Cryptocurrency is booming right now and you’re probably thinking where you can invest your crypto currency. Markets have popped up all over the internet, designed to purchase and sell NFTs with cryptocurrency! OpenSea is one of them and is worth looking into.
If you’re interested in crypto you’ve probably heard about OpenSea previously for a valid reason. It’s one of the biggest and most popular marketplaces for users of cryptocurrency due to its security and rapid transactions.
So, hop on board and discover the possibilities of 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 review. Afterward, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace How OpenSea Works
The aim of OpenSea was to provide an online marketplace for artists to easily upload their commissions with no additional fees. It has more functions that let you sell your work without having to deal with many issues.
In terms of registration, you won’t have to worry about giving any personal information about yourself. All you have to do is connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It can be as simple as that, without many hassles when you enter into NFTs.
The most popular cryptocurrency that is used on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it which is utilized for the majority of transactions. It also functions on the Polygon blockchain, which ensures the lowest cost and speediest trading.
With these two types of blockchains that are available you can pick which one you’d like to upload your NFT on as an seller. This will ensure the security of your NFT, along with the people who want to purchase it. Every transaction will be conducted using this blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall where you can exchange your cryptocurrency or NFTs for other NFTs. You can buy anything just a domain name to official art from an artist that you admire. Anyone can be a seller however it takes some time for anyone to become an established seller.
There is a wide variety from the selection at OpenSea and you can join in with the collection! You can start your own personal market there, and also find NFTs you want to purchase for 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 the majority of young people have heard of it but aren’t exactly sure what it actually means. Let’s take a look at what NFT is for anyone who is new in the field of cryptocurrency.
One of the new things that you can buy with cryptocurrency is an NFT. An NFT is a non-fungible token which is extremely individual and cannot be changed. It can be an item of any rareness, such as authentic baseball cards or a unique vinyl album.
There’s no limit on what an NFT can be as it’s a non-fungible thing that you can sell online. It is simpler to simply think of an NFT to be a type of digital collectible that is paid for using cryptocurrency only.
Minting is like calling dibs on your own NFTs. It is a way of claiming the ownership of the particular item you uploaded on market, as you’re offering it for sale. Usually, this is recognized after you fill in the correct information about the NFT and then submit it for sale on.
On OpenSea it’s a straightforward process to mine your NFTs by visiting the store and making a collection to begin! Fill out the proper and correct information regarding your NFT and choose what kind of settings you want to use it with (e.g., blockchain and payments tokens). After that, you can finally upload it, if it’s within the 100 MB limit.
You can watch and see the way transactions are handled from now to see if OpenSea is the right marketplace for you.
What NFTs can you find here?
So, at this point you’re probably asking yourself which kind of NFT be purchased here and what kind of NFTs you can also sell if you choose to go that route. The type of NFT it isn’t limited since there’s a broad range of how you can do it.
It is possible to sell digital products, trading cards, game assets, domain names, and some physical items! Consider what you believe will bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that differentiates OpenSea from other companies. There’s no cost for gas when you utilize this feature to mint and sell NFTs. This simply means that you’ll receive the maximum profits when you sell because you won’t have to spend on extra fees.
There aren’t many NFT marketplaces provide this feature, and it is a great way to earn a high return from your NFT collection.
The Referral Program is another distinctive feature of OpenSea to admire. Like traditional online marketplaces that offer rewards by referring your friend to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from there you’ll be rewarded with 2.50 percent of the purchase amount, which allows you to make more money by this method.
Other NFT marketplaces don’t offer this kind of feature either, so that’s just another benefit OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile app, but it is mainly used to browse the marketplace. It isn’t able to purchase or sell anything while you scroll through the list.
OpenSea’s mobile apps are available on both iOS and Android. Although you aren’t able to purchase or sell anything, you can still at least explore the products you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are at your disposal You can also convert your fiat money into cryptocurrency through these platforms. How OpenSea Works
You can exchange your fiat currency using a the credit card, or Paypal on these reliable websites to exchange it for crypto:
- Bittrex and more!
Each of them has the option of exchange for ETH which is the primary crypto payment in OpenSea.
Although OpenSea is an NFT marketplace that is open to all kinds of cryptocurrency, the wallets nevertheless more compatible than others. Since it is built around the ETH blockchain, wallets that share this network are appropriate for this site.
Here’s a list of various crypto wallets that you can use in OpenSea:
- Authereum and more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, only mobile usage, and the function to buy cryptocurrency using credit cards. How OpenSea Works
To learn more about it, you can check their FAQs for the steps you can start and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has its advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and pros here:
- Mobile apps available that are compatible with iOS and Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
- Allows royalties 10% to artists (low royalty).
- You cannot buy or sell products via our mobile apps.
- Only accepts cryptocurrency as a method of payment.
- A Crypto wallet is required to use this marketplace.
OpenSea is accessible to everyone who has any crypto currency in their crypto wallets. When you are selling, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. But overall, you can quickly regain that when you are actively selling since there’s no additional cost for it.
Frequently Asked Questions How OpenSea Works
What is OpenSea?
OpenSea is an NFT marketplace that aims to offer artists a way for selling their artwork online, and to accept cryptocurrency as their form of payment. It’s an excellent option for artists who want to use the platform to market NFTs due to its no gas costs and the low commission rate which you are required to pay.
You can browse and purchase the vast array of digital products on this NFT marketplace, so you should go through it!
Is OpenSea legit & safe?
Short answer: Yes! OpenSea is a reputable marketplace since it was established on the 1st of December in the year 2018. Since its system is based on a blockchain that is secure, you can say that your transactions are protected and secured.
In addition, as a seller, you can become verified once you build up your reputation. A blue checkmark will be assigned to your account or collection that you have uploaded to assure anyone who buys from you. The team at OpenSea regularly checks the content to ensure users are safe.
How do I earn royalties from OpenSea?
As an artist, you will get only 10 percent of the royalties when you have uploaded the NFT. This is thought to be a reasonable amount compared with the other NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) has been widely used on this site and many others to accommodate more cryptocurrency users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can utilize for OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. You can buy and sell cryptocurrency through reliable platforms using fiat currency. All you have be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea have a desktop/mobile app?
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 you can start exploring the collection now!
There is also a version for desktops that OpenSea can be downloaded via 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/).