest things that you can buy with cryptocurrency is an NFT. The NFT is a token that is non-fungible which is extremely exclusive and cannot be replaced. It can be an item of any rarity like mint-condition baseball trading cards or rare vinyl record.
There’s no limit on what an NFT can be as it’s a non-fungible thing you’re selling online. It is simpler to simply think of the NFT as a digital item paid via cryptocurrency only.
Minting is like calling dibs to your NFTs. It is a way of claiming the ownership of the particular item you uploaded on market, as you’re selling it. Usually, this becomes official after you fill in all the necessary information about the NFT and finally upload it to the marketplace.
On OpenSea It’s a very simple procedure to create your own NFTs by going to the store and simply create a collection! Complete the correct and complete information about your NFT and select the type of settings you’d like for it (e.g., blockchain or money transfer tokens). Once that’s all done you are able to upload it, if it’s within the limit of 100MB.
You can watch and see the way transactions are handled from now to determine if OpenSea is the right marketplace for you.
What NFTs can you find here?
So, at this point, you’re probably wondering the kind of NFTs be purchased here, and what you could also sell if you choose to pursue that route. The type of NFT it can be is indefinite since there’s a broad range of how you can approach it.
You could be selling digital products, trading cards game assets domain names, even physical assets! Consider what you believe will bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that separates OpenSea from the other options. There’s no cost for gas for using this feature to make and then sell the NFTs. This means you’ll get the most profit when you start selling because you don’t need to pay on extra fees.
Very few NFT marketplaces have this feature, and it can be a fantastic way to earn a high return from your collection.
This Referral Program is a different aspect of OpenSea to take note of. Similar to traditional online markets that offer advantages by referring someone else to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from the site, you’ll receive 2.50 percent of the sales amount, letting you earn more cash by this method.
Other NFT marketplaces don’t have this kind of feature either This is a further benefit OpenSea has over them.
There’s an OpenSea mobile app, but it is mainly used to browse through the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listing.
The mobile apps of OpenSea are available for both iOS as well as Android. Even though you can’t buy or sell things, you can explore the products you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available at your disposal You can also convert your fiat money into cryptocurrency through these platforms. What Is An Nft Bamboo Fly Rod Worth
You can exchange your fiat money via the 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 standard cryptocurrency used in OpenSea.
While OpenSea is an NFT marketplace open to all kinds of crypto, wallets are still more compatible with it than others. Since it is built mainly using an ETH blockchain, all wallets with a connection to the same network are suitable for this site.
Here is a list of different crypto wallets which you can use with OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each one has its own set of limitations including simple registration, use on mobile devices only and the ability to purchase cryptocurrency using credit cards. What Is An Nft Bamboo Fly Rod Worth
For more information about the service You can go through their FAQs to see a rundown of how you can start and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and pros here:
- Available as mobile apps for iOS and Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalties of only 10% for artists (low royalty rates).
- It is not possible to buy or sell items via this mobile application.
- Only accepts cryptocurrency as a type of payment.
- An Crypto account is needed to use 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 regain that when you are actively selling since there’s no additional cost for it.
Frequently Asked Questions What Is An Nft Bamboo Fly Rod Worth
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to provide artists a platform to market their work online and receive cryptocurrency as a method of payment. It’s an excellent platform for artists who use it to sell NFTs because of its zero cost of gas and the low commission rate that you have to pay.
You can browse and purchase an array of digital goods in this NFT marketplace which is why you should definitely take a look!
Is OpenSea legit & is it 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, it is safe to declare that transactions are protected and secured.
In addition as a seller you’ll be verified when you’ve earned a reputation. A blue checkmark will appear on your account or any collection that you have uploaded to assure any customer. The OpenSea team reviews regularly the contents to ensure users are secure.
How do I earn royalties from OpenSea?
However, as an artist, you can be paid only 10 percent of the royalties when you upload the NFT. This is considered to be reasonably low compared against other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) is widely used on this site as well as other sites to provide more crypto users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can utilize to use OpenSea.
What are the payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. You can easily purchase or sell cryptocurrency through secure platforms that accept 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 app?
As previously mentioned there’s an official mobile application from OpenSea for both iOS and Android. Install it from their app store, and you can start exploring the collection right now!
The desktop application for OpenSea that can be downloaded through WebCatalog. In the desktop application you can manage multiple accounts as well as receive alerts on any updates that affect your account when you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).