Cryptocurrency is booming right now and you’re probably thinking where you can invest your crypto-coins. There are numerous marketplaces popping up across the internet, designed to purchase and sell NFTs using cryptocurrency! OpenSea can be one, and it’s worth looking into.
If you’re familiar with cryptocurrency you’ve probably heard about OpenSea prior to this for a valid reason. It has become one of the largest and most popular marketplaces for cryptocurrency enthusiasts due to its security and rapid transactions.
So, hop on board and let’s explore the possibilities of 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 will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Which Nfts Sell Best
The goal to create OpenSea was to simply provide an online marketplace for artists to upload their commissions, without having to pay any additional fees. It has more functions that allow you to sell your artwork without any difficulties.
For registration, you don’t need to worry about giving too many details about yourself. All you need to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It can be as simple as that, without many hassles when you enter into NFTs.
The most well-known cryptocurrency to use on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology and is used for most processes. It also operates on the Polygon blockchain, which allows for the lowest cost and speediest trading.
With these two types of blockchains that are available, you can choose which one you want to upload your NFT on as a seller. This is to ensure the security of your NFT as well as those who would like to purchase it. Every transaction will be conducted using this blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall that lets you trade your NFTs or cryptocurrency for other NFTs. You can buy anything as simple as a domain name to official art from an artist you admire. Anyone can sell 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 could become a part of the collection! You can set up your own market there, and also find NFTs you’d like to buy for yourself.
What is an NFT?
A recent change in the cryptocurrency industry,”NFT,” a popular term in the crypto industry “NFT” has been going around so long on the internet that the majority of young people are familiar with it but aren’t exactly sure what it means. Let’s look at what an NFT is for any beginners in the field of cryptocurrency.
One of the latest ways you can buy can be an NFT. A NFT is a non-fungible currency that is unique and can’t be changed. This can be a piece of rarity like authentic baseball cards, or a unique vinyl album.
There is no limit to what an NFT could be, since it’s a non-fungible object that you sell on the internet. In simpler terms, you could simply think of as an NFT being a virtual item which is only paid in cryptocurrency.
Minting is similar to calling for dibs on your own NFTs. You’re claiming ownership over that particular token/item you uploaded on market, as you’re 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 straightforward procedure to create your own NFTs. All you have to do is visit the store and simply making a collection to begin! Complete the correct and accurate information about your NFT and choose what kind of settings you’d like to use it with (e.g., blockchain or payment tokens). After you’ve completed the process you are able to upload it to the internet if it’s in the 100 MB limit.
You can watch and see the way transactions are handled from now 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 can be purchased here, and what you could sell should you decide to go that route. The type of NFT it is unlimited since there’s a broad range of ways to go about it.
You could be selling digital items, trading cards games, domain names, and also physical goods! Explore what you believe can reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what differentiates OpenSea from the other options. There’s no cost for gas when you utilize this feature to mint and sell NFTs. This means you’ll be able to make the highest profits once you start selling because you don’t need to pay on extra fees.
There aren’t many NFT marketplaces provide this feature, so this is a great way to earn a high return from your NFT collection.
This Referral Program is another distinctive feature of OpenSea to take note of. Similar to traditional online markets, you can receive rewards by referring a friend to OpenSea! If you refer a friend to join OpenSea and buy an NFT from the site you’ll be rewarded with 2.50 percent of the sales amount, which allows you to earn more cash from this act.
Other NFT marketplaces don’t have the same feature This is a further benefit OpenSea has over them.
There’s an OpenSea mobile app, but it is mainly used for perusing through the marketplace. It isn’t able to purchase or sell anything while you browse through the listing.
The mobile apps from OpenSea are accessible on the two platforms of iOS in addition to Android. Even though you can’t buy or sell things, you can explore the products you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available at your disposal to convert your fiat money into cryptocurrency on these platforms. Which Nfts Sell Best
You can convert the fiat currency you have with a credit card or Paypal through these trusted sites for cryptocurrency:
- Bittrex, and many more!
Each of them has the option of exchange for ETH that is the most common cryptocurrency payment option in OpenSea.
Although OpenSea has been described as being an NFT marketplace that is open to all forms of cryptocurrency, the wallets nonetheless more compatible than other. Since it is built mainly on an ETH blockchain, any wallets that share this network are appropriate for this website.
Here is a list of different crypto wallets you can utilize in OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each has its own limitations including simple registration, use on mobile devices only and the ability to purchase cryptocurrency with credit cards. Which Nfts Sell Best
To learn more about it, you can check their FAQs for the steps you can start and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets every one of them has advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and pros here:
- Mobile apps available that are compatible with iOS and Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalties 10% to artists (low royalty).
- It is not possible to buy or sell items on this mobile application.
- Only accepts cryptocurrency as a method of payment.
- The use of a Crypto account is needed to access this marketplace.
OpenSea is available to anyone who has any crypto currency in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. In the end, you’ll easily recover that amount when you are actively selling since there’s no additional cost for it.
Frequently Asked Questions Which Nfts Sell Best
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to give artists a chance to sell their works online and receive cryptocurrency as a method of payment. It’s an ideal platform for artists using the platform to market NFTs due to its no gas fees and the low commission rate which you are required to pay.
You can browse and purchase the vast array of digital products on this NFT marketplace and you must check it out!
Is OpenSea legitimate and secure?
The short answer is yes! OpenSea has been a reliable marketplace since its inception on the 1st of December in the year of 2018. Since the system it operates on is based on a blockchain and is secured, it is safe to claim that your transactions are protected and secured.
Furthermore as a seller you’ll be verified when you build up your reputation. A blue checkmark will appear next to your account or any collection that you have uploaded to assure every customer. OpenSea’s team regularly reviews the content to ensure that users are protected.
How do I earn royalties on OpenSea?
As an artist, you will be paid only 10% of the royalties once you upload the NFT. This is believed to be reasonably low compared to other NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) has been widely used on this site as well as other sites to provide many more cryptocurrency users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of for OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. You can easily purchase or sell cryptocurrency on secure platforms that accept fiat money. All you have be able to connect is your credit or Paypal for the transaction.
Does OpenSea have a desktop or mobile application?
As mentioned before There is an official mobile app by OpenSea that is available for iOS as well as Android. You can download it through their app store, and you can start exploring the collection now!
There is also a Desktop application that OpenSea that can be downloaded through WebCatalog. On the desktop app, you can manage multiple accounts and get notifications about updates to your account while you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).