The cryptocurrency market is on the rise, and you’re probably wondering what you can do with your crypto coins. There are numerous marketplaces popping up across the web that allow users to sell and buy NFTs via cryptocurrency! OpenSea is among them, and it’s worth looking into.
If you’re well-versed in cryptocurrency you’ve probably heard about OpenSea previously for a valid reason. It’s now one of the biggest and most popular marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.
Now hop aboard, and discover the possibilities of OpenSea, along with checking what NFTs you can view!
Before you go on, 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 the article for a more comprehensive review.
OpenSea as an NFT Marketplace Ab And Nft
The purpose for OpenSea was to offer a platform/marketplace for artists to upload their commissions, without having to pay any additional fees. It has more functions that allow you to sell your artwork without any difficulties.
When it comes to registration, you don’t need to worry about giving any personal information about yourself. 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 going through much hassle as you step into NFTs.
The most well-known cryptocurrency to use on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it, and this is used to carry out the majority of processes. It is also based on the Polygon blockchain to ensure low-cost and quicker trading.
With these two kinds of blockchains, you can choose which one you want to upload your NFT on as an seller. This will ensure the security of your NFT as well as 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 endless online marketplace that lets you trade your cryptocurrency or NFTs for other NFTs. You can purchase anything from just a domain name to an official artwork by an artist you admire. Anyone can sell however, it takes a while before anyone can become a reputable one.
There are a variety of NFTs of NFTs available of NFTs available at OpenSea and you can join in with that! You can start your own 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 the term “NFT” has been going around for so long on internet that many millennials have heard of it but not exactly sure what it means. Let’s break down what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the new things you can buy includes an NFT. An NFT is a non-fungible token that is individual and cannot be changed. It could be an item of any rareness like rare baseball trading cards in mint condition or unique vinyl album.
There’s no limit on what an NFT can be as it’s a non-fungible thing that you can sell online. In simpler terms, you could just consider as an 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 marketplace, and offering it for sale. Usually, this is recognized once you fill out all the necessary information about the NFT and then add it on the market.
On OpenSea, it’s a simple process to mint your NFTs by going to the store and create a collection! Input the appropriate and correct information regarding your NFT and select the type of settings you’d like to use to use it with (e.g., blockchain or payment tokens). After that then you’re able to upload it if it fits the 100 MB limit.
You can watch and see the way transactions are handled from here on out to determine if OpenSea is the best marketplace for you.
What NFTs can you get here?
So, at this point you’re probably thinking about the kind of NFTs you shop for here and what you can also sell if you decide to go down that path. The type of NFT it can be isn’t limited since there’s a broad range of options for how to approach it.
You could be selling trade cards, digital goods, game assets, domain names, and some physical items! Consider what you believe will reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what differentiates OpenSea from the others. There are no gas costs when you use this feature to make and then sell the NFTs. This simply means that you’ll get the most profit when you sell because you don’t need to pay on extra fees.
Not many NFT marketplaces provide this feature, which is why this is great for you to earn a high return from your collection.
This Referral Program is another unique aspect of OpenSea to be admired. Similar to traditional online markets there are benefits 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 means you can make more money by this method.
Other NFT marketplaces don’t offer the same feature and that’s another advantage OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile app, but it’s mostly to browse the marketplace. It isn’t able to purchase or sell items as you scroll through the list.
The mobile apps of OpenSea are available on both iOS in addition to Android. Although you aren’t able to purchase or sell something, you can look through the options you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available for you to use to convert your fiat money into cryptocurrency using these platforms. Ab And Nft
You can convert your fiat currency using a the credit card, or Paypal on these reliable websites to exchange it for crypto:
- Bittrex, and many more!
All of them have the option of exchange for ETH that is the most common cryptocurrency used in OpenSea.
Although OpenSea has been described as being an NFT marketplace that is open to all forms of crypto, wallets are nevertheless more compatible than other. Because it is based around the ETH blockchain, all wallets which are part of the same network are suitable for this site.
Here’s a list different crypto wallets you can use in OpenSea:
- Authereum and more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations, such as easy registration, only mobile usage and the ability to buy cryptocurrency using the credit card. Ab And Nft
For more information about the service, you can check their FAQs for a rundown of how you can begin and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with advantages and drawbacks. OpenSea isn’t an exception to this. It is possible to read about its pros and cons here:
- Available as mobile apps that are compatible with iOS or Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
- Allows royalty rates of up to 10% for artists (low royalty).
- It is not possible to buy or sell items through this mobile application.
- Only supports cryptocurrency as its method of payment.
- A Crypto digital wallet must be used to use this marketplace.
OpenSea is available to anyone who has any crypto currency in their crypto wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. However, overall, you will quickly regain that when you are actively selling since there’s no extra charge for it.
Frequently Asked Questions Ab And Nft
What is OpenSea?
OpenSea is an NFT marketplace that aims to offer artists a way to sell their works online, and to accept cryptocurrency as their form of payment. It’s an excellent platform for artists who use the platform to market NFTs due to its no gas costs and the low commission rate you must pay.
You can shop and browse the vast array of digital products on this NFT marketplace and you must check it out!
Is OpenSea real and is it safe?
The short answer is yes! OpenSea has been a reliable marketplace since its inception on the 1st of December in 2018. Since its system is based on a blockchain and is secured, it is safe to claim that your transactions are safe and secure.
Furthermore, as a seller, you can become verified once you have built up your credibility. A blue checkmark is placed to your account or any collection you’ve uploaded to ensure the safety of any customer. The team at OpenSea regularly checks the contents to ensure users are secure.
How can I earn royalties from OpenSea?
Unfortunately, as an artist, you can be paid only 10% of the royalties once you upload the NFT. This is thought to be reasonably low compared with other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) can be commonly utilized on this website and other sites to provide many more crypto users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can make use of to use OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. It is easy to buy or sell cryptocurrency through trusted platforms with fiat money. All you need just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea have a desktop/mobile application?
As mentioned before, there is definitely an official mobile app from OpenSea for both iOS as well as Android. Download it at their respective app store, and begin browsing through the collection right now!
There is also a version for desktops that OpenSea can be downloaded via WebCatalog. In the desktop application you can manage multiple accounts as well as 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/).