The crypto currency market is in a boom right now and you’re probably wondering where you can invest your crypto coins. Markets have popped up across the digital web designed to buy and sell NFTs via cryptocurrency! OpenSea is among them, and it’s worth a look.
If you’re familiar with cryptocurrency, you’ve probably heard of OpenSea previously for a valid reason. It’s now one of the largest and most popular marketplaces among cryptocurrency users because of its safety and speedy transactions.
So, hop on board and discover the possibilities of OpenSea and also see the NFTs available to view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick review. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Why Nfts Are Bad For The Environment
The aim of OpenSea was to provide a platform/marketplace for artists to easily upload their commissions with no additional charges. It also has additional functions that allow you to sell your work without having to deal with many difficulties.
When it comes to registration, you won’t have to worry about giving too many details about yourself. All you need to do is connect your cryptocurrency 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 on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system which is utilized to carry out the majority of processes. It is also based using the Polygon blockchain to ensure lower costs and faster trading.
There are two types of blockchains that are available, you can choose which one you would like to publish your NFT as seller. This ensures the safety of your NFT as well as those who wish to purchase it. All transactions are made by using the blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace where you can trade in your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything just a domain name to an official artwork from an artist that you admire. Anyone can become a seller however, it takes time for anyone to become an established seller.
There’s a huge selection of NFTs available at OpenSea and you can become a part of that! You can create your own personal 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 many millennials are familiar with 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 buy includes an NFT. An NFT is a non-fungible currency that is very exclusive and cannot be replaced. It could be a piece of rareness, such as rare baseball trading cards in mint condition or rare vinyl record.
There’s no limit to what an NFT could be, since it’s a non-fungible item that you sell online. More straightforwardly, you can simply consider as an NFT to be a type of digital item paid via cryptocurrency only.
Minting is like calling dibs for your personal NFTs. You are calling the ownership of the particular item you uploaded on the marketplace, and you’re putting it up for sale. Usually, this becomes official once you fill out the correct information about the NFT and finally upload it to the marketplace.
On OpenSea It’s a very simple procedure to create your own NFTs by going to the store and simply making a collection to begin! Complete the correct and complete information about your NFT and then select what type of settings you’d like for it (e.g., blockchain, money transfer tokens). Once that’s all done then you’re able to upload it if it fits the limit of 100MB.
You can watch and see how transactions progress from now on to determine whether OpenSea is the marketplace for you.
What NFTs can you get here?
At this point, you’re probably wondering which kind of NFT you shop for here and what you can sell should you decide to go that route. The type of NFT it can be isn’t limited as there’s a variety of ways to go about it.
It is possible to sell trade cards, digital goods, game assets domain names, even physical assets! Find out what you think will reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that separates OpenSea from other companies. There are zero gas fees when you use this feature when you make and then sell the NFTs. This simply means that you’ll be able to make the highest profits once you sell because you don’t need to pay on additional fees.
Very few NFT marketplaces offer this feature, so this is a great way to earn a high return from your collection.
The Referral Program is another unique aspect of OpenSea to be admired. Similar to traditional online markets there are benefits by referring a 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% of the sale amount, which means you can earn more money from this act.
Other NFT marketplaces don’t offer this feature and that’s another advantage OpenSea has over the other marketplaces.
There’s an OpenSea mobile app, but it’s mostly to browse the marketplace. Unfortunately, you can’t purchase or sell anything as you browse through the listings.
OpenSea’s mobile apps are available for the two platforms of iOS as well as Android. While you’re not able to buy or sell anything, you can still 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 to exchange your fiat money for cryptocurrency on these platforms. Why Nfts Are Bad For The Environment
You can convert the fiat currency you have with a your credit or debit card as well as Paypal on these reliable websites for cryptocurrency:
- Bittrex and more!
All of these have the option of exchange for ETH which is the primary crypto payment in OpenSea.
While OpenSea can be described as an NFT marketplace open to all types of cryptocurrency, wallets are nonetheless more compatible than others. Because it is based on the ETH blockchain, wallets which are part of that network will be suitable for this website.
Here is a list of several crypto wallets you can utilize in OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each wallet has its own restrictions, such as easy registration, mobile-only usage and the ability to purchase cryptocurrency with a credit card. Why Nfts Are Bad For The Environment
For more information about the service, you can check their FAQs to see a rundown of how you can start and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has advantages and drawbacks. OpenSea isn’t an exception to this. It is possible to read about its pros and cons here:
- Available as mobile apps that are compatible with iOS as well as Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- The best option for beginners to the crypto industry and NFTs.
- Allows royalties of only 10% to artists (low royalty).
- Cannot buy or sell on our mobile apps.
- Only supports cryptocurrency as its method of payment.
- An Crypto digital wallet must be used to use this marketplace.
OpenSea is open to everyone who owns any crypto coins in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. However, overall, you will quickly regain that when you sell regularly since there’s no additional cost for it.
Frequently Asked Questions Why Nfts Are Bad For The Environment
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to offer artists a way to sell their works online to receive cryptocurrency as a form of payment. It’s a great platform for artists who use the platform to market NFTs due to its low gas fees and low commission fee rate that you have to pay.
You can shop and browse the vast array of digital items on the NFT marketplace and you must take a look!
Is OpenSea real and safe?
The short answer is yes! OpenSea has been a reliable marketplace since it was established at the end of the year 2018. Since the system it operates on is built on a blockchain that is secure, you can declare that transactions are safe and secure.
Furthermore as a seller you’ll be verified when you’ve earned a reputation. A blue checkmark will be assigned on your account or any collection that you have uploaded to assure every customer. The team at OpenSea regularly checks the content to ensure that users are secure.
How can I earn royalties on OpenSea?
As an artist, you will receive only up to 10 percent of the royalties after you have uploaded the NFT. This is thought to be reasonably low compared with others NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) can be commonly used on this site as well as other sites to provide many more crypto users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can utilize to use OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. It is easy to buy or sell cryptocurrency on reliable platforms using fiat currency. All you have be able to connect is your credit or Paypal for the transaction.
Does OpenSea has a mobile or desktop application?
As we mentioned earlier there’s an official mobile app by OpenSea that is available for iOS and Android. Install it from their app store, and then you can begin exploring the collection now!
There is also a version for desktops that OpenSea that can be downloaded through WebCatalog. On the desktop app you can manage multiple accounts and get notifications on updates regarding 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/).