The cryptocurrency market is on the rise and you’re probably thinking where to invest your crypto coins. There are numerous marketplaces popping up across the digital web designed to sell and buy NFTs with cryptocurrency! OpenSea is one of them and is worth checking out.
If you’re familiar with cryptocurrency you’ve probably heard of OpenSea prior to this for a valid reason. It’s one of the biggest and most popular marketplaces for users of cryptocurrency due to its safety and speedy transactions.
So, hop on board and let’s see what you can do with OpenSea, along with checking what NFTs you can view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Where To Buy Nft Crypto
The aim for OpenSea was to offer a platform/marketplace for artists to upload commissions with no additional costs. It has more functions which allow you to market your art without too many issues.
For registration, you won’t have to worry about giving all of your personal details. All you need to connect your crypto wallet and voila! You have an account with OpenSea! It can be as simple as that and without much hassle as you step into NFTs.
The most widely-used cryptocurrency used in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it which is utilized for the majority of transactions. It also functions using the Polygon blockchain to ensure the lowest cost and speediest trading.
With these two kinds of blockchains that are available you can pick which one you would like to publish your NFT as an seller. This is to ensure the security of your NFT, along with those who wish 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 an endless online marketplace that lets you trade your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything the simplest domain name, to a piece of art from an artist that you admire. Anyone can be a seller, but it takes some time for anyone to become an established seller.
There’s a huge selection in the collection of NFTs available at OpenSea, and you can become a part of that! You can set up your own market on this site, as well as find NFTs that you would like to purchase yourself.
What is an NFT?
In a recent development for the cryptocurrency industry”NFT” is a term that has been used in recent times “NFT” has been going around for so long on the internet that the majority of young people are familiar with it but not exactly sure what it means. Let’s take a look at what NFT is for anyone who is new in cryptocurrency.
One of the newest things you can buy can be an NFT. The NFT is a token that is non-fungible that is very unique and can’t be replaced. This can be an item of rarity like authentic baseball cards or a uncommon vinyl record.
There’s no limit on what an NFT can be as it’s a non-fungible object you’re selling online. More straightforwardly, you can just consider an NFT as a digital collectible paid via cryptocurrency only.
Minting is similar to calling for dibs on your own NFTs. You’re claiming the owner of the item or token that you posted to the market place, but you’re offering it for sale. Usually, this is recognized once you fill out all the necessary information about the NFT and add it on the market.
On OpenSea, it’s a simple process to mint your NFTs by visiting the store and simply making a collection to begin! Input the appropriate and correct information regarding your NFT and choose what kind of settings you’d like to use for it (e.g., blockchain and payments tokens). After that then you’re able to upload it, if it’s within the 100 MB limit.
You can watch and see how the transactions go from now on to see if OpenSea is the right marketplace for you.
What NFTs can you get here?
At this point you’re probably thinking about what kind of NFTs you shop for here and what kind of NFTs you can also sell if you choose to go down that path. The type of NFT it can be is indefinite as there’s a variety of how you can approach it.
It is possible to sell digital items, trading cards game assets, domain names, and also physical goods! Consider what you believe will yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that differentiates OpenSea from other companies. There are zero gas fees for using this feature when you mint and sell NFTs. This simply means that you’ll be able to make the highest profits once you begin selling since you won’t need to spend on additional fees.
Not many NFT marketplaces offer this feature, so this can be a fantastic way to receive high profit from your collection.
This Referral Program is a different aspect of OpenSea to admire. Similar to traditional online markets that offer benefits when you refer someone else to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from the site you’ll be rewarded with 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 This is a further benefit OpenSea has over the other marketplaces.
There is an OpenSea mobile app, but it’s mostly used to browse the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listings.
The mobile apps from OpenSea are accessible on both iOS as well as Android. Even though you can’t buy or sell things, you can explore the products you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are for you to use to exchange your fiat money for cryptocurrency on these platforms. Where To Buy Nft Crypto
You can exchange your fiat money via the credit card, or Paypal through these trusted sites to exchange it for crypto:
- Bittrex and other things!
All of these have the option to exchange for ETH that is the most common cryptocurrency used in OpenSea.
While OpenSea can be described as an NFT marketplace open to all types of cryptocurrency, wallets are still more compatible with it than other. Since it is built around an ETH blockchain, wallets which are part of this network are appropriate for this site.
Here’s a list several crypto wallets you can use in OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations like easy registration, use on mobile devices only and the ability to purchase cryptocurrency using a credit card. Where To Buy Nft Crypto
To know more about it You can go through their FAQs to see an overview of how you can begin and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has its advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and cons here:
- Available as mobile apps for iOS as well as Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
- Allows royalties of only 10% to artists (low royalty rates).
- You cannot buy or sell products via this mobile application.
- Only accepts cryptocurrency as a type of payment.
- The use of a Crypto wallet is required for this marketplace.
OpenSea is accessible to everyone who has any crypto currency in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. But overall, you can quickly recover this amount if you are actively selling since there is no additional fee for it.
Frequently Asked Questions Where To Buy Nft Crypto
What is OpenSea?
OpenSea is an NFT marketplace that aims to give artists a chance for selling their artwork online, and to accept cryptocurrency as a form of payment. It’s an ideal platform for artists using for selling NFTs due to its no cost of gas and low commission fees which you are required to pay.
You can shop and browse an array of digital products on this NFT marketplace, so you should take a look!
Is OpenSea legit & safe?
Answer: Yes! OpenSea has been a reliable marketplace since it was founded in 2018. Because its system is built on blockchain technology that is secure, you can claim that your transactions are safe and secure.
In addition, as a seller, you can become verified once you have built up your credibility. A blue checkmark will appear on your account or collection you uploaded to reassure every customer. The OpenSea team reviews regularly the contents to ensure users are safe.
How can I earn royalties from OpenSea?
Unfortunately, as an artist, you’ll get only 10 percent of the royalties when you upload the NFT. This is thought to be quite low in comparison with others NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) is commonly used on this site as well as many others to accommodate the increasing number of crypto users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can use for OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. You can easily purchase or trade cryptocurrency using secure platforms that accept fiat money. All you have be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea have a desktop/mobile app?
As mentioned before There is an official mobile application from OpenSea that is available for iOS as well as Android. Install it from their app store and begin exploring the collection right now!
There is also a desktop application for OpenSea that can be downloaded through WebCatalog. In the desktop application, you can manage multiple accounts as well as receive notifications on updates regarding 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/).