The crypto currency market is in a boom right now and you’re probably wondering what you can do with your crypto currency. Markets have popped up across the internet, designed to purchase and sell NFTs via cryptocurrency! OpenSea is among them, and it’s worth checking out.
If you’re interested in crypto, you’ve probably heard about OpenSea before for a good reason. It’s now one of the largest and most popular marketplaces for cryptocurrency enthusiasts due to its security and quick transactions.
Get on board, and let’s explore the possibilities of OpenSea as well as examining 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 Crops
The aim for OpenSea was to offer a platform/marketplace for artists to upload commissions, without having to pay any additional charges. It also has additional functions that allow you to sell your art without too many difficulties.
When it comes to registration, you don’t need to give all of your personal details. All you have 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 that is used within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it which is utilized for most processes. It also operates using the Polygon blockchain, which allows for the lowest cost and speediest trading.
There are two types of blockchains available you can pick which one you’d like to publish your NFT as an seller. This will ensure the security of your NFT as well as those who wish to buy it. Every transaction will be conducted using this blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace where you can exchange your NFTs or cryptocurrency for other NFTs. You can buy anything the simplest domain name to official art from an artist that 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 at OpenSea and you can also be a part of this! You can start your own marketplace there, and also find NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent development for the crypto industry, the term “NFT” has been going around so long on the internet that a lot of millennials have heard of it but aren’t exactly sure what it actually means. Let’s look at what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the new things that you can buy with cryptocurrency includes an NFT. An NFT is a non-fungible currency which is extremely unique and can’t be substituted. This can be a piece of rareness, such as rare baseball trading cards in mint condition, or a unique vinyl album.
There’s no limit to what an NFT can be since it’s a non-fungible thing that you sell online. In simpler terms, you could simply think of as an NFT to be a type of digital collectible which is only paid in cryptocurrency.
Minting is similar to calling for dibs for your personal NFTs. You are calling ownership over that particular token/item you uploaded on the market place, but offering it for sale. Typically, this is official once you fill out the proper information regarding the NFT and submit it for sale on.
On OpenSea It’s a very simple process to mint your NFTs by going to the store and simply creating a collection to start! Input the appropriate and complete information about your NFT and select the type of settings you want for it (e.g., blockchain, payment tokens). Once that’s all done then you’re able to upload it, if it’s within the limit of 100MB.
It is possible to wait and see how the transactions go from now on to determine whether OpenSea is the marketplace for you.
What NFTs can you get here?
At this point you’re probably thinking about which kind of NFT can you shop for here, and what you could also sell if you decide to go down that path. The type of NFT that you can purchase isn’t limited as there’s a variety of how you can do it.
You could be selling digital products, trading cards, game assets, domain names, and some physical items! Explore what you believe can yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what differentiates OpenSea from other companies. There are zero gas fees when you utilize this feature to make and then sell the NFTs. This means you’ll get the most profit when you start selling because you don’t need to pay on any additional charges.
Very few NFT marketplaces offer this feature, which is why this is great for you to earn a high return from your NFT collection.
The Referral Program is another distinctive feature of OpenSea to be admired. Like traditional online marketplaces that offer benefits by referring someone else to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from the site 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 have this kind of feature either, so that’s just another advantage OpenSea has over them.
There is an OpenSea mobile application, however it’s mostly used to browse through the marketplace. You can’t buy or sell anything as you scroll through the list.
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 at least explore the products you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are to you You can also exchange your fiat money for cryptocurrency on these platforms. Best Nft Crops
You can swap your fiat money via the credit card, or Paypal via these reputable websites for cryptocurrency:
- Bittrex, and more!
All of these have the option to exchange for ETH, which is the most common cryptocurrency used in OpenSea.
While OpenSea can be described as an NFT marketplace open to all forms of cryptocurrency, wallets are nonetheless more compatible than other. Since it is built mainly on the ETH blockchain, all wallets which are part of this network are appropriate for this site.
Here is a list of different crypto wallets you can utilize in OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, use on mobile devices only and the ability to buy cryptocurrency using a credit card. Best Nft Crops
To learn more about it You can go through their FAQs to get a rundown of how you can start and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with advantages and drawbacks. OpenSea isn’t the only one to have this. It is possible to read about its pros and pros here:
- Available as mobile apps that are compatible with iOS or Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalties 10% to artists (low royalty rates).
- You cannot buy or sell products on our mobile apps.
- Only accepts cryptocurrency as a form of payment.
- A Crypto digital wallet must be used to access this marketplace.
OpenSea is available to anyone who has any crypto currency in their crypto wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. However, overall, you will quickly regain that when you sell regularly since there’s no additional cost for it.
Frequently Asked Questions Best Nft Crops
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to give artists a chance 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 low gas fees and low commission fee rate you must pay.
You can browse and purchase an array of digital products on this NFT marketplace and you must check it out!
Is OpenSea legitimate and is it safe?
The short answer is yes! OpenSea has been a reliable marketplace since its inception on the 1st of December in 2018. Since its system is built on blockchain technology, it is safe to declare that transactions are secure and safe.
Additionally, as a seller, you can become verified once you have built up your credibility. A blue checkmark will be assigned next to your account or collection you uploaded to reassure every customer. The OpenSea team reviews regularly the content to ensure that users are safe.
How can I earn royalties on OpenSea?
As an artist, you will get only 10 percent of the royalties after you upload the NFT. This is considered to be quite low in comparison with the other NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) can be frequently used on this site and numerous others to cater for many more crypto users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can use to use OpenSea.
What are the payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. You can easily purchase or sell cryptocurrency on secure platforms that accept fiat money. All you have to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea have a desktop or mobile application?
As we mentioned earlier, there is definitely an official mobile app from OpenSea that is available for iOS or Android. You can download it through their app store and you can start browsing through the collection right now!
The version for desktops that OpenSea which can be downloaded from WebCatalog. In the desktop application you can manage multiple accounts as well as 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/).