The cryptocurrency market is on the rise and you’re probably wondering what you can do with your crypto coins. Marketplaces are popping up all over the digital web designed to buy and sell NFTs via cryptocurrency! OpenSea can be one and is worth checking out.
If you’re interested in crypto, you’ve probably heard of OpenSea prior to this for a valid reason. It’s now one of the largest and most popular marketplaces for cryptocurrency users because of its safety and speedy transactions.
So, hop on board and let’s see the possibilities of OpenSea, along with checking the NFTs that you can see!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick review. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Async Art Nft
The aim of OpenSea was to provide artists with a marketplace/platform to easily upload their commissions without any extra costs. It has more functions that let you sell your work without having to deal with many issues.
For registration, you don’t need to provide all of your personal details. 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 many hurdles as you walk into NFTs.
The most popular cryptocurrency to use in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system and is used for the majority of transactions. It also operates on the Polygon blockchain, which allows for low-cost and quicker trading.
With these two kinds of blockchains that are available it is possible to choose which one you would like to publish your NFT as an seller. This will ensure the security of your NFT and those who would like to purchase it. Every transaction will be conducted by using the blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything just a domain name, to a piece of art by an artist you admire. Anyone can be a seller however, it takes time for anyone to become an established seller.
There’s a huge selection of NFTs available on OpenSea and you can join in with this! You can start your own personal market on this site, as well as find NFTs you want to purchase for yourself.
What is an NFT?
A recent change in 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 many millennials are familiar with it , but aren’t exactly sure what it means. Let’s take a look at what NFT is for any beginners in cryptocurrency.
One of the newest things you can purchase your cryptocurrency is an NFT. A NFT is a non-fungible currency which is extremely unique and can’t be replaced. This can be a piece of rareness, such as mint-condition baseball trading cards, or a rare vinyl record.
There’s no limit on what an NFT can be as it’s a non-fungible item that you sell online. More straightforwardly, you can just consider an NFT to be a type of digital collectible paid via cryptocurrency only.
Minting is like calling the shots to your NFTs. You are calling the owner of the item or token that you have uploaded to the marketplace, and you’re putting it up for sale. Typically, this is official once you fill out all the necessary information about the NFT and then upload it to the marketplace.
On OpenSea it’s a straightforward process to mint your NFTs. All you have to do is visit the store and then create a collection! Input the appropriate and accurate information about your NFT and choose what kind of settings you’d like to use it with (e.g., blockchain or payments tokens). Once that’s all done you are able to upload it to the internet if it’s in the limit of 100MB.
You can wait and observe the way transactions are handled from now to see whether OpenSea is the right marketplace for you.
What NFTs can you find here?
In this moment you’re probably thinking about the kind of NFTs you shop for here, and what you could also sell if you choose to go down that path. The kind of NFT it can be isn’t limited since there’s a broad range of how you can go about it.
You can be selling digital items, trading cards, game assets, domain names, and also physical goods! Find out what you think will reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that differentiates OpenSea from the others. There are zero gas fees when you use this feature to create and market NFTs. This is essentially a way to ensure that you receive the maximum profits when you begin selling since you won’t need to spend on extra fees.
There aren’t many NFT marketplaces provide this feature, and it can be a fantastic way to make a huge profit from your NFT collection.
A Referral Program is another distinctive feature of OpenSea to take note of. Similar to traditional online markets, you can receive advantages by referring your friend to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from there you’ll be rewarded with 2.50 percent of the sales amount, letting you earn more cash from this act.
Other NFT marketplaces do not have the same feature and that’s another benefit OpenSea has over them.
There’s an OpenSea mobile app, but it is mainly used to browse through the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listing.
The mobile apps of OpenSea are available for both iOS as well as Android. While you’re not able to buy or sell things, you can at least explore the products you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available at your disposal, and you can exchange your fiat money for cryptocurrency using these platforms. Async Art Nft
You can swap the fiat currency you have with a the credit card, or Paypal through these trusted sites to exchange it for crypto:
- Bittrex and many more!
Each of them has the option to exchange for ETH, which is the primary crypto payment in OpenSea.
While OpenSea has been described as being an NFT marketplace open to all forms of crypto, wallets are nonetheless more compatible than others. Since it is built on an ETH blockchain, all wallets that share the same network are suitable for the site.
Here’s a list various crypto wallets that you can use in OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations including simple registration, mobile-only usage, and the function to purchase cryptocurrency using a credit card. Async Art Nft
For more information about the service You can go through their FAQs to see an overview of how you can get started and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets every one of them has advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and cons here:
- Available as mobile apps for iOS or Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalties 10% for artists (low royalty).
- Cannot buy or sell through this mobile application.
- Only supports cryptocurrency as its method of payment.
- The use of a Crypto wallet is required to access this marketplace.
OpenSea is available to anyone who has crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. However, overall, you will quickly recover this amount if you actively sell because there’s no additional cost for it.
Frequently Asked Questions Async Art Nft
What is OpenSea?
OpenSea is an NFT marketplace that is designed to offer artists a way to sell their works online to receive cryptocurrency as a method of payment. It’s an ideal option for artists who want to use the platform to market NFTs due to its no gas fees and the low commission rate that you have to pay.
You can shop and browse a vast collection of digital items on the NFT marketplace and you must check it out!
Is OpenSea real and is it safe?
Answer: Yes! OpenSea has been a reliable marketplace since its inception on the 1st of December in the year 2018. Since the system it operates on is based on a blockchain, it is safe to claim that your transactions are safe and secure.
Furthermore as a seller you can become verified once you build up your reputation. A blue checkmark will be assigned next to your account or collection you uploaded to reassure every customer. OpenSea’s team regularly reviews the content to ensure that users are protected.
How can I earn royalties on OpenSea?
Unfortunately, as an artist, you’ll receive only up to 10 percent of the royalties after you upload the NFT. This is considered to be quite low in comparison with other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) has been widely utilized on this website and other sites to provide the increasing number of cryptocurrency users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of to access OpenSea.
What are the payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. You can easily purchase or trade cryptocurrency using trusted platforms with fiat money. All you have to do is connect your credit card or Paypal for the transaction.
Does OpenSea have a desktop/mobile app?
As mentioned before there’s an official mobile app by OpenSea that is available for iOS as well as Android. You can download it through their app store, and then you can begin browsing through the collection right now!
The Desktop application that OpenSea which can be downloaded from WebCatalog. With the desktop application, you can manage multiple accounts and receive alerts on any updates that affect your account while you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).