Cryptocurrency is booming right now and you’re probably thinking where to invest your crypto currency. Markets have popped up all over the web that allow users to purchase and sell NFTs using cryptocurrency! OpenSea can be one, and it’s worth checking out.
If you’re interested in crypto, you’ve probably heard of OpenSea previously for a valid reason. It’s now one of the largest and most popular marketplaces among cryptocurrency enthusiasts due to its security and quick transactions.
Get 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 watch 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 Crypto And Nft
The goal for OpenSea was to simply provide artists with a marketplace/platform to upload commissions with no additional costs. It has more functions that allow you to sell your artwork without any difficulties.
In terms of the registration process, you don’t have to provide too many details about yourself. All you need to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as simple as that, without many hassles when you enter into NFTs.
The most well-known cryptocurrency that is used in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology, and this is used to carry out the majority of processes. It is also based using the Polygon blockchain to ensure lower costs and faster trading.
There are two types of blockchains that are available, you can choose which one you’d like to publish your NFT as seller. This ensures the safety of your NFT as well as the people who want to purchase it. All transactions will be made along with this blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an online shopping mall that is endless where you can trade in your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything the simplest domain name to official art from an artist you admire. Anyone can sell however it takes some time for anyone to be an established one.
There’s a huge selection in the collection of NFTs available at OpenSea and you could become a part of this! You can set up your own personal market here, along with finding NFTs you want to purchase for yourself.
What is an NFT?
In a recent advancement for the crypto industry”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that many millennials are familiar with it but aren’t sure exactly what it means. 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 purchase your cryptocurrency includes an NFT. The NFT is a token that is non-fungible that is unique and can’t be replaced. It can be an item of any rarity like mint-condition baseball trading cards or unique vinyl album.
There is no limit to what an NFT can be as it’s a non-fungible item you’re selling on the internet. It is simpler to simply consider as an NFT to be a type of digital collectible paid via cryptocurrency only.
Minting is similar to calling for dibs on your own NFTs. It is a way of claiming the ownership of the particular item that you posted to market, as you’re selling it. Usually, this becomes official after you fill in the correct information about the NFT and then submit it for sale on.
On OpenSea, it’s a simple process to mint your NFTs by visiting the store and then creating a collection to start! Fill out the proper and accurate information about your NFT and then select what type of settings you’d like to use to use it with (e.g. blockchain or money transfer tokens). After that, you can finally upload it if it fits the limit of 100MB.
You can wait and observe how the transactions go from now to see whether OpenSea is the marketplace for you.
What NFTs can you get here?
At this point you’re probably asking yourself the kind of NFTs can you shop for here and what kind of NFTs you can sell should you decide to go that route. The kind of NFT it can be is unlimited since there’s a broad range of how you can do it.
It is possible to sell trade cards, digital goods game assets, domain names, and some physical items! Consider what you believe will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that sets OpenSea from the others. There are zero gas fees when you utilize this feature when you mint and sell NFTs. This is essentially a way to ensure that you receive the maximum profits when you begin selling since you won’t need to spend on extra fees.
Very few NFT marketplaces provide this feature, so this can be a fantastic way to receive high profit from your NFT collection.
This Referral Program is a different aspect of OpenSea to be admired. Similar to traditional online markets, you can receive benefits when you refer a friend to OpenSea! If you invite a friend to join OpenSea and buy an NFT from the site you’ll earn 2.50 percent of the sales amount, letting you earn more cash by this method.
Other NFT marketplaces do not have this kind of feature either, 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 for perusing through the marketplace. Unfortunately, you can’t purchase or sell anything as you scroll through the list.
The mobile apps from OpenSea are accessible on the two platforms of iOS as well as Android. Although you aren’t able to purchase or sell something, you can at least explore the products you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are for you to use, and you can convert your fiat money into cryptocurrency on these platforms. Crypto And Nft
You can swap your fiat money via the credit card, or Paypal on these reliable websites to exchange it for crypto:
- Bittrex, and more!
All of them have the option to exchange for ETH that is the standard crypto payment in OpenSea.
While OpenSea can be described as an NFT marketplace open to all kinds of crypto, wallets are nevertheless more compatible than others. Since it is built mainly around an ETH blockchain, all wallets that share the same network are suitable for the site.
Here’s a list of different crypto wallets you can use in OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each wallet has its own restrictions including simple registration, mobile-only usage, and the function to buy cryptocurrency using credit cards. Crypto And Nft
To learn more about it You can go through their FAQs for an overview of how you can get started and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets every one of them has advantages and drawbacks. OpenSea isn’t the only one to have this. You can read about its pros and cons here:
- Mobile apps are available that are compatible with iOS or Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalty rates of up to 10% for artists (low royalty rates).
- Cannot buy or sell through the mobile app.
- Only accepts cryptocurrency as a form of payment.
- A Crypto account is needed to access this marketplace.
OpenSea is open to everyone who has crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. But overall, you can quickly recover this amount if you are actively selling since there’s no extra charge for it.
Frequently Asked Questions Crypto And Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to provide artists a platform to market their work online, and to accept cryptocurrency as a form of payment. It’s an ideal platform for artists who use it to sell NFTs because of its zero gas fees and low commission fee rate that you have to pay.
You can shop and browse an array of digital products on this NFT marketplace, so you should go through it!
Is OpenSea legitimate and secure?
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 built on blockchain technology, it is safe to claim that your transactions are secure and safe.
Additionally as a seller you will be verified after you have built up your credibility. A blue checkmark will be assigned to your account or the collection you’ve uploaded to ensure the safety of every customer. OpenSea’s team regularly reviews the content to ensure users are protected.
How can I earn royalties from OpenSea?
However, as an artist, you will get only 10% of the royalties once you have uploaded the NFT. This is believed to be a reasonable amount compared with the other NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) has been commonly used on this site as well as many others to accommodate the increasing number of cryptocurrency users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can use to access OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. It is easy to buy or sell cryptocurrency on secure platforms that accept fiat money. 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’s an official mobile app by OpenSea available for both iOS or Android. Download it at their respective app store and begin exploring the collection right now!
The desktop application for OpenSea that can be downloaded through WebCatalog. On the desktop app you are able to manage multiple accounts and get 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/).