The cryptocurrency market is on the rise and you’re probably thinking where to invest your crypto currency. Markets have popped up all over the internet, designed to buy and sell NFTs with cryptocurrency! OpenSea can be one and is worth checking out.
If you’re familiar with cryptocurrency, you’ve probably heard of OpenSea previously for a valid reason. It’s one of the largest and leading marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.
Now hop aboard, and discover what you can do with 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 review. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace What Is Nft Art
The goal for OpenSea was to offer artists with a marketplace/platform to upload their commissions, without having to pay any additional charges. It also has additional functions which allow you to market your art without too many issues.
For the registration process, you don’t have to give all of your personal details. All you need to connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as easy as that, without many hassles when you enter into NFTs.
The most well-known cryptocurrency that is used in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system which is utilized for most processes. It also functions on the Polygon blockchain to ensure the lowest cost and speediest trading.
There are two types of blockchains available you can pick which one you’d like to transfer your NFT to as an 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, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall that lets you trade your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything just a domain name to official art by an artist you admire. Anyone can be a seller however, it takes time for anyone to become an established seller.
There are a variety of NFTs of NFTs available on OpenSea, and you can become a part of that! You can start 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”NFT” is a term that has been used in recent times “NFT” has been going around so long on the internet that many millennials have heard of it but aren’t exactly sure what it actually means. Let’s take a look at what NFT is for anyone who is new 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 exclusive and cannot be replaced. It could be a piece of rareness like mint-condition baseball trading cards or rare vinyl record.
There’s no limit to what an NFT can be as it’s a non-fungible object that you can sell online. It is simpler to simply consider the NFT to be a type of digital item paid via cryptocurrency only.
Minting is similar to calling for dibs on your own NFTs. You are calling ownership over that particular token/item that you posted to the marketplace, and you’re offering it for sale. Typically, this is official when you have filled in the proper information regarding the NFT and finally submit it for sale on.
On OpenSea it’s a straightforward process to mint your NFTs by visiting the store and simply making a collection to begin! Fill out the proper and complete information about your NFT and choose what kind of settings you want to use it with (e.g., blockchain, money transfer tokens). After you’ve completed the process then you’re able to upload it, if it’s within the 100 MB limit.
You can watch and see the way transactions are handled from now to see whether OpenSea is the marketplace for you.
What NFTs can you get here?
In this moment, you’re probably wondering the kind of NFTs you shop for here, and what you could sell should you decide to go down that path. The type of NFT it can be is indefinite because there’s a wide range of how you can approach it.
It is possible to sell trade cards, digital goods game assets, domain names, and even physical assets! Consider what you believe will 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 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.
Very few NFT marketplaces provide this feature, which is why this can be a fantastic way 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 there are benefits when you refer your friend to OpenSea! If you invite 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 money from this act.
Other NFT marketplaces don’t offer the same feature and that’s another benefit OpenSea has over them.
There’s an OpenSea mobile application, however it’s mostly used for perusing through the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listings.
The mobile apps of OpenSea are available for the two platforms of iOS as well as Android. While you’re not able to buy 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 at your disposal, and you can convert your fiat money into cryptocurrency on these platforms. What Is Nft Art
You can convert the fiat currency you have with a the credit card, or Paypal through these trusted sites for cryptocurrency:
- Bittrex and more!
Each of them has the option to exchange for ETH, which is the standard cryptocurrency payment option in OpenSea.
Although OpenSea can be described as an NFT marketplace that is open to all forms of crypto, wallets are nevertheless more compatible than others. Since it is built using an ETH blockchain, wallets with a connection to this network are appropriate for this site.
Here is a list of various crypto wallets that you can utilize in OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each has its own limitations including simple registration, mobile-only usage, and the function to purchase cryptocurrency with credit cards. What Is Nft Art
To know more about it, you can check their FAQs for an overview of how you can get started and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and pros here:
- Mobile apps available that are compatible with iOS or Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto industry and NFTs.
- Allows royalties 10% for artists (low royalty).
- Cannot buy or sell through the mobile app.
- Only supports cryptocurrency as its type of payment.
- A Crypto wallet is required to use this marketplace.
OpenSea is open to everyone who owns any crypto coins in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. However, overall, you will easily recover that amount when you actively sell because there’s no additional cost for it.
Frequently Asked Questions What Is Nft Art
What is OpenSea?
OpenSea is an NFT marketplace that aims to provide artists a platform to market their work online and receive cryptocurrency as a method of payment. It’s an ideal platform for artists using the platform to market NFTs due to its no gas fees and low commission fees which you are required to pay.
You can browse and shop for a vast collection of digital products on this NFT marketplace and you must check it out!
Is OpenSea legit & secure?
Short answer: Yes! OpenSea has been a trusted marketplace since it was established at the end of 2018. Because its system is built on blockchain technology and is secured, it is safe to say that your transactions are secure and safe.
Furthermore as a seller you’ll be verified when you build up your reputation. A blue checkmark is placed next to your account or collection you’ve uploaded to ensure the safety of any customer. The OpenSea team reviews regularly the content to ensure users are secure.
How do I earn royalties on OpenSea?
As an artist, you will be paid only 10 percent of the royalties when you have uploaded the NFT. This is believed to be quite low in comparison to the other NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) can be widely used on this site as well as other sites to provide many more crypto users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can use for OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. You can buy and trade cryptocurrency using trusted platforms with fiat money. All you have to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea have a desktop/mobile application?
As previously mentioned There is an official mobile app by OpenSea that is available for iOS and Android. You can download it through their app store, and begin exploring the collection right now!
There is also a Desktop application that OpenSea that can be downloaded through WebCatalog. With the desktop application, you can manage multiple accounts and get notifications about updates to your account while you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).