Cryptocurrency is booming right now, and you’re probably wondering where to invest your crypto coins. Markets have popped up all over the digital web designed to purchase and sell NFTs using cryptocurrency! OpenSea can be one, and it’s worth checking out.
If you’re interested in crypto you’ve likely heard of OpenSea previously for a valid reason. It’s now one of the biggest and leading marketplaces among cryptocurrency users because of its safety and speedy transactions.
Now hop aboard, and discover what you can do with OpenSea, along with checking what NFTs you can view!
Before you continue, you may want to check out 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 of OpenSea.
OpenSea as an NFT Marketplace Yellowheart Nft
The aim to create OpenSea was to offer a platform/marketplace for artists to easily upload their commissions with no additional fees. There are additional features which allow you to market your art without too many issues.
In terms of registration, you won’t have to worry about giving any personal information about yourself. All you need to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as simple as that and without many hassles when you enter into NFTs.
The most well-known 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 which is utilized for the majority of transactions. It is also based on the Polygon blockchain, which allows for low-cost and quicker trading.
With these two kinds of blockchains that are available it is possible to choose which one you’d like to transfer your NFT to as an seller. This ensures the safety of your NFT, along with those who would like to purchase it. All transactions will be made using this blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything as simple as a domain name to an official artwork from an artist that you admire. Anyone can be a seller however it takes some time for anyone to become an established one.
There is a wide variety in the collection on OpenSea, and you can also be a part of the collection! You can create your own personal market here, along with finding NFTs you want to purchase for yourself.
What is an NFT?
A recent change in the cryptocurrency industry,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on the internet that the majority of young people are familiar with it but aren’t exactly sure what it actually means. Let’s look at what an NFT is for anyone who is new in cryptocurrency.
One of the new things you can buy includes an NFT. A NFT is a non-fungible token that is individual and cannot be changed. It can be a piece of rarity like authentic baseball cards or rare vinyl record.
There’s no limit to what an NFT can be since it’s a non-fungible object that you can sell on the internet. In simpler terms, you could simply consider as an NFT being a virtual item paid via cryptocurrency only.
Minting is like calling the shots for your personal NFTs. You’re claiming the ownership of the particular item you uploaded on the market place, but putting it up for sale. Typically, this is official once you fill out the correct information about the NFT and then add it on the market.
On OpenSea it’s a straightforward process to mint your NFTs. All you have to do is visit the store and create a collection! Complete the correct and correct information regarding your NFT and choose what kind of settings you want for it (e.g. blockchain and money transfer tokens). After you’ve completed the process you are able to upload it if it fits the limit of 100MB.
You can watch and see how transactions progress from now on to see whether OpenSea is the best marketplace for you.
What NFTs can you get here?
At this point you’re probably asking yourself which kind of NFT can you shop for here and what kind of NFTs you can sell should you decide to go that route. The type of NFT it can be isn’t limited as there’s a variety of ways to approach it.
It is possible to sell trade cards, digital goods, game assets, domain names, and also physical goods! Explore what you believe can reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what sets OpenSea from the others. There are no gas costs when you utilize this feature to mint and sell NFTs. This simply means that you’ll get the most profit when you start selling because you won’t have to spend on additional fees.
Not many NFT marketplaces have this feature, and it is great for you to earn a high return from your collection.
This Referral Program is a different aspect of OpenSea to take note of. Like traditional online marketplaces there are advantages by referring your friend to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from the site, you’ll receive 2.50 percent of the purchase amount, which means you can make more money through this action.
Other NFT marketplaces don’t offer the same feature, so that’s just another benefit OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile application, however it’s mostly used to browse through the marketplace. You can’t buy or sell anything as you browse through the listing.
The mobile apps of OpenSea are available on both iOS and Android. Even though you can’t buy or sell things, you can at least look through the options you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are to you to exchange your fiat money for cryptocurrency through these platforms. Yellowheart Nft
You can convert your fiat money via credit card or Paypal via these reputable websites to exchange it for crypto:
- Bittrex and more!
Each of them has the option to exchange for ETH that is the most common cryptocurrency payment option in OpenSea.
Although OpenSea can be described as an NFT marketplace open to all kinds of crypto, wallets are nonetheless more compatible than other. Since it is built around the ETH blockchain, any wallets that share this network are appropriate for the site.
Here’s a list different crypto wallets you can use in OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions including simple registration, use on mobile devices only as well as the capability to buy cryptocurrency using the credit card. Yellowheart Nft
To learn more about it to learn more, check out their FAQs to see a rundown of how you can start and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets, each one has advantages and drawbacks. OpenSea isn’t an exception to this. You can read about its pros and pros here:
- Available as mobile apps for iOS and 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 royalties 10% to artists (low royalty rates).
- Cannot buy or sell via this mobile application.
- Only accepts cryptocurrency as a form of payment.
- An Crypto wallet is required to use this marketplace.
OpenSea is available to anyone who owns any crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. But overall, you can quickly recover this amount if you are actively selling since there is no additional fee for it.
Frequently Asked Questions Yellowheart Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to give artists a chance for selling their artwork online and receive cryptocurrency as a form of payment. It’s an ideal platform for artists who use the platform to market NFTs due to its no cost of gas and low commission fee rate which you are required to pay.
You can browse and purchase a vast collection of digital goods in this NFT marketplace and you must check it out!
Is OpenSea legitimate and is it safe?
Short answer: Yes! OpenSea has been a reliable marketplace since its inception at the end of the year of 2018. Since its system is built on a blockchain that is secure, you can claim that your transactions are secure and safe.
In addition, as a seller, you will be verified after you have built up your credibility. A blue checkmark will appear to your account or collection that you have uploaded to assure every customer. OpenSea’s team regularly reviews the content to ensure that users are secure.
How can I earn royalties on OpenSea?
Unfortunately, as an artist, you will be paid only 10% of the royalties once you upload the NFT. This is considered to be quite low in comparison to others NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) can be widely used on this site and numerous others to cater for the increasing number of crypto users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can utilize to access OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency through trusted platforms with fiat money. All you need be able to connect is your credit or Paypal for the transaction.
Does OpenSea have a desktop/mobile application?
As previously mentioned, there is definitely an official mobile application from OpenSea available for both iOS and Android. Download it at their respective app store and then you can begin browsing through the collection right now!
The version for desktops that OpenSea can be downloaded via WebCatalog. With the desktop application, you can manage multiple accounts and get 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/).