Cryptocurrency is booming right now, and you’re probably wondering what you can do with your crypto-coins. Markets have popped up across the internet, designed to buy and sell NFTs via cryptocurrency! OpenSea can be one and is worth a look.
If you’re well-versed in cryptocurrency, you’ve probably heard about OpenSea before for a good reason. It’s now one of the biggest and most popular marketplaces among cryptocurrency users because of its security and rapid transactions.
So, hop on board and let’s explore what you can do with OpenSea as well as examining the NFTs available to view!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick review. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Biggest Nft Artists
The aim for OpenSea was to simply provide artists with a marketplace/platform to upload commissions, without having to pay any additional costs. There are additional features that let you sell your artwork without any difficulties.
When it comes to the registration process, you don’t have to provide all of your personal details. All you need to connect your crypto wallet and voila! You have an account on OpenSea! It’s as simple as that, without many hurdles as you walk into NFTs.
The most well-known cryptocurrency used within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology, and this is used for the majority of transactions. It is also based on the Polygon blockchain, which ensures lower costs and faster trading.
There are two types of blockchains that are available, you can choose which one you want to upload your NFT on as seller. This ensures the safety of your NFT as well as the people who want to buy it. All transactions will be made along with this blockchain, so you should 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 trade in your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything as simple as a domain name, to a piece of art by an artist you admire. Anyone can sell however, it takes time for anyone to be a reputable one.
There are a variety of NFTs of NFTs available at OpenSea, and you can also be a part of the collection! You can set up your own personal market there, and also find NFTs you’d like to buy for yourself.
What is an NFT?
In a recent development for the cryptocurrency industry,”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 aren’t sure exactly what it is. Let’s break down what an NFT is for any beginners in cryptocurrency.
One of the new things you can buy includes an NFT. A NFT is a non-fungible currency which is extremely exclusive and cannot be substituted. It can be an item of any rareness like authentic baseball cards or rare vinyl record.
There is no limit to what an NFT can be as it’s a non-fungible thing you’re selling online. More straightforwardly, you can simply imagine an NFT to be a type of digital collectible which is only paid in cryptocurrency.
Minting is like calling dibs for your personal NFTs. You are calling the owner of the item or token that you have uploaded to the marketplace, and offering it for sale. Usually, this is recognized when you have filled in all the necessary information about the NFT and upload it to the marketplace.
On OpenSea It’s a very simple process to mine your NFTs by visiting the store and then making a collection to begin! Complete the correct and correct information regarding your NFT and select the type of settings you’d like to use to use it with (e.g., blockchain, payments tokens). Once that’s all done you are 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 if OpenSea is the marketplace for you.
What NFTs are available here?
At this point you’re probably asking yourself what kind of NFTs you shop for here and what you can also sell if you choose to go that route. The type of NFT that you can purchase isn’t limited since there’s a broad range of options for how to do it.
It is possible to sell digital items, trading cards, game assets, domain names, and also physical goods! Explore what you believe can reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what differentiates OpenSea from other companies. There’s no cost for gas when you utilize this feature when you mint and sell NFTs. This is essentially a way to ensure that you receive the maximum profits when you start selling because you won’t have to spend on any additional charges.
There aren’t many NFT marketplaces have this feature, and it is a great way to make a huge profit from your portfolio.
The Referral Program is another distinctive feature of OpenSea to be admired. Like traditional online marketplaces there are rewards when you refer your friend to OpenSea! If you refer a friend to join OpenSea and buy an NFT from there you’ll earn 2.50% of the sale amount, which allows you to make more money by this method.
Other NFT marketplaces don’t have this feature This is a further benefit OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile application, however it’s mostly used to browse the marketplace. Unfortunately, you can’t purchase or sell anything as you browse through the listings.
OpenSea’s mobile apps are available for both iOS in addition to Android. While you’re not able to buy or sell anything, you can still at least 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 to convert your fiat money into cryptocurrency on these platforms. Biggest Nft Artists
You can convert your fiat currency using a the credit card, or Paypal on these reliable websites to exchange it for crypto:
- Bittrex, and many more!
All of these have the option of exchange for ETH, which is the most common cryptocurrency payment option in OpenSea.
While OpenSea can be described as an NFT marketplace that is open to all kinds of crypto, wallets are nevertheless more compatible than other. Because it is based using an ETH blockchain, wallets with a connection to that network will be suitable for the site.
Here’s a list several crypto wallets you can utilize in OpenSea:
- Authereum and more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions, such as easy registration, use on mobile devices only as well as the capability to purchase cryptocurrency with credit cards. Biggest Nft Artists
For more information about the service to learn more, check out their FAQs to see an overview of how you can get started and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with its advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and pros here:
- Mobile apps available for 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 world and NFTs.
- Allows royalties of only up to 10% for artists (low royalty).
- It is not possible to buy or sell items via this mobile application.
- Only supports cryptocurrency as its type of payment.
- The use of a Crypto wallet is required to access this marketplace.
OpenSea is open to everyone who owns any crypto coins in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions 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 extra charge for it.
Frequently Asked Questions Biggest Nft Artists
What is OpenSea?
OpenSea is an NFT marketplace that aims to provide artists a platform to market their work online, and to accept cryptocurrency as a method of payment. It’s an excellent option for artists who want to use for selling NFTs due to its low gas costs and low commission fees that you have to pay.
You can browse and shop for an array of digital goods in this NFT marketplace and you must take a look!
Is OpenSea legit & secure?
The short answer is yes! OpenSea has been a reliable marketplace since it was founded on the 1st of December in 2018. Since the system it operates on is built on a blockchain, it is safe to declare that transactions are secure and safe.
In addition, as a seller, you will be verified after you have built up your credibility. A blue checkmark is placed next to your account or the collection you uploaded to reassure any customer. OpenSea’s team regularly reviews the contents to ensure users are safe.
How can I earn royalties on OpenSea?
However, as an artist, you will receive only up to 10 percent of the royalties when you upload the NFT. This is believed to be quite low in comparison to other NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) is widely utilized on this website and numerous others to cater for the increasing number of cryptocurrency users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can utilize to access OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. It is easy to buy or sell cryptocurrency through secure platforms that accept fiat money. All you have just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea have a desktop/mobile application?
As we mentioned earlier, there is definitely an official mobile app from OpenSea for both iOS as well as Android. Install it from their app store and you can start browsing through the collection right now!
There is also a version for desktops that OpenSea can be downloaded via WebCatalog. In the desktop application you can manage multiple accounts and get 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/).