Cryptocurrency is booming right now, and you’re probably wondering what you can do with your crypto coins. There are numerous marketplaces popping up across the web that allow users to purchase and sell NFTs using cryptocurrency! OpenSea is one of them, and it’s worth checking out.
If you’re familiar with cryptocurrency, you’ve probably heard about OpenSea previously for a valid reason. It’s now one of the biggest and leading marketplaces among cryptocurrency users because of its security and rapid transactions.
Now hop aboard, and discover 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. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Electron Micrograph Of Nft Terry
The aim of OpenSea was to offer artists with a marketplace/platform to upload commissions without any extra costs. There are additional features that allow you to sell your work without having to deal with many difficulties.
For registration, you don’t need to give too many details about yourself. All you need to do is connect your crypto wallet and voila! You have an account on OpenSea! It can be as simple as that, without much hassle as you step into NFTs.
The most well-known cryptocurrency to use in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system and is used for the majority of transactions. It also operates on the Polygon blockchain, which ensures low-cost and quicker trading.
With these two kinds of blockchains that are available you can pick which one you want to transfer your NFT to as an seller. This is to ensure the security of your NFT as well as the people who want to buy it. All transactions will be made using this blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace 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 an official artwork by an artist you admire. Anyone can sell however it takes time before anyone can become an established one.
There are a variety of NFTs in the collection at OpenSea and you could become a part of the collection! You can create your own marketplace on this site, as well as find NFTs you’d like to buy yourself.
What is an NFT?
A recent change in the cryptocurrency industry the term “NFT” has been going around for so long on the internet that many millennials are familiar with it but aren’t sure exactly what it means. Let’s take a look at what NFT is for any beginners in cryptocurrency.
One of the new things you can purchase your cryptocurrency includes an NFT. An NFT is a non-fungible token that is individual and cannot be changed. This can be an item of any rareness like mint-condition baseball trading cards, or a uncommon vinyl record.
There’s no limit to what an NFT can be as it’s a non-fungible object that you can sell online. More straightforwardly, you can just think of the NFT being a virtual item which is only paid in cryptocurrency.
Minting is like calling dibs on your own NFTs. You are calling ownership over that particular token/item you uploaded on the market place, but offering it for sale. Usually, this becomes official once you fill out all the necessary information about the NFT and finally 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 create a collection! Complete the correct and correct information regarding your NFT and choose what kind of settings you’d like to use for it (e.g., blockchain or money transfer tokens). After that, you can finally upload it if it fits the limit of 100MB.
It is possible to wait and see the way transactions are handled from now to see if OpenSea is the best marketplace for you.
What NFTs can you get here?
At this point, you’re probably wondering which kind of NFT be purchased 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 because there’s a wide range of how you can approach it.
You can be selling digital items, 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 function is the one that sets OpenSea from the others. There are no gas costs when you use this feature when you make and then sell the NFTs. This means you’ll receive the maximum profits when you start selling because you won’t need to spend on extra fees.
Very few NFT marketplaces have this feature, which is why this is great for you to earn a high return from your NFT collection.
A Referral Program is another unique aspect of OpenSea to be admired. Like traditional online marketplaces there are rewards by referring someone else to OpenSea! If you invite a friend to join OpenSea and buy 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 offer this kind of feature either and that’s another benefit OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile application, however it’s mostly to browse through the marketplace. You can’t buy or sell items as you browse through the listing.
The mobile apps from OpenSea are accessible on the two platforms of iOS in addition to Android. While you’re not able to buy or sell anything, you can still at least explore the products you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are for you to use, and you can trade your fiat currency for cryptocurrency on these platforms. Electron Micrograph Of Nft Terry
You can convert the fiat currency you have with a the credit card, or Paypal via these reputable websites for cryptocurrency:
- Bittrex, and more!
All of these have the option to exchange for ETH, which is the standard crypto payment in OpenSea.
While OpenSea is an NFT marketplace that is open to all kinds of cryptocurrency, wallets are nonetheless more compatible than others. Since it is built around an ETH blockchain, all wallets which are part of that network will be suitable for this site.
Here’s a list different crypto wallets you can utilize in OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each wallet has its own restrictions, such as easy registration, only mobile usage and the ability to purchase cryptocurrency using a credit card. Electron Micrograph Of Nft Terry
To learn more about it, you can check their FAQs to see a rundown of how you can begin and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has its advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and cons here:
- Mobile apps available that are compatible with iOS and Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalty rates of 10% for artists (low royalties).
- You cannot buy or sell products on this mobile application.
- Only supports cryptocurrency as its type of payment.
- The use of a Crypto digital wallet must be used to use this marketplace.
OpenSea is open to everyone who has crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. In the end, you’ll easily recover that amount when you actively sell because there’s no additional cost for it.
Frequently Asked Questions Electron Micrograph Of Nft Terry
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 excellent platform for artists who use it to sell NFTs due to its low gas costs and low commission fee rate that you have to pay.
You can shop and browse a vast collection of digital items on the NFT marketplace, so you should go through it!
Is OpenSea legit & safe?
Answer: Yes! OpenSea has been a trusted marketplace since it was founded at the end of the year of 2018. Since its system is built on a blockchain and is secured, it is safe to declare that transactions are secure and safe.
Additionally, as a seller, you’ll be verified when you build up your reputation. A blue checkmark will be assigned next to your account or collection that you have uploaded to assure anyone who buys from you. The team at OpenSea regularly checks the contents to ensure users are protected.
How can I earn royalties from OpenSea?
However, as an artist, you’ll get only 10 percent of the royalties after you upload the NFT. This is thought to be a reasonable amount compared to other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) has been widely used on this site and many others to accommodate many more crypto users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can utilize to access OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. You can buy and sell cryptocurrency on secure platforms that accept fiat money. All you need be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea has a mobile or desktop app?
As previously mentioned There is an official mobile app from OpenSea for both iOS or Android. Download it at their respective app store, and then you can begin browsing through the collection right now!
A desktop application for OpenSea which can be downloaded from WebCatalog. With the desktop application you can manage multiple accounts and get notifications about updates to 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/).