Cryptocurrency is booming 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 sell and buy NFTs using cryptocurrency! OpenSea is among them, and it’s worth a look.
If you’re interested in crypto you’ve probably heard of OpenSea prior to this for a valid reason. It’s one of the largest and most popular marketplaces for cryptocurrency users because of its safety and speedy transactions.
Now hop aboard, and discover what you can do with OpenSea and also see what NFTs you can view!
Before you continue, 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 our article for a more comprehensive review.
OpenSea as an NFT Marketplace Alchemy Nft
The goal to create OpenSea was to provide a platform/marketplace for artists to easily upload their commissions without any extra charges. It also has additional functions that let you sell your artwork without any problems.
When it comes to the registration process, you don’t have to give any personal information about yourself. All you have to connect your crypto wallet–and voila!–you have an account with OpenSea! It can be as simple as that without going through many hurdles as you walk into NFTs.
The most popular cryptocurrency that is used in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system and is used for most processes. It is also based using the Polygon blockchain to ensure low-cost and quicker trading.
With these two types of blockchains, you can choose which one you’d like to upload your NFT on as a seller. This is to ensure the security of your NFT, along with the people who want to purchase it. All transactions are made by using the blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything as simple as a domain name to official art by an artist you admire. Anyone can become a seller however, it takes some time for anyone to become a reputable one.
There is a wide variety from the selection at OpenSea and you could also be a part of that! You can set up your own personal market here, along with finding NFTs you want to purchase yourself.
What is an NFT?
A recent change in the crypto industry the term “NFT” has been going around for so long on internet that many millennials have heard of it but aren’t sure exactly what it means. 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 new things you can buy includes an NFT. An NFT is a token that is non-fungible that is very unique and can’t be changed. It can be a piece of rarity like authentic baseball cards or a rare vinyl record.
There’s no limit to what an NFT could be, since it’s a non-fungible object that you can sell online. It is simpler to simply think of an NFT to be a type of digital collectible paid via cryptocurrency only.
Minting is like calling the shots on your own NFTs. You are calling the owner of the item or token that you posted to market, as offering it for sale. Usually, this becomes official once you fill out the correct information about the NFT and then upload it to the marketplace.
On OpenSea It’s a very simple procedure to create your own NFTs by going to the store and making a collection to begin! Complete the correct and correct information regarding your NFT and choose what kind of settings you want to use it with (e.g. blockchain or payment tokens). Once that’s all done you are able to upload it, if it’s within the limit of 100MB.
It is possible to wait and see how transactions progress from now to determine if OpenSea is the right marketplace for you.
What NFTs can you get here?
At this point you’re probably thinking about which kind of NFT can be found here and what kind of NFTs you can also sell if you decide to go down that path. The kind of NFT it can be is unlimited as there’s a variety of options for how to approach it.
You could be selling digital products, trading cards games, domain names, and even physical assets! Explore what you believe can bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that sets OpenSea from the others. There are no gas costs when you use this feature to mint and sell NFTs. This means you’ll receive the maximum profits when you sell because you won’t have to spend on extra fees.
Not many NFT marketplaces provide this feature, which is why this is a great way to make a huge profit from your collection.
The Referral Program is another distinctive feature of OpenSea to be admired. Similar to traditional online markets, you can receive benefits when you refer someone else to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from there you’ll earn 2.50 percent of the sales amount, letting you make more money from this act.
Other NFT marketplaces do not have this kind of feature either, so that’s just another benefit OpenSea has over the other marketplaces.
There’s an OpenSea mobile application, however it’s mostly used to browse the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listings.
The mobile apps of OpenSea are available on both iOS in addition to Android. While you’re not able to buy or sell things, you can at least browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are at your disposal, and you can convert your fiat money into cryptocurrency on these platforms. Alchemy Nft
You can convert your fiat money via credit card or Paypal on these reliable websites to exchange it for crypto:
- Bittrex and other things!
Each of them has the option of exchange for ETH that is the primary cryptocurrency payment option in OpenSea.
Although OpenSea can be described as an NFT marketplace that is open to all types of cryptocurrency, the wallets nonetheless more compatible than others. Since it is built on an ETH blockchain, any wallets which are part of this network are appropriate for the site.
Here’s a list of different crypto wallets which you can use with OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, use on mobile devices only and the ability to purchase cryptocurrency with the credit card. Alchemy Nft
To know more about it, you can check their FAQs to see the steps you can start and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has advantages and drawbacks. OpenSea isn’t the only one to have this. You can view its pros and cons here:
- Mobile apps available for iOS or Android.
- Smart contracts are used for transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in the crypto market and NFTs.
- Allows royalty rates of up to 10% for artists (low royalties).
- You cannot buy or sell products on our mobile apps.
- Only supports cryptocurrency as its form of payment.
- A Crypto account is needed to access this marketplace.
OpenSea is available to anyone who has any crypto currency in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. However, overall, you will quickly regain that when you actively sell because there is no additional fee for it.
Frequently Asked Questions Alchemy Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to provide artists a platform for selling their artwork online, and to accept cryptocurrency as a method of payment. It’s an excellent platform for artists using for selling NFTs because of its zero gas costs and low commission fee rate you must pay.
You can shop and browse an 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 has been a trusted marketplace since its inception in 2018. Since the system it operates on is built on a blockchain and is secured, it is safe to declare that transactions are secure and safe.
Furthermore, as a seller, you will be verified after you’ve earned a reputation. A blue checkmark will appear to your account or the collection that you have uploaded to assure any customer. OpenSea’s team regularly reviews the content to ensure users are secure.
How can I earn royalties on OpenSea?
As an artist, you will receive only up to 10 percent of the royalties after you upload the NFT. This is believed to be a reasonable amount compared to the other NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) has been frequently used on this site as well as other sites to provide the increasing number of crypto users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can make use of for OpenSea.
What are the payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. You can buy and sell cryptocurrency on reliable platforms using fiat currency. All you have just connect your debit or credit card to Paypal for the transaction.
Does OpenSea have a desktop/mobile application?
As we mentioned earlier There is an official mobile application from OpenSea for both iOS as well as Android. You can download it through their app store and begin exploring the collection now!
The version for desktops that OpenSea which can be downloaded from WebCatalog. On the desktop app you can manage multiple accounts as well as receive notifications on updates regarding your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).