The crypto currency market is in a boom right now, and you’re probably wondering what you can do with your crypto-coins. Marketplaces are popping up all over the web that allow users to sell and buy NFTs using cryptocurrency! OpenSea is among them, and it’s worth checking out.
If you’re interested in crypto, you’ve probably heard of OpenSea before for a good reason. It’s one of the largest and leading marketplaces among users of cryptocurrency due to its security and quick transactions.
So, hop on board and let’s explore what you can do with OpenSea and also see what NFTs you can 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 Best Nft Coins To Buy
The purpose of OpenSea was to offer an online marketplace for artists to upload their commissions with no additional charges. There are additional features which allow you to market your art without too many issues.
For registration, you won’t have to worry about giving 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 simple as that and without many hassles when you enter into NFTs.
The most widely-used cryptocurrency that is used in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it and is used for most processes. It also operates on the Polygon blockchain, which allows for lower costs and faster trading.
With these two kinds of blockchains available, you can choose which one you want to publish your NFT as a seller. This ensures the safety of your NFT as well as the people who want to purchase it. All transactions are made along with this blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace where you can exchange your cryptocurrency or NFTs for other NFTs. You can buy anything the simplest domain name to official art from an artist you admire. Anyone can sell however, it takes a while for anyone to become an established one.
There is a wide variety of NFTs available at OpenSea and you can become a part of this! You can set up your own marketplace on this site, as well as find NFTs that you would like to purchase yourself.
What is an NFT?
A recent change in the crypto market,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that the majority of young people have heard of it but aren’t sure exactly what it actually means. Let’s look at 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. The NFT is a token that is non-fungible that is very unique and can’t be substituted. It can be an item of rareness like mint-condition baseball trading cards or a unique vinyl album.
There’s no limit on what an NFT can be since it’s a non-fungible object that you can sell on the internet. More straightforwardly, you can just consider the NFT to be a type of digital collectible paid via cryptocurrency only.
Minting is similar to calling for dibs for your personal NFTs. You’re claiming ownership over that particular token/item you uploaded on the market place, but 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 simple process to mine your NFTs. All you have to do is visit the store and creating a collection to start! Fill out the proper and accurate information about your NFT and choose what kind of settings you’d like to use it with (e.g., blockchain, money transfer tokens). After you’ve completed the process then you’re able to upload it to the internet if it’s in the 100 MB limit.
It is possible to wait and see how transactions progress from now to determine if OpenSea is the best marketplace for you.
What NFTs are available here?
So, at this point, you’re probably wondering what kind of NFTs you shop for here and what kind of NFTs you can also sell if you choose to go that route. The type of NFT that you can purchase isn’t limited since there’s a broad range of options for how to approach it.
You could be selling digital items, trading cards, game assets, domain names, and even physical assets! Explore what you believe can reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what sets OpenSea from the other options. There are zero gas fees when you use this feature to mint and sell NFTs. This is essentially a way to ensure that you get the most profit when you start selling because you won’t have to spend on any additional charges.
Not many NFT marketplaces offer this feature, which is why this can be a fantastic way to receive high profit from your NFT collection.
A Referral Program is another unique aspect of OpenSea to admire. Similar to traditional online markets that offer advantages when you refer your friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from there you’ll earn 2.50 percent of the sales amount, which means you can earn more money from this act.
Other NFT marketplaces don’t offer this feature, so that’s just another benefit OpenSea has over them.
There is an OpenSea mobile application, however it’s mostly for perusing through the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listings.
The mobile apps of OpenSea are available for both iOS as well as Android. While you’re not able to buy or sell anything, you can still at least look through the options you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available to you to exchange your fiat money for cryptocurrency using these platforms. Best Nft Coins To Buy
You can exchange the fiat currency you have with a your credit or debit card as well as Paypal through these trusted sites for cryptocurrency:
- Bittrex and more!
Each of them has the option of exchange for ETH, which is the primary crypto payment in OpenSea.
While OpenSea can be described as an NFT marketplace that is open to all types of cryptocurrency, the wallets nevertheless more compatible than others. Since it is built mainly around an ETH blockchain, any wallets which are part of that network will be suitable for this site.
Here’s a list of various crypto wallets that which you can use with OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations like easy registration, use on mobile devices only as well as the capability to purchase cryptocurrency with the credit card. Best Nft Coins To Buy
To learn more about it to learn more, check out their FAQs to get the steps you can start and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and cons here:
- Mobile apps are available that are compatible with iOS and Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto industry and NFTs.
- Allows royalties of only 10% for artists (low royalty).
- Cannot buy or sell on our mobile apps.
- Only supports cryptocurrency as its form of payment.
- The use of a Crypto wallet is required for this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. In the end, you’ll easily recover that amount when you are actively selling since there’s no additional cost for it.
Frequently Asked Questions Best Nft Coins To Buy
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to give artists a chance for selling their artwork online, and to accept cryptocurrency as a form of payment. It’s an ideal platform for artists who use it to sell NFTs due to its no cost of gas and low commission fees you must pay.
You can shop and browse a vast collection of digital items on the NFT marketplace which is why you should definitely check it out!
Is OpenSea real and is it safe?
Answer: Yes! OpenSea has been a reliable marketplace since it was established on the 1st of December in the year of 2018. Since the system it operates on is built on blockchain technology, it is safe to claim that your transactions are secure and safe.
Additionally as a seller you can become verified once you build up your reputation. A blue checkmark will appear on your account or any collection you’ve uploaded to ensure the safety of anyone who buys from you. OpenSea’s team regularly reviews the contents to ensure users are protected.
How can I earn royalties on OpenSea?
However, as an artist, you will be paid only 10 percent of the royalties after you have uploaded the NFT. This is thought to be a reasonable amount compared against others NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) is commonly used on this site as well as other sites to provide more crypto users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can use to use OpenSea.
What are the payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. You can easily purchase or trade cryptocurrency using secure platforms that accept fiat money. All you need to do is connect your credit card or Paypal for the transaction.
Does OpenSea has a mobile or desktop application?
As we mentioned earlier, there is definitely an official mobile app by OpenSea for both iOS as well as Android. Download it at their respective app store, and then you can begin browsing through the collection right now!
There is also a Desktop application that OpenSea that can be downloaded through WebCatalog. With the desktop application you can manage multiple accounts and get notifications about updates to 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/).