Cryptocurrency is booming right now, and you’re probably wondering where you can invest your crypto currency. Markets have popped up all over the digital web designed to buy and sell NFTs via cryptocurrency! OpenSea can be one and is worth checking out.
If you’re well-versed in cryptocurrency, you’ve probably heard of OpenSea previously for a valid reason. It’s one of the largest and most popular marketplaces for users of cryptocurrency due to its security and rapid transactions.
Now hop aboard, and discover what you can do with OpenSea as well as examining the NFTs that you can see!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Ethereum Nft
The aim of OpenSea was to offer a platform/marketplace for artists to easily upload their commissions, without having to pay any additional charges. It also has additional functions that allow you to sell your art without too many issues.
In terms of the registration process, you don’t have to give any personal information about yourself. All you need to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as simple as that and without much hassle as you step into NFTs.
The most popular cryptocurrency that is used in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it and is used for most processes. It also operates with the Polygon blockchain, which ensures low-cost and quicker trading.
There are two types of blockchains that are available you can pick which one you’d like to publish your NFT as an seller. This ensures the safety of your NFT as well as the people who want to purchase it. All transactions will be made using this blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from just a domain name to official art from an artist that you admire. Anyone can become a seller, but it takes a while for anyone to be a reputable one.
There is a wide variety of NFTs available of NFTs available at OpenSea and you can become a part of this! You can set up your own personal market there, and also find NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent advancement for the cryptocurrency 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 not exactly sure what it means. Let’s look at what an NFT is for anyone who is new in the field of cryptocurrency.
One of the newest things you can buy can be an NFT. The NFT is a non-fungible currency that is individual and cannot be substituted. It can be an item of any rarity like rare baseball trading cards in mint condition or a unique vinyl album.
There is no limit to what an NFT can be as it’s a non-fungible thing you’re selling on the internet. It is simpler to simply think of the NFT as a digital collectible paid via cryptocurrency only.
Minting is similar to calling for dibs on your own NFTs. It is a way of claiming the owner of the item or token that you posted to the market place, but you’re offering it for sale. Usually, this is recognized once you fill out the correct information about the NFT and then add it on the market.
On OpenSea it’s a straightforward process to mint your NFTs by visiting the store and simply making a collection to begin! Input the appropriate and correct information regarding your NFT and choose what kind of settings you’d like to use for it (e.g. blockchain and money transfer tokens). Once that’s all done you are able to upload it to the internet if it’s in the 100 MB limit.
You can wait and observe how transactions progress from now to determine if OpenSea is the right marketplace for you.
What NFTs can you find here?
At this point you’re probably asking yourself what kind of NFTs can you shop for here and what you can also sell if you choose to go down that path. The type of NFT that you can purchase is unlimited as there’s a variety of options for how to approach it.
You can be selling digital products, trading cards, game assets domain names, some physical items! Find out what you think will reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that sets OpenSea from the other options. There are zero gas fees when you use this feature when you create and market NFTs. This simply means that you’ll get the most profit when you start selling because you won’t need to spend on additional fees.
Not many NFT marketplaces offer this feature, so this can be a fantastic way to earn a high return from your collection.
The Referral Program is another distinctive feature of OpenSea to be admired. Similar to traditional online markets, you can receive benefits by referring a friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from there you’ll earn 2.50 percent of the purchase amount, letting you earn more cash through this action.
Other NFT marketplaces don’t have this kind of feature either This is a further benefit OpenSea has over the other marketplaces.
There’s an OpenSea mobile app, but it is mainly used for perusing through the marketplace. It isn’t able to purchase or sell anything as you browse through the listing.
OpenSea’s mobile apps are available for the two platforms of iOS in addition to Android. While you’re not able to buy or sell something, you can browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are for you to use You can also convert your fiat money into cryptocurrency using these platforms. Ethereum Nft
You can convert the fiat currency you have with a the credit card, or Paypal through these trusted sites to exchange it for crypto:
- Bittrex and more!
All of these have the option of converting them into ETH that is the primary cryptocurrency payment option in OpenSea.
Although OpenSea can be described as an NFT marketplace open to all kinds of cryptocurrency, the wallets still more compatible with it than other. Since it is built on an ETH blockchain, all wallets with a connection to that network will be suitable for this site.
Here is a list of different crypto wallets which you can use with OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each wallet has its own restrictions, such as easy registration, mobile-only usage as well as the capability to purchase cryptocurrency with the credit card. Ethereum Nft
To know more about it to learn more, check out their FAQs to get the steps you can start and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with its advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and pros here:
- Available as mobile apps that are compatible with iOS or Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto industry and NFTs.
- Allows royalties up to 10% for artists (low royalty).
- It is not possible to buy or sell items on the mobile app.
- Only supports cryptocurrency as its form of payment.
- A Crypto account is needed to use this marketplace.
OpenSea is open to everyone who owns any crypto coins in their crypto wallets. When you are selling, 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 actively sell because there’s no additional cost for it.
Frequently Asked Questions Ethereum Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to give artists a chance to market their work online, and to accept cryptocurrency as a method of payment. It’s an excellent platform for artists who use for selling NFTs because of its zero gas fees and low commission fees which you are required to pay.
You can browse and shop for an array of digital products on this NFT marketplace and you must take a look!
Is OpenSea real and is it safe?
Short answer: Yes! OpenSea is a reputable marketplace since it was founded in the year 2018. Since the system it operates on is built on blockchain technology, it is safe to claim that your transactions are safe and secure.
Furthermore as a seller you will be verified after you have built up your credibility. A blue checkmark will appear to your account or the collection that you have uploaded to assure every customer. OpenSea’s team regularly reviews the contents to ensure users are secure.
How do I earn royalties on OpenSea?
However, as an artist, you will be paid only 10 percent of the royalties when you have uploaded the NFT. This is believed to be a reasonable amount compared to others NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) has been commonly used on this site as well as numerous others to cater for many more cryptocurrency users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize for OpenSea.
What are the payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. You can easily purchase or sell cryptocurrency through trusted platforms with fiat money. All you need to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea has a mobile or desktop app?
As mentioned before there’s an official mobile app from OpenSea for both iOS and Android. Install it from their app store, and then you can begin exploring the collection right now!
The Desktop application that OpenSea that can be downloaded through WebCatalog. With the desktop application, you can manage multiple accounts and get notifications on updates regarding your account when you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).