Cryptocurrency is booming right now, and you’re probably wondering what you can do with your crypto coins. Marketplaces are popping up across the internet, designed to sell and buy NFTs via cryptocurrency! OpenSea can be one and is worth looking into.
If you’re familiar with cryptocurrency you’ve probably heard of OpenSea prior to this for a valid reason. It has become one of the largest and leading marketplaces among cryptocurrency enthusiasts due to its security and quick transactions.
So, hop on board and discover what you can do with OpenSea, along with checking 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. After, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Audius Nft
The purpose of OpenSea was to provide artists with a marketplace/platform to easily upload their commissions without any extra charges. It also has additional functions that let you sell your artwork without any difficulties.
When it comes to registration, you won’t have to give any personal information about yourself. All you have to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as easy as that, without many hassles when you enter into NFTs.
The most well-known cryptocurrency to use in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system and is used for most processes. It also functions with the Polygon blockchain, which ensures low-cost and quicker trading.
With these two kinds of blockchains available, you can choose which one you’d like to publish your NFT as an seller. This is to ensure the security of your NFT as well as those who would like to purchase it. All transactions will be made by using the blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything as simple as a domain name, to a piece of art from an artist that you admire. Anyone can sell, but it takes time for anyone to become an established one.
There is a wide variety of NFTs available at OpenSea, and you can join in with that! You can start your own market on this site, as well as find NFTs you’d like to buy yourself.
What is an NFT?
In a recent development for the cryptocurrency industry the term “NFT” has been going around so long on the internet that many millennials have heard of it but not exactly sure what it means. Let’s look at what an NFT is for anyone who is new in cryptocurrency.
One of the new things you can purchase your cryptocurrency can be an NFT. An NFT is a token that is non-fungible that is individual and cannot be changed. This can be a piece of rarity like rare baseball trading cards in mint condition, or a rare vinyl record.
There’s no limit to what an NFT can be since it’s a non-fungible thing that you can sell online. More straightforwardly, you can simply think of the NFT being a virtual collectible which is only paid in cryptocurrency.
Minting is similar to calling for dibs to your NFTs. You’re claiming the owner of the item or token you uploaded on the marketplace, and putting it up for sale. Usually, this becomes official when you have filled in all the necessary information about the NFT and upload it to the marketplace.
On OpenSea It’s a very simple procedure to create your own NFTs by visiting the store and creating a collection to start! Complete the correct and complete information about your NFT and choose what kind of settings you’d like for it (e.g. blockchain, payments tokens). After you’ve completed the process you are able to upload it to the internet if it’s in the limit of 100MB.
It is possible to wait and see the way transactions are handled from now to see if OpenSea is the best marketplace for you.
What NFTs can you find here?
So, at this point you’re probably asking yourself what kind of NFTs can you shop for here and what kind of NFTs you can also sell if you choose to go that route. The type of NFT it is indefinite because there’s a wide range of how you can approach it.
You can be selling trade cards, digital goods games domain names, also physical goods! Explore what you believe can reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what differentiates OpenSea from the other options. There’s no cost for gas for using this feature when you 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 additional fees.
Not many NFT marketplaces provide this feature, and it is great for you to earn a high return from your NFT collection.
This Referral Program is another unique aspect of OpenSea to be admired. Like traditional online marketplaces there are rewards by referring someone else to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from there you’ll be rewarded with 2.50 percent of the sales amount, which allows you to earn more money from this act.
Other NFT marketplaces don’t have this kind of feature either This is a further advantage OpenSea has over them.
There’s an OpenSea mobile application, however it is mainly used to browse through the marketplace. You can’t buy or sell anything while you browse through the listing.
OpenSea’s mobile apps are available on both iOS and Android. Even though you can’t buy or sell things, you can at least look through the options you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are to you, and you can convert your fiat money into cryptocurrency using these platforms. Audius Nft
You can swap the fiat currency you have with a the credit card, or Paypal via these reputable websites for cryptocurrency:
- Bittrex, and more!
Each of them has the option of converting them into ETH which is the most common crypto payment in OpenSea.
Although OpenSea can be described as an NFT marketplace open to all kinds of cryptocurrency, the wallets nevertheless more compatible than others. Since it is built using an ETH blockchain, any wallets that share this network are appropriate for the site.
Here’s a list different crypto wallets you can use in OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each has its own limitations, such as easy registration, mobile-only usage as well as the capability to purchase cryptocurrency with the credit card. Audius Nft
For more information about the service to learn more, check out their FAQs to see the steps you can start and which other 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 read about its pros and cons here:
- Mobile apps are available for iOS as well as Android.
- Smart contracts are utilized for 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 royalty).
- You cannot buy or sell products through this mobile application.
- Only accepts cryptocurrency as a type of payment.
- A Crypto wallet is required to use this marketplace.
OpenSea is open to everyone who owns any crypto coins in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. In the end, you’ll quickly regain that when you are actively selling since there’s no extra charge for it.
Frequently Asked Questions Audius Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to provide artists a platform for selling their artwork online and receive cryptocurrency as their form of payment. It’s a great platform for artists who use it to sell NFTs due to its low gas fees and low commission fees that you have to pay.
You can shop and browse a vast collection of digital goods in this NFT marketplace and you must go through it!
Is OpenSea real and is it safe?
Short answer: Yes! OpenSea has been a reliable marketplace since its inception on the 1st of December in the year of 2018. Since its system is built on a blockchain that is secure, you can claim that your transactions are protected and secured.
Additionally as a seller you can become verified once you’ve earned a reputation. A blue checkmark will be assigned on your account or the collection you’ve uploaded to ensure the safety of every customer. The team at OpenSea regularly checks the content to ensure users are safe.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you’ll receive only up to 10 percent of the royalties after you upload the NFT. This is thought to be reasonably low compared with the other NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) has been frequently used on this site as well as other sites to provide more crypto users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can make use of for OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. You can buy and trade cryptocurrency using secure platforms that accept fiat money. All you need just connect your debit or credit card to Paypal for the transaction.
Does OpenSea has a mobile or desktop application?
As mentioned before There is an official mobile application from OpenSea available for both iOS or Android. You can download it through their app store, and you can start exploring the collection now!
There is also a desktop application for OpenSea that can be downloaded through WebCatalog. In the desktop application, you can manage multiple accounts and receive notifications about updates to your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).