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 sell and buy NFTs with cryptocurrency! OpenSea is one of them and is worth checking out.
If you’re familiar with cryptocurrency, you’ve probably heard of OpenSea prior to this for a valid reason. It’s one of the largest and leading marketplaces among cryptocurrency users because of its safety and speedy transactions.
Get on board, and let’s explore what you can do with OpenSea and also see 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 will want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Getting Into Nft
The purpose of OpenSea was to offer a platform/marketplace for artists to easily upload their commissions, without having to pay any additional costs. There are additional features that allow you to sell your artwork without any difficulties.
In terms of the registration process, you don’t have to provide all of your personal details. All you have to do is connect your crypto wallet and voila! You have an account with OpenSea! It’s as simple as that, without much hassle as you step into NFTs.
The most popular cryptocurrency to use within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology, and this is used to carry out the majority of processes. It also operates on the Polygon blockchain to ensure lower costs and faster trading.
With these two kinds of blockchains you can pick which one you would like to upload your NFT on as an seller. This ensures the safety of your NFT, along with those who would like to buy it. Every transaction will be conducted by using the blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless that lets you trade 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 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 also be a part of the collection! You can create your own market there, and also find NFTs you’d like to buy yourself.
What is an NFT?
In a recent development for the crypto market the term “NFT” has been going around for so long on internet that the majority of young people have heard of it but not exactly sure what it actually means. 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 newest things you can purchase your cryptocurrency includes an NFT. An NFT is a non-fungible currency which is extremely individual and cannot be substituted. It can be a piece of rareness, such as authentic baseball cards or unique vinyl album.
There’s no limit on what an NFT can be as it’s a non-fungible object that you sell online. It is simpler to simply consider as an NFT as a digital collectible that is paid for using cryptocurrency only.
Minting is like calling dibs on your own NFTs. It is a way of claiming ownership over that particular token/item that you posted to the market place, but you’re selling it. Typically, this is official when you have filled in all the necessary information about the NFT and then submit it for sale on.
On OpenSea it’s a straightforward procedure to create your own NFTs by going to the store and then making a collection to begin! Complete the correct and complete information about your NFT and then select what type of settings you want for it (e.g., blockchain, payment tokens). After that you are able to upload it if it fits the limit of 100MB.
You can watch and see how the transactions go from now to see if OpenSea is the marketplace for you.
What NFTs can you find here?
In this moment, you’re probably wondering the kind of NFTs can you shop for here and what you can also sell if you choose to go that route. The type of NFT that you can purchase is unlimited as there’s a variety of ways to do it.
It is possible to sell digital products, trading cards games, domain names, and 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 differentiates OpenSea from the other options. There’s no cost for gas when you utilize this feature when you make and then sell the NFTs. This simply means that you’ll receive the maximum profits when you sell because you don’t need to pay on additional fees.
Not many NFT marketplaces have this feature, which is why this is a great way to receive high profit from your NFT collection.
A Referral Program is another unique aspect of OpenSea to take note of. Like traditional online marketplaces, you can receive advantages by referring a friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from the site you’ll earn 2.50 percent of the purchase amount, which means you can earn more money through this action.
Other NFT marketplaces don’t have this feature and that’s another advantage OpenSea has over them.
There’s an OpenSea mobile application, however it’s mostly to browse through the marketplace. Unfortunately, you can’t purchase or sell anything as you browse through the listings.
OpenSea’s mobile apps are available on both iOS and Android. While you’re not able to buy or sell anything, you can still at least explore the products you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are to you, and you can trade your fiat currency for cryptocurrency on these platforms. Getting Into Nft
You can exchange your fiat money via 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 most common cryptocurrency used in OpenSea.
While OpenSea has been described as being an NFT marketplace open to all forms of cryptocurrency, wallets are nevertheless more compatible than others. Since it is built on an ETH blockchain, all wallets that share the same network are suitable for the site.
Here’s a list of various crypto wallets that you can utilize in OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each one has its own set of limitations including simple registration, only mobile usage, and the function to purchase cryptocurrency with credit cards. Getting Into Nft
To know more about it You can go through their FAQs to see a rundown of how you can get started and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has its advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and pros here:
- Mobile apps available for iOS and Android.
- Smart contracts can be used to perform transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalty rates of 10% for artists (low royalty rates).
- It is not possible to buy or sell items via the mobile app.
- Only accepts cryptocurrency as a method of payment.
- An Crypto account is needed to access this marketplace.
OpenSea is available to anyone who has crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. In the end, you’ll easily recover that amount when you actively sell because there’s no extra charge for it.
Frequently Asked Questions Getting Into Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to give artists a chance to market their work online, and to accept cryptocurrency as their form of payment. It’s a great platform for artists using the platform to market NFTs due to its no gas costs and low commission fees that you have to pay.
You can shop and browse the vast array of digital products on this NFT marketplace, so you should check it out!
Is OpenSea legitimate and is it safe?
The short answer is yes! OpenSea is a reputable marketplace since its inception in the year 2018. Since the system it operates on is based on a blockchain and is secured, it is safe to say that your transactions are safe and secure.
Additionally as a seller you will be verified after you build up your reputation. A blue checkmark is placed on your account or any collection you’ve uploaded to ensure the safety of anyone who buys from you. OpenSea’s team regularly reviews the content to ensure users are protected.
How do I earn royalties on OpenSea?
However, as an artist, you can receive only up to 10 percent of the royalties after you upload the NFT. This is believed to be quite low in comparison to the other NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) is widely utilized on this website and many others to accommodate the increasing number of crypto users. These are other cryptos that you can buy 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 does not allow cryptocurrency exchanges on its website. It is easy to buy or sell cryptocurrency through trusted platforms with fiat money. All you need be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea have a desktop/mobile application?
As previously mentioned there’s an official mobile app from OpenSea for both iOS as well as Android. Download it at their respective app store, and then you can begin exploring the collection right now!
There is also a version for desktops that OpenSea which can be downloaded from WebCatalog. On the desktop app 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/).