The cryptocurrency market is on the rise, and you’re probably wondering what you can do with your crypto currency. There are numerous marketplaces popping up across the internet, designed to buy and sell NFTs via cryptocurrency! OpenSea is one of them, and it’s worth checking out.
If you’re interested in crypto, you’ve probably heard of OpenSea prior to this for a valid reason. It’s now one of the biggest and leading marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.
Get on board, and discover the possibilities of 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 our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Best Nft Platform For Artists
The purpose for OpenSea was to simply provide a platform/marketplace for artists to upload commissions with no additional costs. There are additional features which allow you to market your artwork without any issues.
For the registration process, you don’t have to worry about giving too many details about yourself. All you have to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as easy as that, without much hassle as you step into NFTs.
The most widely-used cryptocurrency to use in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it, and this is used to carry out the majority of processes. It also operates on the Polygon blockchain, which allows for lower costs and faster trading.
With these two kinds of blockchains it is possible to choose which one you would like to transfer your NFT to as a seller. This is to ensure the security of your NFT and the people who want to buy it. All transactions will be made along with this blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an online shopping mall that is endless that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything as simple as a domain name, to a piece of art from an artist you admire. Anyone can be a seller however, it takes a while before anyone can become a reputable one.
There’s a huge selection in the collection on OpenSea and you could become a part of that! You can create your own personal market on this site, as well as find NFTs you’d like to buy for yourself.
What is an NFT?
In a recent advancement for the crypto market,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on the internet that the majority of young people are familiar with it , but aren’t exactly sure what it is. Let’s take a look at what NFT is for any beginners in the field of cryptocurrency.
One of the new things you can purchase your cryptocurrency can be an NFT. The NFT is a non-fungible token which is extremely unique and can’t be substituted. It can be a piece of rareness, such as mint-condition baseball trading cards or unique vinyl album.
There’s no limit on what an NFT could be, since it’s a non-fungible object that you can sell on the internet. More straightforwardly, you can simply consider the NFT to be a type of digital item which is only paid in cryptocurrency.
Minting is like calling the shots on your own NFTs. You are calling the ownership of the particular item that you have uploaded to the market place, but you’re offering it for sale. Typically, this is official after you fill in the proper information regarding the NFT and submit it for sale on.
On OpenSea, it’s a simple process to mint your NFTs by going to the store and then creating a collection to start! Fill out the proper and correct information regarding your NFT and select the type of settings you’d like to use to use it with (e.g., blockchain and payments tokens). After that then you’re able to upload it if it fits the 100 MB limit.
It is possible to wait and see how transactions progress from now to determine whether OpenSea is the marketplace for you.
What NFTs are available here?
At this point you’re probably thinking about what kind of NFTs be purchased here, and what you could sell should you decide to go that route. The kind of NFT it is indefinite since there’s a broad range of ways to go about it.
You can be selling digital items, trading cards games domain names, also physical goods! Find out what you think will reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that separates OpenSea from other companies. There’s no cost for gas for using this feature to mint and sell NFTs. This means you’ll get the most profit when you sell because you won’t need to spend on extra fees.
There aren’t many NFT marketplaces offer this feature, which is why this is a great way to earn a high return from your collection.
This Referral Program is another unique aspect of OpenSea to take note of. Like traditional online marketplaces that offer advantages when you refer someone else to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from there you’ll be rewarded with 2.50 percent of the sales amount, letting you earn more cash from this act.
Other NFT marketplaces do not have this kind of feature either and that’s another benefit OpenSea has over the other marketplaces.
There is an OpenSea mobile app, but it’s mostly for perusing through the marketplace. You can’t buy or sell items as you browse through the listings.
The mobile apps of OpenSea are available on both iOS in addition to Android. While you’re not able to buy or sell anything, you can still browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are at your disposal You can also trade your fiat currency for cryptocurrency through these platforms. Best Nft Platform For Artists
You can swap your fiat currency using a your credit or debit card as well as Paypal through these trusted sites for cryptocurrency:
- Bittrex and other things!
All of these have the option of converting them into ETH that is the most common cryptocurrency used in OpenSea.
Although OpenSea is an NFT marketplace open to all types of crypto, wallets are nonetheless more compatible than other. Because it is based around an ETH blockchain, wallets with a connection to this network are appropriate for the site.
Here is a list of different crypto wallets you can utilize in OpenSea:
- Authereum and many more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each one has its own set of limitations, such as easy registration, mobile-only usage and the ability to purchase cryptocurrency with a credit card. Best Nft Platform For Artists
To learn more about it, you can check their FAQs for an overview of how you can get started and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has advantages and drawbacks. OpenSea isn’t an exception to this. You can view its pros and cons here:
- Available as mobile apps for iOS or Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- The best option for beginners to the crypto industry and NFTs.
- Allows royalties of only 10% for artists (low royalty rates).
- It is not possible to buy or sell items on this mobile application.
- Only accepts cryptocurrency as a method of payment.
- The use of a Crypto account is needed to access this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. However, overall, you will easily recover that amount when you are actively selling since there’s no additional cost for it.
Frequently Asked Questions Best Nft Platform For Artists
What is OpenSea?
OpenSea is an NFT marketplace that is designed to offer artists a way to market their work online and receive cryptocurrency as a method of payment. It’s an excellent platform for artists who use it to sell NFTs due to its low gas fees and low commission fee rate that you have to pay.
You can shop and browse an array of digital products on this NFT marketplace which is why you should definitely go through it!
Is OpenSea legitimate and is it safe?
The short answer is yes! OpenSea has been a trusted marketplace since it was founded at the end of the year of 2018. Because its system is built on blockchain technology, it is safe to claim that your transactions are protected and secured.
In addition, as a seller, you’ll be verified when you’ve earned a reputation. A blue checkmark will be assigned next to your account or collection you’ve uploaded to ensure the safety of anyone who buys from you. OpenSea’s team regularly reviews the content to ensure that users are safe.
How do I earn royalties from OpenSea?
However, as an artist, you can receive only up to 10 percent of the royalties when you upload the NFT. This is believed to be reasonably low compared against others NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) can be widely used on this site and many others to accommodate more crypto users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize for OpenSea.
What are the payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. You can easily purchase or sell cryptocurrency through trusted platforms with fiat money. All you need be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea have a desktop/mobile app?
As we mentioned earlier, there is definitely an official mobile app by OpenSea that is available for iOS or Android. Download it at their respective app store and then you can begin exploring the collection right now!
There is also a Desktop application that OpenSea which can be downloaded from WebCatalog. With 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/).