The crypto currency market is in a boom right now and you’re probably wondering where you can invest your crypto-coins. Markets have popped up across the digital web designed to purchase and sell NFTs via cryptocurrency! OpenSea is one of them, and it’s worth checking out.
If you’re interested in crypto, you’ve probably heard about OpenSea previously for a valid reason. It’s now one of the largest and leading marketplaces among cryptocurrency users because of its security and quick transactions.
So, hop on board and let’s explore what you can do with 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 will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Dapp Rankings OpenSea
The purpose for OpenSea was to simply provide artists with a marketplace/platform to easily upload their commissions with no additional costs. It has more functions which allow you to market your artwork without any problems.
When it comes to registration, you don’t need to give all of your personal details. All you have to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It can be as simple as that and without much hassle as you step into NFTs.
The most widely-used cryptocurrency that is used in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology which is utilized for most processes. It also operates on the Polygon blockchain, which ensures lower costs and faster trading.
There are two types of blockchains available you can pick which one you’d like to upload your NFT on as seller. This is to ensure the security of your NFT as well as the people who want to purchase it. Every transaction will be conducted by using the blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace where you can exchange your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything as simple as a domain name to official art from an artist you admire. Anyone can become a seller, but it takes a while for anyone to be an established one.
There are a variety of NFTs in the collection on OpenSea and you could also be a part of that! You can set up your own personal market on this site, as well as find NFTs that you would like to purchase yourself.
What is an NFT?
In a recent development for the crypto industry,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that the majority of young people have heard of it but aren’t exactly sure what it actually means. Let’s look at what an NFT is for anyone who is new in cryptocurrency.
One of the latest ways that you can buy with cryptocurrency is an NFT. An NFT is a non-fungible token that is very individual and cannot be changed. It can be an item of any rareness like mint-condition baseball trading cards, or a unique vinyl album.
There is no limit to what an NFT can be since it’s a non-fungible object you’re selling online. In simpler terms, you could just imagine as an NFT being a virtual item paid via cryptocurrency only.
Minting is like calling the shots to your NFTs. It is a way of claiming the ownership of the particular item that you have uploaded to market, as you’re offering it for sale. Typically, this is official once you fill out the correct information about the NFT and upload it to the marketplace.
On OpenSea it’s a straightforward procedure to create your own NFTs by going to the store and creating a collection to start! Fill out the proper and complete information about your NFT and then select what type of settings you want to use it with (e.g., blockchain or money transfer tokens). After you’ve completed the process, you can finally upload it, if it’s within 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 find here?
At this point you’re probably asking yourself what kind of NFTs can be found here and what kind of NFTs you can sell should you decide to go down that path. The kind of NFT that you can purchase is indefinite as there’s a variety of ways to approach it.
You could be selling digital products, trading cards, game assets domain names, even physical assets! Consider what you believe will reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what differentiates OpenSea from the other options. There are no gas costs for using this feature to make and then sell the NFTs. This simply means that you’ll be able to make the highest profits once you begin selling since you won’t need to spend on additional fees.
There aren’t many NFT marketplaces offer this feature, so this is a great way to receive high profit from your NFT collection.
This 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 purchase an NFT from there, you’ll receive 2.50 percent of the purchase amount, which means you can earn more cash through this action.
Other NFT marketplaces don’t offer this feature and that’s another advantage OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile app, but it is mainly used to browse through the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listing.
OpenSea’s mobile apps are available on both iOS and Android. Although you aren’t able to purchase or sell things, you can at least browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available for you to use, and you can convert your fiat money into cryptocurrency through these platforms. Dapp Rankings OpenSea
You can exchange your fiat money via credit card or Paypal through these trusted sites for cryptocurrency:
- Bittrex and more!
All of these have the option of exchange for ETH that is the primary cryptocurrency used in OpenSea.
While OpenSea is an NFT marketplace open to all types of cryptocurrency, wallets are nevertheless more compatible than others. Since it is built mainly around the ETH blockchain, wallets which are part of the same network are suitable for this website.
Here is a list of different crypto wallets you can use in OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each has its own limitations like easy registration, only mobile usage as well as the capability to buy cryptocurrency using the credit card. Dapp Rankings OpenSea
For more information about the service You can go through their FAQs to get the steps you can begin and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with advantages and drawbacks. OpenSea isn’t an exception to this. You can view its pros and pros here:
- Mobile apps are available that are compatible with iOS and Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalties 10% to artists (low royalty).
- Cannot buy or sell via our mobile apps.
- Only supports cryptocurrency as its method of payment.
- A Crypto wallet is required for this marketplace.
OpenSea is available to anyone who has any crypto currency in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. In the end, you’ll quickly recover this amount if you are actively selling since there’s no additional cost for it.
Frequently Asked Questions Dapp Rankings OpenSea
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to offer artists a way for selling their artwork online to receive cryptocurrency as a form of payment. It’s an excellent platform for artists who use it to sell NFTs due to its no cost of gas and the low commission rate that you have to pay.
You can browse and shop for a vast collection of digital goods in this NFT marketplace which is why you should definitely take a look!
Is OpenSea legit & is it safe?
The short answer is yes! OpenSea has been a reliable marketplace since its inception in 2018. Since the system it operates on is built on a blockchain and is secured, it is safe to declare that transactions are safe and secure.
Furthermore, as a seller, you can become verified once you build up your reputation. A blue checkmark is placed next to your account or any collection that you have uploaded to assure anyone who buys from you. The OpenSea team reviews regularly the contents to ensure users are protected.
How can I earn royalties on OpenSea?
However, as an artist, you’ll be paid only 10% of the royalties once you have uploaded the NFT. This is considered to be reasonably low compared to the other NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) has been commonly used on this site and numerous others to cater for more cryptocurrency users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can make use of to access OpenSea.
What are the payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. You can buy and sell cryptocurrency through reliable platforms using fiat currency. 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 previously mentioned, there is definitely an official mobile app from OpenSea available for both iOS and Android. Download it at their respective app store and begin exploring the collection right now!
There is also a Desktop application that OpenSea that can be downloaded through WebCatalog. In the desktop application, you can manage multiple accounts and 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/).