The cryptocurrency market is on the rise and you’re probably wondering what you can do with your crypto-coins. Markets have popped up across the digital web designed to sell and buy NFTs using cryptocurrency! OpenSea is one of them, and it’s worth checking out.
If you’re familiar with cryptocurrency you’ve probably heard of OpenSea before for a good reason. It’s one of the biggest and leading marketplaces among users of cryptocurrency due to its safety and speedy transactions.
Get on board, and discover what you can do with OpenSea as well as examining the NFTs that you can see!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick review. After, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Best Nft Design
The aim of OpenSea was to simply provide an online marketplace for artists to easily upload their commissions without any extra charges. It also has additional functions that allow you to sell your art without too many difficulties.
For the registration process, you don’t have to give all of your personal details. All you need to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It can be as simple as that, without many hurdles as you walk into NFTs.
The most well-known cryptocurrency to use within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology and is used to carry out the majority of processes. It also functions on the Polygon blockchain to ensure the lowest cost and speediest trading.
With these two types of blockchains available it is possible to choose which one you want to publish your NFT as an seller. This ensures the safety of your NFT as well as those who wish to purchase it. All transactions are made by using the blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an online shopping mall that is endless where you can exchange your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything the simplest domain name to an official artwork from an artist that you admire. Anyone can become a seller, but it takes some time before anyone can become a reputable one.
There are a variety of NFTs in the collection of NFTs available at OpenSea and you can also be a part of that! You can start your own personal market there, and also find NFTs you want to purchase yourself.
What is an NFT?
In a recent advancement for the crypto industry the term “NFT” has been going around for so long on the internet that the majority of young people have heard of it but aren’t exactly sure what it 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 you can purchase your cryptocurrency includes an NFT. The NFT is a token that is non-fungible which is extremely individual and cannot be substituted. It could be a piece of rareness, such as mint-condition baseball trading cards or rare vinyl record.
There is no limit to what an NFT could be, since it’s a non-fungible thing you’re selling online. More straightforwardly, you can simply imagine an NFT being a virtual item which is only paid in cryptocurrency.
Minting is like calling the shots for your personal NFTs. You’re claiming the ownership of the particular item that you have uploaded to market, as you’re putting it up for sale. Usually, this is recognized once you fill out the correct information about the NFT and then upload it to the marketplace.
On OpenSea, it’s a simple process to mint your NFTs by going to the store and simply creating a collection to start! Fill out the proper and complete information about your NFT and select the type of settings you’d like to use to use it with (e.g., blockchain, payment tokens). After that you are able to upload it, if it’s within the limit of 100MB.
You can wait and observe how transactions progress from now on to determine if OpenSea is the best marketplace for you.
What NFTs can you find here?
In this moment, you’re probably wondering what kind of NFTs be found here, and what you could sell should you decide to go that route. The kind of NFT it isn’t limited as there’s a variety of how you can approach it.
You could be selling digital products, trading cards games, domain names, and also physical goods! Consider what you believe will reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that sets OpenSea from other companies. There’s no cost for gas for using this feature when you mint and sell NFTs. This means you’ll get the most profit when you sell because you won’t have to spend on any additional charges.
Very few NFT marketplaces offer this feature, which is why this is great for you to receive high profit from your collection.
A Referral Program is another distinctive feature of OpenSea to admire. Like traditional online marketplaces there are advantages by referring a friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from the site 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 the same feature and that’s 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 scroll through the list.
OpenSea’s mobile apps are available on the two platforms of iOS as well as Android. While you’re not able to buy or sell something, you can at least explore the products you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are at your disposal, and you can exchange your fiat money for cryptocurrency through these platforms. Best Nft Design
You can convert the fiat currency you have with a the credit card, or Paypal via these reputable websites for cryptocurrency:
- Bittrex and other things!
Each of them has the option to exchange for ETH that is the standard cryptocurrency used in OpenSea.
While OpenSea is an NFT marketplace open to all forms of crypto, wallets are still more compatible with it than other. Since it is built mainly on an ETH blockchain, any wallets with a connection to that network will be suitable for the site.
Here is a list of several crypto wallets you can use in OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each has its own limitations, such as easy registration, use on mobile devices only and the ability to buy cryptocurrency using the credit card. Best Nft Design
To know more about it, you can check their FAQs to see a rundown of how you can begin and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with its advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and cons here:
- Mobile apps available that are compatible with iOS or Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto market and NFTs.
- Allows royalties 10% to artists (low royalties).
- You cannot buy or sell products via the mobile app.
- Only supports cryptocurrency as its type of payment.
- An Crypto account is needed for this marketplace.
OpenSea is open to everyone who has any crypto currency in their crypto wallets. When you are a seller, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. In the end, you’ll easily recover that amount when you sell regularly since there’s no additional cost for it.
Frequently Asked Questions Best Nft Design
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 a great option for artists who want to use it to sell NFTs due to its low gas costs and low commission fee rate that you have to pay.
You can shop and browse an array of digital items on the NFT marketplace and you must go through it!
Is OpenSea legitimate and secure?
The short answer is yes! OpenSea is a reputable marketplace since it was founded in the year of 2018. Since its system is built on blockchain technology that is secure, you can say that your transactions are secure and safe.
Furthermore as a seller you can become verified once you’ve earned a reputation. A blue checkmark will be assigned on your account or any collection that you have uploaded to assure every customer. The OpenSea team reviews regularly the contents to ensure users are secure.
How do I earn royalties on OpenSea?
However, as an artist, you’ll be paid only 10 percent of the royalties after you upload the NFT. This is considered to be a reasonable amount compared against 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. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can utilize for OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. You can buy and sell cryptocurrency on trusted platforms with fiat money. All you have to do is connect your credit card or Paypal for the transaction.
Does OpenSea has a mobile or desktop app?
As we mentioned earlier There is an official mobile app by OpenSea available for both iOS or Android. Install it from their app store and begin exploring the collection right now!
A version for desktops that OpenSea can be downloaded via WebCatalog. In the desktop application, you can manage multiple accounts and receive alerts on any updates that affect 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/).