The crypto currency market is in a boom right now and you’re probably thinking what you can do with your crypto coins. Markets have popped up all over the digital web designed to sell and buy NFTs using cryptocurrency! OpenSea is among them and is worth checking out.
If you’re interested in crypto, you’ve likely heard of OpenSea before for a good reason. It’s now one of the biggest and leading marketplaces among cryptocurrency users because of its security and rapid transactions.
So, hop on board and let’s see what you can do with OpenSea and also see what NFTs you can view!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace 2021 Vca Nft
The goal to create OpenSea was to offer an online marketplace for artists to upload commissions, without having to pay any additional fees. It has more functions that let you sell your work without having to deal with many issues.
For registration, you don’t need to worry about giving all of your personal details. All you have to connect your crypto wallet and voila! You have an account with OpenSea! It can be as simple as that without going through many hurdles as you walk into NFTs.
The most widely-used cryptocurrency used in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology which is utilized for most processes. It also operates on the Polygon blockchain, which ensures lower costs and faster trading.
There are two types of blockchains available it is possible to choose which one you would like to upload your NFT on as seller. This will ensure the security of your NFT, along with the people who want to buy it. All transactions are made using this blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything the simplest domain name, to a piece of art by an artist you admire. Anyone can be a seller however it takes a while for anyone to be an established one.
There’s a huge selection of NFTs available on OpenSea and you could join in with that! You can create your own personal market on this site, as well as find NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent advancement for the cryptocurrency industry,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that the majority of young people have heard of it but not exactly sure what it means. Let’s break down what an NFT is for anyone who is new in the field of cryptocurrency.
One of the newest things that you can buy with cryptocurrency includes an NFT. A NFT is a non-fungible token that is individual and cannot be changed. It can be an item of any rareness like authentic baseball cards, or a rare vinyl record.
There is no limit to what an NFT could be, since it’s a non-fungible thing that you can sell online. It is simpler to simply imagine as an NFT being a virtual item 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 the marketplace, and you’re selling it. Usually, this is recognized after you fill in the correct information about the NFT and finally upload it to the marketplace.
On OpenSea it’s a straightforward process to mine your NFTs by going to the store and simply create a collection! Input the appropriate and accurate information about your NFT and choose what kind of settings you’d like to use for it (e.g. blockchain, payments tokens). After you’ve completed the process you are able to upload it to the internet if it’s in the 100 MB limit.
You can watch and see the way transactions are handled from now to see whether OpenSea is the right marketplace for you.
What NFTs are available here?
In this moment you’re probably asking yourself the kind of NFTs can you shop for here, and what you could sell should you decide to go down that path. The kind of NFT it can be is unlimited because there’s a wide range of how you can approach it.
You can be selling digital products, trading cards games domain names, even physical assets! Find out what you think will bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what separates OpenSea from the other options. There are zero gas fees when you utilize this feature when you mint and sell NFTs. This means you’ll be able to make the highest profits once you sell because you don’t need to pay on any additional charges.
Very few NFT marketplaces provide this feature, so this is a great way to receive high profit from your NFT collection.
A Referral Program is a different 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 there, you’ll receive 2.50 percent of the sales amount, letting you make more money by this method.
Other NFT marketplaces do not have this kind of feature either, so that’s just another advantage OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile app, but 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 from OpenSea are accessible on both iOS in addition to Android. While you’re not able to buy or sell something, you can browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are for you to use, and you can convert your fiat money into cryptocurrency using these platforms. 2021 Vca Nft
You can convert the fiat currency you have with a the credit card, or Paypal on these reliable websites to exchange it for crypto:
- Bittrex and many more!
Each of them has the option of converting them into ETH that is the most common cryptocurrency used in OpenSea.
While OpenSea is an NFT marketplace open to all forms of crypto, wallets are still more compatible with it than other. Since it is built mainly using the ETH blockchain, all wallets which are part of this network are appropriate for this website.
Here is a list of several crypto wallets you can use in OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations, such as easy registration, mobile-only usage and the ability to purchase cryptocurrency using credit cards. 2021 Vca Nft
For more information about the service to learn more, check out their FAQs to see an overview of how you can begin and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has advantages and drawbacks. OpenSea isn’t the only one to have this. It is possible to read about its pros and pros here:
- Mobile apps are available for iOS and Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalties of only 10% to artists (low royalty).
- You cannot buy or sell products through the mobile app.
- Only accepts cryptocurrency as a type of payment.
- An Crypto account is needed to use this marketplace.
OpenSea is open to everyone who owns any crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. But overall, you can easily recover that amount when you are actively selling since there’s no additional cost for it.
Frequently Asked Questions 2021 Vca Nft
What is OpenSea?
OpenSea is an NFT marketplace that aims to give artists a chance for selling their artwork online, and to accept cryptocurrency as their form of payment. It’s an excellent option for artists who want to use the platform to market NFTs due to its no gas costs and low commission fee rate which you are required to pay.
You can browse and purchase the vast array of digital products on this NFT marketplace, so you should take a look!
Is OpenSea real and safe?
The short answer is yes! OpenSea has been a reliable marketplace since its inception 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 secure and safe.
In addition, as a seller, you can become verified once you’ve earned a reputation. A blue checkmark is placed on your account or collection that you have uploaded to assure anyone who buys from you. OpenSea’s team regularly reviews the content to ensure users are safe.
How can I earn royalties on OpenSea?
As an artist, you can be paid only 10 percent of the royalties when you have uploaded the NFT. This is thought to be quite low in comparison with other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) has been frequently used on this site as well as other sites to provide many more crypto users. These are other cryptos you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can make use of to access OpenSea.
What are the payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. It is easy to buy or sell cryptocurrency through reliable platforms using fiat currency. All you have be able to connect is your credit or Paypal for the transaction.
Does OpenSea have a desktop/mobile app?
As we mentioned earlier there’s an official mobile application from OpenSea available for both iOS as well as Android. You can download it through their app store, and then you can begin exploring the collection now!
A version for desktops that OpenSea that can be downloaded through WebCatalog. With the desktop application you can manage multiple accounts as well as receive alerts on any updates that affect 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/).