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 across the web that allow users to purchase and sell NFTs with cryptocurrency! OpenSea is among them, and it’s worth checking out.
If you’re well-versed in cryptocurrency you’ve likely heard of OpenSea prior to this for a valid reason. It’s now one of the biggest and most popular marketplaces among users of cryptocurrency due to its security and quick transactions.
Get on board, and let’s see the possibilities of OpenSea and also see 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 the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Aes+F Nft
The aim to create OpenSea was to provide an online marketplace for artists to upload commissions with no additional fees. It also has additional functions which allow you to market your art without too many issues.
In terms of registration, you won’t have to give too many details about yourself. All you have to connect your crypto wallet and voila! You have an account on OpenSea! It’s as simple as that without going through many hurdles as you walk into NFTs.
The most popular cryptocurrency used in 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 operates on the Polygon blockchain, which ensures low-cost and quicker trading.
There are two types of blockchains that are available you can pick which one you want to publish your NFT as seller. This ensures the safety of your NFT, along with the people who want to buy it. All transactions will be made by using the blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from just a domain name, to a piece of art by an artist you admire. Anyone can be a seller however it takes time for anyone to become a reputable one.
There’s a huge selection from the selection on OpenSea and you can join in with the collection! You can start your own marketplace here, along with finding NFTs you’d like to buy yourself.
What is an NFT?
A recent change in the cryptocurrency industry, the term “NFT” has been going around so long on the internet that a lot of millennials have heard of it but aren’t exactly sure what it is. Let’s break down what an 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 can be an NFT. The NFT is a non-fungible token that is exclusive and cannot be substituted. It can be an item of any rareness like authentic baseball cards, or a unique vinyl album.
There is no limit to what an NFT could be, since it’s a non-fungible thing that you sell online. More straightforwardly, you can just imagine the NFT as a digital item paid via cryptocurrency only.
Minting is like calling dibs for your personal NFTs. You’re claiming ownership over that particular token/item that you posted to market, as offering it for sale. Typically, this is official when you have filled in the correct information about the NFT and then upload it to the marketplace.
On OpenSea It’s a very simple process to mine your NFTs by visiting the store and simply making a collection to begin! Fill out the proper and correct information regarding your NFT and then select what type of settings you’d like for it (e.g., blockchain or payment tokens). After you’ve completed the process, you can finally upload it if it fits the limit of 100MB.
You can watch and see how the transactions go from now on to see whether OpenSea is the marketplace for you.
What NFTs can you get here?
So, at this point you’re probably asking yourself which kind of NFT can be purchased here and what kind of NFTs you can also sell if you decide to go that route. The kind of NFT it can be isn’t limited as there’s a variety of options for how to go about it.
It is possible to sell digital products, trading cards game assets, domain names, and also physical goods! Explore what you believe can yield the most profit when you try out 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 for using this feature to create and market NFTs. This is essentially a way to ensure that you be able to make the highest profits once you begin selling since you won’t need to spend on any additional charges.
There aren’t many NFT marketplaces have this feature, and it is a great way to earn a high return from your collection.
A Referral Program is another unique aspect of OpenSea to admire. Like traditional online marketplaces that offer benefits by referring a friend to OpenSea! If you refer a friend to join OpenSea and buy an NFT from the site you’ll be rewarded with 2.50 percent of the purchase amount, which allows you to make more money from this act.
Other NFT marketplaces don’t have the same feature This is a further benefit OpenSea has over them.
There is an OpenSea mobile app, but it’s mostly for perusing through the marketplace. You can’t buy 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 browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are at your disposal, and you can exchange your fiat money for cryptocurrency on these platforms. Aes+F Nft
You can swap your fiat currency using a 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 payment option in OpenSea.
Although OpenSea has been described as being an NFT marketplace that is open to all forms of cryptocurrency, the wallets nevertheless more compatible than other. Because it is based using the ETH blockchain, wallets which are part of the same network are suitable for this site.
Here is a list of various crypto wallets that which you can use with 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, use on mobile devices only and the ability to purchase cryptocurrency using a credit card. Aes+F Nft
For more information about the service, you can check their FAQs to get a rundown 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 comes with advantages and drawbacks. OpenSea isn’t an exception to this. You can view its pros and cons here:
- Mobile apps are available for iOS as well as Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalty rates of 10% for artists (low royalty).
- It is not possible to buy or sell items via this mobile application.
- Only supports cryptocurrency as its method of payment.
- An Crypto digital wallet must be used to use this marketplace.
OpenSea is open to everyone who owns any crypto coins in their crypto wallets. If you’re 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 sell regularly since there’s no extra charge for it.
Frequently Asked Questions Aes+F Nft
What is OpenSea?
OpenSea is an NFT marketplace that seeks to give artists a chance to sell their works online, and to accept cryptocurrency as a method of payment. It’s an excellent platform for artists who use the platform to market NFTs due to its no cost of gas and low commission fees you must pay.
You can shop and browse a vast collection of digital items on the NFT marketplace, so you should take a look!
Is OpenSea legit & safe?
Short answer: Yes! OpenSea has been a trusted marketplace since it was established at the end of 2018. Since the system it operates on is built on a blockchain and is secured, it is safe to claim that your transactions are secure and safe.
In addition, as a seller, you can become verified once you have built up your credibility. A blue checkmark will be assigned next to your account or any collection you uploaded to reassure anyone who buys from you. The team at OpenSea regularly checks the content to ensure that users are secure.
How do I earn royalties on OpenSea?
However, as an artist, you will be paid only 10 percent of the royalties after you have uploaded the NFT. This is thought to be reasonably low compared against other NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) can be commonly used on this site and numerous others to cater for the increasing number of crypto users. These are other cryptos you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of to use OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. You can easily purchase or sell cryptocurrency on trusted platforms with fiat money. All you need just connect your debit or credit card to Paypal for the transaction.
Does OpenSea have a desktop or mobile application?
As previously mentioned There is an official mobile application from OpenSea that is available for iOS or Android. Install it from their app store, and then you can begin exploring the collection now!
A desktop application for OpenSea that can be downloaded through WebCatalog. On the desktop app you are able to manage multiple accounts and get notifications about updates to your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).