The crypto currency market is in a boom right now and you’re probably thinking where to invest your crypto coins. Marketplaces are popping up across the internet, designed to buy and sell NFTs via cryptocurrency! OpenSea can be one, and it’s worth looking into.
If you’re well-versed in cryptocurrency you’ve probably heard about OpenSea before for a good reason. It’s one of the biggest and most popular marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.
So, hop on board and discover what you can do with OpenSea, along with checking 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 will want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Www OpenSea
The purpose for OpenSea was to simply provide an online marketplace for artists to upload commissions with no additional charges. There are additional features that allow you to sell your artwork without any difficulties.
When it comes to the registration process, you don’t have to provide too many details about yourself. All you have to do is connect your crypto wallet and voila! You have an account with OpenSea! It’s as easy as that, without much hassle as you step into NFTs.
The most widely-used cryptocurrency to use on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system and is used for the majority of transactions. It also functions with the Polygon blockchain to ensure lower costs and faster trading.
With these two kinds of blockchains, you can choose which one you’d like to publish your NFT as seller. This is to ensure the security of your NFT and the people who want to purchase it. All transactions are made using this blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything the simplest domain name to official art from an artist you admire. Anyone can be a seller, but it takes some time before anyone can become an established one.
There are a variety of NFTs from the selection of NFTs available at OpenSea and you can become a part of the collection! You can start your own personal market here, along with finding NFTs you want to purchase for yourself.
What is an NFT?
In a recent advancement for 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 many millennials have heard of it but not exactly sure what it is. Let’s take a look at what NFT is for any beginners in cryptocurrency.
One of the new things you can buy can be an NFT. An NFT is a non-fungible token which is extremely unique and can’t be replaced. It can be an item of any rareness like rare baseball trading cards in mint condition, or a uncommon vinyl record.
There’s no limit to what an NFT can be as it’s a non-fungible object that you can sell on the internet. It is simpler to just consider as an NFT as a digital collectible which is only paid in cryptocurrency.
Minting is like calling dibs for your personal NFTs. You are calling ownership over that particular token/item that you have uploaded to the marketplace, and selling it. Typically, this is official after you fill in the proper information regarding the NFT and then upload it to the marketplace.
On OpenSea, it’s a simple procedure to create your own NFTs. All you have to do is visit the store and then creating a collection to start! Input the appropriate and complete information about your NFT and then select what type of settings you’d like to use it with (e.g., blockchain, money transfer tokens). After you’ve completed the process you are able to upload it to the internet if it’s in the limit of 100MB.
It is possible to wait and see the way transactions are handled from now to see if OpenSea is the best marketplace for you.
What NFTs are available here?
So, at this point you’re probably thinking about the kind of NFTs can be found here, and what you could also sell if you decide to go that route. The type of NFT it isn’t limited because there’s a wide range of ways to do it.
You could be selling trade cards, digital goods games, domain names, and also physical goods! Find out what you think will yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what separates OpenSea from other companies. There’s no cost for gas when you use this feature when you make and then sell the NFTs. This means you’ll receive the maximum profits when you begin selling since you won’t need to spend on additional fees.
Very few NFT marketplaces provide this feature, which is why this can be a fantastic way to make a huge profit from your NFT collection.
This Referral Program is another unique aspect of OpenSea to be admired. Like traditional online marketplaces there are benefits by referring your friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from the site, you’ll receive 2.50 percent of the purchase amount, which means you can earn more cash from this act.
Other NFT marketplaces don’t have this feature, so that’s just another advantage OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile application, however it is mainly used for perusing through the marketplace. You can’t buy or sell anything as you browse through the listing.
The mobile apps from OpenSea are accessible for the two platforms of iOS in addition to Android. Although you aren’t able to purchase or sell anything, you can still at least browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available to you You can also trade your fiat currency for cryptocurrency through these platforms. Www OpenSea
You can exchange the fiat currency you have with a your credit or debit card as well as Paypal via these reputable websites to exchange it for crypto:
- Bittrex and other things!
All of them have the option to exchange for ETH that is the standard cryptocurrency payment option in OpenSea.
Although OpenSea has been described as being an NFT marketplace that is open to all forms of crypto, wallets are nonetheless more compatible than others. Since it is built mainly around an ETH blockchain, any wallets that share this network are appropriate for this site.
Here is a list of several crypto wallets you can use in OpenSea:
- Authereum and many more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each one has its own set of limitations including simple registration, use on mobile devices only and the ability to buy cryptocurrency using a credit card. Www OpenSea
To learn more about it You can go through their FAQs to get an overview of how you can get started and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and pros here:
- Mobile apps available that are compatible with iOS as well as Android.
- Smart contracts are used for transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalty rates of 10% for artists (low royalty).
- Cannot buy or sell on this mobile application.
- Only accepts cryptocurrency as a method of payment.
- A Crypto digital wallet must be used to use this marketplace.
OpenSea is available to anyone who has any crypto currency in their crypto wallets. When you are selling, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. In the end, you’ll easily recover that amount when you sell regularly since there’s no extra charge for it.
Frequently Asked Questions Www OpenSea
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to offer artists a way to sell their works online to receive cryptocurrency as a form of payment. It’s a great option for artists who want to use the platform to market NFTs because of its zero cost of gas and the low commission rate you must pay.
You can browse and purchase a vast collection of digital products on this NFT marketplace, so you should check it out!
Is OpenSea legit & is it safe?
The short answer is yes! OpenSea has been a reliable marketplace since it was founded on the 1st of December in 2018. Because its system is based on a blockchain and is secured, it is safe to say that your transactions are safe and secure.
In addition, as a seller, you’ll be verified when you’ve earned a reputation. A blue checkmark will be assigned to your account or collection that you have uploaded to assure every customer. The team at OpenSea regularly checks the content to ensure users are secure.
How can I earn royalties from OpenSea?
However, as an artist, you can be paid only 10 percent of the royalties when you upload the NFT. This is considered to be quite low in comparison against others NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) is widely used on this site and numerous others to cater for many more crypto users. These are other cryptos you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can use for OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. You can buy and trade cryptocurrency using trusted platforms with fiat money. All you need just connect your debit or credit card to Paypal for the transaction.
Does OpenSea has a mobile or desktop app?
As mentioned before there’s an official mobile app by OpenSea available for both iOS or Android. You can download it through their app store, and begin exploring the collection right now!
There is also a version for desktops that OpenSea which can be downloaded from WebCatalog. On the desktop app you are able to manage multiple accounts as well as receive notifications on updates regarding 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/).