The crypto currency market is in a boom right now, and you’re probably wondering what you can do with your crypto currency. Marketplaces are popping up all over the internet, designed to purchase and sell NFTs with cryptocurrency! OpenSea is one of them, and it’s worth checking out.
If you’re interested in crypto, you’ve likely heard of OpenSea prior to this for a valid reason. It’s one of the largest and most popular marketplaces for cryptocurrency users because of its security and quick transactions.
Get on board, and let’s see what you can do with OpenSea and also see the NFTs available to view!
Before you go on, you may want to watch 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 Hic Et Nunc Nft
The purpose to create OpenSea was to offer artists with a marketplace/platform to upload commissions, without having to pay any additional charges. There are additional features that allow you to sell your artwork without any issues.
For registration, you don’t need to provide all of your personal details. All you need to connect your crypto wallet and voila! You have an account with OpenSea! It can be as simple as that and without many hassles when you enter into NFTs.
The most widely-used cryptocurrency used on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology which is utilized to carry out the majority of processes. It also operates with the Polygon blockchain, which ensures low-cost and quicker trading.
There are two types of blockchains it is possible to choose which one you would like to transfer your NFT to as a seller. This is to ensure the security of your NFT as well as the people who want to purchase it. All transactions will be made by using the blockchain, and you must consider 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. You can buy anything the simplest domain name to an official artwork by an artist you admire. Anyone can be a seller however, it takes some time for anyone to be an established one.
There is a wide variety of NFTs available at OpenSea and you can also be a part of that! You can start your own marketplace there, and also find NFTs you’d like to buy yourself.
What is an NFT?
In a recent advancement for the crypto industry”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that a lot of millennials are familiar with it but not exactly sure what it means. Let’s break down what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the latest ways that you can buy with cryptocurrency includes an NFT. A NFT is a token that is non-fungible which is extremely unique and can’t be changed. It can be an item of rarity like mint-condition baseball trading cards or a rare vinyl record.
There’s no limit to what an NFT can be since it’s a non-fungible thing that you sell on the internet. More straightforwardly, you can simply think of the NFT to be a type of digital item that is paid for using cryptocurrency only.
Minting is like calling the shots to your NFTs. It is a way of claiming ownership over that particular token/item you uploaded on market, as you’re offering it for sale. 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 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 and payment tokens). After that, you can finally upload it, if it’s within the 100 MB limit.
It is possible to wait and see the way transactions are handled from now on to see if OpenSea is the best marketplace for you.
What NFTs are available here?
At this point you’re probably thinking about the kind of NFTs can be purchased here, and what you could sell should you decide to pursue that route. The kind of NFT that you can purchase isn’t limited as there’s a variety of how you can go about it.
You could be selling digital products, trading cards, game assets, domain names, and even physical assets! Consider what you believe will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that differentiates OpenSea from the other options. There are no gas costs when you utilize this feature to make and then sell the NFTs. This is essentially a way to ensure that you get the most profit when you start selling because you won’t need to spend on any additional charges.
There aren’t many NFT marketplaces provide this feature, and it is a great way to receive high profit from your collection.
The Referral Program is another distinctive feature of OpenSea to admire. Like traditional online marketplaces, you can receive advantages when you refer a friend to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from the site you’ll earn 2.50 percent of the sales amount, letting you earn more cash by this method.
Other NFT marketplaces don’t have the same feature, so that’s just another benefit OpenSea has over them.
There’s an OpenSea mobile application, however it’s mostly used to browse through the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listings.
OpenSea’s mobile apps are available on the two platforms of iOS and Android. Although you aren’t able to purchase or sell something, you can at least look through the options you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are available to you, and you can exchange your fiat money for cryptocurrency on these platforms. Hic Et Nunc Nft
You can convert your fiat money via credit card or Paypal on these reliable websites for cryptocurrency:
- Bittrex and other things!
All of these have the option to exchange for ETH, which is the primary crypto payment in OpenSea.
Although OpenSea is an NFT marketplace that is open to all forms of cryptocurrency, the wallets nevertheless more compatible than other. Since it is built on an ETH blockchain, all wallets with a connection to this network are appropriate for this website.
Here’s a list various crypto wallets that which you can use with OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations, such as easy registration, only mobile usage and the ability to purchase cryptocurrency using credit cards. Hic Et Nunc Nft
To know more about it to learn more, check out their FAQs to see an overview of how you can start and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with advantages and drawbacks. OpenSea isn’t the only one to have this. You can view its pros and cons here:
- Available as mobile apps that are compatible with iOS as well as Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto market and NFTs.
- Allows royalty rates of 10% for artists (low royalty rates).
- It is not possible to buy or sell items through our mobile apps.
- Only supports cryptocurrency as its method of payment.
- The use of a Crypto account is needed to use this marketplace.
OpenSea is available to anyone who owns any crypto coins in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. In the end, you’ll easily recover that amount when you are actively selling since there is no additional fee for it.
Frequently Asked Questions Hic Et Nunc Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to give artists a chance for selling their artwork online to receive cryptocurrency as a method of payment. It’s an excellent platform for artists using for selling NFTs because of its zero cost of gas and the low commission rate which you are required to pay.
You can shop and browse an array of digital products on this NFT marketplace, so you should go through it!
Is OpenSea legit & safe?
Answer: Yes! OpenSea has been a trusted marketplace since its inception in the year of 2018. Because its system is built on blockchain technology that is secure, you can declare that transactions are secure and safe.
Additionally, as a seller, you will be verified after you have built up your credibility. A blue checkmark is placed to your account or the collection that you have uploaded to assure any customer. The OpenSea team reviews regularly the contents to ensure users are secure.
How can I earn royalties on OpenSea?
However, as an artist, you can get only 10 percent of the royalties when you upload the NFT. This is considered to be quite low in comparison to others NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) can be frequently used on this site as well as numerous others to cater for many more crypto users. These are other cryptos you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can use for OpenSea.
What are the payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. It is easy to buy or trade cryptocurrency using reliable platforms using fiat currency. All you have just connect your debit or credit card to Paypal for the transaction.
Does OpenSea have a desktop or mobile application?
As mentioned before, there is definitely an official mobile app by OpenSea for both iOS or Android. Download it at their respective app store and then you can begin browsing through the collection right now!
The Desktop application that OpenSea that can be downloaded through WebCatalog. On the desktop app, you can manage multiple accounts and receive notifications about updates to 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/).