Cryptocurrency is booming right now and you’re probably thinking what you can do with your crypto currency. Marketplaces are popping up across the internet, designed to purchase and sell NFTs using cryptocurrency! OpenSea is among them and is worth looking into.
If you’re familiar with cryptocurrency, you’ve probably heard about OpenSea previously for a valid reason. It’s now one of the biggest and leading marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.
So, hop on board and let’s see 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 will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Crypto Nft Meaning
The purpose for OpenSea was to offer artists with a marketplace/platform to easily upload their commissions without any extra fees. There are additional features that allow you to sell your work without having to deal with many issues.
When it comes to the registration process, you don’t have to worry about giving any personal information about yourself. All you need to connect your crypto wallet and voila! You have an account with OpenSea! It’s as simple as that and without much hassle as you step into NFTs.
The most widely-used cryptocurrency to use on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it which is utilized for most processes. It also functions with the Polygon blockchain, which ensures the lowest cost and speediest trading.
With these two types of blockchains you can pick which one you would like to upload your NFT on as an seller. This ensures the safety of your NFT, along with those who would like to purchase it. All transactions will be made along with this blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall that lets you trade 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, but it takes a while for anyone to be an established one.
There are a variety of NFTs from the selection on OpenSea and you can also be a part of that! You can set up your own marketplace here, along with finding NFTs you’d like to buy yourself.
What is an NFT?
In a recent advancement for the cryptocurrency industry”NFT” is a term that has been used in recent times “NFT” has been going around for so long on the internet that many millennials have heard of it but aren’t sure exactly what it means. Let’s take a look at what NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the new things you can purchase your cryptocurrency includes an NFT. A NFT is a non-fungible token that is unique and can’t be changed. It could be an item of rareness like rare baseball trading cards in mint condition, or a unique vinyl album.
There’s no limit on what an NFT could be, since it’s a non-fungible item that you sell online. More straightforwardly, you can simply imagine an NFT to be a type of digital collectible which is only paid in cryptocurrency.
Minting is like calling the shots to your NFTs. You are calling the owner of the item or token you uploaded on the market place, but you’re offering it for sale. Usually, this is recognized after you fill in all the necessary information about the NFT and finally submit it for sale on.
On OpenSea It’s a very simple procedure to create your own NFTs by going to the store and then creating a collection to start! Complete the correct and accurate information about your NFT and choose what kind of settings you’d like to use to use it with (e.g., blockchain and payments tokens). After that you are able to upload it, if it’s within the 100 MB limit.
You can wait and observe how transactions progress from here on out to determine if OpenSea is the marketplace for you.
What NFTs can you find here?
In this moment you’re probably thinking about what kind of NFTs be found here, and what you could also sell if you choose to go that route. The type of NFT it can be is unlimited since there’s a broad range of options for how to do it.
It is possible to sell digital items, trading cards game assets, domain names, and also physical goods! Explore what you believe can yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that separates OpenSea from the others. There are no gas costs for using this feature to make and then sell the NFTs. This is essentially a way to ensure that you receive the maximum profits when you begin selling since you don’t need to pay on extra fees.
Not many NFT marketplaces have this feature, and it can be a fantastic way to receive high profit from your NFT collection.
A Referral Program is another unique aspect of OpenSea to admire. Similar to traditional online markets, you can receive benefits by referring your friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from the site you’ll earn 2.50 percent of the sales amount, which means you can make more money through this action.
Other NFT marketplaces don’t offer this kind of feature either This is a further advantage OpenSea has over the other marketplaces.
There’s an OpenSea mobile application, however it’s mostly used to browse through the marketplace. It isn’t able to purchase or sell anything while you browse through the listings.
OpenSea’s mobile apps are available on 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 while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available at your disposal You can also trade your fiat currency for cryptocurrency on these platforms. Crypto Nft Meaning
You can swap your fiat currency using a credit card or Paypal through these trusted sites for cryptocurrency:
- Bittrex and more!
All of these have the option to exchange for ETH, which is the primary cryptocurrency payment option in OpenSea.
While OpenSea is an NFT marketplace that is open to all forms of cryptocurrency, the wallets still more compatible with it than other. Because it is based on an ETH blockchain, wallets that share the same network are suitable for this website.
Here’s a list several crypto wallets which you can use with OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, use on mobile devices only, and the function to purchase cryptocurrency using a credit card. Crypto Nft Meaning
For more information about the service You can go through their FAQs to see an overview of how you can start and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets, each one 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 10% for artists (low royalty rates).
- It is not possible to buy or sell items on the mobile app.
- Only supports cryptocurrency as its type of payment.
- An Crypto digital wallet must be used to use this marketplace.
OpenSea is available to anyone who owns any crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. However, overall, you will easily recover that amount when you are actively selling since there’s no extra charge for it.
Frequently Asked Questions Crypto Nft Meaning
What is OpenSea?
OpenSea is an NFT marketplace that is designed to give artists a chance to sell their works online to receive cryptocurrency as a method of payment. It’s a great platform for artists using for selling NFTs due to its low cost of gas and low commission fees that you have to pay.
You can browse and purchase a vast collection of digital products on this NFT marketplace and you must take a look!
Is OpenSea real and safe?
The short answer is yes! OpenSea is a reputable marketplace since it was founded in 2018. Because its system is built on blockchain technology that is secure, you can declare that transactions are protected and secured.
Additionally, as a seller, you can become verified once you have built up your credibility. A blue checkmark is placed on your account or the collection that you have uploaded to assure any customer. The OpenSea team reviews regularly the contents to ensure users are protected.
How can I earn royalties on OpenSea?
Unfortunately, as an artist, you will get only 10% of the royalties once you have uploaded the NFT. This is believed to be reasonably low compared to other NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) can be widely used on this site and many others to accommodate many more cryptocurrency users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can use to access OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. You can easily purchase or sell cryptocurrency on trusted platforms with fiat money. All you need to do is connect your credit card or Paypal for the transaction.
Does OpenSea has a mobile or desktop app?
As mentioned before, there is definitely an official mobile app from OpenSea that is available for iOS or Android. You can download it through their app store, and you can start browsing through the collection right now!
A Desktop application that OpenSea can be downloaded via WebCatalog. On the desktop app, you can manage multiple accounts and get 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/).