The cryptocurrency market is on the rise and you’re probably thinking what you can do with your crypto coins. There are numerous marketplaces popping up all over the web that allow users to buy and sell NFTs using cryptocurrency! OpenSea can be one and is worth a look.
If you’re familiar with cryptocurrency you’ve probably heard of OpenSea prior to this for a valid reason. It’s one of the largest and most popular marketplaces for users of cryptocurrency due to its security and quick transactions.
Get on board, and let’s explore the possibilities of OpenSea and also see what NFTs you can view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Coindesk Nft
The aim to create OpenSea was to offer artists with a marketplace/platform to easily upload their commissions with no additional costs. It has more functions that let you sell your art without too many difficulties.
When it comes to the registration process, you don’t have to worry about giving too many details about yourself. All you need to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as easy as that, without much hassle as you step into NFTs.
The most popular cryptocurrency used within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system, and this is used for the majority of transactions. It is also based on the Polygon blockchain, which ensures lower costs and faster trading.
With these two kinds of blockchains it is possible to choose which one you’d like to publish your NFT as a seller. This ensures the safety of your NFT as well as those who wish to buy it. All transactions are made by using the blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything just a domain name to an official artwork from an artist that you admire. Anyone can sell however, it takes time for anyone to become a reputable one.
There is a wide variety of NFTs available at OpenSea and you could also be a part of that! You can set up your own market on this site, as well as find NFTs you’d like to buy yourself.
What is an NFT?
In a recent advancement for the crypto market,”NFT” is a term that has been used in recent times “NFT” has been going around so long on the internet that many millennials have heard of it but aren’t sure exactly what it is. Let’s take a look at what NFT is for any beginners in cryptocurrency.
One of the latest ways that you can buy with cryptocurrency is an NFT. A NFT is a non-fungible currency that is very unique and can’t be changed. This can be an item of rareness like authentic baseball cards or uncommon vinyl record.
There’s no limit on what an NFT can be since it’s a non-fungible item that you can sell online. More straightforwardly, you can simply consider an NFT as a digital item that is paid for using cryptocurrency only.
Minting is similar to calling for dibs on your own NFTs. You are calling the ownership of the particular item that you posted to the marketplace, and you’re selling it. Usually, this becomes official when you have filled in all the necessary information about the NFT and finally upload it to the marketplace.
On OpenSea It’s a very simple process to mine your NFTs. All you have to do is visit the store and create a collection! Input the appropriate and complete information about your NFT and then select what 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 limit of 100MB.
It is possible to wait and see the way transactions are handled from now on to determine if OpenSea is the best marketplace for you.
What NFTs can you find here?
In this moment you’re probably thinking about what kind of NFTs you shop for here, and what you could also sell if you decide to pursue that route. The type of NFT it can be is unlimited because there’s a wide range of how you can approach it.
You could be selling digital products, trading cards games domain names, also physical goods! Explore what you believe can bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what sets OpenSea from the other options. There’s no cost for gas when you utilize this feature to make and then sell the NFTs. This simply means that you’ll receive the maximum profits when you start selling because you don’t need to pay on any additional charges.
Very few NFT marketplaces offer this feature, which is why this is great for you to earn a high return from your portfolio.
A Referral Program is another distinctive feature of OpenSea to take note of. Similar to traditional online markets that offer advantages when you refer someone else to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from the site, you’ll receive 2.50 percent of the sales amount, letting you make more money by this method.
Other NFT marketplaces do not have the same feature, so that’s just another benefit OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile application, however it is mainly used for perusing through the marketplace. It isn’t able to purchase or sell items as you browse through the listings.
The mobile apps of OpenSea are available for both iOS in addition to Android. Even though you can’t buy or sell something, you can look through the options you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available for you to use You can also trade your fiat currency for cryptocurrency on these platforms. Coindesk Nft
You can convert your fiat money via credit card or Paypal on these reliable websites for cryptocurrency:
- Bittrex, and many more!
All of them have the option of exchange for ETH, which is the most common crypto payment in OpenSea.
Although OpenSea is an NFT marketplace open to all kinds of crypto, wallets are still more compatible with it than other. Because it is based on an ETH blockchain, any wallets that share this network are appropriate for this website.
Here is a list of various crypto wallets that you can utilize in OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each wallet has its own restrictions like easy registration, mobile-only usage, and the function to purchase cryptocurrency using credit cards. Coindesk Nft
To know more about it to learn more, check out their FAQs to get an overview of how you can begin and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets every one of them has advantages and drawbacks. OpenSea isn’t an exception to this. You can view its pros and cons here:
- Mobile apps available for iOS as well as Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalties of only 10% to artists (low royalty rates).
- It is not possible to buy or sell items through the mobile app.
- Only supports cryptocurrency as its form of payment.
- The use of a Crypto digital wallet must be used for this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. However, overall, you will easily recover that amount when you are actively selling since there’s no additional cost for it.
Frequently Asked Questions Coindesk Nft
What is OpenSea?
OpenSea is 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 it to sell NFTs due to its low gas fees and the low commission rate that you have to pay.
You can browse and shop for the vast array of digital goods in this NFT marketplace, so you should check it out!
Is OpenSea legit & safe?
The short answer is yes! OpenSea has been a trusted marketplace since it was founded at the end of the year of 2018. Since its system is based on a blockchain that is secure, you can say that your transactions are secure and safe.
Additionally as a seller you can become verified once you’ve earned a reputation. A blue checkmark is placed to your account or collection you’ve uploaded to ensure the safety of any customer. OpenSea’s team regularly reviews the content to ensure users are secure.
How can I earn royalties on OpenSea?
As an artist, you will receive only up to 10 percent of the royalties when you have uploaded the NFT. This is thought to be a reasonable amount compared to others NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) has been widely used on this site and 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 core cryptocurrencies you can utilize for OpenSea.
What are the payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. You can buy and sell cryptocurrency through reliable platforms using fiat currency. All you need just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea have a desktop or mobile application?
As mentioned before There is an official mobile app by OpenSea that is available for iOS or Android. Install it from their app store and begin browsing through the collection right now!
A desktop application for OpenSea which can be downloaded from WebCatalog. On the desktop app, you can manage multiple accounts as well as receive 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/).