The cryptocurrency market is on the rise and you’re probably wondering what you can do with your crypto currency. Marketplaces are popping up across the web that allow users to buy and sell NFTs via cryptocurrency! OpenSea can be one and is worth a look.
If you’re interested in crypto, you’ve probably heard about OpenSea prior to this for a valid reason. It’s one of the biggest and leading marketplaces among cryptocurrency users because of its security and quick transactions.
Get on board, and let’s explore what you can do with OpenSea, along with checking the NFTs that you can see!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick review. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Difference Between OpenSea And Rarible
The aim to create OpenSea was to simply provide artists with a marketplace/platform to upload commissions without any extra fees. There are additional features that allow you to sell your work without having to deal with many problems.
For registration, you don’t need to provide any personal information about yourself. All you need to connect your crypto wallet and voila! You have an account with OpenSea! It can be as simple as that, without much hassle as you step into NFTs.
OpenSea: Blockchain
The most popular cryptocurrency to use in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system and is used to carry out the majority of processes. It is also based with the Polygon blockchain, which ensures lower costs and faster trading.
With these two kinds of blockchains that are available it is possible to choose which one you’d like to transfer your NFT to as an seller. This is to ensure the security of your NFT and the people who want to buy it. Every transaction will be conducted using this blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace that lets you trade your NFTs or cryptocurrency for other NFTs. You can buy anything the simplest domain name to an official artwork by an artist you admire. Anyone can become a seller however, it takes time for anyone to be an established seller.
There is a wide variety of NFTs available at OpenSea, and you can become a part of that! You can start your own market on this site, as well as find NFTs you’d like to buy yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
In a recent development for the crypto industry”NFT” is a term that has been used in recent times “NFT” has been going around so long on the internet that many millennials are familiar with 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 new things that you can buy with cryptocurrency is an NFT. The NFT is a non-fungible currency that is very individual and cannot be changed. This can be an item of rarity like authentic baseball cards or a rare vinyl record.
There’s no limit to what an NFT could be, since it’s a non-fungible item that you sell on the internet. It is simpler to simply imagine the NFT as a digital item which is only paid in cryptocurrency.
Minting NFTs
Minting is like calling the shots on your own NFTs. You are calling the owner of the item or token that you have uploaded to the market place, but you’re offering it for sale. Usually, this becomes official once you fill out the proper information regarding the NFT and then submit it for sale on.
On OpenSea it’s a straightforward process to mint your NFTs by visiting the store and simply create a collection! Fill out the proper and complete information about your NFT and select the type of settings you want to use it with (e.g. blockchain or payment tokens). Once that’s all done you are able to upload it if it fits the 100 MB limit.
You can wait and observe how transactions progress from now to determine if OpenSea is the right marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs can you find here?
At this point you’re probably asking yourself which kind of NFT be purchased here, and what you could also sell if you choose to pursue that route. The type of NFT it is unlimited as there’s a variety of ways to go about it.
You can be selling trade cards, digital goods, game assets, domain names, and some physical items! Explore what you believe can bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that sets OpenSea from the others. There’s no cost for gas when you utilize this feature when you mint and sell NFTs. This means you’ll be able to make the highest profits once you start selling because you won’t have to spend on additional fees.
There aren’t many NFT marketplaces have this feature, and it is great for you to make a huge profit from your NFT collection.
Referral Program
The Referral Program is another distinctive feature of OpenSea to be admired. Similar to traditional online markets, you can receive advantages when you refer someone else to OpenSea! If you encourage a friend join OpenSea and buy an NFT from there you’ll be rewarded with 2.50 percent of the sales amount, letting you earn more cash from this act.
Other NFT marketplaces do not have this kind of feature either This is a further benefit OpenSea has over the other marketplaces.
> > Click Here to Explore OpenSea < <
Mobile Application
There’s an OpenSea mobile app, but it’s mostly used for perusing through the marketplace. It isn’t able to purchase or sell items as you browse through the listings.
The mobile apps of OpenSea are available on both iOS as well as Android. Although you aren’t able to purchase or sell things, you can browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available for you to use You can also convert your fiat money into cryptocurrency using these platforms. Difference Between OpenSea And Rarible
You can swap your fiat money via your credit or debit card as well as Paypal through these trusted sites for cryptocurrency:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex, and more!
Each of them has the option of exchange for ETH that is the primary crypto payment in OpenSea.
Crypto Wallets
While OpenSea is an NFT marketplace that is open to all types of cryptocurrency, wallets are nevertheless more compatible than other. Since it is built mainly on an ETH blockchain, any wallets that share the same network are suitable for this site.
Here is a list of different crypto wallets you can use in OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and many more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each has its own limitations including simple registration, use on mobile devices only, and the function to buy cryptocurrency using the credit card. Difference Between OpenSea And Rarible
To learn more about it, you can check their FAQs for an overview of how you can start and also what other crypto wallets are compatible with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and cons here:
Pros
- Mobile apps available for 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.
Cons
- Allows royalties 10% for artists (low royalty).
- You cannot buy or sell products through this mobile application.
- Only supports cryptocurrency as its method of payment.
- An Crypto account is needed to use this marketplace.
Pricing
OpenSea is open to everyone who has crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. But overall, you can easily recover that amount when you actively sell because there’s no extra charge for it.
Frequently Asked Questions Difference Between OpenSea And Rarible
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to offer artists a way to market their work online, and to accept cryptocurrency as a form of payment. It’s an ideal platform for artists using for selling NFTs due to its low gas fees and the low commission rate which you are required to pay.
You can browse and shop for an array of digital items on the NFT marketplace, so you should check it out!
Is OpenSea legitimate and secure?
The short answer is yes! OpenSea has been a trusted marketplace since its inception on the 1st of December in 2018. Because its system is built on blockchain technology and is secured, it is safe to declare that transactions are secure and safe.
In addition, as a seller, you can become verified once you build up your reputation. A blue checkmark is placed on your account or any collection that you have uploaded to assure anyone who buys from you. OpenSea’s team regularly reviews the content to ensure users are safe.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you can get only 10 percent of the royalties when you upload the NFT. This is considered to be reasonably low compared with others NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) is widely used on this site as well as other sites to provide many more crypto users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the cryptocurrencies that you can use to use OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. You can easily purchase or sell cryptocurrency through secure platforms that accept 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 application from OpenSea for both iOS as well as Android. Install it from their app store, and then you can begin exploring the collection now!
There is also a version for desktops that OpenSea can be downloaded via WebCatalog. With the desktop application you are able to manage multiple accounts and get 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/).
