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 digital web designed to sell and buy NFTs with cryptocurrency! OpenSea is one of them and is worth checking out.
If you’re familiar with cryptocurrency you’ve likely heard of OpenSea prior to this for a valid reason. It’s now one of the biggest and leading marketplaces among cryptocurrency enthusiasts due to its security and rapid transactions.
Now hop aboard, and let’s explore the possibilities of OpenSea as well as examining the NFTs that you can see!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace 7/7-14 Nft
The goal of OpenSea was to simply provide artists with a marketplace/platform to easily upload their commissions, without having to pay any additional costs. It also has additional functions that allow you to sell your work without having to deal with many difficulties.
In terms of the registration process, you don’t have to give any personal information about yourself. All you have to do is connect your crypto wallet and voila! You have an account on OpenSea! It can be as simple as that and without many hassles when you enter into NFTs.
The most widely-used cryptocurrency that is used within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system which is utilized for the majority of transactions. It also functions on the Polygon blockchain, which ensures the lowest cost and speediest trading.
There are two types of blockchains available you can pick which one you want to publish your NFT as seller. This is to ensure the security of your NFT, along with those who wish to purchase it. All transactions are made along with this blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall where you can exchange your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything as simple as a domain name, to a piece of art from an artist that you admire. Anyone can be a seller however, it takes time for anyone to become a reputable one.
There are a variety of NFTs from the selection on OpenSea and you could become a part of this! You can create your own market there, and also find NFTs you’d like to buy for yourself.
What is an NFT?
In a recent advancement for the crypto industry, the term “NFT” has been going around for so long on the internet that a lot of millennials are familiar with it , but aren’t sure exactly what it is. Let’s look at what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the newest things you can buy is an NFT. The NFT is a non-fungible currency that is individual and cannot be replaced. It could be an item of rarity like mint-condition baseball trading cards or rare vinyl record.
There’s no limit on what an NFT can be as it’s a non-fungible object you’re selling online. In simpler terms, you could just consider the NFT being a virtual collectible that is paid for using 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 you uploaded on the market place, but selling it. Usually, this becomes official when you have filled in the proper information regarding the NFT and submit it for sale on.
On OpenSea it’s a straightforward process to mine your NFTs by visiting the store and then creating a collection to start! Input the appropriate and correct information regarding your NFT and then select what type of settings you want for it (e.g. blockchain, money transfer tokens). Once that’s all done then you’re able to upload it, if it’s within the limit of 100MB.
It is possible to wait and see the way transactions are handled from here on out to determine whether OpenSea is the right marketplace for you.
What NFTs can you find here?
At this point, you’re probably wondering the kind of NFTs you shop for here and what you can also sell if you choose to go down that path. The kind of NFT it is indefinite since there’s a broad range of ways to do it.
You can be selling digital products, trading cards, game assets domain names, even physical assets! Explore what you believe can reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that differentiates OpenSea from the others. There are zero gas fees when you use this feature when you make and then sell the NFTs. This simply means that you’ll receive the maximum profits when you begin selling since you won’t need to spend on any additional charges.
Very few NFT marketplaces provide this feature, so this can be a fantastic way to earn a high return from your collection.
This Referral Program is another distinctive feature of OpenSea to be admired. Similar to traditional online markets there are advantages when you refer someone else to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from the site you’ll earn 2.50 percent of the sales amount, which allows you to earn more money by this method.
Other NFT marketplaces do not have this kind of feature either This is a further advantage OpenSea has over the other marketplaces.
There’s an OpenSea mobile app, but it is mainly used to browse the marketplace. Unfortunately, you can’t purchase or sell items as you scroll through the list.
The mobile apps of OpenSea are available on both iOS as well as Android. Even though you can’t buy or sell anything, you can still look through the options 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. 7/7-14 Nft
You can exchange your fiat currency using a your credit or debit card as well as Paypal on these reliable websites for cryptocurrency:
- Bittrex and other things!
All of these have the option of exchange for ETH which is the most common cryptocurrency payment option in OpenSea.
While OpenSea has been described as being an NFT marketplace that is open to all kinds of cryptocurrency, wallets are nevertheless more compatible than others. Since it is built around an ETH blockchain, wallets with a connection to that network will be suitable for this website.
Here’s a list various crypto wallets that you can utilize in OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each has its own limitations including simple registration, mobile-only usage and the ability to buy cryptocurrency using the credit card. 7/7-14 Nft
To learn more about it, you can check their FAQs to see a rundown of how you can get started and which other wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets, each one has advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and pros here:
- Available as mobile apps that are compatible with iOS as well as Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalty rates of up to 10% for artists (low royalty rates).
- You cannot buy or sell products on this mobile application.
- Only accepts cryptocurrency as a form of payment.
- An Crypto wallet is required for 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 percentage of commissions for all sellers on the platform. But overall, you can easily recover that amount when you sell regularly since there’s no additional cost for it.
Frequently Asked Questions 7/7-14 Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to offer artists a way to market their work online, and to accept cryptocurrency as their form of payment. It’s an ideal platform for artists using 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 shop for a vast collection of digital items on the NFT marketplace which is why you should definitely check it out!
Is OpenSea legitimate and secure?
Short answer: Yes! OpenSea is a reputable marketplace since it was established at the end of the year 2018. Since its system is built on a blockchain that is secure, you can say that your transactions are secure and safe.
Furthermore, as a seller, you will be verified after you’ve earned a reputation. A blue checkmark is placed next to your account or the collection you’ve uploaded to ensure the safety of any customer. The OpenSea team reviews regularly the content to ensure that users are secure.
How do I earn royalties from OpenSea?
As an artist, you can receive only up to 10 percent of the royalties after you upload the NFT. This is considered to be quite low in comparison to others NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) can be frequently used on this site as well as many others to accommodate the increasing number of crypto users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can make use of for OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. You can easily purchase or sell cryptocurrency through reliable platforms using fiat currency. All you have to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea have a desktop/mobile app?
As we mentioned earlier There is an official mobile app by OpenSea available for both iOS or Android. Download it at their respective app store and you can start exploring the collection right now!
A desktop application for OpenSea which can be downloaded from WebCatalog. On the desktop app you are able to manage multiple accounts and get 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/).