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 all over the digital web designed to purchase and sell NFTs using cryptocurrency! OpenSea is one of them, and it’s worth checking out.
If you’re familiar with cryptocurrency you’ve likely heard of OpenSea prior to this for a valid reason. It has become one of the biggest and leading marketplaces among cryptocurrency users because of its safety and speedy transactions.
Get on board, and discover the possibilities of OpenSea and also see the NFTs that you can see!
Before you go on, 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 the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Blockchain Nft
The aim to create OpenSea was to provide artists with a marketplace/platform to upload their commissions without any extra fees. There are additional features which allow you to market your work without having to deal with many problems.
When it comes to the registration process, you don’t have to give any personal information about yourself. All you need to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It can be as simple as that without going through many hurdles as you walk into NFTs.
The most well-known cryptocurrency to use on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system and is used for the majority of transactions. It also operates with 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’d like to transfer your NFT to as an seller. This ensures the safety of your NFT as well as those who wish 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 is like an endless online marketplace that lets you trade your cryptocurrency or NFTs for other NFTs. You can buy anything the simplest domain name, to a piece of art from an artist you admire. Anyone can become a seller however, it takes a while for anyone to become an established seller.
There is a wide variety in the collection of NFTs available at OpenSea and you could join in with this! You can set up your own market there, and also find NFTs you want to purchase yourself.
What is an NFT?
In a recent development for the crypto market,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that the majority of young people are familiar with it but aren’t sure exactly what it is. Let’s look at what an NFT is for anyone who is new in the field of cryptocurrency.
One of the new things you can buy includes an NFT. The NFT is a non-fungible currency which is extremely unique and can’t be replaced. It can be an item of any rareness, such as rare baseball trading cards in mint condition or a uncommon vinyl record.
There is no limit to what an NFT can be as it’s a non-fungible object that you can sell online. More straightforwardly, you can simply think of an NFT to be a type of digital item that is paid for using cryptocurrency only.
Minting is similar to calling for dibs to your NFTs. You’re claiming the owner of the item or token you uploaded on the market place, but you’re offering it for sale. Typically, this is official when you have filled in all the necessary information about the NFT and then submit it for sale on.
On OpenSea, it’s a simple process to mint your NFTs by going to the store and then making a collection to begin! Fill out the proper and complete information about your NFT and select the type of settings you want to use it with (e.g. blockchain and payment tokens). After you’ve completed the process, you can finally upload it, if it’s within the limit of 100MB.
You can wait and observe how the transactions go from now to see whether OpenSea is the right marketplace for you.
What NFTs can you find here?
So, at this point you’re probably asking yourself the kind of NFTs can be purchased here and what kind of NFTs you can sell should you decide to go down that path. The kind of NFT it can be is indefinite as there’s a variety of options for how to approach it.
You could be selling digital products, trading cards games, domain names, and even physical assets! Explore what you believe can yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what sets OpenSea from the other options. There are zero gas fees when you utilize this feature when you mint and sell NFTs. This simply means that you’ll be able to make the highest profits once you begin selling since you won’t have to spend on any additional charges.
Not many NFT marketplaces offer this feature, which is why this can be a fantastic way to make a huge profit from your portfolio.
The Referral Program is another distinctive feature of OpenSea to take note of. Similar to traditional online markets that offer rewards by referring a friend to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from there, you’ll receive 2.50 percent of the purchase amount, letting you earn more cash by this method.
Other NFT marketplaces don’t offer this feature, so that’s just another advantage OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile application, however it’s mostly used to browse the marketplace. You can’t buy 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. Even though you can’t buy or sell anything, you can still explore the products you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are to you to convert your fiat money into cryptocurrency on these platforms. Blockchain Nft
You can exchange the fiat currency you have with a the credit card, or Paypal on these reliable websites for cryptocurrency:
- Bittrex and many more!
Each of them has the option to exchange for ETH which is the standard cryptocurrency used in OpenSea.
While OpenSea is an NFT marketplace that is open to all kinds of cryptocurrency, wallets are nonetheless more compatible than others. Since it is built using the ETH blockchain, any wallets with a connection to the same network are suitable for the site.
Here is a list of different crypto wallets which you can use with OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto can be seen 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 with the credit card. Blockchain Nft
To learn more about it You can go through their FAQs to get an overview of how you can begin and which other 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. You can read about its pros and cons here:
- Mobile apps are available for iOS and Android.
- Smart contracts are utilized for 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 of only up to 10% for artists (low royalties).
- Cannot buy or sell via our mobile apps.
- Only supports cryptocurrency as its method of payment.
- An Crypto account is needed to use this marketplace.
OpenSea is accessible to everyone who has 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 actively sell because there’s no extra charge for it.
Frequently Asked Questions Blockchain Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to provide artists a platform for selling their artwork online, and to accept cryptocurrency as a form of payment. It’s a great platform for artists who use it to sell NFTs due to its no gas fees and the low commission rate which you are required to pay.
You can browse and shop for the vast array of digital items on the NFT marketplace, so you should take a look!
Is OpenSea real and safe?
The short answer is yes! OpenSea has been a reliable marketplace since it was founded at the end of 2018. Since its system is based on a blockchain and is secured, it is safe to declare that transactions are safe and secure.
In addition, as a seller, you can become verified once you build up your reputation. A blue checkmark will appear next to your account or the collection you’ve uploaded to ensure the safety of every customer. The OpenSea team reviews regularly the content to ensure users are protected.
How do I earn royalties on OpenSea?
As an artist, you can get only 10 percent of the royalties after you have uploaded the NFT. This is thought to be quite low in comparison against the other NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) is widely used on this site as well as many others to accommodate the increasing number of cryptocurrency users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the primary 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 buy and trade cryptocurrency using reliable platforms using fiat currency. All you need be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea have a desktop or mobile app?
As we mentioned earlier there’s an official mobile app from OpenSea available for both iOS and Android. You can download it through their app store, and begin exploring the collection right now!
The Desktop application that OpenSea can be downloaded via WebCatalog. In the desktop application you are able to manage multiple accounts and get notifications on updates regarding your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).