The crypto currency market is in a boom right now, and you’re probably wondering what you can do with your crypto-coins. Markets have popped up all over the internet, designed to purchase and sell NFTs using cryptocurrency! OpenSea is among them and is worth checking out.
If you’re interested in crypto you’ve probably heard about OpenSea previously for a valid reason. It has become one of the biggest and leading marketplaces among cryptocurrency users because of its security and quick transactions.
Now hop aboard, and let’s explore what you can do with OpenSea, along with checking what NFTs you can view!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Best Nft App
The purpose of OpenSea was to simply provide an online marketplace for artists to upload their commissions, without having to pay any additional costs. It also has additional functions which allow you to market your work without having to deal with many difficulties.
When it comes to the registration process, you don’t have to provide too many details about yourself. All you have to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It can be as simple as that and without many hurdles as you walk into NFTs.
The most well-known cryptocurrency to use within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system, and this is used for the majority of transactions. It is also based with the Polygon blockchain, which ensures low-cost and quicker trading.
With these two kinds of blockchains that are available it is possible to choose which one you’d like to transfer your NFT to as a seller. This ensures the safety of your NFT, along with those who would like to buy it. Every transaction will be conducted using this blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall where you can trade in your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything just a domain name to an official artwork by an artist you admire. Anyone can be a seller however, it takes some time for anyone to become a reputable one.
There is a wide variety in the collection at OpenSea and you could become a part of this! You can start your own market there, and also find NFTs that you would like 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 so long on the internet that many millennials are familiar with it , but not exactly sure what it means. Let’s break down what an NFT is for any beginners in cryptocurrency.
One of the latest ways you can purchase your cryptocurrency can be an NFT. A NFT is a token that is non-fungible that is exclusive and cannot be substituted. This can be an item of rareness, such as mint-condition baseball trading cards, or a rare vinyl record.
There is no limit to what an NFT can be as it’s a non-fungible item that you sell online. It is simpler to just consider as an NFT as a digital item which is only paid in cryptocurrency.
Minting is similar to calling for dibs on your own NFTs. You are calling ownership over that particular token/item that you posted to the marketplace, and offering it for sale. Usually, this becomes official after you fill in the correct information about the NFT and then submit it for sale on.
On OpenSea, it’s a simple procedure to create your own NFTs by visiting the store and making a collection to begin! Input the appropriate and correct information regarding your NFT and choose what kind of settings you want to use it with (e.g., blockchain, payment tokens). After you’ve completed the process, you can finally upload it if it fits the 100 MB limit.
It is possible to wait and see how transactions progress from here on out to determine whether OpenSea is the best marketplace for you.
What NFTs can you get here?
So, at this point, you’re probably wondering which kind of NFT can be found here and what kind of NFTs you can also sell if you decide to pursue that route. The kind of NFT that you can purchase is unlimited as there’s a variety of options for how to do it.
It is possible to sell trade cards, digital goods game assets domain names, also physical goods! Consider what you believe will bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what separates OpenSea from the others. There are zero gas fees for using this feature to mint and sell NFTs. This is essentially a way to ensure that you be able to make the highest profits once you start selling because you won’t need to spend on additional fees.
Not many NFT marketplaces offer this feature, and it can be a fantastic way to make a huge profit from your collection.
This Referral Program is a different aspect of OpenSea to admire. Like traditional online marketplaces there are advantages by referring someone else to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from the site, you’ll receive 2.50% of the sale amount, letting you earn more money through this action.
Other NFT marketplaces don’t offer the same feature, so that’s just another benefit OpenSea has over the other marketplaces.
There is an OpenSea mobile application, however it’s mostly to browse through the marketplace. You can’t buy or sell items as you browse through the listings.
OpenSea’s mobile apps are available for the two platforms of iOS in addition to Android. While you’re not able to buy or sell something, you can look through the options you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available for you to use, and you can exchange your fiat money for cryptocurrency on these platforms. Best Nft App
You can convert the fiat currency you have with a credit card or Paypal on these reliable websites for cryptocurrency:
- Bittrex and many more!
All of these have the option to exchange for ETH, which is the standard cryptocurrency used in OpenSea.
Although OpenSea is an NFT marketplace that is open to all forms of cryptocurrency, wallets are nonetheless more compatible than others. Because it is based using the ETH blockchain, any wallets with a connection to this network are appropriate for the site.
Here’s a list various crypto wallets that you can utilize in OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, use on mobile devices only, and the function to purchase cryptocurrency with a credit card. Best Nft App
To know more about it to learn more, check out their FAQs to see a rundown of how you can start and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets every one of them has its advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and pros here:
- Mobile apps available for iOS as well as Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalty rates of 10% to artists (low royalty rates).
- You cannot buy or sell products via this mobile application.
- Only supports cryptocurrency as its form of payment.
- An Crypto wallet is required for this marketplace.
OpenSea is accessible to everyone who has any crypto currency in their crypto wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. In the end, you’ll quickly regain that when you sell regularly since there’s no extra charge for it.
Frequently Asked Questions Best Nft App
What is OpenSea?
OpenSea is an NFT marketplace that is designed to offer artists a way to market their work online to receive cryptocurrency as their form of payment. It’s an ideal platform for artists using it to sell NFTs due to its no cost of gas and low commission fee rate which you are required to pay.
You can shop and browse an array of digital goods in this NFT marketplace, so you should check it out!
Is OpenSea real and secure?
The short answer is yes! OpenSea is a reputable marketplace since it was established on the 1st of December in the year of 2018. Since its system is built on a blockchain, 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 is placed to your account or any collection that you have uploaded to assure anyone who buys from you. OpenSea’s team regularly reviews the content to ensure users are safe.
How do I earn royalties on OpenSea?
Unfortunately, as an artist, you will receive only up to 10% of the royalties once you upload the NFT. This is believed to be quite low in comparison with the other NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) is commonly used on this site as well as numerous others to cater for more crypto users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can make use of to use OpenSea.
What are the payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. You can easily purchase or sell cryptocurrency through reliable platforms using fiat currency. All you have to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea have a desktop/mobile application?
As we mentioned earlier there’s an official mobile app by OpenSea for both iOS or Android. You can download it through their app store, and begin exploring the collection now!
A desktop application for OpenSea can be downloaded via WebCatalog. With the desktop application, you can manage multiple accounts and receive alerts on any updates that affect your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).