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 web that allow users to buy and sell NFTs using cryptocurrency! OpenSea is among them and is worth looking into.
If you’re familiar with cryptocurrency, you’ve probably heard of OpenSea prior to this for a valid reason. It’s one of the largest and leading marketplaces among users of cryptocurrency due to its security and rapid transactions.
So, hop on board and let’s explore the possibilities of OpenSea and also see the NFTs that you can see!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Big Time Nft
The goal for OpenSea was to offer an online marketplace for artists to easily upload their commissions with no additional fees. It also has additional functions that let you sell your work without having to deal with many problems.
When it comes to registration, you won’t have to provide too many details about yourself. All you need to connect your crypto wallet and voila! You have an account with OpenSea! It’s as easy as that, without many hassles when you enter into NFTs.
The most popular cryptocurrency used in 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 the majority of transactions. It also functions on the Polygon blockchain, which ensures low-cost and quicker trading.
With these two types of blockchains available, you can choose which one you would like to upload your NFT on as seller. This ensures the safety of your NFT as well as those who wish to purchase it. All transactions will be made along with this blockchain, which is why you need to 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 cryptocurrency or NFTs for other NFTs. You can purchase anything from as simple as a domain name, to a piece of art from an artist that you admire. Anyone can be a seller however, it takes some time for anyone to be an established seller.
There’s a huge selection from the selection at OpenSea and you could become a part of the collection! You can create your own personal market there, and also find NFTs you’d like to buy for yourself.
What is an NFT?
A recent change in the crypto industry,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that a lot of millennials have heard of it but not exactly sure what it means. Let’s look at what an NFT is for anyone who is new in cryptocurrency.
One of the new things you can buy is an NFT. An NFT is a non-fungible token which is extremely individual and cannot be changed. This can be an item of rareness like authentic baseball cards or a uncommon vinyl record.
There’s no limit on what an NFT can be as it’s a non-fungible object that you sell on the internet. In simpler terms, you could simply think of an NFT being a virtual collectible which is only paid in cryptocurrency.
Minting is like calling the shots to your NFTs. You’re claiming ownership over that particular token/item that you posted to the marketplace, and putting it up for sale. Typically, this is official when you have filled in the proper information regarding the NFT and submit it for sale on.
On OpenSea It’s a very simple process to mine your NFTs by going to the store and creating a collection to start! Complete the correct and complete information about your NFT and choose what kind of settings you’d like to use for it (e.g., blockchain, payments tokens). After you’ve completed the process you are able to upload it to the internet if it’s in the limit of 100MB.
You can watch and see how transactions progress from now to see whether OpenSea is the right marketplace for you.
What NFTs can you get here?
In this moment you’re probably asking yourself what kind of NFTs can be found here, and what you could also sell if you decide to go down that path. The kind of NFT it can be is indefinite because there’s a wide range of options for how to approach it.
It is possible to sell digital products, trading cards game assets domain names, some physical items! Consider what you believe will bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that sets OpenSea from the other options. There are zero gas fees when you utilize this feature when you 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 need to spend on extra fees.
There aren’t many NFT marketplaces provide this feature, so this is great for you to make a huge profit from your NFT collection.
The Referral Program is another unique aspect of OpenSea to be admired. Similar to traditional online markets that offer rewards when you refer your friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from there, you’ll receive 2.50 percent of the purchase amount, letting you make more money through this action.
Other NFT marketplaces do not have this kind of feature either and that’s another advantage OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile application, however it’s mostly used to browse through the marketplace. It isn’t able to purchase or sell items as you scroll through the list.
The mobile apps from OpenSea are accessible on the two platforms of iOS in addition to Android. Even though you can’t buy or sell something, you can at least explore the products you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available at your disposal You can also trade your fiat currency for cryptocurrency through these platforms. Big Time Nft
You can swap your fiat currency using a credit card or Paypal on these reliable websites to exchange it for crypto:
- Bittrex and other things!
All of these have the option to exchange for ETH, which is the primary crypto payment in OpenSea.
While OpenSea is an NFT marketplace that is open to all types of crypto, wallets are nonetheless more compatible than others. Because it is based around an ETH blockchain, wallets that share this network are appropriate for the site.
Here’s a list several crypto wallets you can utilize in OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations including simple registration, mobile-only usage and the ability to purchase cryptocurrency using the credit card. Big Time Nft
For more information about the service You can go through their FAQs for an overview of how you can get started and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has advantages and drawbacks. OpenSea isn’t the only one to have this. You can read about its pros and cons here:
- Mobile apps are available for iOS or Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto world and NFTs.
- Allows royalties 10% to artists (low royalty).
- Cannot buy or sell via our mobile apps.
- Only accepts cryptocurrency as a form of payment.
- A Crypto wallet is required to use this marketplace.
OpenSea is accessible to everyone who has crypto coins in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. In the end, you’ll easily recover that amount when you are actively selling since there is no additional fee for it.
Frequently Asked Questions Big Time Nft
What is OpenSea?
OpenSea is an NFT marketplace that is designed to provide artists a platform to sell their works online, and to accept 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 no gas fees and low commission fee rate you must pay.
You can browse and shop for an array of digital goods in this NFT marketplace, so you should go through it!
Is OpenSea legitimate and secure?
Answer: Yes! OpenSea has been a trusted marketplace since it was founded on the 1st of December in 2018. Because its system is based on a blockchain, it is safe to say that your transactions are secure and safe.
In addition as a seller you’ll be verified when you build up your reputation. A blue checkmark is placed on 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 can I earn royalties from OpenSea?
However, as an artist, you’ll receive only up to 10 percent of the royalties when you upload the NFT. This is thought to be a reasonable amount compared against the other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) has been widely utilized on this website and numerous others to cater for many more crypto users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can use for OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. It is easy to buy or trade cryptocurrency using secure platforms that accept fiat money. All you have just connect your debit or credit card to Paypal for the transaction.
Does OpenSea has a mobile or desktop application?
As previously mentioned there’s an official mobile app by OpenSea available for both iOS or Android. Download it at their respective app store and then you can begin exploring the collection now!
A Desktop application that OpenSea that can be downloaded through WebCatalog. In the desktop application, you can manage multiple accounts and get 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/).