Cryptocurrency is booming right now, and you’re probably wondering where to invest your crypto-coins. There are numerous marketplaces popping up across the web that allow users to sell and buy NFTs using cryptocurrency! OpenSea is one of them, and it’s worth a look.
If you’re well-versed in cryptocurrency you’ve probably heard about OpenSea before for a good reason. It’s one of the largest and most popular marketplaces among cryptocurrency users because of its security and rapid transactions.
Now hop aboard, and let’s see what you can do with OpenSea as well as examining the NFTs available to view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Alex Atellah Linkedin OpenSea
The aim for OpenSea was to provide artists with a marketplace/platform to upload their commissions without any extra charges. It also has additional functions which allow you to market your artwork without any difficulties.
When it comes to registration, you don’t need to give any personal information about yourself. All you have to 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 popular cryptocurrency that is used within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology which is utilized to carry out the majority of processes. It is also based with the Polygon blockchain to ensure lower costs and faster trading.
There are two types of blockchains that are available it is possible to choose which one you’d like to upload your NFT on as seller. This ensures the safety of your NFT, along with those who wish to purchase 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 like an endless online mall that lets you trade your cryptocurrency or NFTs for other NFTs. You can purchase anything from as simple as a domain name to official art from an artist that you admire. Anyone can become a seller however it takes some time for anyone to become an established one.
There are a variety of NFTs in the collection at OpenSea, and you can become a part of this! You can create your own market here, along with finding NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent development for the crypto market”NFT” is a term that has been used in recent times “NFT” has been going around for so long on the internet that the majority of young people have heard of it but aren’t sure exactly what it actually means. Let’s break down what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the newest things that you can buy with cryptocurrency includes an NFT. An NFT is a non-fungible token which is extremely unique and can’t be replaced. It could be an item of any rareness, such as authentic baseball cards or a uncommon vinyl record.
There’s no limit on what an NFT can be since it’s a non-fungible thing that you sell online. More straightforwardly, you can simply consider as an NFT to be a type of digital collectible that is paid for using cryptocurrency only.
Minting is similar to calling for dibs for your personal NFTs. You are calling ownership over that particular token/item that you have uploaded to the marketplace, and selling it. Typically, this is official after you fill in the correct information about the NFT and finally add it on the market.
On OpenSea, it’s a simple procedure to create your own NFTs by going to the store and simply making a collection to begin! Fill out the proper and correct information regarding your NFT and choose what kind of settings you’d like for it (e.g. blockchain and payment tokens). After you’ve completed the process you are able to upload it, if it’s within the 100 MB limit.
You can wait and observe the way transactions are handled from here on out to see whether OpenSea is the right marketplace for you.
What NFTs can you find here?
At this point you’re probably thinking about which kind of NFT can be purchased here and what kind of NFTs you can sell should you decide to go that route. The kind of NFT it can be isn’t limited as there’s a variety of how you can go about it.
You could be selling trade cards, digital goods games, domain names, and some physical items! Consider what you believe will yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that sets OpenSea from the others. There’s no cost for gas when you use this feature when you create and market NFTs. This means you’ll be able to make the highest profits once you sell because you won’t need to spend on extra fees.
There aren’t many NFT marketplaces provide this feature, so this is great for you to earn a high return from your portfolio.
A Referral Program is another unique aspect of OpenSea to be admired. Like traditional online marketplaces there are advantages when you refer a friend to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from there you’ll earn 2.50% of the sale amount, which means you can make more money through this action.
Other NFT marketplaces don’t offer this kind of feature either, so that’s just another benefit OpenSea has over them.
There’s an OpenSea mobile app, but it is mainly used to browse the marketplace. It isn’t able to purchase or sell anything while you scroll through the list.
OpenSea’s mobile apps are available on the two platforms of iOS in addition to Android. Even though you can’t buy or sell things, you can look through the options you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are to you to trade your fiat currency for cryptocurrency using these platforms. Alex Atellah Linkedin OpenSea
You can swap the fiat currency you have with a credit card or Paypal on these reliable websites for cryptocurrency:
- Bittrex and more!
All of these have the option of converting them into ETH, which is the most common cryptocurrency payment option in OpenSea.
Although OpenSea can be described as an NFT marketplace open to all types of cryptocurrency, the wallets still more compatible with it than others. Because it is based around the ETH blockchain, wallets that share this network are appropriate for the site.
Here is a list of several crypto wallets you can use in OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each one has its own set of limitations including simple registration, use on mobile devices only and the ability to purchase cryptocurrency with a credit card. Alex Atellah Linkedin OpenSea
For more information about the service to learn more, check out their FAQs to get an overview of how you can get started and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other 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 backing of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
- Allows royalties of only 10% for artists (low royalties).
- Cannot buy or sell via this mobile application.
- Only accepts cryptocurrency as a type of payment.
- An Crypto account is needed to access this marketplace.
OpenSea is available to anyone who has crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. But overall, you can easily recover that amount when you sell regularly since there’s no extra charge for it.
Frequently Asked Questions Alex Atellah Linkedin OpenSea
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to offer artists a way to sell their works online and receive cryptocurrency as a method of payment. It’s an excellent platform for artists who use it to sell NFTs because of its zero gas costs and low commission fee rate you must pay.
You can browse and shop for a vast collection of digital goods in this NFT marketplace which is why you should definitely check it out!
Is OpenSea legit & is it safe?
The short answer is yes! OpenSea has been a trusted marketplace since it was founded in 2018. Since its system is built on blockchain technology and is secured, it is safe to say that your transactions are safe and secure.
Additionally, as a seller, you can become verified once you build up your reputation. A blue checkmark is placed next to your account or collection you’ve uploaded to ensure the safety of any customer. The OpenSea team reviews regularly the contents to ensure users are protected.
How do I earn royalties on OpenSea?
Unfortunately, as an artist, you will be paid only 10% of the royalties once you have uploaded the NFT. This is believed to be quite low in comparison to others NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) can be commonly used on this site as well as numerous others to cater for more cryptocurrency users. These are other cryptos you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can use to use OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. It is easy to buy or trade cryptocurrency using secure platforms that accept fiat money. All you have be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea have a desktop/mobile app?
As we mentioned earlier There is an official mobile app from OpenSea that is available for iOS as well as Android. Download it at their respective app store, and then you can begin exploring the collection now!
The version for desktops that OpenSea that can be downloaded through WebCatalog. On the desktop app you can manage multiple accounts and get alerts on any updates that affect your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).