The crypto currency market is in a boom right now 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 sell and buy NFTs via cryptocurrency! OpenSea is one of them and is worth looking into.
If you’re well-versed in cryptocurrency you’ve probably heard about OpenSea prior to this for a valid reason. It’s one of the largest and most popular marketplaces among cryptocurrency enthusiasts due to its security and quick transactions.
So, hop on board and let’s explore the possibilities of OpenSea, along with checking what NFTs you can view!
Before you continue, 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.
OpenSea as an NFT Marketplace Brave And OpenSea
The aim of OpenSea was to offer artists with a marketplace/platform to easily upload their commissions with no additional charges. It has more functions that let you sell your work without having to deal with many issues.
In terms of registration, you don’t need to provide any personal information about yourself. All you need to connect your crypto wallet and voila! You have an account on OpenSea! It’s as simple as that and without many hurdles as you walk into NFTs.
The most widely-used cryptocurrency to use in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology, and this is used to carry out the majority of processes. It is also based with the Polygon blockchain, which ensures low-cost and quicker trading.
With these two kinds of blockchains available you can pick which one you would like to upload your NFT on as an seller. This ensures the safety of your NFT and the people who want to purchase it. All transactions will be made along with this blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from the simplest domain name to an official artwork from an artist you admire. Anyone can sell, but it takes some time before anyone can become a reputable one.
There is a wide variety of NFTs available on OpenSea and you can become a part of that! You can start your own market here, along with finding NFTs you’d like to buy yourself.
What is an NFT?
A recent change in 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 have heard of it but aren’t exactly sure what it is. Let’s take a look at what NFT is for those who are just beginning to get started in cryptocurrency.
One of the latest ways that you can buy with cryptocurrency is an NFT. The NFT is a non-fungible currency which is extremely exclusive and cannot be changed. It could be an item of any rarity like mint-condition baseball trading cards or a uncommon vinyl record.
There’s no limit to what an NFT can be since it’s a non-fungible item that you sell on the internet. More straightforwardly, you can simply consider the NFT as a digital collectible which is only paid in cryptocurrency.
Minting is similar to calling for dibs for your personal NFTs. It is a way of claiming ownership over that particular token/item that you have uploaded to the marketplace, and you’re putting it up for sale. Usually, this becomes official after you fill in the correct information about the NFT and finally add it on the market.
On OpenSea it’s a straightforward process to mine your NFTs. All you have to do is visit the store and creating a collection to start! Input the appropriate and correct information regarding your NFT and choose what kind of settings you’d like for it (e.g. blockchain, money transfer tokens). Once that’s all done then you’re able to upload it to the internet if it’s in the limit of 100MB.
It is possible to wait and see how transactions progress from now on to see whether OpenSea is the best marketplace for you.
What NFTs are available here?
In this moment you’re probably thinking about what kind of NFTs can you shop for here and what you can also sell if you decide 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 go about it.
It is possible to sell digital items, trading cards games domain names, some physical items! Explore what you believe can reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what sets OpenSea from the others. There’s no cost for gas when you use this feature when you create and market NFTs. This means you’ll be able to make the highest profits once you begin selling since you won’t need to spend on extra fees.
Not many NFT marketplaces have this feature, which is why this is great for you to make a huge profit from your NFT collection.
This Referral Program is a different aspect of OpenSea to take note of. Like traditional online marketplaces, you can receive rewards when you refer your friend to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from there you’ll earn 2.50% of the sale amount, letting you earn more money by this method.
Other NFT marketplaces don’t have this feature, so that’s just another advantage OpenSea has over them.
There’s an OpenSea mobile app, but it’s mostly to browse through the marketplace. You can’t buy or sell items as you browse through the listings.
OpenSea’s mobile apps are available on the two platforms of iOS and Android. Even though you can’t buy or sell things, you can browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available to you to exchange your fiat money for cryptocurrency on these platforms. Brave And OpenSea
You can swap your fiat money via credit card or Paypal via these reputable websites for cryptocurrency:
- Bittrex and other things!
Each of them has the option of exchange for ETH which is the most common cryptocurrency payment option in OpenSea.
While OpenSea has been described as being an NFT marketplace open to all forms of crypto, wallets are still more compatible with it than other. Because it is based using the ETH blockchain, wallets with a connection to this network are appropriate for the site.
Here’s a list different crypto wallets you can utilize in OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, mobile-only usage and the ability to purchase cryptocurrency with a credit card. Brave And OpenSea
To learn more about it, you can check their FAQs to get a rundown of how you can get started and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets every one of them has advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and cons here:
- Mobile apps are available that are compatible with iOS as well as Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto industry and NFTs.
- Allows royalties of only 10% for artists (low royalty).
- You cannot buy or sell products through this mobile application.
- Only accepts cryptocurrency as a method of payment.
- A Crypto digital wallet must be used to use this marketplace.
OpenSea is available to anyone who has crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. However, overall, you will quickly regain that when you sell regularly since there’s no extra charge for it.
Frequently Asked Questions Brave And OpenSea
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to give artists a chance to sell their works online to receive cryptocurrency as a form of payment. It’s a great platform for artists using the platform to market NFTs because of its zero gas fees and the low commission rate you must pay.
You can shop and browse an array of digital goods in this NFT marketplace which is why you should definitely take a look!
Is OpenSea legit & secure?
Short answer: Yes! OpenSea has been a trusted marketplace since it was established at the end of the year 2018. Since the system it operates on is built on blockchain technology and is secured, it is safe to declare that transactions are safe and secure.
Furthermore as a seller you will be verified after you build up your reputation. A blue checkmark will appear to your account or the collection that you have uploaded to assure any customer. The OpenSea team reviews regularly the contents to ensure users are safe.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you can be paid only 10 percent of the royalties when you upload the NFT. This is believed to be quite low in comparison with the other NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) can be frequently used on this site and other sites to provide more cryptocurrency users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of to use OpenSea.
What are the payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. You can buy and sell cryptocurrency on reliable platforms using fiat currency. All you have just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea have a desktop or mobile app?
As we mentioned earlier, there is definitely an official mobile app by OpenSea available for both iOS and Android. Install it from their app store, and then you can begin exploring the collection right now!
A Desktop application that OpenSea which can be downloaded from WebCatalog. With 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/).