The cryptocurrency market is on the rise and you’re probably thinking what you can do with your crypto currency. Markets have popped up across the digital web designed to buy and sell NFTs with cryptocurrency! OpenSea can be one, and it’s worth looking into.
If you’re familiar with cryptocurrency, you’ve probably heard about OpenSea before for a good reason. It’s one of the largest and most popular marketplaces among users of cryptocurrency due to its safety and speedy transactions.
Get on board, and let’s explore what you can do with OpenSea as well as examining 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 overview. Afterward, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Cryptopunks Nft
The aim to create OpenSea was to offer a platform/marketplace for artists to upload commissions with no additional fees. It also has additional functions which allow you to market your art without too many issues.
In terms of registration, you won’t have to give all of your personal details. All you have to do is connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as simple as that and without many hassles when you enter into NFTs.
The most widely-used cryptocurrency to use on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system which is utilized for the majority of transactions. 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 it is possible to choose which one you’d like to publish your NFT as seller. This is to ensure the security of your NFT, along with those who would like to buy it. All transactions are made along with this blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything as simple as a domain name to an official artwork from an artist that you admire. Anyone can become a seller however, it takes time for anyone to be an established one.
There is a wide variety from the selection of NFTs available at OpenSea and you can also be a part of this! You can create your own personal market there, and also find NFTs that you would like to purchase yourself.
What is an NFT?
In a recent advancement for the crypto industry,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on the internet that the majority of young people have heard of it but not exactly sure what it actually means. Let’s look at what an NFT is for anyone who is new in the field of cryptocurrency.
One of the latest ways that you can buy with cryptocurrency includes an NFT. A NFT is a non-fungible token which is extremely unique and can’t be changed. It could be an item of any rarity like authentic baseball cards, or a uncommon vinyl record.
There is no limit to what an NFT can be as it’s a non-fungible object you’re selling online. In simpler terms, you could simply think of as an NFT being a virtual collectible which is only paid in cryptocurrency.
Minting is similar to calling for dibs for your personal NFTs. You are calling ownership over that particular token/item that you have uploaded to market, as putting it up for sale. Usually, this becomes official after you fill in the correct information about the NFT and then upload it to the marketplace.
On OpenSea it’s a straightforward process to mine your NFTs by going to the store and then making a collection to begin! Complete the correct and complete information about your NFT and then select what type of settings you’d like for it (e.g., blockchain, payments tokens). After that then you’re able to upload it to the internet if it’s in the limit of 100MB.
You can watch and see how the transactions go from here on out to see if OpenSea is the marketplace for you.
What NFTs can you find here?
At this point you’re probably thinking about what kind of NFTs be found here and what kind of NFTs you can sell should you decide to go down that path. The type of NFT it isn’t limited as there’s a variety of options for how to approach it.
It is possible to sell digital products, trading cards, game assets, domain names, and some physical items! Consider what you believe will bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that differentiates OpenSea from the others. There’s no cost for gas when you utilize this feature to create and market NFTs. This means you’ll receive the maximum profits when you sell because you won’t need to spend on additional fees.
Very few NFT marketplaces have this feature, and it is great for you to earn a high return from your NFT collection.
A Referral Program is a different aspect of OpenSea to take note of. Like traditional online marketplaces there are benefits by referring a friend to OpenSea! If you encourage a friend join OpenSea and buy an NFT from there, you’ll receive 2.50% of the sale amount, which means you can make more money by this method.
Other NFT marketplaces don’t have the same feature This is a further advantage OpenSea has over the other marketplaces.
There’s an OpenSea mobile app, but it’s mostly for perusing through the marketplace. Unfortunately, you can’t purchase or sell items as you scroll through the list.
The mobile apps from OpenSea are accessible for the two platforms of iOS and Android. Even though you can’t buy or sell anything, you can still at least browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are to you, and you can trade your fiat currency for cryptocurrency using these platforms. Cryptopunks Nft
You can convert the fiat currency you have with a the credit card, or Paypal via these reputable websites for cryptocurrency:
- Bittrex and more!
Each of them has the option of converting them into ETH that is the standard cryptocurrency payment option in OpenSea.
Although OpenSea is an NFT marketplace that is open to all kinds of crypto, wallets are still more compatible with it than others. Because it is based using the ETH blockchain, any wallets which are part of the same network are suitable for this website.
Here’s a list of various crypto wallets that you can use in OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each wallet has its own restrictions like easy registration, only mobile usage, and the function to purchase cryptocurrency with credit cards. Cryptopunks Nft
For more information about the service You can go through their FAQs for a rundown of how you can start and also 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 view its pros and cons here:
- Available as mobile apps that are compatible with iOS or Android.
- Smart contracts are used for transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto market and NFTs.
- Allows royalties of only up to 10% for artists (low royalties).
- Cannot buy or sell through our mobile apps.
- Only supports cryptocurrency as its type of payment.
- The use of a Crypto wallet is required to use this marketplace.
OpenSea is available to anyone who has crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. But overall, you can quickly regain that when you are actively selling since there’s no additional cost for it.
Frequently Asked Questions Cryptopunks Nft
What is OpenSea?
OpenSea is an NFT marketplace that is designed to give artists a chance to sell their works online, and to accept cryptocurrency as a method of payment. It’s an ideal option for artists who want to use it to sell NFTs because of its zero gas fees and the low commission rate which you are required to pay.
You can browse and purchase a vast collection of digital items on the NFT marketplace, so you should check it out!
Is OpenSea legit & safe?
Short answer: Yes! OpenSea has been a trusted marketplace since its inception on the 1st of December in the year 2018. Since its system is based on a blockchain, it is safe to say that your transactions are protected and secured.
In addition, as a seller, you’ll be verified when you have built up your credibility. A blue checkmark will be assigned on your account or the collection you’ve uploaded to ensure the safety of every customer. OpenSea’s team regularly reviews the contents to ensure users are safe.
How do I earn royalties from OpenSea?
As an artist, you will get only 10 percent of the royalties when you have uploaded the NFT. This is considered to be quite low in comparison to others NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) can be widely used on this site and numerous others to cater for the increasing number of crypto users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can utilize to access OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. You can buy and sell cryptocurrency on reliable platforms using fiat currency. All you have to do is connect your credit card or Paypal for the transaction.
Does OpenSea have a desktop/mobile app?
As previously mentioned, there is definitely an official mobile app from OpenSea that is available for iOS and Android. Install it from their app store, and you can start exploring the collection now!
There is also a version for desktops that OpenSea that can be downloaded through WebCatalog. With the desktop application, you can manage multiple accounts as well as receive notifications on updates regarding 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/).