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 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 prior to this for a valid reason. It’s one of the biggest and most popular marketplaces for users of cryptocurrency due to its security and quick transactions.
Now hop aboard, and let’s see what you can do with OpenSea as well as examining what NFTs you can view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. Afterward, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace 4 Nft
The goal to create OpenSea was to simply provide a platform/marketplace for artists to upload commissions with no additional charges. It has more functions that allow you to sell your work without having to deal with many problems.
In terms of registration, you won’t have to provide all of your personal details. All you need to do is connect your crypto wallet–and voila!–you have an account on OpenSea! It can be as simple as that, without many hassles when you enter into NFTs.
The most popular cryptocurrency to use in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology, and this is used to carry out the majority of processes. It also functions on the Polygon blockchain, which allows for lower costs and faster trading.
With these two kinds of blockchains, you can choose which one you would like to publish your NFT as an seller. This will ensure the security of your NFT as well as those who wish to purchase it. All transactions are made by using the blockchain, so you should 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 for other NFTs. You can buy anything as simple as a domain name to official art from an artist that you admire. Anyone can sell however it takes some time for anyone to be an established one.
There is a wide variety from the selection on OpenSea, and you can also be a part of this! You can start your own marketplace there, and also find NFTs you want to purchase yourself.
What is an NFT?
In a recent advancement for the crypto industry, the term “NFT” has been going around so long on the internet that many millennials have heard of it but aren’t sure exactly what it is. Let’s break down what an NFT is for anyone who is new in the field of cryptocurrency.
One of the new things you can purchase your cryptocurrency includes an NFT. The NFT is a token that is non-fungible which is extremely individual and cannot be substituted. It could be an item of rareness 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 object you’re selling on the internet. More straightforwardly, you can simply imagine the NFT to be a type of digital item paid via cryptocurrency only.
Minting is similar to calling for dibs to your NFTs. It is a way of claiming the owner of the item or token that you have uploaded to the marketplace, and putting it up for sale. Typically, this is official after you fill in the correct information about the NFT and then add it on the market.
On OpenSea it’s a straightforward process to mint your NFTs by going to the store and create a collection! Complete the correct and complete information about your NFT and choose what kind of settings you want to use it with (e.g., blockchain and payments tokens). After that, you can finally upload it, if it’s within the 100 MB limit.
It is possible to wait and see how transactions progress from here on out to see whether OpenSea is the right marketplace for you.
What NFTs can you get here?
At this point, you’re probably wondering which kind of NFT you shop for here and what you can also sell if you choose to go down that path. The kind of NFT it isn’t limited since there’s a broad range of ways to approach it.
It is possible to sell trade cards, digital goods game assets domain names, some physical items! Explore what you believe can yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that differentiates OpenSea from the other options. There’s no cost for gas for using this feature when you create and market NFTs. This simply means that you’ll receive the maximum profits when you sell because you don’t need to pay on extra fees.
Very few NFT marketplaces offer this feature, and it is great for you to receive high profit from your portfolio.
This Referral Program is another distinctive feature of OpenSea to take note of. Like traditional online marketplaces that offer benefits by referring someone else to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from the site, you’ll receive 2.50 percent of the sales amount, letting you earn more money by this method.
Other NFT marketplaces do not have this feature, so that’s just another advantage OpenSea has over them.
There is an OpenSea mobile app, but it’s mostly for perusing through the marketplace. Unfortunately, you can’t purchase or sell anything as you browse through the listings.
The mobile apps of OpenSea are available for both iOS as well as Android. Although you aren’t able to purchase or sell anything, you can still at least explore the products you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available to you You can also convert your fiat money into cryptocurrency using these platforms. 4 Nft
You can convert your fiat money via your credit or debit card as well as Paypal on these reliable websites for cryptocurrency:
- Bittrex, and many more!
Each of them has the option to exchange for ETH, which is the primary cryptocurrency used in OpenSea.
Although OpenSea can be described as an NFT marketplace that is open to all types of crypto, wallets are nevertheless more compatible than others. Because it is based using an ETH blockchain, any wallets with a connection to the same network are suitable for this website.
Here’s a list of various crypto wallets that you can utilize in OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each has its own limitations, such as easy registration, mobile-only usage as well as the capability to buy cryptocurrency using credit cards. 4 Nft
To know more about it You can go through their FAQs for an overview of how you can begin and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets every one of them has advantages and drawbacks. OpenSea isn’t the only one to have this. You can read about its pros and pros here:
- Mobile apps available for iOS and Android.
- Smart contracts can be used to perform transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto market and NFTs.
- Allows royalties 10% for artists (low royalties).
- Cannot buy or sell through this mobile application.
- Only accepts cryptocurrency as a form of payment.
- An Crypto digital wallet must be used to access this marketplace.
OpenSea is accessible to everyone who has any crypto currency in their crypto wallets. When you are selling, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. In the end, you’ll quickly regain that when you actively sell because there is no additional fee for it.
Frequently Asked Questions 4 Nft
What is OpenSea?
OpenSea is an NFT marketplace that seeks to offer artists a way for selling their artwork online to receive cryptocurrency as a form of payment. It’s a great platform for artists using for selling NFTs because of its zero cost of gas and low commission fee rate which you are required to pay.
You can shop and browse the vast array of digital goods in this NFT marketplace and you must go through it!
Is OpenSea real and safe?
The short answer is yes! OpenSea is a reputable marketplace since its inception on the 1st of December in the year of 2018. Since the system it operates on is built on blockchain technology, it is safe to say that your transactions are safe and secure.
Furthermore as a seller you will be verified after you’ve earned a reputation. A blue checkmark will be assigned on your account or the collection that you have uploaded to assure anyone who buys from you. OpenSea’s team regularly reviews the content to ensure users are protected.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you’ll receive only up to 10 percent of the royalties after you have uploaded the NFT. This is believed to be a reasonable amount compared against other NFT marketplaces.
What are the cryptocurrency options available 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 that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can utilize to use OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. You can easily purchase or sell cryptocurrency through trusted platforms with fiat money. All you need to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea has a mobile or desktop app?
As we mentioned earlier there’s an official mobile app by OpenSea that is available for iOS or Android. Install it from their app store and you can start exploring the collection now!
There is also a Desktop application that OpenSea that can be downloaded through WebCatalog. In the desktop application you are able to manage multiple accounts and receive alerts on any updates that affect 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/).