Cryptocurrency is booming right now and you’re probably thinking where you can invest your crypto coins. There are numerous marketplaces popping up all over the digital web designed to purchase and sell NFTs with cryptocurrency! OpenSea is among them, and it’s worth a look.
If you’re familiar with cryptocurrency you’ve probably heard of OpenSea previously for a valid reason. It’s now one of the largest and most popular marketplaces among cryptocurrency users because of its safety and speedy transactions.
Now hop aboard, and let’s explore what you can do with OpenSea as well as examining what NFTs you can view!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. After, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Any Money Selling On OpenSea Crypto Auctions
The aim of OpenSea was to provide a platform/marketplace for artists to easily upload their commissions, without having to pay any additional charges. There are additional features which allow you to market your art without too many issues.
For the registration process, you don’t have 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 with OpenSea! It can be as simple as that, without 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 for the majority of transactions. It is also based using the Polygon blockchain, which allows for the lowest cost and speediest trading.
With these two types of blockchains, you can choose which one you’d like to upload your NFT on as seller. This ensures the safety of your NFT, along with the people who want to buy it. Every transaction will be conducted using this blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from the simplest domain name, to a piece of art from an artist you admire. Anyone can be a seller, but it takes a while before anyone can become a reputable one.
There are a variety of NFTs of NFTs available on OpenSea and you can join in with the collection! You can create your own marketplace there, and also find NFTs you want to purchase yourself.
What is an NFT?
In a recent advancement for the crypto industry,”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 are familiar with it but not exactly sure what it actually means. Let’s take a look at what NFT is for any beginners in the field of cryptocurrency.
One of the new things you can buy includes an NFT. A NFT is a non-fungible token which is extremely individual and cannot be substituted. It could be an item of any rarity like mint-condition baseball trading cards or a rare vinyl record.
There’s no limit on what an NFT could be, since it’s a non-fungible object that you can sell on the internet. In simpler terms, you could just imagine the NFT being a virtual collectible paid via cryptocurrency only.
Minting is similar to calling for dibs for your personal NFTs. You are calling the owner of the item or token you uploaded on the market place, but selling it. Typically, this is official once you fill out all the necessary information about the NFT and upload it to the marketplace.
On OpenSea it’s a straightforward process to mint your NFTs by visiting the store and making a collection to begin! Input the appropriate and accurate information about your NFT and choose what kind of settings you’d like for it (e.g., blockchain, money transfer tokens). After that then you’re able to upload it if it fits the limit of 100MB.
You can wait and observe the way transactions are handled from now on to determine if OpenSea is the best marketplace for you.
What NFTs are available here?
So, at this point you’re probably asking yourself which kind of NFT be found here and what kind of NFTs you can also sell if you choose to go down that path. The type of NFT it is unlimited since there’s a broad range of ways to do it.
You can be selling digital items, trading cards games domain names, also physical goods! Explore what you believe can yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what separates 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 additional fees.
Very few NFT marketplaces offer this feature, so this can be a fantastic way to receive high profit from your collection.
The Referral Program is a different aspect of OpenSea to take note of. Like traditional online marketplaces, you can receive advantages by referring someone else to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from there, you’ll receive 2.50% of the sale amount, letting you make more money from this act.
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 used for perusing through the marketplace. You can’t buy or sell anything while you browse through the listing.
The mobile apps from OpenSea are accessible for both iOS as well as Android. While you’re not able to buy or sell something, you can explore the products you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are for you to use, and you can trade your fiat currency for cryptocurrency on these platforms. Any Money Selling On OpenSea Crypto Auctions
You can swap the fiat currency you have with a credit card or Paypal on these reliable websites to exchange it for crypto:
- Bittrex, and many more!
All of these have the option of exchange for ETH that is the standard cryptocurrency used in OpenSea.
While OpenSea has been described as being an NFT marketplace open to all kinds of cryptocurrency, wallets are still more compatible with it than others. Since it is built around an ETH blockchain, all wallets with a connection to the same network are suitable for the site.
Here’s a list of several crypto wallets you can utilize in OpenSea:
- Authereum and more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations including simple registration, use on mobile devices only, and the function to buy cryptocurrency using credit cards. Any Money Selling On OpenSea Crypto Auctions
To know more about it, you can check their FAQs to see the steps you can start and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other 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:
- Mobile apps available that are compatible with iOS or Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalties up to 10% for artists (low royalties).
- Cannot buy or sell on the mobile app.
- Only supports cryptocurrency as its method of payment.
- The use of a Crypto wallet is required to access this marketplace.
OpenSea is accessible to everyone who has 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. In the end, you’ll quickly regain that when you actively sell because there’s no additional cost for it.
Frequently Asked Questions Any Money Selling On OpenSea Crypto Auctions
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to offer artists a way to market their work online, and to accept cryptocurrency as a form of payment. It’s a great platform for artists who use it to sell NFTs because of its zero gas fees and low commission fees you must pay.
You can browse and shop for an array of digital goods in this NFT marketplace, so you should go through it!
Is OpenSea legit & safe?
Short answer: Yes! OpenSea is a reputable marketplace since its inception at the end of 2018. Since its system is based on a blockchain, it is safe to say that your transactions are secure and safe.
Furthermore as a seller you can become verified once you build up your reputation. A blue checkmark is placed to your account or the collection you uploaded to reassure anyone who buys from you. The team at OpenSea regularly checks the content to ensure users are secure.
How can I earn royalties on OpenSea?
As an artist, you’ll get only 10 percent of the royalties after you upload the NFT. This is believed to be reasonably low compared to the other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) has been widely used on this site and numerous others to cater for many more cryptocurrency users. These are other cryptos you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can use to access OpenSea.
What are the payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. You can buy and trade cryptocurrency using secure platforms that accept fiat money. All you have to do is connect your credit card or Paypal for the transaction.
Does OpenSea have a desktop/mobile application?
As mentioned before there’s an official mobile app from OpenSea that is available for iOS or Android. Download it at their respective app store, and begin exploring the collection now!
The Desktop application that OpenSea can be downloaded via WebCatalog. On the desktop app you can manage multiple accounts and receive alerts on any updates that affect your account when you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).