The cryptocurrency market is on the rise and you’re probably wondering where you can invest your crypto coins. Marketplaces are popping up all over the digital web designed to purchase and sell NFTs using cryptocurrency! OpenSea can be one, and it’s worth looking into.
If you’re interested in crypto you’ve probably heard about OpenSea before for a good reason. It has become one of the largest and most popular marketplaces for cryptocurrency users because of its security and rapid transactions.
Now hop aboard, and discover what you can do with OpenSea, along with checking the NFTs available to view!
Before you go on, 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 Whats Nft Mean
The aim to create OpenSea was to offer artists with a marketplace/platform to upload commissions without any extra charges. There are additional features that let you sell your art without too many problems.
When it comes to registration, you won’t have to give too many details about yourself. All you need to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as easy as that, without many hurdles as you walk into NFTs.
The most widely-used cryptocurrency that is used within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system and is used for the majority of transactions. It is also based on the Polygon blockchain, which allows for the lowest cost and speediest trading.
With these two types of blockchains available you can pick which one you want to publish your NFT as an seller. This ensures the safety of your NFT as well as those who wish to purchase it. All transactions will be made by using the blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from the simplest domain name, to a piece of art from an artist that you admire. Anyone can become a seller, but it takes some time for anyone to be an established seller.
There’s a huge selection from the selection at OpenSea and you could become a part of this! You can create your own personal market there, and also find NFTs that you would like to purchase for yourself.
What is an NFT?
A recent change in the crypto market,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that many millennials are familiar with it , but aren’t sure exactly what it is. Let’s look at what an NFT is for anyone who is new in cryptocurrency.
One of the newest things that you can buy with cryptocurrency can be an NFT. An NFT is a token that is non-fungible that is very individual and cannot be changed. It could be an item of any rareness like rare baseball trading cards in mint condition or uncommon vinyl record.
There’s no limit to what an NFT can be since it’s a non-fungible item you’re selling online. It is simpler to simply imagine an NFT to be a type of digital collectible that is paid for using cryptocurrency only.
Minting is similar to calling for dibs on your own NFTs. It is a way of claiming the ownership of the particular item that you posted to the market place, but offering it for sale. Typically, this is official when you have filled in all the necessary information about the NFT and submit it for sale on.
On OpenSea It’s a very simple procedure to create your own NFTs by visiting the store and simply creating a collection to start! Complete the correct and complete information about your NFT and choose what kind of settings you want to use it with (e.g. blockchain, payments tokens). Once that’s all done then you’re able to upload it to the internet if it’s in the limit of 100MB.
You can watch and see the way transactions are handled from here on out to see whether OpenSea is the right marketplace for you.
What NFTs can you find here?
In this moment you’re probably asking yourself what kind of NFTs be purchased here and what kind of NFTs you can also sell if you decide to pursue that route. The kind of NFT that you can purchase is indefinite as there’s a variety of options for how to go about it.
It is possible to sell trade cards, digital goods game assets, domain names, and some physical items! Find out what you think will yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that separates OpenSea from the others. There’s no cost for gas 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 extra fees.
There aren’t many NFT marketplaces have this feature, which is why this can be a fantastic way to earn a high return from your NFT collection.
This Referral Program is another distinctive feature of OpenSea to admire. Like traditional online marketplaces, you can receive advantages by referring a friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from the site you’ll earn 2.50% of the sale amount, which means you can make more money from this act.
Other NFT marketplaces do not have the same feature and that’s another advantage OpenSea has over the other marketplaces.
There’s an OpenSea mobile application, however it’s mostly used for perusing through the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listings.
The mobile apps from OpenSea are accessible for the two platforms of iOS and Android. While you’re not able to buy or sell anything, you can still explore the products you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are for you to use to trade your fiat currency for cryptocurrency on these platforms. Whats Nft Mean
You can exchange your fiat currency using a the credit card, or Paypal through these trusted sites for cryptocurrency:
- Bittrex, and more!
Each of them has the option of converting them into ETH, which is the most common crypto payment in OpenSea.
While OpenSea has been described as being an NFT marketplace that is open to all types of cryptocurrency, the wallets still more compatible with it than others. Because it is based using an ETH blockchain, wallets with a connection to the same network are suitable for this site.
Here is a list of different crypto wallets you can use in OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations including simple registration, only mobile usage as well as the capability to buy cryptocurrency using the credit card. Whats Nft Mean
To know more about it to learn more, check out their FAQs to see a rundown of how you can begin and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with advantages and drawbacks. OpenSea isn’t an exception to this. You can read about its pros and cons here:
- Mobile apps available for iOS or Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalties of only 10% to artists (low royalty).
- Cannot buy or sell through the mobile app.
- Only accepts cryptocurrency as a form of payment.
- An Crypto wallet is required to access 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 that all buyers on the marketplace. But overall, you can quickly recover this amount if you sell regularly since there’s no additional cost for it.
Frequently Asked Questions Whats Nft Mean
What is OpenSea?
OpenSea is an NFT marketplace that is designed to provide artists a platform to sell their works online, and to accept cryptocurrency as a method of payment. It’s a great platform for artists using for selling NFTs due to its low gas costs and the low commission rate which you are required to pay.
You can shop and browse a vast collection of digital goods in this NFT marketplace and you must go through it!
Is OpenSea real and safe?
Answer: Yes! OpenSea has been a reliable marketplace since it was founded on the 1st of December in the year 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.
Additionally as a seller you can become verified once you build up your reputation. A blue checkmark is placed next to your account or the collection you uploaded to reassure anyone who buys from you. OpenSea’s team regularly reviews the content to ensure that users are safe.
How do I earn royalties on OpenSea?
Unfortunately, as an artist, you can get only 10 percent of the royalties after you have uploaded the NFT. This is thought to be a reasonable amount compared to other NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) can be widely utilized on this website and other sites to provide the increasing number of cryptocurrency users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can use to access OpenSea.
What are the payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. You can easily purchase or sell cryptocurrency through reliable platforms using fiat currency. All you have to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea have a desktop or mobile application?
As previously mentioned There is an official mobile app by OpenSea that is available for iOS or Android. You can download it through their app store and then you can begin exploring the collection right now!
There is also a version for desktops that OpenSea can be downloaded via WebCatalog. In the desktop application you are able to manage multiple accounts and 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/).