The cryptocurrency market is on the rise and you’re probably wondering where to invest your crypto coins. Markets have popped up across the digital web designed to purchase and sell NFTs via cryptocurrency! OpenSea can be one and is worth checking out.
If you’re well-versed in cryptocurrency you’ve probably heard of OpenSea prior to this for a valid reason. It has become one of the biggest and most popular marketplaces for users of cryptocurrency due to its security and rapid transactions.
So, hop on board and let’s explore what you can do with OpenSea, along with checking the NFTs available to view!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick review. After, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace By OpenSea
The aim to create OpenSea was to provide artists with a marketplace/platform to upload commissions with no additional costs. It also has additional functions that allow you to sell your artwork without any difficulties.
In terms of the registration process, you don’t have to provide any personal information about yourself. All you have to connect your crypto wallet and voila! You have an account on OpenSea! It’s as simple as that without going through many hurdles as you walk into NFTs.
The most popular cryptocurrency that is used within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology which is utilized for most processes. It is also based using the Polygon blockchain to ensure the lowest cost and speediest trading.
With these two kinds of blockchains that are available you can pick 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 buy it. All transactions will be made by using the blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless where you can trade in your cryptocurrency or NFTs for other NFTs. You can purchase anything from as simple as a domain name to an official artwork from an artist that you admire. Anyone can be a seller however, it takes time for anyone to be an established one.
There’s a huge selection from the selection of NFTs available at OpenSea and you could join in with this! You can create your own market on this site, as well as find NFTs that you would like to purchase yourself.
What is an NFT?
A recent change in the crypto industry, the term “NFT” has been going around for so long on internet that a lot of millennials are familiar with it , but not exactly sure what it actually means. Let’s break down what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the latest ways that you can buy with cryptocurrency can be an NFT. An NFT is a non-fungible currency that is individual and cannot be changed. It can be an item of any rareness like mint-condition baseball trading cards or a unique vinyl album.
There is no limit to what an NFT can be since it’s a non-fungible thing that you sell online. It is simpler to simply imagine as an NFT to be a type of digital collectible paid via cryptocurrency only.
Minting is like calling dibs for your personal NFTs. You are calling the owner of the item or token that you posted to market, as putting it up for sale. Usually, this is recognized after you fill in the proper information regarding the NFT and finally add it on the market.
On OpenSea it’s a straightforward process to mint your NFTs by going to the store and simply create a collection! Input the appropriate and complete information about your NFT and choose what kind of settings you want to use it with (e.g., blockchain and payments tokens). Once that’s all done then you’re able to upload it if it fits the 100 MB limit.
You can watch and see how the transactions go from now to determine if OpenSea is the right marketplace for you.
What NFTs can you get here?
At this point you’re probably thinking about the kind of NFTs can you shop for here, and what you could also sell if you choose to go down that path. The type of NFT it isn’t limited as there’s a variety of ways to approach it.
It is possible to sell digital products, trading cards game assets, domain names, and also physical goods! Find out what you think will bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that separates OpenSea from other companies. There are no gas costs when you utilize this feature to make and then sell the NFTs. This means you’ll receive the maximum profits when you sell because you won’t have to spend on extra fees.
Very few NFT marketplaces offer this feature, which is why this can be a fantastic way to make a huge profit from your NFT collection.
This Referral Program is another distinctive feature of OpenSea to take note of. Similar to traditional online markets, you can receive benefits by referring a 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 means you can earn more money by this method.
Other NFT marketplaces don’t have this kind of feature either, so that’s just another benefit OpenSea has over the other marketplaces.
There’s an OpenSea mobile application, however it’s mostly used to browse through the marketplace. You can’t buy or sell anything as you browse through the listings.
The mobile apps of OpenSea are available for the two platforms of iOS in addition to Android. Although you aren’t able to purchase or sell anything, you can still at least look through the options you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available for you to use to trade your fiat currency for cryptocurrency on these platforms. By OpenSea
You can exchange your fiat money via your credit or debit card as well as Paypal via these reputable websites for cryptocurrency:
- Bittrex and other things!
All of these have the option of exchange for ETH that is the primary cryptocurrency payment option in OpenSea.
Although OpenSea has been described as being an NFT marketplace that is open to all types of crypto, wallets are still more compatible with it than others. Since it is built mainly on an ETH blockchain, wallets that share that network will be suitable for the site.
Here’s a list of several crypto wallets you can use in OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions, such as easy registration, only mobile usage and the ability to purchase cryptocurrency using the credit card. By OpenSea
For more information about the service, you can check their FAQs for an overview of how you can begin and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has its advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and pros here:
- Mobile apps are available that are compatible with iOS or Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto industry and NFTs.
- Allows royalty rates of 10% for artists (low royalties).
- Cannot buy or sell through this mobile application.
- Only accepts cryptocurrency as a method of payment.
- The use of a Crypto digital wallet must be used to use this marketplace.
OpenSea is available to anyone who has any crypto currency in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. But overall, you can quickly regain that when you are actively selling since there is no additional fee for it.
Frequently Asked Questions By OpenSea
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to give artists a chance to market their work online and receive cryptocurrency as a form of payment. It’s an ideal platform for artists who use for selling NFTs because of its zero cost of gas and low commission fee rate you must pay.
You can shop and browse an array of digital products on this NFT marketplace which is why you should definitely take a look!
Is OpenSea legit & is it safe?
Answer: Yes! OpenSea has been a reliable marketplace since its inception on the 1st of December in the year 2018. Since the system it operates on is built on a blockchain and is secured, it is safe to say that your transactions are protected and secured.
In addition, as a seller, you can become verified once you build up your reputation. A blue checkmark is placed on your account or any collection that you have uploaded to assure every customer. The team at OpenSea regularly checks the content to ensure users are safe.
How do I earn royalties on OpenSea?
Unfortunately, as an artist, you can get only 10 percent of the royalties when you upload the NFT. This is considered to be reasonably low compared against others NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) has been commonly utilized on this website and many others to accommodate the increasing number of cryptocurrency users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can use to access OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. You can buy and sell cryptocurrency on trusted platforms with fiat money. All you have just connect your debit or credit card to Paypal for the transaction.
Does OpenSea have a desktop or mobile application?
As we mentioned earlier There is an official mobile app from OpenSea that is available for iOS or Android. Install it from their app store and begin exploring the collection now!
There is also a Desktop application that OpenSea which can be downloaded from WebCatalog. On the desktop app you can manage multiple accounts as well as receive 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/).