The crypto currency market is in a boom right now, and you’re probably wondering where to invest your crypto-coins. Markets have popped up all over the internet, designed to purchase and sell NFTs with cryptocurrency! OpenSea is one of them, and it’s worth looking into.
If you’re interested in crypto you’ve likely heard of OpenSea previously for a valid reason. It’s one of the biggest and leading marketplaces among cryptocurrency users because of its security and rapid transactions.
Now hop aboard, and discover the possibilities of OpenSea, along with checking the NFTs available to view!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick review. After, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Yeti Nft
The aim for OpenSea was to provide a platform/marketplace for artists to easily upload their commissions, without having to pay any additional fees. There are additional features that let you sell your work without having to deal with many issues.
In terms of the registration process, you don’t have to provide 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 much hassle as you step into NFTs.
The most widely-used cryptocurrency that is used in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology which is utilized to carry out the majority of processes. It also functions using the Polygon blockchain to ensure lower costs and faster trading.
With these two kinds of blockchains available you can pick which one you’d like to upload your NFT on as an seller. This is to ensure the security of your NFT, along with those who would like to buy it. All transactions will be made along with this blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an online shopping mall that is endless where you can exchange your NFTs or cryptocurrency for other NFTs. You can purchase anything from just a domain name, to a piece of art from an artist you admire. Anyone can sell however, it takes some time before anyone can become a reputable one.
There is a wide variety of NFTs available of NFTs available at OpenSea, and you can also be a part of this! You can start your own marketplace here, along with finding NFTs you want to purchase for yourself.
What is an NFT?
In a recent development 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 means. Let’s look at what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the latest ways that you can buy with cryptocurrency can be an NFT. The NFT is a token that is non-fungible that is individual and cannot be replaced. It can be an item of rarity like rare baseball trading cards in mint condition or unique vinyl album.
There’s no limit to what an NFT could be, since it’s a non-fungible item you’re selling on the internet. It is simpler to simply think of as an NFT as a digital collectible that is paid for using cryptocurrency only.
Minting is similar to calling for dibs for your personal NFTs. It is a way of claiming ownership over that particular token/item that you posted to market, as putting it up for sale. Typically, this is official after you fill in the proper information regarding the NFT and 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 create a collection! Fill out the proper and accurate information about your NFT and then select what type of settings you want to use it with (e.g., blockchain, money transfer tokens). Once that’s all done, you can finally upload it to the internet if it’s in the limit of 100MB.
You can watch and see how transactions progress from here on out to determine if OpenSea is the marketplace for you.
What NFTs can you get here?
So, at this point you’re probably thinking about the kind of NFTs can be purchased here and what kind of NFTs you can also sell if you choose to pursue that route. The type of NFT that you can purchase is indefinite because there’s a wide range of how you can do it.
It is possible to sell trade cards, digital goods games, domain names, and also physical goods! Explore what you believe can yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that differentiates OpenSea from the others. There are zero gas fees when you use this feature to create and market NFTs. This means you’ll receive the maximum profits when you sell because you won’t need to spend on additional fees.
Very few NFT marketplaces have this feature, and it can be a fantastic way to earn a high return from your collection.
A Referral Program is a different aspect of OpenSea to admire. Similar to traditional online markets, you can receive advantages by referring your friend to OpenSea! If you encourage a friend join OpenSea and buy an NFT from the site you’ll be rewarded with 2.50% of the sale amount, letting you earn more cash through this action.
Other NFT marketplaces don’t have this kind of feature either and that’s another benefit OpenSea has over them.
There’s an OpenSea mobile app, but it is mainly used for perusing through the marketplace. It isn’t able to purchase or sell anything while you scroll through the list.
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
Various crypto exchange platforms are available at your disposal You can also trade your fiat currency for cryptocurrency on these platforms. Yeti Nft
You can exchange your fiat money via the credit card, or Paypal via these reputable websites for cryptocurrency:
- Bittrex, and many more!
All of these have the option of converting them into ETH which is the standard crypto payment in OpenSea.
While OpenSea has been described as being an NFT marketplace that is open to all types of cryptocurrency, the wallets nonetheless more compatible than others. Since it is built on the ETH blockchain, wallets which are part of the same network are suitable for this website.
Here’s a list of different crypto wallets which you can use with OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each wallet has its own restrictions including simple registration, only mobile usage and the ability to purchase cryptocurrency using credit cards. Yeti Nft
To know more about it, you can check their FAQs for the steps you can get started and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets every one of them has its advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and cons here:
- Mobile apps available for iOS or Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto world and NFTs.
- Allows royalties of only 10% for artists (low royalty rates).
- Cannot buy or sell via the mobile app.
- Only accepts cryptocurrency as a form of payment.
- An Crypto wallet is required to access this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. However, overall, you will easily recover that amount when you are actively selling since there’s no extra charge for it.
Frequently Asked Questions Yeti Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to offer artists a way for selling their artwork online and receive cryptocurrency as a method of payment. It’s an excellent platform for artists who use the platform to market NFTs due to its no gas fees and the low commission rate that you have to pay.
You can shop and browse a vast collection of digital items on the NFT marketplace and you must check it out!
Is OpenSea legitimate and secure?
Answer: Yes! OpenSea is a reputable marketplace since it was established on the 1st of December in 2018. Since its system is based on a blockchain that is secure, you can declare that transactions are secure and safe.
In addition, as a seller, you will be verified after you build up your reputation. A blue checkmark is placed next to your account or the collection that you have uploaded to assure every customer. The OpenSea team reviews regularly the contents to ensure users are secure.
How can I earn royalties on OpenSea?
Unfortunately, as an artist, you can receive only up to 10 percent of the royalties when you have uploaded the NFT. This is believed to be quite low in comparison against other NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) has been frequently utilized on this website and many others to accommodate many more crypto users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize to access OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. It is easy to buy or trade cryptocurrency using reliable platforms using fiat currency. All you need just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea have a desktop/mobile application?
As we mentioned earlier There is an official mobile app by OpenSea that is available for iOS and Android. Download it at their respective app store and you can start exploring the collection now!
The desktop application for OpenSea which can be downloaded from WebCatalog. In the desktop application you can 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/).