Cryptocurrency is booming right now, and you’re probably wondering what you can do with your crypto currency. Markets have popped up across the web that allow users to sell and buy NFTs using cryptocurrency! OpenSea can be one, and it’s worth looking into.
If you’re well-versed in cryptocurrency, you’ve likely heard of OpenSea before for a good reason. It’s now one of the largest and most popular marketplaces for cryptocurrency enthusiasts due to its safety and speedy transactions.
So, hop on board and discover what you can do with OpenSea and also see what NFTs you can view!
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
The goal for OpenSea was to simply provide artists with a marketplace/platform to upload their commissions with no additional charges. It has more functions which allow you to market your art without too many problems.
For registration, you don’t need to give all of your personal details. All you need to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as easy as that and without many hassles when you enter into NFTs.
The most widely-used cryptocurrency used within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system which is utilized for the majority of transactions. It also operates using the Polygon blockchain to ensure the lowest cost and speediest trading.
There are two types of blockchains available, you can choose which one you’d like to publish your NFT as a seller. This will ensure the security of your NFT and those who would like to buy it. All transactions are made using this blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace where you can exchange your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything just a domain name to official art by an artist you admire. Anyone can become a seller however it takes time for anyone to be an established one.
There is a wide variety of NFTs available of NFTs available at OpenSea, and you can become a part of the collection! You can start your own personal market on this site, as well as find NFTs you want to purchase for yourself.
What is an NFT?
In a recent development for the crypto market,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on the internet that a lot of millennials have heard of it but not exactly sure what it means. Let’s break down what an NFT is for anyone who is new in the field of cryptocurrency.
One of the latest ways you can purchase your cryptocurrency includes an NFT. A NFT is a non-fungible currency that is unique and can’t be substituted. This can be an item of rareness, such as authentic baseball cards or a unique vinyl album.
There’s no limit to what an NFT could be, since it’s a non-fungible object that you can sell on the internet. It is simpler to simply imagine as an NFT to be a type of digital collectible paid via cryptocurrency only.
Minting is like calling 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 you’re putting it up for sale. Usually, this is recognized when you have filled in the correct information about the NFT and finally upload it to the marketplace.
On OpenSea It’s a very simple process to mint your NFTs by visiting the store and then creating a collection to start! Fill out the proper and complete information about your NFT and choose what kind of settings you’d like for it (e.g. blockchain or money transfer tokens). Once that’s all done, you can finally upload it if it fits the limit of 100MB.
You can watch and see how transactions progress from now on to see if OpenSea is the right marketplace for you.
What NFTs can you find here?
So, at this point, you’re probably wondering what kind of NFTs be purchased here and what you can also sell if you decide to go that route. The kind of NFT it can be isn’t limited because there’s a wide range of how you can do it.
You could be selling digital items, trading cards game assets domain names, also physical goods! Consider what you believe will bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what differentiates OpenSea from the others. There are zero gas fees when you use this feature when you mint and sell NFTs. This simply means that you’ll get the most profit when you begin selling since you won’t have to spend on extra fees.
Very few NFT marketplaces provide this feature, which is why this is a great way to receive high profit from your portfolio.
This Referral Program is another distinctive feature of OpenSea to be admired. Like traditional online marketplaces there are advantages when you refer your friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from the site you’ll be rewarded with 2.50 percent of the purchase amount, which means you can make more money from this act.
Other NFT marketplaces do not have this kind of feature either This is a further advantage OpenSea has over the other marketplaces.
There is an OpenSea mobile app, but it’s mostly for perusing through the marketplace. Unfortunately, you can’t purchase or sell anything while you scroll through the list.
The mobile apps from OpenSea are accessible on both iOS and Android. Even though you can’t buy or sell things, you can browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are at your disposal You can also convert your fiat money into cryptocurrency using these platforms. Where To Buy Nft
You can convert your fiat money via credit card or Paypal via these reputable websites to exchange it for crypto:
- Bittrex and many more!
All of these have the option to exchange for ETH which is the primary crypto payment in OpenSea.
Although OpenSea has been described as being an NFT marketplace open to all forms of cryptocurrency, the wallets nonetheless more compatible than others. Since it is built mainly on the ETH blockchain, wallets that share that network will be suitable for this site.
Here’s a list different crypto wallets you can use in OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each wallet has its own restrictions including simple registration, only mobile usage as well as the capability to buy cryptocurrency using the credit card. Where To Buy Nft
To know more about it You can go through their FAQs for a rundown of how you can start and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets, each one has advantages and drawbacks. OpenSea isn’t the only one to have this. You can view its pros and cons here:
- Mobile apps are available for iOS and Android.
- Smart contracts are utilized for 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% for artists (low royalties).
- Cannot buy or sell on this mobile application.
- Only supports cryptocurrency as its form of payment.
- The use of a Crypto account is needed to use this marketplace.
OpenSea is available to anyone who owns any crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. However, overall, you will easily recover that amount when you actively sell because there’s no additional cost for it.
Frequently Asked Questions Where To Buy Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to offer artists a way to market their work online, and to accept cryptocurrency as a method of payment. It’s an ideal platform for artists who use the platform to market NFTs because of its zero cost of gas and low commission fee 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 take a look!
Is OpenSea legit & secure?
Answer: Yes! OpenSea is a reputable marketplace since it was founded on the 1st of December in the year 2018. Because its system is based on a blockchain that is secure, you can declare that transactions are secure and safe.
Furthermore as a seller you can become verified once you have built up your credibility. A blue checkmark will be assigned on your account or any collection that you have uploaded to assure any customer. The team at OpenSea regularly checks the contents to ensure users are protected.
How can I earn royalties from OpenSea?
As an artist, you can get only 10% of the royalties once you have uploaded the NFT. This is considered to be a reasonable amount compared to other NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) can be commonly used on this site and many others to accommodate more cryptocurrency users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can use to use OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency through reliable platforms using fiat currency. All you have be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea has a mobile or desktop app?
As previously mentioned, there is definitely an official mobile app from OpenSea for both iOS and Android. Download it at their respective app store and then you can begin browsing through the collection right now!
There is also a version for desktops that OpenSea that can be downloaded through WebCatalog. With 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/).