Cryptocurrency is booming right now and you’re probably thinking what you can do with your crypto-coins. There are numerous marketplaces popping up all over the web that allow users to sell and buy NFTs with cryptocurrency! OpenSea can be one and is worth a look.
If you’re familiar with cryptocurrency you’ve likely heard of OpenSea previously for a valid reason. It’s now one of the biggest and most popular marketplaces among cryptocurrency users because of its security and rapid transactions.
So, hop on board and let’s explore the possibilities of 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 overview. After, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace 4.25M I Nft
The purpose of OpenSea was to offer an online marketplace for artists to upload commissions without any extra costs. It also has additional functions that allow you to sell your art without too many difficulties.
When it comes to registration, you don’t need to worry about giving all of your personal details. All you need to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It can be as simple as that and without many hassles when you enter into NFTs.
The most widely-used cryptocurrency to use on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system and is used for most processes. It also operates on the Polygon blockchain, which allows for the lowest cost and speediest trading.
With these two types of blockchains that are available it is possible to choose which one you want to publish your NFT as an seller. This will ensure the security of your NFT, along with the people who want to buy it. All transactions are made by using the blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an online shopping mall that is endless that lets you trade your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything as simple as a domain name to official art from an artist you admire. Anyone can be a seller however, it takes time for anyone to be an established one.
There’s a huge selection from the selection of NFTs available at OpenSea and you could also be a part of the collection! You can create your own market here, along with finding NFTs you want to purchase for yourself.
What is an NFT?
In a recent development for the crypto market”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that a lot of millennials have heard of it but aren’t sure exactly what it means. Let’s take a look at what NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the latest ways you can purchase your cryptocurrency includes an NFT. An NFT is a non-fungible currency that is individual and cannot be replaced. This can be a piece of rarity like authentic baseball cards or uncommon vinyl record.
There is no limit to what an NFT can be as it’s a non-fungible item that you can sell online. It is simpler to just think of an NFT to be a type of digital collectible paid via cryptocurrency only.
Minting is similar to calling for dibs on your own NFTs. It is a way of claiming the owner of the item or token that you have uploaded to market, as you’re offering it for sale. Typically, this is official when you have filled in the correct information about the NFT and finally submit it for sale on.
On OpenSea it’s a straightforward process to mint your NFTs by visiting the store and then making a collection to begin! Input the appropriate and correct information regarding your NFT and select the type of settings you want to use it with (e.g. blockchain and money transfer tokens). Once that’s all done, you can finally upload it to the internet if it’s in the 100 MB limit.
You can wait and observe how transactions progress from here on out to determine if OpenSea is the best marketplace for you.
What NFTs can you get here?
At this point you’re probably thinking about 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 that you can purchase isn’t limited because there’s a wide range of how you can do it.
You could be selling trade cards, digital goods game assets domain names, even physical assets! Explore what you believe can bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that separates OpenSea from other companies. There’s no cost for gas when you use this feature to create and market NFTs. This simply means that you’ll get the most profit when you begin selling since you don’t need to pay on additional fees.
Not many NFT marketplaces have this feature, and it can be a fantastic way to earn a high return from your NFT collection.
This Referral Program is another distinctive feature of OpenSea to take note of. Like traditional online marketplaces there are advantages when you refer someone else to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from there, you’ll receive 2.50 percent of the sales amount, which allows you to make more money by this method.
Other NFT marketplaces do not have this kind of feature either, so that’s just another benefit OpenSea has over them.
There’s an OpenSea mobile application, however it’s mostly to browse the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listings.
The mobile apps from OpenSea are accessible on both iOS and Android. While you’re not able to buy or sell anything, you can still browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are to you to convert your fiat money into cryptocurrency through these platforms. 4.25M I Nft
You can convert the fiat currency you have with a your credit or debit card as well as Paypal through these trusted sites to exchange it for crypto:
- Bittrex and more!
Each of them has the option of exchange for ETH which is the primary crypto payment in OpenSea.
Although OpenSea has been described as being an NFT marketplace that is open to all kinds of crypto, wallets are still more compatible with it than other. Since it is built around the ETH blockchain, wallets which are part of that network will be suitable for this site.
Here’s a list of various crypto wallets that which you can use with OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, mobile-only usage and the ability to purchase cryptocurrency using a credit card. 4.25M I Nft
For more information about the service to learn more, check out their FAQs to get a rundown of how you can start and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and pros here:
- Mobile apps available that are compatible with iOS as well as Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalties of only 10% to artists (low royalty rates).
- It is not possible to buy or sell items on the mobile app.
- Only accepts cryptocurrency as a form of payment.
- An Crypto account is needed to access this marketplace.
OpenSea is available to anyone who has crypto coins in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. In the end, you’ll quickly recover this amount if you are actively selling since there’s no extra charge for it.
Frequently Asked Questions 4.25M I Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to offer artists a way for selling their artwork online to receive cryptocurrency as their form of payment. It’s an excellent option for artists who want to use for selling NFTs because of its zero gas fees and the low commission rate that you have to pay.
You can browse and purchase an array of digital goods in this NFT marketplace which is why you should definitely take a look!
Is OpenSea legitimate and safe?
The short answer is yes! OpenSea is a reputable marketplace since its inception in the year 2018. Since the system it operates on is built on blockchain technology and is secured, it is safe to claim that your transactions are secure and safe.
Additionally, as a seller, you’ll be verified when you’ve earned a reputation. A blue checkmark will be assigned to your account or any collection you uploaded to reassure any customer. OpenSea’s team regularly reviews the content to ensure that users are protected.
How can I earn royalties from OpenSea?
As an artist, you’ll receive only up to 10 percent of the royalties when you have uploaded the NFT. This is believed to be a reasonable amount compared to other NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) can be commonly used on this site and many others to accommodate 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.
Which are the accepted payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. You can buy and sell cryptocurrency on secure platforms that accept fiat money. All you have be able to connect is your credit or Paypal for the transaction.
Does OpenSea have a desktop/mobile app?
As previously mentioned there’s an official mobile app from OpenSea for both iOS and Android. Download it at their respective app store, and begin exploring the collection right now!
A version for desktops that OpenSea that can be downloaded through WebCatalog. With the desktop application, you can manage multiple accounts and receive notifications on updates regarding your account while you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).