The crypto currency market is in a boom right now and you’re probably thinking where you can invest your crypto currency. Markets have popped up across the internet, designed to buy and sell NFTs using cryptocurrency! OpenSea is one of them and is worth looking into.
If you’re familiar with cryptocurrency you’ve likely heard of OpenSea prior to this for a valid reason. It’s one of the largest and most popular marketplaces among cryptocurrency users because of its security and rapid transactions.
Now hop aboard, 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 Withdraw From OpenSea
The purpose of OpenSea was to simply provide an online marketplace for artists to upload commissions, without having to pay any additional charges. It has more functions that let you sell your art without too many difficulties.
When it comes to the registration process, you don’t have to provide all of your personal details. All you need to do is connect your crypto wallet and voila! You have an account with OpenSea! It’s as simple as that and without many hassles when you enter into NFTs.
The most popular cryptocurrency to use in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system and is used to carry out the majority of processes. It also operates with the Polygon blockchain, which allows for lower costs and faster trading.
There are two types of blockchains that are available you can pick which one you want to transfer your NFT to as seller. This ensures the safety of your NFT, along with those who would like to buy it. All transactions are made using this blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall where you can exchange your cryptocurrency or NFTs for other NFTs. You can purchase anything from as simple as a domain name to an official artwork from an artist that you admire. Anyone can sell however, it takes a while before anyone can become a reputable one.
There is a wide variety in the collection on OpenSea and you can become a part of that! You can set up your own marketplace there, and also find NFTs you’d like to buy for yourself.
What is an NFT?
In a recent development for the cryptocurrency industry”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 are familiar with it , but aren’t exactly sure what it is. Let’s look at what an NFT is for any beginners in the field of cryptocurrency.
One of the newest things you can buy can be an NFT. A NFT is a non-fungible currency that is individual and cannot be changed. It can be a piece of rareness, such as rare baseball trading cards in mint condition or a uncommon vinyl record.
There is no limit to what an NFT could be, since it’s a non-fungible item that you can sell on the internet. In simpler terms, you could simply think of an NFT being a virtual collectible paid via cryptocurrency only.
Minting is similar to calling for dibs on your own NFTs. You are calling the owner of the item or token that you have uploaded to the market place, but putting it up for sale. Usually, this is recognized after you fill in all the necessary information about the NFT and add it on the market.
On OpenSea It’s a very simple procedure to create your own NFTs by visiting the store and simply create a collection! Fill out the proper and complete information about your NFT and choose what kind of settings you’d like to use to use it with (e.g. blockchain, payments tokens). Once that’s all done then you’re able to upload it, if it’s within the 100 MB limit.
You can wait and observe how the transactions go from now to see if OpenSea is the right marketplace for you.
What NFTs can you get here?
In this moment, you’re probably wondering which kind of NFT be found here, and what you could sell should you decide to go down that path. The type of NFT that you can purchase isn’t limited since there’s a broad range of how you can do it.
It is possible to sell digital items, trading cards games domain names, even physical assets! Find out what you think will reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that separates OpenSea from the others. There are no gas costs when you utilize this feature when you create and market NFTs. This is essentially a way to ensure that you receive the maximum profits when you begin selling since you won’t need to spend on any additional charges.
There aren’t many NFT marketplaces provide this feature, and it can be a fantastic way to receive high profit from your NFT collection.
This Referral Program is another unique aspect of OpenSea to admire. Like traditional online marketplaces, you can receive rewards by referring someone else to OpenSea! If you invite a friend to join OpenSea and buy an NFT from the site you’ll earn 2.50% of the sale amount, which means you can earn more money by this method.
Other NFT marketplaces do not have this feature and that’s another advantage OpenSea has over them.
There is an OpenSea mobile app, but it is mainly used to browse through the marketplace. You can’t buy or sell items as you scroll through the list.
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 something, 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, and you can exchange your fiat money for cryptocurrency on these platforms. Withdraw From OpenSea
You can exchange the fiat currency you have with a credit card or Paypal via these reputable websites to exchange it for crypto:
- Bittrex and more!
Each of them has the option of exchange for ETH which is the primary crypto payment in OpenSea.
Although OpenSea is an NFT marketplace that is open to all forms of cryptocurrency, wallets are nevertheless more compatible than others. Since it is built on an ETH blockchain, all wallets which are part of that network will be suitable for the site.
Here’s a list of different crypto wallets you can use in OpenSea:
- Authereum and many more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each one has its own set of limitations including simple registration, only mobile usage as well as the capability to buy cryptocurrency using a credit card. Withdraw From OpenSea
To know more about it You can go through their FAQs to see a rundown of how you can get started and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with its advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and cons here:
- Mobile apps available that are compatible with iOS as well as Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalty rates of 10% to artists (low royalties).
- Cannot buy or sell via our mobile apps.
- Only supports cryptocurrency as its method of payment.
- The use of a Crypto wallet is required to use this marketplace.
OpenSea is available to anyone who has crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. But overall, you can easily recover that amount when you are actively selling since there is no additional fee for it.
Frequently Asked Questions Withdraw From OpenSea
What is OpenSea?
OpenSea is an NFT marketplace that is designed to offer artists a way for selling their artwork online to receive cryptocurrency as their form of payment. It’s an ideal option for artists who want to use for selling NFTs due to its low cost of gas and the low commission rate that you have 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 real and secure?
Short answer: Yes! OpenSea has been a reliable marketplace since it was founded in 2018. Since the system it operates on is built on a blockchain that is secure, you can say that your transactions are secure and safe.
Furthermore, as a seller, you’ll be verified when you have built up your credibility. A blue checkmark will appear to your account or the collection that you have uploaded to assure any customer. The OpenSea team reviews regularly the content to ensure that users are secure.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you’ll receive only up to 10 percent of the royalties after you have uploaded the NFT. This is believed to be quite low in comparison against other NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) can be widely used on this site and many others to accommodate more crypto users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can make use of to use OpenSea.
What are the payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. You can buy and sell cryptocurrency through trusted platforms with fiat money. All you have just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea has a mobile or desktop application?
As mentioned before there’s an official mobile application from OpenSea for both iOS and Android. You can download it through their app store, and begin exploring the collection right now!
There is also a Desktop application that OpenSea can be downloaded via WebCatalog. With the desktop application you are able to manage multiple accounts and receive 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/).