The crypto currency market is in a boom right now and you’re probably thinking where you can invest your crypto coins. Markets have popped up across the internet, designed to buy and sell NFTs using cryptocurrency! OpenSea is one of them and is worth a look.
If you’re well-versed in cryptocurrency you’ve likely heard of OpenSea before for a good reason. It has become one of the largest and most popular marketplaces among cryptocurrency users because of its security and quick transactions.
So, hop on board and discover what you can do with OpenSea, along with checking the NFTs that you can see!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick review. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Where To Buy Nft Stocks
The goal for OpenSea was to provide a platform/marketplace for artists to easily upload their commissions with no additional fees. It has more functions that let you sell your work without having to deal with many issues.
For the registration process, you don’t have to provide too many details about yourself. All you need to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It can be as simple as that without going through much hassle as you step into NFTs.
The most widely-used cryptocurrency to use on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology which is utilized for most processes. It also functions on the Polygon blockchain, which allows for lower costs and faster trading.
With these two kinds of blockchains available, you can choose which one you would like to transfer your NFT to as a seller. This is to ensure the security of your NFT and those who wish to buy it. All transactions will be made using this blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace that lets you trade your NFTs or cryptocurrency for other NFTs. You can buy anything just a domain name to official art from an artist that you admire. Anyone can become a seller, but it takes time before anyone can become an established one.
There is a wide variety in the collection on OpenSea, and you can join in with that! You can create your own market here, along with finding NFTs that you would like to purchase yourself.
What is an NFT?
In a recent development for the cryptocurrency industry,”NFT,” a popular term in the crypto industry “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 break down what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the newest things you can purchase your cryptocurrency is an NFT. An NFT is a non-fungible currency that is exclusive and cannot be substituted. This can be an item of rarity like rare baseball trading cards in mint condition, or a rare vinyl record.
There’s no limit on what an NFT could be, since it’s a non-fungible object that you sell online. More straightforwardly, you can just think of an NFT to be a type of digital item paid via cryptocurrency only.
Minting is similar to calling for dibs for your personal NFTs. You’re claiming the owner of the item or token that you posted to the market place, but putting it up for sale. Usually, this becomes official when you have filled in the correct information about the NFT and finally submit it for sale on.
On OpenSea It’s a very simple process to mine your NFTs by going to the store and making a collection to begin! Complete the correct and correct information regarding your NFT and choose what kind of settings you want to use it with (e.g., blockchain or payment tokens). After that you are able to upload it, if it’s within the 100 MB limit.
You can wait and observe how transactions progress from now to see whether OpenSea is the right marketplace for you.
What NFTs are available here?
In this moment you’re probably thinking about which kind of NFT be purchased here and what kind of NFTs you can also sell if you decide to go that route. The type of NFT it can be isn’t limited because there’s a wide range of ways to approach it.
You can be selling digital items, trading cards games, domain names, and also physical goods! Find out what you think will reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that sets OpenSea from the other options. There are no gas costs for using 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 additional fees.
Not many NFT marketplaces have this feature, and it is a great way to earn a high return from your collection.
The Referral Program is another unique aspect of OpenSea to admire. Similar to traditional online markets there are rewards by referring someone else to OpenSea! If you encourage a friend join OpenSea and buy an NFT from there you’ll be rewarded with 2.50% of the sale amount, letting you earn more money from this act.
Other NFT marketplaces don’t have the same feature, so that’s just another benefit OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile application, however it is mainly used for perusing through the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listings.
OpenSea’s mobile apps are available for the two platforms of iOS and Android. While you’re not able to buy or sell things, you can at least explore the products you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are for you to use to trade your fiat currency for cryptocurrency through these platforms. Where To Buy Nft Stocks
You can exchange your fiat currency using a your credit or debit card as well as Paypal on these reliable websites for cryptocurrency:
- Bittrex and other things!
All of these have the option of exchange for ETH which is the primary crypto payment in OpenSea.
Although OpenSea is an NFT marketplace open to all kinds of cryptocurrency, wallets are still more compatible with it than other. Because it is based on an ETH blockchain, wallets that share 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: The compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations like easy registration, use on mobile devices only as well as the capability to buy cryptocurrency using the credit card. Where To Buy Nft Stocks
For more information about the service You can go through their FAQs for the steps you can get started and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has advantages and drawbacks. OpenSea isn’t an exception to this. It is possible to read about its pros and cons here:
- Mobile apps are available that are compatible with iOS as well as Android.
- Smart contracts can be used to perform transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalty rates of 10% to artists (low royalty rates).
- Cannot buy or sell on our mobile apps.
- Only supports cryptocurrency as its method of payment.
- A Crypto digital wallet must be used to access this marketplace.
OpenSea is open to everyone who owns any crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. In the end, you’ll quickly regain that when you sell regularly since there is no additional fee for it.
Frequently Asked Questions Where To Buy Nft Stocks
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to offer artists a way for selling their artwork online, and to accept cryptocurrency as their form of payment. It’s a great option for artists who want to use it to sell NFTs due to its no gas costs and the low commission rate that you have to pay.
You can browse and purchase an array of digital items on the NFT marketplace which is why you should definitely go through it!
Is OpenSea legit & safe?
Short answer: Yes! OpenSea has been a trusted marketplace since it was founded in 2018. Since the system it operates on is built on a blockchain that is secure, you can claim that your transactions are protected and secured.
Additionally as a seller you’ll be verified when you build up your reputation. A blue checkmark is placed next to your account or the collection you’ve uploaded to ensure the safety of every customer. The OpenSea team reviews regularly the content to ensure that users are protected.
How do I earn royalties on OpenSea?
Unfortunately, as an artist, you’ll receive only up to 10% of the royalties once you have uploaded the NFT. This is thought to be reasonably low compared with other NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) is commonly used on this site and numerous others to cater for many more cryptocurrency users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can use for OpenSea.
What are the payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. You can buy and sell cryptocurrency on reliable platforms using fiat currency. All you need be able to connect is your credit or Paypal for the transaction.
Does OpenSea has a mobile or desktop app?
As mentioned before there’s an official mobile application from OpenSea available for both 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 which can be downloaded from WebCatalog. With the desktop application, you can manage multiple accounts and receive alerts on any updates that affect your account from the desktop.