Cryptocurrency is booming right now and you’re probably wondering where to invest your crypto-coins. Markets have popped up across the web that allow users to purchase and sell NFTs using cryptocurrency! OpenSea is among them, and it’s worth looking into.
If you’re interested in crypto you’ve probably heard about OpenSea before for a good reason. It’s one of the largest and most popular marketplaces for users of cryptocurrency due to its security and rapid transactions.
So, hop on board and discover the possibilities of OpenSea as well as examining the NFTs that you can see!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. After, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace What Is OpenSea Reserve Price
The aim to create OpenSea was to offer a platform/marketplace for artists to easily upload their commissions without any extra costs. It has more functions that let you sell your work without having to deal with many difficulties.
When it comes to the registration process, you don’t have to give too many details about yourself. All you need to connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as easy as that, without many hassles when you enter into NFTs.
The most well-known cryptocurrency used on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology which is utilized to carry out the majority of processes. It also operates with the Polygon blockchain, which ensures lower costs and faster trading.
With these two kinds of blockchains that are available it is possible to choose which one you’d like to upload your NFT on as seller. This will ensure the security of your NFT as well as the people who want to buy it. Every transaction will be conducted by using the blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an online shopping mall that is endless where you can trade in your NFTs or cryptocurrency for other NFTs. You can buy anything as simple as a domain name to an official artwork from an artist you admire. Anyone can sell however, it takes some time for anyone to be an established one.
There’s a huge selection from the selection of NFTs available at OpenSea and you could join in with the collection! You can start your own marketplace there, and also find NFTs you want to purchase for yourself.
What is an NFT?
A recent change in the cryptocurrency industry”NFT” is a term that has been used in recent times “NFT” has been going around so long on the 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 latest ways you can purchase your cryptocurrency includes an NFT. The NFT is a non-fungible currency that is very unique and can’t be substituted. It can be an item of any rarity like authentic baseball cards or a uncommon vinyl record.
There’s no limit to what an NFT could be, since it’s a non-fungible object you’re selling online. More straightforwardly, you can just consider an NFT to be a type of digital collectible which is only paid in cryptocurrency.
Minting is similar to calling for dibs on your own NFTs. You are calling ownership over that particular token/item you uploaded on the market place, but you’re selling it. Usually, this is recognized when you have filled in the proper information regarding the NFT and upload it to the marketplace.
On OpenSea, it’s a simple process to mine your NFTs by visiting the store and simply making a collection to begin! Fill out the proper and accurate information about your NFT and choose what kind of settings you’d like to use it with (e.g. blockchain and payments tokens). After you’ve completed the process, you can finally upload it if it fits the 100 MB limit.
You can watch and see how transactions progress from here on out to see whether OpenSea is the marketplace for you.
What NFTs can you get here?
So, at this point, you’re probably wondering what kind of NFTs you shop for here and what kind of NFTs you can also sell if you decide to go down that path. The kind of NFT it isn’t limited as there’s a variety of options for how to do it.
You can be selling trade cards, digital goods games domain names, even physical assets! Explore what you believe can yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that sets OpenSea from other companies. There are zero gas fees when you utilize this feature to mint and sell NFTs. This is essentially a way to ensure that you get the most profit when you begin selling since you don’t need to pay on additional fees.
Not many NFT marketplaces have this feature, so this can be a fantastic way to receive high profit from your portfolio.
This Referral Program is another unique aspect of OpenSea to be admired. Like traditional online marketplaces that offer rewards by referring your friend to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from the site you’ll earn 2.50% of the sale amount, which allows you to earn more cash by this method.
Other NFT marketplaces don’t offer this kind of feature either, so that’s just another advantage OpenSea has over the other marketplaces.
There is an OpenSea mobile app, but it’s mostly used to browse through the marketplace. Unfortunately, you can’t purchase or sell anything as you browse through the listings.
The mobile apps of OpenSea are available for both iOS in addition to Android. While you’re not able to buy or sell anything, you can still browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are available to you to exchange your fiat money for cryptocurrency using these platforms. What Is OpenSea Reserve Price
You can swap your fiat currency using a your credit or debit card as well as Paypal on these reliable websites to exchange it for crypto:
- Bittrex, and many more!
All of these have the option to exchange for ETH which is the primary cryptocurrency payment option in OpenSea.
Although OpenSea is an NFT marketplace that is open to all forms of crypto, wallets are nonetheless more compatible than other. Since it is built on an ETH blockchain, any wallets that share that network will be suitable for this site.
Here’s a list of various crypto wallets that which you can use with OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions, such as easy registration, mobile-only usage, and the function to purchase cryptocurrency using the credit card. What Is OpenSea Reserve Price
To learn more about it You can go through their FAQs to see an overview of how you can begin and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with advantages and disadvantages. OpenSea isn’t an exception to this. You can read about 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.
- The best option for beginners to the crypto market and NFTs.
- Allows royalty rates of 10% for artists (low royalty).
- You cannot buy or sell products via our mobile apps.
- Only supports cryptocurrency as its type of payment.
- A Crypto digital wallet must be used for this marketplace.
OpenSea is available to anyone who owns any crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. But overall, you can easily recover that amount when you sell regularly since there’s no additional cost for it.
Frequently Asked Questions What Is OpenSea Reserve Price
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to provide artists a platform for selling their artwork online, and to accept cryptocurrency as a method of payment. It’s an excellent option for artists who want to use it to sell NFTs because of its zero cost of gas and the low commission rate you must pay.
You can browse and purchase the vast array of digital goods in this NFT marketplace which is why you should definitely check it out!
Is OpenSea legitimate and secure?
The short answer is yes! OpenSea has been a reliable marketplace since it was founded on the 1st of December in the year 2018. Since its system is built on blockchain technology and is secured, it is safe to declare that transactions are safe and secure.
Additionally as a seller you will be verified after you’ve earned a reputation. A blue checkmark is placed on your account or collection you uploaded to reassure anyone who buys from you. The OpenSea team reviews regularly the content to ensure users are secure.
How can I earn royalties from OpenSea?
Unfortunately, as an artist, you can receive only up to 10% of the royalties once you upload the NFT. This is thought to be quite low in comparison with the other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) is frequently used on this site as well as many others to accommodate more cryptocurrency users. These are other cryptos you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can utilize to use OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency through reliable platforms using fiat currency. All you need be able to connect is your credit or Paypal for the transaction.
Does OpenSea have a desktop or mobile app?
As mentioned before, there is definitely an official mobile app by OpenSea available for both iOS or Android. Download it at their respective app store and begin exploring the collection right now!
A Desktop application that OpenSea that can be downloaded through WebCatalog. With the desktop application you are able to manage multiple accounts as well as receive 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/).