The cryptocurrency market is on the rise and you’re probably thinking what you can do with your crypto-coins. Markets have popped up all over the internet, designed to buy and sell NFTs with cryptocurrency! OpenSea is among them, and it’s worth a look.
If you’re familiar with cryptocurrency, you’ve probably heard about OpenSea prior to this for a valid reason. It has become one of the biggest and most popular marketplaces for cryptocurrency users because of its security and rapid transactions.
So, hop on board and let’s explore 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 overview. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Defien Nft
The purpose for OpenSea was to offer a platform/marketplace for artists to upload commissions with no additional charges. It also has additional functions that allow you to sell your artwork without any problems.
In terms of registration, you don’t need to worry about giving all of your personal details. All you have to do is connect your crypto wallet–and voila!–you have an account on OpenSea! It can be as simple as that and without many hurdles as you walk into NFTs.
The most popular cryptocurrency used on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology, and this is used for most processes. It also functions on the Polygon blockchain, which allows for the lowest cost and speediest trading.
With these two types of blockchains that are available you can pick which one you would like to transfer your NFT to as a seller. This is to ensure the security of your NFT as well as those who would like to purchase it. All transactions will be made along with this blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from as simple as a domain name to an official artwork from an artist that you admire. Anyone can become a seller however it takes a while before anyone can become a reputable one.
There are a variety of NFTs of NFTs available on OpenSea and you could join in with this! You can set up your own market on this site, as well as find NFTs that you would like to purchase for yourself.
What is an NFT?
A recent change in the crypto industry,”NFT,” a popular term in the crypto industry “NFT” has been going around so long on the internet that many millennials have heard of it but aren’t exactly sure what it actually means. Let’s break down what an NFT is for anyone who is new in cryptocurrency.
One of the newest things you can purchase your cryptocurrency includes an NFT. A NFT is a non-fungible currency that is very unique and can’t be replaced. It could be an item of any rarity like rare baseball trading cards in mint condition or uncommon vinyl record.
There is no limit to what an NFT can be as it’s a non-fungible item that you sell online. More straightforwardly, you can just imagine as an NFT being a virtual collectible that is paid for using cryptocurrency only.
Minting is like calling dibs to your NFTs. It is a way of claiming ownership over that particular token/item that you have uploaded to the marketplace, and selling it. Typically, this is official when you have filled in the correct information about the NFT and submit it for sale on.
On OpenSea It’s a very simple process to mint your NFTs by visiting the store and then making a collection to begin! Fill out the proper and complete information about your NFT and choose what kind of settings you’d like to use for it (e.g. blockchain, payment tokens). Once that’s all done you are able to upload it, if it’s within the limit of 100MB.
You can watch and see how the transactions go from now to determine if OpenSea is the right marketplace for you.
What NFTs can you get here?
In this moment you’re probably asking yourself the kind of NFTs can you shop for here and what you can also sell if you choose to pursue that route. The type of NFT it is indefinite since there’s a broad range of ways to go about it.
You could be selling trade cards, digital goods, game assets, domain names, and some physical items! Explore what you believe can yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that sets OpenSea from the others. There’s no cost for gas when you use this feature when you create and market NFTs. This simply means that you’ll get the most profit when you sell because you don’t need to pay on any additional charges.
There aren’t many NFT marketplaces offer this feature, so this can be a fantastic way to receive high profit from your collection.
This Referral Program is another distinctive feature of OpenSea to be admired. Like traditional online marketplaces that offer benefits when you refer your friend to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from the site you’ll be rewarded with 2.50% of the sale amount, letting you make more money from this act.
Other NFT marketplaces don’t have this kind of feature either, so that’s just another advantage OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile application, however it’s mostly used to browse the marketplace. You can’t buy or sell items as you browse through the listings.
The mobile apps from OpenSea are accessible for both iOS in addition to Android. Even though you can’t buy or sell things, you can browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available to you You can also exchange your fiat money for cryptocurrency on these platforms. Defien Nft
You can convert the fiat currency you have with a credit card or Paypal on these reliable websites for cryptocurrency:
- Bittrex and more!
Each of them has the option of converting them into ETH which is the standard cryptocurrency used in OpenSea.
While OpenSea can be described as an NFT marketplace that is open to all forms of cryptocurrency, wallets are still more compatible with it than others. Because it is based on the ETH blockchain, wallets with a connection to the same network are suitable for this site.
Here’s a list various crypto wallets that you can utilize in OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each wallet has its own restrictions including simple registration, mobile-only usage as well as the capability to purchase cryptocurrency with the credit card. Defien Nft
To know more about it to learn more, check out their FAQs to get the steps you can get started and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with advantages and drawbacks. OpenSea isn’t the only one to have this. It is possible to read about its pros and pros here:
- Mobile apps are available that are compatible with iOS as well as Android.
- Smart contracts can be used to perform transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalties 10% to artists (low royalties).
- It is not possible to buy or sell items on this mobile application.
- Only accepts cryptocurrency as a type of payment.
- The use of a Crypto account is needed to access this marketplace.
OpenSea is available to anyone who has any crypto currency in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. However, overall, you will quickly recover this amount if you sell regularly since there is no additional fee for it.
Frequently Asked Questions Defien Nft
What is OpenSea?
OpenSea is an NFT marketplace that is designed to offer artists a way to market their work online and receive cryptocurrency as a method of payment. It’s an ideal platform for artists who use for selling NFTs due to its low gas fees and low commission fees that you have to pay.
You can shop and browse a vast collection of digital products on this NFT marketplace, so you should go through it!
Is OpenSea real and is it safe?
Short answer: Yes! OpenSea is a reputable marketplace since its inception in the year of 2018. Since the system it operates on is built on blockchain technology and is secured, it is safe to say that your transactions are secure and safe.
Furthermore as a seller you can become verified once you’ve earned a reputation. A blue checkmark will appear next 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 that users are protected.
How do I earn royalties on OpenSea?
As an artist, you can be paid only 10 percent of the royalties when you have uploaded the NFT. This is thought to be reasonably low compared with the other NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) is widely used on this site as well as other sites to provide more crypto users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can use to access OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. You can easily purchase or trade cryptocurrency using reliable platforms using fiat currency. All you have just connect your debit or credit card to Paypal for the transaction.
Does OpenSea have a desktop or mobile application?
As previously mentioned there’s an official mobile app by OpenSea that is available for iOS and Android. Download it at their respective app store, and you can start browsing through the collection right now!
There is also a desktop application for OpenSea that can be downloaded through WebCatalog. On the desktop app 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/).