Cryptocurrency is booming right now and you’re probably thinking what you can do with your crypto-coins. Marketplaces are popping up all over the web that allow users to buy and sell NFTs via cryptocurrency! OpenSea is among them and is worth a look.
If you’re well-versed in cryptocurrency, you’ve likely heard of OpenSea before for a good reason. It’s one of the biggest and most popular marketplaces for cryptocurrency enthusiasts due to its security and rapid transactions.
Get on board, and let’s explore the possibilities of OpenSea and also see the NFTs that you can see!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Art Token Nft
The goal for OpenSea was to provide a platform/marketplace for artists to 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 registration, you don’t need to provide too many details about yourself. All you have to connect your crypto wallet and voila! You have an account with OpenSea! It’s as simple as that and without many hurdles as you walk into NFTs.
The most popular cryptocurrency used within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system which is utilized for most processes. It also functions on the Polygon blockchain, which ensures the lowest cost and speediest trading.
There are two types of blockchains you can pick which one you would like to publish your NFT as seller. This will ensure the security of your NFT, along with those who would like to purchase it. Every transaction will be conducted using this blockchain, so you should 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 in exchange for other NFTs. It is possible to purchase anything the simplest domain name, to a piece of art by an artist you admire. Anyone can sell however, it takes time for anyone to become an established one.
There’s a huge selection in the collection at OpenSea and you could also be a part of that! You can start your own marketplace on this site, as well as find NFTs you want to purchase yourself.
What is an NFT?
In a recent advancement for the cryptocurrency industry”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that a lot of millennials are familiar with it but aren’t sure exactly what it is. Let’s break down what an NFT is for anyone who is new in cryptocurrency.
One of the newest things that you can buy with cryptocurrency includes an NFT. A NFT is a non-fungible token which is extremely exclusive and cannot be changed. It could be a piece of rareness like authentic baseball cards or a uncommon vinyl record.
There’s no limit to 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 think of the NFT to be a type of digital item paid via cryptocurrency only.
Minting is like calling dibs on your own NFTs. It is a way of claiming ownership over that particular token/item that you posted to the market place, but putting it up for sale. Usually, this becomes official after you fill in the proper information regarding the NFT and add it on the market.
On OpenSea, it’s a simple process to mint your NFTs by going to the store and making a collection to begin! Fill out the proper and complete information about your NFT and choose what kind of settings you’d like for it (e.g., blockchain and money transfer tokens). After you’ve completed the process, you can finally upload it, if it’s within the limit of 100MB.
It is possible to wait and see how the transactions go from now to determine 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 found here and what you can sell should you decide to pursue that route. The kind of NFT it is indefinite because there’s a wide range of options for how to do it.
You can be selling digital products, trading cards, game assets, domain names, and some physical items! Explore what you believe can yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what differentiates OpenSea from the others. There are zero gas fees when you utilize this feature when you mint and sell NFTs. This simply means that you’ll be able to make the highest profits once you begin selling since you don’t need to pay on extra fees.
Not many NFT marketplaces provide this feature, which is why this is a great way to earn a high return from your NFT collection.
This Referral Program is another unique aspect of OpenSea to admire. Similar to traditional online markets, you can receive benefits when you refer a friend 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 purchase amount, letting you earn more cash by this method.
Other NFT marketplaces don’t offer this kind of feature either, so that’s just another advantage OpenSea has over them.
There is an OpenSea mobile application, however it’s mostly to browse through the marketplace. Unfortunately, you can’t purchase or sell anything as you scroll through the list.
OpenSea’s mobile apps are available on the two platforms of iOS and Android. Even though you can’t buy or sell something, you can explore the products you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available at your disposal You can also exchange your fiat money for cryptocurrency through these platforms. Art Token Nft
You can swap your fiat money via your credit or debit card as well as Paypal via these reputable websites to exchange it for crypto:
- Bittrex, and many more!
All of these have 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 open to all kinds of cryptocurrency, wallets are still more compatible with it than others. Since it is built mainly around an ETH blockchain, any wallets that share the same network are suitable for this site.
Here’s a list several crypto wallets you can use in OpenSea:
- Authereum and many more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each one has its own set of limitations like easy registration, only mobile usage as well as the capability to purchase cryptocurrency with the credit card. Art Token Nft
To know more about it to learn more, check out their FAQs to see a rundown of how you can start and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets, each one has its advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and pros here:
- Mobile apps available for iOS or Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- The best option for beginners to the crypto world and NFTs.
- Allows royalties of only 10% to artists (low royalties).
- It is not possible to buy or sell items through this mobile application.
- Only supports cryptocurrency as its method of payment.
- The use of a Crypto wallet is required for this marketplace.
OpenSea is open to everyone who owns any crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. However, overall, you will quickly regain that when you sell regularly since there’s no additional cost for it.
Frequently Asked Questions Art Token Nft
What is OpenSea?
OpenSea is an NFT marketplace that is designed to provide artists a platform to market their work online, and to accept cryptocurrency as their form of payment. It’s a great platform for artists using it to sell NFTs because of its zero gas costs and low commission fee rate you must pay.
You can browse and shop for an array of digital goods in this NFT marketplace which is why you should definitely take a look!
Is OpenSea real and secure?
The short answer is yes! OpenSea is a reputable 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 say that your transactions are secure and safe.
Furthermore as a seller you will be verified after you build up your reputation. A blue checkmark is placed to your account or any collection you’ve uploaded to ensure the safety of every customer. The team at OpenSea regularly checks the contents to ensure users are protected.
How can I earn royalties from OpenSea?
As an artist, you will receive only up to 10 percent of the royalties when you have uploaded the NFT. This is thought to be a reasonable amount compared with the other NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) is frequently utilized on this website and many others to accommodate more cryptocurrency users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can use to use OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. You can buy and trade cryptocurrency using secure platforms that accept fiat money. All you need be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea have a desktop/mobile application?
As mentioned before there’s an official mobile application from OpenSea available for both iOS and Android. You can download it through their app store and then you can begin browsing through the collection right now!
There is also a Desktop application that OpenSea can be downloaded via WebCatalog. In the desktop application you are able to manage multiple accounts and 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/).