The cryptocurrency market is on the rise and you’re probably thinking what you can do with your crypto-coins. Marketplaces are popping up all over the digital web designed to buy and sell NFTs using cryptocurrency! OpenSea is among them, and it’s worth looking into.
If you’re well-versed in cryptocurrency, you’ve probably heard about OpenSea before for a good reason. It’s now one of the largest and most popular marketplaces for cryptocurrency enthusiasts due to its security and quick transactions.
Get on board, and let’s see the possibilities of OpenSea, along with checking the NFTs that you can see!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick review. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Where To Buy Nft Coin
The aim of OpenSea was to provide artists with a marketplace/platform to easily upload their commissions with no additional charges. It also has additional functions that allow you to sell your art without too many problems.
When it comes to registration, you don’t need to give too many details about yourself. All you need to connect your crypto wallet and voila! You have an account on OpenSea! It can be as simple as that and without many hassles when you enter into NFTs.
The most popular cryptocurrency to use in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system, and this is used for most processes. It also functions with the Polygon blockchain, which allows for low-cost and quicker trading.
There are two types of blockchains you can pick which one you want to publish your NFT as a seller. This is to ensure the security of your NFT, along with those who would like to buy it. All transactions will be made using this blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything the simplest domain name to an official artwork from an artist you admire. Anyone can become a seller however, it takes some time before anyone can become an established one.
There are a variety of NFTs from the selection on OpenSea, and you can become a part of that! You can create your own marketplace on this site, as well as find NFTs you’d like to buy for yourself.
What is an NFT?
A recent change in the cryptocurrency industry, the term “NFT” has been going around for so long on the internet that a lot of millennials have heard of it but aren’t sure exactly what it is. Let’s break down what an NFT is for any beginners in the field of cryptocurrency.
One of the new things that you can buy with cryptocurrency includes an NFT. A NFT is a non-fungible token that is individual and cannot be replaced. This can be an item of any rareness like mint-condition baseball trading cards or a rare vinyl record.
There is no limit to what an NFT can be since it’s a non-fungible object that you sell online. It is simpler to simply consider the NFT being a virtual item that is paid for using cryptocurrency only.
Minting is like calling the shots for your personal NFTs. It is a way of claiming ownership over that particular token/item that you posted to the marketplace, and putting it up for sale. Usually, this becomes official once you fill out all the necessary information about the NFT and submit it for sale on.
On OpenSea, it’s a simple process to mine your NFTs by visiting the store and create a collection! Fill out the proper and accurate information about your NFT and then select what type of settings you’d like for it (e.g., blockchain or money transfer tokens). After you’ve completed the process then you’re able to upload it to the internet if it’s in the limit of 100MB.
It is possible to wait and see how the transactions go from here on out to see if OpenSea is the right marketplace for you.
What NFTs can you get here?
At this point, you’re probably wondering what kind of NFTs can be purchased here, and what you could sell should you decide to go down that path. The kind of NFT it is unlimited because there’s a wide range of options for how to go about it.
You can be selling trade cards, digital goods games, domain names, and also physical goods! Find out what you think will yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that differentiates OpenSea from other companies. There’s no cost for gas when you use this feature when you create and market NFTs. This means you’ll receive the maximum profits when you begin selling since you won’t have to spend on any additional charges.
Not many NFT marketplaces provide this feature, which is why this is great for you to receive high profit from your NFT collection.
This Referral Program is a different aspect of OpenSea to admire. Like traditional online marketplaces that offer benefits when you refer a friend to OpenSea! If you refer a friend to join OpenSea and buy an NFT from there, you’ll receive 2.50 percent of the purchase amount, which allows you to earn more cash through this action.
Other NFT marketplaces do not have the same feature and that’s another benefit OpenSea has over them.
There’s an OpenSea mobile app, but it is mainly used to browse through the marketplace. It isn’t able to purchase or sell anything while you browse through the listings.
The mobile apps from OpenSea are accessible for both iOS and Android. Even though you can’t buy or sell anything, you can still explore the products you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are at your disposal to exchange your fiat money for cryptocurrency on these platforms. Where To Buy Nft Coin
You can exchange your fiat money via the credit card, or Paypal through these trusted sites for cryptocurrency:
- Bittrex and many more!
All of them have the option of converting them into ETH which is the primary cryptocurrency payment option in OpenSea.
Although OpenSea has been described as being an NFT marketplace that is open to all types of crypto, wallets are nevertheless more compatible than others. Since it is built mainly on the ETH blockchain, all wallets that share the same network are suitable for the site.
Here’s a list various crypto wallets that you can utilize in OpenSea:
- Authereum and many 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, only mobile usage and the ability to purchase cryptocurrency with the credit card. Where To Buy Nft Coin
To learn more about it You can go through their FAQs to get the steps you can begin and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with its advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and pros here:
- Mobile apps are available that are compatible with iOS and Android.
- Smart contracts are used for transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in the crypto market and NFTs.
- Allows royalties of only 10% to artists (low royalty rates).
- You cannot buy or sell products on our mobile apps.
- Only supports cryptocurrency as its method of payment.
- A Crypto account is needed for this marketplace.
OpenSea is accessible to everyone who has crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. However, overall, you will easily recover that amount when you sell regularly since there is no additional fee for it.
Frequently Asked Questions Where To Buy Nft Coin
What is OpenSea?
OpenSea is an NFT marketplace that seeks to provide artists a platform for selling their artwork online and receive cryptocurrency as a form of payment. It’s an excellent option for artists who want to use for selling NFTs because of its zero gas fees and low commission fee rate which you are required to pay.
You can browse and shop for a vast collection of digital products on this NFT marketplace which is why you should definitely check it out!
Is OpenSea real and safe?
Answer: Yes! OpenSea is a reputable marketplace since it was established at the end of 2018. Since its system is built on a blockchain and is secured, it is safe to say that your transactions are protected and secured.
In addition as a seller you’ll be verified when you’ve earned a reputation. A blue checkmark is placed on your account or the collection that you have uploaded to assure anyone who buys from you. The OpenSea team reviews regularly the content to ensure that users are protected.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you can receive only up to 10% of the royalties once you have uploaded the NFT. This is thought to be reasonably low compared to other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) can be frequently used on this site and other sites to provide more cryptocurrency users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can make use of to access OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. You can easily purchase or sell cryptocurrency on secure platforms that accept fiat money. All you need just connect your debit or credit card to Paypal for the transaction.
Does OpenSea have a desktop/mobile app?
As previously mentioned There is an official mobile app by OpenSea for both iOS or Android. You can download it through their app store and you can start browsing through the collection right now!
There is also a version for desktops that OpenSea that can be downloaded through WebCatalog. In the desktop application, you can manage multiple accounts and get notifications about updates to your account from the desktop.