The cryptocurrency market is on the rise and you’re probably thinking what you can do with your crypto-coins. Markets have popped up all over the web that allow users to purchase and sell NFTs with cryptocurrency! OpenSea can be one and is worth looking into.
If you’re well-versed in cryptocurrency, you’ve likely heard of OpenSea before for a good reason. It’s one of the largest and most popular marketplaces among cryptocurrency users because of its security and quick transactions.
So, hop on board and let’s see what you can do with OpenSea, along with checking the NFTs available to view!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Best Site To Sell Nft Art
The purpose for OpenSea was to offer a platform/marketplace for artists to upload commissions with no additional costs. It also has additional functions that allow you to sell your artwork without any difficulties.
For the registration process, you don’t have to give too many details about yourself. All you have to do is 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 popular cryptocurrency used within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology which is utilized for the majority of transactions. It also operates using the Polygon blockchain, which allows for low-cost and quicker trading.
There are two types of blockchains it is possible to choose which one you would like to transfer your NFT to as an seller. This ensures the safety of your NFT and the people who want to buy it. All transactions will be made by using the blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless where you can exchange your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything the simplest domain name, to a piece of art by an artist you admire. Anyone can be a seller however it takes a while for anyone to become an established one.
There is a wide variety of NFTs available on OpenSea and you can become a part of the collection! You can create your own personal market here, along with finding NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent development for the crypto market”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that many millennials are familiar with it but not exactly sure what it means. Let’s look at what an NFT is for any beginners in the field of cryptocurrency.
One of the newest things you can buy includes an NFT. The NFT is a non-fungible token that is individual and cannot be changed. It could be an item of rareness like authentic baseball cards or a rare vinyl record.
There’s no limit on what an NFT can be since it’s a non-fungible object that you can sell on the internet. It is simpler to simply imagine as an NFT as a digital item which is only paid in cryptocurrency.
Minting is similar to calling for dibs for your personal NFTs. You’re claiming the owner of the item or token you uploaded on the marketplace, and selling it. Typically, this is official after you fill in the correct information about the NFT and upload it to the marketplace.
On OpenSea it’s a straightforward process to mint your NFTs by visiting the store and then making a collection to begin! Input the appropriate and complete information about your NFT and then select what type of settings you’d like for it (e.g., blockchain and money transfer tokens). After you’ve completed the process, you can finally upload it, if it’s within the limit of 100MB.
It is possible to wait and see how the transactions go from now to determine whether OpenSea is the right marketplace for you.
What NFTs can you get here?
So, at this point you’re probably thinking about what kind of NFTs you shop for here and what you can sell should you decide to pursue that route. The type of NFT that you can purchase is unlimited as there’s a variety of options for how to do it.
You can be selling digital items, trading cards, game assets domain names, even physical assets! Explore what you believe can yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what sets OpenSea from the others. There are zero gas fees for using this feature when you create and market NFTs. This simply means that you’ll receive the maximum profits when you sell because you won’t need to spend on additional fees.
Not many NFT marketplaces have this feature, which is why this is a great way to earn a high return from your collection.
A Referral Program is another unique aspect of OpenSea to take note of. Similar to traditional online markets there are benefits when you refer someone else to OpenSea! If you encourage a friend join OpenSea and buy an NFT from the site you’ll be rewarded with 2.50% of the sale amount, which allows you to earn more money through this action.
Other NFT marketplaces do not have this feature, so that’s just another advantage OpenSea has over them.
There’s an OpenSea mobile app, but it is mainly used to browse the marketplace. Unfortunately, you can’t purchase or sell anything as you scroll through the list.
OpenSea’s mobile apps are available on the two platforms of iOS in addition to Android. While you’re not able to buy or sell things, you can explore the products you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are at your disposal, and you can trade your fiat currency for cryptocurrency on these platforms. Best Site To Sell Nft Art
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 that is the standard crypto payment in OpenSea.
While OpenSea can be described as an NFT marketplace that is open to all types of cryptocurrency, the wallets still more compatible with it than other. Since it is built mainly around an ETH blockchain, wallets that share that network will be suitable for the site.
Here’s a list 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 one has its own set of limitations like easy registration, use on mobile devices only and the ability to purchase cryptocurrency using a credit card. Best Site To Sell Nft Art
For more information about the service, you can check their FAQs to get the steps you can start and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with advantages and drawbacks. OpenSea isn’t an exception to 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 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 up to 10% for artists (low royalty).
- It is not possible to buy or sell items through the mobile app.
- Only supports cryptocurrency as its form of payment.
- An Crypto account is needed for this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. However, overall, you will quickly regain that when you sell regularly since there’s no extra charge for it.
Frequently Asked Questions Best Site To Sell Nft Art
What is OpenSea?
OpenSea is an NFT marketplace that seeks to offer artists a way to market their work online, and to accept cryptocurrency as their form of payment. It’s a great platform for artists who use for selling NFTs because of its zero gas costs and low commission fee rate that you have to pay.
You can browse and purchase an array of digital products on this NFT marketplace and you must go through it!
Is OpenSea real and is it safe?
Answer: Yes! OpenSea has been a trusted marketplace since it was established at the end of the year of 2018. Since the system it operates on is based on a blockchain and is secured, it is safe to declare that transactions are protected and secured.
In addition, as a seller, you can become verified once you have built up your credibility. A blue checkmark is placed on your account or collection you uploaded to reassure anyone who buys from you. The OpenSea team reviews regularly the contents to ensure users are secure.
How do I earn royalties from OpenSea?
However, as an artist, you will be paid only 10 percent of the royalties when you have uploaded the NFT. This is considered to be quite low in comparison with other NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) can be commonly used on this site and many others to accommodate more crypto users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can utilize for OpenSea.
What are the payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. You can easily purchase or sell cryptocurrency on reliable platforms using fiat currency. All you have just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea have a desktop or mobile app?
As previously mentioned there’s an official mobile app by OpenSea available for both iOS and Android. Download it at their respective app store, and you can start browsing through the collection right now!
A desktop application for OpenSea that can be downloaded through WebCatalog. In the desktop application you are able to manage multiple accounts as well as receive notifications about updates to your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).