Cryptocurrency is booming right now, and you’re probably wondering what you can do with your crypto currency. There are numerous marketplaces popping up all over the internet, designed to sell and buy NFTs via cryptocurrency! OpenSea is one of them and is worth checking out.
If you’re interested in crypto you’ve likely heard of OpenSea before for a good reason. It’s now one of the biggest and most popular marketplaces for users of cryptocurrency due to its security and rapid transactions.
So, hop on board and let’s explore what you can do with OpenSea, along with checking the NFTs available to view!
Before you go on, 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 the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Does OpenSea Have Royalties
The goal to create OpenSea was to provide a platform/marketplace for artists to easily upload their commissions with no additional fees. It has more functions which allow you to market your art without too many issues.
When it comes to the registration process, you don’t have to provide any personal information about yourself. All you need to connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as simple as that without going through much hassle as you step into NFTs.
The most popular cryptocurrency to use in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology and is used for the majority of transactions. It also operates with the Polygon blockchain, which allows for the lowest cost and speediest trading.
There are two types of blockchains it is possible to choose which one you would like to publish your NFT as an seller. This ensures the safety of your NFT and the people who want to purchase it. Every transaction will be conducted by using the blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall where you can trade in your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything as simple as a domain name to official art from an artist that you admire. Anyone can become a seller however, it takes some time for anyone to become a reputable one.
There are a variety of NFTs from the selection of NFTs available at OpenSea, and you can join in with the collection! You can start your own marketplace here, along with finding NFTs you want to purchase for yourself.
What is an NFT?
A recent change in the cryptocurrency industry, the term “NFT” has been going around so long on the internet that many millennials are familiar with it but not exactly sure what it is. Let’s look at what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the new things that you can buy with cryptocurrency includes an NFT. An NFT is a token that is non-fungible that is unique and can’t be replaced. It could be a piece of rareness like mint-condition baseball trading cards, or a rare vinyl record.
There’s no limit to what an NFT can be as it’s a non-fungible object that you sell online. It is simpler to simply imagine the NFT as a digital item paid via cryptocurrency only.
Minting is like calling dibs on your own NFTs. You are calling the ownership of the particular item you uploaded on market, as selling it. Typically, this is official after you fill in all the necessary information about the NFT and submit it for sale on.
On OpenSea It’s a very simple procedure to create your own NFTs. All you have to do is visit the store and simply create a collection! Fill out the proper and accurate information about your NFT and choose what kind of settings you’d like to use for it (e.g., blockchain or money transfer tokens). Once that’s all done, you can finally upload it, if it’s within the limit of 100MB.
It is possible to wait and see how the transactions go from now to determine if OpenSea is the marketplace for you.
What NFTs can you find here?
At this point, you’re probably wondering the kind of NFTs can be purchased here and what you can sell should you decide to go down that path. The kind of NFT it can be isn’t limited since there’s a broad range of ways to do it.
You can be selling trade cards, digital goods, game assets, domain names, and even physical assets! Find out what you think will bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what sets OpenSea from other companies. There’s no cost for gas when you use 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 have to spend on extra fees.
There aren’t many NFT marketplaces offer this feature, so this can be a fantastic way to make a huge profit from your collection.
A Referral Program is another unique aspect of OpenSea to admire. Like traditional online marketplaces, you can receive benefits when you refer a friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from the site you’ll be rewarded with 2.50 percent of the sales amount, letting you earn more money by this method.
Other NFT marketplaces don’t offer this kind of feature either This is a further benefit OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile app, but it is mainly used to browse through the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listings.
OpenSea’s mobile apps are available on both iOS as well as Android. While you’re not able to buy or sell anything, you can still browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are to you You can also convert your fiat money into cryptocurrency through these platforms. Does OpenSea Have Royalties
You can swap the fiat currency you have with a your credit or debit card as well as Paypal on these reliable websites to exchange it for crypto:
- Bittrex, and many more!
All of them have the option of converting them into ETH, which is the standard cryptocurrency used in OpenSea.
Although OpenSea has been described as being an NFT marketplace that is open to all kinds of crypto, wallets are still more compatible with it than others. Because it is based around an ETH blockchain, any wallets that share the same network are suitable for this website.
Here’s a list of various crypto wallets that which you can use with OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations like easy registration, only mobile usage and the ability to buy cryptocurrency using credit cards. Does OpenSea Have Royalties
To learn more about it, you can check their FAQs to get an overview of how you can begin and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets, each one has advantages and drawbacks. OpenSea isn’t an exception to this. You can read about its pros and cons here:
- Available as mobile apps that are compatible with iOS or Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalties 10% for artists (low royalty).
- It is not possible to buy or sell items on the mobile app.
- Only accepts cryptocurrency as a type of payment.
- The use of a Crypto account is needed 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 for all sellers on the platform. However, overall, you will easily recover that amount when you sell regularly since there is no additional fee for it.
Frequently Asked Questions Does OpenSea Have Royalties
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to provide artists a platform to market their work online to receive cryptocurrency as a form of payment. It’s an ideal platform for artists using for selling NFTs due to its no gas fees and low commission fee rate that you have to pay.
You can browse and purchase an array of digital products on this NFT marketplace and you must go through it!
Is OpenSea legit & safe?
Short answer: Yes! OpenSea is a reputable marketplace since its inception in the year of 2018. Since its system is built on blockchain technology and is secured, it is safe to declare that transactions are protected and secured.
Additionally, as a seller, you’ll be verified when you build up your reputation. A blue checkmark is placed next to your account or any collection you uploaded to reassure anyone who buys from you. OpenSea’s team regularly reviews the content to ensure users are safe.
How can I earn royalties on OpenSea?
Unfortunately, as an artist, you will receive only up to 10 percent of the royalties when you upload the NFT. This is considered to be quite low in comparison against other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) has been widely utilized on this website and other sites to provide many more crypto users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of to access OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. It is easy to buy or sell cryptocurrency on reliable platforms using fiat currency. All you need be able to connect is your credit or Paypal for the transaction.
Does OpenSea have a desktop or mobile app?
As we mentioned earlier There is an official mobile application from OpenSea that is available for iOS and Android. You can download it through their app store and you can start exploring the collection right now!
A version for desktops that OpenSea can be downloaded via WebCatalog. In the desktop application, you can manage multiple accounts and get alerts on any updates that affect 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/).