Cryptocurrency is booming right now, and you’re probably wondering where you can invest your crypto-coins. Marketplaces are popping up all over the internet, designed to purchase and sell NFTs using cryptocurrency! OpenSea can be one, and it’s worth looking into.
If you’re interested in crypto, you’ve probably heard of OpenSea before for a good reason. It’s one of the largest and most popular marketplaces among cryptocurrency users because of its safety and speedy transactions.
Now hop aboard, and let’s explore what you can do with OpenSea and also see the NFTs available to view!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. After, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Winless Nft Seasons
The purpose to create OpenSea was to provide artists with a marketplace/platform to upload commissions without any extra charges. It has more functions that let you sell your work without having to deal with many difficulties.
In terms of registration, you won’t have to give any personal information about yourself. All you have to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as easy as that, without many hurdles as you walk into NFTs.
The most widely-used cryptocurrency to use in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it which is utilized for the majority of transactions. It is also based on the Polygon blockchain, which ensures the lowest cost and speediest trading.
With these two kinds of blockchains it is possible to choose which one you’d like to upload your NFT on as seller. This is to ensure the security of your NFT as well as those who wish to buy it. All transactions are made by using the blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything the simplest domain name to an official artwork from an artist that you admire. Anyone can sell however it takes time for anyone to become an established seller.
There is a wide variety from the selection at OpenSea, and you can become a part of the collection! You can start your own market on this site, as well as find NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent advancement for the crypto market, the term “NFT” has been going around for so long on the internet that a lot of millennials are familiar with it but not exactly sure what it is. Let’s look at what an NFT is for anyone who is new in cryptocurrency.
One of the new things you can purchase your cryptocurrency includes an NFT. The NFT is a token that is non-fungible that is individual and cannot be changed. It can be a piece of rareness like mint-condition baseball trading cards or a uncommon vinyl record.
There’s no limit to what an NFT can be as it’s a non-fungible object that you sell on the internet. More straightforwardly, you can simply think of an NFT to be a type of digital collectible which is only paid in cryptocurrency.
Minting is similar to calling for dibs to your NFTs. You are calling the ownership of the particular item you uploaded on the market place, but putting it up for sale. Usually, this becomes official after you fill in all the necessary information about the NFT and then submit it for sale on.
On OpenSea, it’s a simple procedure to create your own NFTs. All you have to do is visit the store and then making a collection to begin! Fill out the proper and complete information about your NFT and choose what kind of settings you’d like to use for it (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 wait and observe the way transactions are handled from here on out to determine if OpenSea is the best marketplace for you.
What NFTs are available here?
At this point, you’re probably wondering which kind of NFT be purchased here and what you can also sell if you choose to pursue that route. The type of NFT that you can purchase isn’t limited because there’s a wide range of options for how to do it.
You can be selling digital products, trading cards games domain names, also physical goods! Explore what you believe can reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that separates OpenSea from the others. There are zero gas fees for using this feature to make and then sell the NFTs. This simply means that you’ll be able to make the highest profits once you begin selling since you won’t have to spend on any additional charges.
Very few NFT marketplaces have this feature, which is why this is great for you to earn a high return from your NFT collection.
A Referral Program is another distinctive feature of OpenSea to take note of. Similar to traditional online markets, you can receive rewards when you refer 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 make more money through this action.
Other NFT marketplaces do not have this kind of feature either, so that’s just another advantage OpenSea has over them.
There’s an OpenSea mobile application, however it’s mostly to browse the marketplace. It isn’t able to purchase or sell items as you browse through the listings.
The mobile apps of OpenSea are available for both iOS as well as Android. Although you aren’t able to purchase or sell anything, you can still explore the products you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are for you to use to exchange your fiat money for cryptocurrency through these platforms. Winless Nft Seasons
You can exchange your fiat money via credit card or Paypal on these reliable websites for cryptocurrency:
- Bittrex and more!
All of them have the option to exchange for ETH which is the primary cryptocurrency payment option in OpenSea.
Although OpenSea has been described as being an NFT marketplace open to all kinds of cryptocurrency, the wallets still more compatible with it than other. Because it is based using an ETH blockchain, wallets with a connection to that network will be suitable for this website.
Here’s a list several crypto wallets you can utilize in OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations including simple registration, mobile-only usage and the ability to purchase cryptocurrency with the credit card. Winless Nft Seasons
To know more about it, you can check their FAQs for the steps you can start and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with its advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and pros here:
- Mobile apps available for iOS as well as Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalty rates of 10% for artists (low royalty rates).
- It is not possible to buy or sell items through the mobile app.
- Only accepts cryptocurrency as a form of payment.
- The use of a Crypto account is needed for 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 percent commission fee that all buyers on the marketplace. However, overall, you will easily recover that amount when you sell regularly since there’s no additional cost for it.
Frequently Asked Questions Winless Nft Seasons
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to provide artists a platform to market their work online, and to accept cryptocurrency as their form of payment. It’s a great platform for artists using it to sell NFTs due to its no cost of gas and the low commission rate which you are required to pay.
You can browse and purchase an array of digital products on this NFT marketplace, so you should go through it!
Is OpenSea legitimate and is it safe?
Short answer: Yes! OpenSea is a reputable marketplace since its inception on the 1st of December in the year of 2018. Because its system is built on a blockchain, it is safe to say that your transactions are protected and secured.
In addition as a seller you can become verified once you’ve earned a reputation. A blue checkmark will be assigned to your account or any collection that you have uploaded to assure every customer. The team at OpenSea regularly checks the contents to ensure users are safe.
How do I earn royalties from OpenSea?
However, as an artist, you can get only 10% of the royalties once you have uploaded the NFT. This is thought to be quite low in comparison with the other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) is frequently used on this site as well as other sites to provide more cryptocurrency users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can make use of to use OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. You can easily purchase or sell cryptocurrency on reliable platforms using fiat currency. All you need to do is connect your credit card or Paypal for the transaction.
Does OpenSea have a desktop/mobile app?
As mentioned before, there is definitely an official mobile app by OpenSea available for both iOS and Android. Install it from their app store and begin browsing through the collection right now!
A version for desktops that OpenSea can be downloaded via WebCatalog. With the desktop application you can manage multiple accounts as well as 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/).