Cryptocurrency is booming right now and you’re probably wondering where to invest your crypto coins. Markets have popped up all over the digital web designed to purchase and sell NFTs via cryptocurrency! OpenSea can be one and is worth checking out.
If you’re well-versed in cryptocurrency, you’ve probably heard about OpenSea before for a good reason. It’s now one of the biggest and most popular marketplaces among users of cryptocurrency due to its security and quick transactions.
So, hop on board and let’s see what you can do with OpenSea as well as examining what NFTs you can view!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick review. Afterward, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Artists Against Nft
The aim to create OpenSea was to simply provide an online marketplace for artists to easily upload their commissions without any extra charges. There are additional features that let you sell your work without having to deal with many problems.
In terms of the registration process, you don’t have to give all of your personal details. All you need to connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as simple as that without going through much hassle as you step into NFTs.
The most well-known cryptocurrency to use in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology which is utilized for the majority of transactions. It also operates using the Polygon blockchain, which ensures low-cost and quicker trading.
There are two types of blockchains available you can pick which one you would like to upload your NFT on as an seller. This ensures the safety of your NFT and those who wish to purchase it. Every transaction will be conducted using this blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace where you can trade in your NFTs or cryptocurrency for other NFTs. You can purchase anything from just a domain name, to a piece of art from an artist you admire. Anyone can be a seller however it takes a while for anyone to be an established one.
There is a wide variety from the selection at OpenSea and you could join in with that! You can set up your own marketplace here, along with finding NFTs you’d like to buy 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 internet that many millennials 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 purchase your cryptocurrency can be an NFT. A NFT is a token that is non-fungible that is unique and can’t be changed. This can be a piece of rarity like rare baseball trading cards in mint condition or a unique vinyl album.
There is no limit to what an NFT could be, since it’s a non-fungible item that you sell on the internet. It is simpler to just think of the NFT to be a type of digital collectible which is only paid in cryptocurrency.
Minting is like calling the shots to your NFTs. It is a way of claiming the owner of the item or token that you posted to market, as selling it. Usually, this becomes official after you fill in the correct information about the NFT and add it on the market.
On OpenSea it’s a straightforward process to mine your NFTs by going to the store and creating a collection to start! Fill out the proper and correct information regarding your NFT and select the type of settings you’d like for it (e.g. blockchain, money transfer tokens). After you’ve completed the process then you’re able to upload it if it fits the 100 MB limit.
You can watch and see how the transactions go from now on to see whether OpenSea is the right marketplace for you.
What NFTs are available here?
At this point, you’re probably wondering which kind of NFT be found here, and what you could also sell if you choose to pursue that route. The kind of NFT it can be isn’t limited since there’s a broad range of options for how to go about it.
You could be selling digital items, trading cards games domain names, even physical assets! Explore what you believe can yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that differentiates OpenSea from the others. There’s no cost for gas when you utilize this feature when you mint and sell NFTs. This simply means that you’ll get the most profit when you begin selling since you won’t need to spend on any additional charges.
Very few NFT marketplaces have this feature, and it is a great way to earn a high return from your collection.
The Referral Program is another unique aspect of OpenSea to admire. Similar to traditional online markets there are advantages by referring your friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from the site you’ll be rewarded with 2.50% of the sale amount, which allows you to earn more money through this action.
Other NFT marketplaces don’t have this feature This is a further advantage OpenSea has over them.
There’s an OpenSea mobile app, but it is mainly used to browse the marketplace. You can’t buy or sell anything while you browse through the listings.
The mobile apps of OpenSea are available on the two platforms of iOS as well as Android. Even though you can’t buy or sell things, you can explore the products you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are at your disposal to trade your fiat currency for cryptocurrency through these platforms. Artists Against Nft
You can exchange your fiat money via your credit or debit card as well as Paypal on these reliable websites for cryptocurrency:
- Bittrex and many more!
All of them have the option to exchange for ETH that is the most common cryptocurrency payment option in OpenSea.
While OpenSea is an NFT marketplace open to all kinds of crypto, wallets are nevertheless more compatible than other. Since it is built around the ETH blockchain, wallets which are part of that network will be suitable for the site.
Here’s a list of different crypto wallets which you can use with OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations including simple registration, only mobile usage as well as the capability to purchase cryptocurrency with the credit card. Artists Against Nft
To know more about it to learn more, check out their FAQs to get a rundown of how you can get started and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets, each one has advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and cons here:
- Available as mobile apps that are compatible with iOS as well as 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 up to 10% for artists (low royalties).
- You cannot buy or sell products on this mobile application.
- Only accepts cryptocurrency as a form of payment.
- An Crypto digital wallet must be used to use this marketplace.
OpenSea is available to anyone who has any crypto currency in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. But overall, you can quickly regain that when you actively sell because there’s no extra charge for it.
Frequently Asked Questions Artists Against Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to give artists a chance to market their work online to receive cryptocurrency as their form of payment. It’s an ideal platform for artists who use the platform to market NFTs due to its low cost of gas and low commission fees you must pay.
You can shop and browse an array of digital products on this NFT marketplace which is why you should definitely take a look!
Is OpenSea real and is it safe?
The short answer is yes! OpenSea is a reputable marketplace since it was founded in the year 2018. Since the system it operates on is built on a blockchain and is secured, it is safe to say that your transactions are protected and secured.
Furthermore, as a seller, you can become verified once you’ve earned a reputation. A blue checkmark will appear to your account or the collection you uploaded to reassure every customer. OpenSea’s team regularly reviews the contents to ensure users are protected.
How do I earn royalties on OpenSea?
As an artist, you can get only 10% of the royalties once you upload the NFT. This is thought to be quite low in comparison against others NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) is frequently used on this site as well as numerous others to cater for more cryptocurrency users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can make use of for OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. You can easily purchase or sell cryptocurrency through trusted platforms with fiat money. All you have be able to connect is your credit or Paypal for the transaction.
Does OpenSea have a desktop or mobile application?
As mentioned before, there is definitely an official mobile application from OpenSea for both iOS or Android. You can download it through their app store, and begin exploring the collection now!
A version for desktops that OpenSea can be downloaded via WebCatalog. With the desktop application you are able to 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/).