It is now possible to buy and sell CryptoPunks on OpenSea. The NFTs are “wrapped” in order to exist as an ERC721 and be traded on the platform. Read below to learn more about OpenSea and NFTs.
The cryptocurrency market is on the rise and you’re probably wondering where to invest your crypto currency. There are numerous marketplaces popping up across the web that allow users to purchase and sell NFTs via cryptocurrency! OpenSea is among them, and it’s worth looking into.
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 most popular marketplaces for cryptocurrency enthusiasts due to its safety and speedy transactions.
So, hop on board and let’s see the possibilities of OpenSea as well as examining what NFTs you can view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick review. Afterward, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Cryptopunks OpenSea
The goal of OpenSea was to simply provide an online marketplace for artists to easily upload their commissions with no additional charges. It has more functions that allow you to sell your work without having to deal with many problems.
In terms of the registration process, you don’t have to give too many details about yourself. All you need to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It can be as simple as that and without many hurdles as you walk into NFTs.
The most widely-used cryptocurrency that is used within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology and is used to carry out the majority of processes. It also functions on the Polygon blockchain, which allows for low-cost and quicker trading.
There are two types of blockchains available it is possible to choose which one you’d like to publish your NFT as an seller. This ensures the safety of your NFT and those who wish to buy it. All transactions will be made along with this blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an online shopping mall that is endless where you can exchange your cryptocurrency or NFTs 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 sell however, it takes some time before anyone can become a reputable one.
There is a wide variety in the collection of NFTs available at OpenSea and you can join in with this! You can start your own personal market here, along with finding NFTs that you would like to purchase yourself.
What is an NFT?
A recent change in the crypto market the term “NFT” has been going around for so long on the internet that the majority of young people have heard of it but aren’t exactly sure what it means. Let’s look at what an NFT is for anyone who is new in the field of cryptocurrency.
One of the latest ways you can buy can be an NFT. An NFT is a non-fungible token that is very exclusive and cannot be replaced. It could be an item of rarity like authentic baseball cards, or a uncommon vinyl record.
There’s no limit on what an NFT can be since it’s a non-fungible thing you’re selling online. It is simpler to simply consider the NFT as a digital collectible which is only paid in cryptocurrency.
Minting is like calling dibs on your own NFTs. You’re claiming the ownership of the particular item you uploaded on the marketplace, and you’re offering it for sale. Usually, this is recognized once you fill out the proper information regarding the NFT and submit it for sale on.
On OpenSea, it’s a simple process to mine your NFTs. All you have to do is visit the store and simply creating a collection to start! Fill out the proper and complete information about your NFT and choose what kind of settings you want to use it with (e.g. blockchain or payment tokens). After you’ve completed the process you are able to upload it to the internet if it’s in the 100 MB limit.
You can watch and see how transactions progress from here on out to determine whether OpenSea is the best marketplace for you.
What NFTs can you get here?
At this point you’re probably thinking about what kind of NFTs be purchased here and what kind of NFTs you can also sell if you choose to go down that path. The kind of NFT it can be is indefinite since there’s a broad range of ways to go about it.
It is possible to sell trade cards, digital goods, game assets, domain names, and some physical items! Explore what you believe can reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that differentiates OpenSea from other companies. There are no gas costs when you use this feature when you mint and sell NFTs. This simply means that you’ll receive the maximum profits when you sell because you won’t need to spend on any additional charges.
Not many NFT marketplaces have this feature, and it is great for you to earn a high return from your collection.
This Referral Program is a different aspect of OpenSea to be admired. Like traditional online marketplaces that offer advantages by referring a friend to OpenSea! If you refer a friend to join OpenSea and buy an NFT from the site you’ll earn 2.50 percent of the purchase amount, which allows you to earn more money from this act.
Other NFT marketplaces don’t have this feature and that’s another advantage OpenSea has over them.
There’s an OpenSea mobile app, but it’s mostly used for perusing through the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listings.
OpenSea’s mobile apps are available on the two platforms of iOS and Android. Although you aren’t able to purchase or sell things, you can at least browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are at your disposal, and you can exchange your fiat money for cryptocurrency using these platforms. Cryptopunks OpenSea
You can convert your fiat money via your credit or debit card as well as Paypal via these reputable websites to exchange it for crypto:
- Bittrex and more!
All of them have the option of converting them into ETH, which is the most common crypto payment in OpenSea.
While OpenSea can be described as an NFT marketplace open to all forms of cryptocurrency, the wallets nevertheless more compatible than other. Since it is built mainly on an ETH blockchain, wallets with a connection to the same network are suitable for this site.
Here’s a list of various crypto wallets that you can use in OpenSea:
- Authereum and more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each wallet has its own restrictions, such as easy registration, mobile-only usage, and the function to buy cryptocurrency using a credit card. Cryptopunks OpenSea
For more information about the service, you can check their FAQs to see an overview of how you can get started and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has advantages and drawbacks. OpenSea isn’t the only one to have this. You can read about its pros and cons here:
- Available as mobile apps that are compatible with iOS as well as 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 market and NFTs.
- Allows royalties of only up to 10% for artists (low royalty rates).
- Cannot buy or sell through this mobile application.
- Only accepts cryptocurrency as a form of payment.
- A Crypto wallet is required to access this marketplace.
OpenSea is accessible to everyone who has crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. However, overall, you will easily recover that amount when you sell regularly since there’s no additional cost for it.
Frequently Asked Questions Cryptopunks OpenSea
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to provide artists a platform to sell their works online and receive cryptocurrency as a form of payment. It’s a great platform for artists using for selling NFTs due to its low gas fees and low commission fees that you have to pay.
You can browse and purchase an array of digital items on the NFT marketplace which is why you should definitely take a look!
Is OpenSea legitimate and is it safe?
The short answer is yes! OpenSea is a reputable marketplace since it was founded at the end of the year of 2018. Since the system it operates on is based on a blockchain that is secure, you can claim that your transactions are protected and secured.
Furthermore as a seller you can become verified once you build up your reputation. A blue checkmark is placed on your account or collection you uploaded to reassure every customer. The team at OpenSea regularly checks the contents to ensure users are secure.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you’ll get only 10 percent of the royalties after you upload the NFT. This is considered to be reasonably low compared against others NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) is widely used on this site and many others to accommodate more crypto users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of to access OpenSea.
What are the payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. You can buy and sell cryptocurrency on 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 application?
As mentioned before there’s an official mobile app by OpenSea for both iOS or Android. Download it at their respective app store and then you can begin browsing through the collection right now!
The version for desktops that OpenSea can be downloaded via WebCatalog. In the desktop application, you can manage multiple accounts and get notifications about updates to 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/).