The crypto currency market is in a boom right now and you’re probably thinking where to invest your crypto currency. Marketplaces are popping up all over the digital web designed to purchase and sell NFTs with cryptocurrency! OpenSea is one of them and is worth checking out.
If you’re interested in crypto you’ve likely heard of OpenSea before for a good reason. It’s one of the biggest and most popular marketplaces for users of cryptocurrency due to its security and rapid transactions.
Get on board, and let’s see the possibilities of OpenSea and also see 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 Will Nfts Hold Value
The goal to create OpenSea was to provide a platform/marketplace for artists to easily upload their commissions with no additional costs. It has more functions that let you sell your art without too many problems.
In terms of registration, you don’t need to worry about giving all of your personal details. All you have to do is connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as simple as that, without much hassle as you step into NFTs.
The most widely-used cryptocurrency that is used in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology and is used for the majority of transactions. It also operates using the Polygon blockchain to ensure low-cost and quicker trading.
With these two types of blockchains available you can pick which one you want to upload your NFT on as a seller. This will ensure the security of your NFT, along with those who wish to buy it. All transactions are made by using the blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an online shopping mall that is endless where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from just a domain name, to a piece of art from an artist that you admire. Anyone can become a seller however it takes some time before anyone can become an established seller.
There is a wide variety of NFTs available at OpenSea, and you can join in with this! You can set up your own marketplace here, along with finding NFTs that you would like to purchase for yourself.
What is an NFT?
A recent change in the crypto market”NFT” is a term that has been used in recent times “NFT” has been going around so long on the internet that the majority of young people have heard of it but aren’t exactly sure what it means. Let’s break down what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the new things you can buy is an NFT. An NFT is a token that is non-fungible that is individual and cannot be substituted. It could be an item of any rareness, such as rare baseball trading cards in mint condition or uncommon vinyl record.
There’s no limit on what an NFT could be, since it’s a non-fungible item that you sell online. In simpler terms, you could just imagine the NFT to be a type of digital item which is only paid in cryptocurrency.
Minting is like calling the shots to your NFTs. You’re claiming the owner of the item or token that you posted to market, as putting it up for sale. Usually, this is recognized once you fill out all the necessary information about the NFT and submit it for sale on.
On OpenSea it’s a straightforward process to mine your NFTs by going to the store and simply making a collection to begin! Complete the correct and complete information about your NFT and choose what kind of settings you’d like to use it with (e.g., blockchain and payments tokens). After you’ve completed the process then you’re able to upload it if it fits the 100 MB limit.
You can watch and see how transactions progress from here on out to see whether OpenSea is the right marketplace for you.
What NFTs can you find here?
At this point you’re probably asking yourself which kind of NFT be found here, and what you could also sell if you choose to pursue that route. The kind of NFT that you can purchase is unlimited since there’s a broad range of options for how to do it.
It is possible to sell trade cards, digital goods, game assets domain names, some physical items! Find out what you think will yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that separates OpenSea from the other options. There are no gas costs when you utilize this feature when you mint and sell NFTs. This simply means that you’ll receive the maximum profits when you sell because you won’t have to spend on additional fees.
Very few NFT marketplaces offer this feature, and it can be a fantastic way to receive high profit from your collection.
This Referral Program is another unique aspect of OpenSea to take note of. Similar to traditional online markets there are benefits by referring a friend to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from the site, you’ll receive 2.50 percent of the purchase amount, letting you earn more money through this action.
Other NFT marketplaces do not have this kind of feature either and that’s another benefit OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile application, however it’s mostly to browse through the marketplace. You can’t buy or sell items as you scroll through the list.
The mobile apps of OpenSea are available on the two platforms of iOS in addition to Android. Although you aren’t able to purchase or sell something, you can at least explore the products you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are to you, and you can convert your fiat money into cryptocurrency through these platforms. Will Nfts Hold Value
You can swap your fiat money via the credit card, or Paypal on these reliable websites to exchange it for crypto:
- Bittrex, and many more!
All of them have the option of converting them into ETH which is the standard crypto payment in OpenSea.
Although OpenSea has been described as being an NFT marketplace open to all forms of crypto, wallets are nonetheless more compatible than others. Since it is built around the ETH blockchain, all wallets with a connection to that network will be suitable for the site.
Here is a list of various crypto wallets that you can use in OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, mobile-only usage and the ability to buy cryptocurrency using the credit card. Will Nfts Hold Value
To learn more about it to learn more, check out their FAQs for a rundown of how you can begin and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has advantages and drawbacks. OpenSea isn’t the only one to have this. It is possible to read about its pros and pros here:
- Mobile apps available for iOS or Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto market and NFTs.
- Allows royalties 10% for artists (low royalties).
- It is not possible to buy or sell items through the mobile app.
- Only supports cryptocurrency as its method of payment.
- An Crypto account is needed to access this marketplace.
OpenSea is accessible to everyone who has any crypto currency in their crypto wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. But overall, you can quickly recover this amount if you actively sell because there’s no extra charge for it.
Frequently Asked Questions Will Nfts Hold Value
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to provide artists a platform to sell their works online to receive cryptocurrency as a method of payment. It’s an ideal platform for artists who use it to sell NFTs due to its no gas costs and low commission fee rate which you are required to pay.
You can browse and shop for a vast collection of digital goods in this NFT marketplace and you must go through it!
Is OpenSea legitimate and is it safe?
Short answer: Yes! OpenSea is a reputable marketplace since its inception in the year 2018. Because its system is based on a blockchain, it is safe to claim that your transactions are protected and secured.
Additionally as a seller you can become verified once you build up your reputation. A blue checkmark will appear on your account or the collection you’ve uploaded to ensure the safety of every customer. The team at OpenSea regularly checks the content to ensure users are safe.
How do I earn royalties on OpenSea?
However, as an artist, you will receive only up to 10 percent of the royalties after you upload the NFT. This is considered to be reasonably low compared to other NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) can be commonly used on this site and other sites to provide more crypto users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can use to use OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. You can easily purchase or trade cryptocurrency using trusted platforms with fiat money. All you need to do is connect your credit card or Paypal for the transaction.
Does OpenSea have a desktop or mobile app?
As we mentioned earlier, there is definitely an official mobile application from OpenSea for both iOS and Android. Install it from their app store and then you can begin exploring the collection now!
There is also a desktop application for OpenSea that can be downloaded through WebCatalog. With the desktop application, you can manage multiple accounts and get notifications on updates regarding your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).