The crypto currency market is in a boom right now, and you’re probably wondering where to invest your crypto coins. Marketplaces are popping up across the web that allow users to buy and sell NFTs with cryptocurrency! OpenSea can be one and is worth checking out.
If you’re familiar with cryptocurrency, you’ve likely heard of OpenSea previously for a valid reason. It’s one of the biggest and most popular marketplaces among cryptocurrency users because of 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 continue, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace World Nft Usage
The goal for OpenSea was to simply provide an online marketplace for artists to easily upload their commissions with no additional costs. There are additional features that allow you to sell your work without having to deal with many problems.
For registration, you don’t need to provide any personal information about yourself. All you need to connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as easy as that, without much hassle as you step into NFTs.
The most popular cryptocurrency that is used within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it, and this is used for most processes. It also operates using the Polygon blockchain to ensure low-cost and quicker 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 and the people who want to purchase it. All transactions will be made along with this blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless where you can trade in your NFTs or cryptocurrency for other NFTs. You can buy anything just a domain name to an official artwork by an artist you admire. Anyone can sell however it takes a while for anyone to be an established one.
There is a wide variety in the collection of NFTs available at OpenSea and you could also be a part of that! You can set up your own market on this site, as well as find NFTs you want to purchase 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 for so long on the internet that many millennials are familiar with it but aren’t sure exactly what it actually means. Let’s break down what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the new things you can purchase your cryptocurrency is an NFT. The NFT is a token that is non-fungible which is extremely unique and can’t be replaced. It could be an item of any rarity like mint-condition baseball trading cards, or a uncommon vinyl record.
There’s no limit on what an NFT could be, since it’s a non-fungible thing that you can sell online. More straightforwardly, you can simply consider the NFT to be a type of digital collectible that is paid for using 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 posted to the market place, but offering it for sale. Typically, this is official when you have filled in all the necessary information about the NFT and then submit it for sale on.
On OpenSea it’s a straightforward process to mint your NFTs by visiting the store and making a collection to begin! Complete the correct and correct information regarding your NFT and then select what type of settings you want to use it with (e.g., blockchain or money transfer tokens). Once that’s all done, you can finally upload it, if it’s within the limit of 100MB.
You can wait and observe how transactions progress from here on out to see if 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 be purchased here and what you can also sell if you choose to go down that path. The kind of NFT it is unlimited because there’s a wide range of options for how to go about it.
You could be selling trade cards, digital goods games 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 function is the one that separates OpenSea from other companies. There’s no cost for gas for using this feature to make and then sell the 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, which is why this is a great way to earn a high return from your portfolio.
A Referral Program is another distinctive feature of OpenSea to admire. Like traditional online marketplaces that offer rewards by referring someone else to OpenSea! If you refer a friend to join OpenSea and buy an NFT from the site you’ll be rewarded with 2.50% of the sale amount, which allows you to earn more cash through this action.
Other NFT marketplaces do not have this kind of feature either This is a further advantage OpenSea has over the other marketplaces.
There is an OpenSea mobile application, however it’s mostly used to browse through the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listing.
The mobile apps of OpenSea are available on the two platforms of iOS as well as Android. Even though you can’t buy or sell something, you can at least explore the products you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available to you to trade your fiat currency for cryptocurrency on these platforms. World Nft Usage
You can swap the fiat currency you have with a credit card or Paypal on these reliable websites for cryptocurrency:
- Bittrex and other things!
All of them have the option to exchange for ETH, which is the most common crypto payment in OpenSea.
Although OpenSea has been described as being an NFT marketplace that is open to all forms of crypto, wallets are still more compatible with it than other. Since it is built using an ETH blockchain, any wallets which are part of that network will be suitable for this website.
Here’s a list different crypto wallets you can use in OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each wallet has its own restrictions, such as easy registration, use on mobile devices only, and the function to purchase cryptocurrency with credit cards. World Nft Usage
For more information about the service, you can check their FAQs to get an overview of how you can begin and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and cons here:
- Mobile apps are available that are compatible with iOS or Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto market and NFTs.
- Allows royalty rates of up to 10% for artists (low royalty).
- Cannot buy or sell via this mobile application.
- Only accepts cryptocurrency as a method of payment.
- An Crypto digital wallet must be used for this marketplace.
OpenSea is available to anyone who owns any crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. But overall, you can quickly regain that when you actively sell because there’s no additional cost for it.
Frequently Asked Questions World Nft Usage
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 an ideal platform for artists using the platform to market NFTs because of its zero gas fees and low commission fees that you have to pay.
You can browse and purchase the vast array of digital products on this NFT marketplace, so you should check it out!
Is OpenSea legit & safe?
Answer: Yes! OpenSea has been a trusted marketplace since it was established at the end of the year 2018. Since its system is based on a blockchain that is secure, you can say that your transactions are safe and secure.
Furthermore as a seller you’ll be verified when you build up your reputation. A blue checkmark will be assigned on your account or collection you uploaded to reassure every customer. OpenSea’s team regularly reviews the contents to ensure users are secure.
How can I earn royalties on OpenSea?
As an artist, you will receive only up to 10 percent of the royalties when you have uploaded the NFT. This is believed to be a reasonable amount compared with the other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) has been widely used on this site as well as many others to accommodate many more crypto 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.
Which are the accepted payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. You can buy and sell cryptocurrency on trusted platforms with 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 previously mentioned there’s an official mobile app by OpenSea available for both iOS as well as Android. You can download it through their app store, and begin exploring the collection now!
A version for desktops that OpenSea can be downloaded via WebCatalog. On the desktop app you can manage multiple accounts as well as receive 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/).