Cryptocurrency is booming right now, and you’re probably wondering what you can do with your crypto coins. Markets have popped up all over the digital web designed to sell and buy NFTs using cryptocurrency! OpenSea can be one, and it’s worth a look.
If you’re well-versed in cryptocurrency you’ve probably heard of OpenSea previously for a valid reason. It’s one of the largest and leading marketplaces among cryptocurrency enthusiasts due to its security and rapid transactions.
So, hop on board and discover what you can do with OpenSea as well as examining what NFTs you can view!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace C Nftw Function
The aim of OpenSea was to provide a platform/marketplace for artists to upload commissions, without having to pay any additional charges. It has more functions that let you sell your work without having to deal with many issues.
For registration, you don’t need to provide too many details about yourself. All you have to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as simple as that, without much hassle as you step into NFTs.
The most widely-used cryptocurrency that is used on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it, and this is used to carry out the majority of processes. It is also based with the Polygon blockchain, which allows for low-cost and quicker trading.
With these two kinds of blockchains, you can choose which one you’d like to transfer your NFT to as seller. This is to ensure the security of your NFT and those who wish to buy it. Every transaction will be conducted by using the blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall where you can exchange your NFTs or cryptocurrency for other NFTs. You can purchase anything from as simple as a domain name to an official artwork from an artist you admire. Anyone can become a seller however, it takes some time before anyone can become a reputable one.
There is a wide variety from the selection at OpenSea, and you can also be a part of this! You can start your own market here, along with finding NFTs you’d like to buy yourself.
What is an NFT?
In a recent development for the crypto industry”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that many millennials are familiar with it but aren’t exactly sure what it is. Let’s break down what an NFT is for anyone who is new in cryptocurrency.
One of the latest ways you can purchase your cryptocurrency can be an NFT. A NFT is a token that is non-fungible that is unique and can’t be replaced. This can be an item of any rareness like mint-condition baseball trading cards or a rare vinyl record.
There’s no limit to what an NFT can be as it’s a non-fungible object that you can sell online. More straightforwardly, you can just imagine the NFT as a digital collectible that is paid for using cryptocurrency only.
Minting is similar to calling for dibs on your own NFTs. You are calling ownership over that particular token/item that you have uploaded to market, as you’re selling it. Typically, this is official once you fill out the proper information regarding the NFT and then upload it to the marketplace.
On OpenSea, it’s a simple process to mine your NFTs by going to the store and then create a collection! Fill out the proper and correct information regarding your NFT and then select what type of settings you want for it (e.g., blockchain or money transfer tokens). After that, you can finally upload it to the internet if it’s in the limit of 100MB.
You can wait and observe how the transactions go from here on out to determine whether OpenSea is the marketplace for you.
What NFTs can you get here?
In this moment you’re probably thinking about the kind of NFTs you shop for here, and what you could also sell if you decide to pursue that route. The kind of NFT that you can purchase is indefinite since there’s a broad range of options for how to do it.
It is possible to sell trade cards, digital goods games, domain names, and even physical assets! Find out what you think will bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that differentiates OpenSea from other companies. There are no gas costs for using this feature when you make and then sell the NFTs. This simply means that you’ll be able to make the highest profits once you start selling because you won’t need to spend on any additional charges.
There aren’t many NFT marketplaces offer this feature, so this is great for you to earn a high return from your NFT collection.
This Referral Program is another distinctive feature of OpenSea to be admired. Like traditional online marketplaces that offer benefits by referring a friend to OpenSea! If you encourage a friend join OpenSea and buy an NFT from there you’ll earn 2.50 percent of the sales amount, which allows you to earn more money from this act.
Other NFT marketplaces don’t offer this feature and that’s another advantage OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile application, however it is mainly used to browse through the marketplace. You can’t buy or sell anything while you browse through the listing.
The mobile apps of OpenSea are available for the two platforms of iOS in addition to Android. While you’re not able to buy or sell things, you can look through the options you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are to you to exchange your fiat money for cryptocurrency on these platforms. C Nftw Function
You can swap your fiat currency using a the credit card, or Paypal via these reputable websites to exchange it for crypto:
- Bittrex and more!
Each of them has the option of converting them into ETH which is the primary cryptocurrency payment option in OpenSea.
Although OpenSea is an NFT marketplace that is open to all kinds of cryptocurrency, the wallets nonetheless more compatible than other. Since it is built on the ETH blockchain, any wallets that share that network will be suitable for this site.
Here is a list of different crypto wallets you can utilize in OpenSea:
- Authereum and many more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each has its own limitations, such as easy registration, mobile-only usage and the ability to buy cryptocurrency using the credit card. C Nftw Function
To know more about it to learn more, check out their FAQs to see an overview of how you can get started and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with its advantages and disadvantages. OpenSea isn’t an exception to this. You can view 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.
- The best option for beginners to the crypto world and NFTs.
- Allows royalty rates of 10% for artists (low royalty).
- Cannot buy or sell on our mobile apps.
- Only supports cryptocurrency as its method of payment.
- The use of a Crypto wallet is required to use this marketplace.
OpenSea is accessible to everyone who has crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. In the end, you’ll easily recover that amount when you are actively selling since there’s no extra charge for it.
Frequently Asked Questions C Nftw Function
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to offer artists a way to sell their works online to receive cryptocurrency as a form of payment. It’s a great platform for artists who use the platform to market NFTs due to its no gas fees and the low commission rate you must pay.
You can browse and purchase the vast array of digital items on the NFT marketplace which is why you should definitely go through it!
Is OpenSea legit & secure?
The short answer is yes! OpenSea has been a trusted marketplace since it was established on the 1st of December in 2018. Since its system is based on a blockchain and is secured, it is safe to claim that your transactions are safe and secure.
Additionally as a seller you will be verified after you’ve earned a reputation. A blue checkmark is placed next to your account or the collection that you have uploaded to assure any customer. The team at OpenSea regularly checks the content to ensure that users are safe.
How can I earn royalties from OpenSea?
As an artist, you’ll receive only up to 10 percent of the royalties after you upload the NFT. This is believed to be quite low in comparison against the other NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) is commonly used on this site as well as numerous others to cater for the increasing number of crypto users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can use for 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 trade cryptocurrency using trusted platforms with fiat money. All you need just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea have a desktop/mobile app?
As mentioned before, there is definitely an official mobile application from OpenSea that is available for iOS and Android. Install it from their app store, and begin exploring the collection right now!
A desktop application for OpenSea that can be downloaded through WebCatalog. On the desktop app you can manage multiple accounts as well as receive alerts on any updates that affect your account while you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).