Cryptocurrency is booming right now, and you’re probably wondering what you can do with your crypto-coins. Markets have popped up all over the internet, designed to buy and sell NFTs with cryptocurrency! OpenSea is one of them, and it’s worth checking out.
If you’re familiar with cryptocurrency, you’ve likely heard of OpenSea previously for a valid reason. It has become one of the biggest and most popular marketplaces among cryptocurrency enthusiasts due to its security and rapid transactions.
Now hop aboard, and let’s see what you can do with OpenSea as well as examining the NFTs that you can see!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick review. Afterward, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace How To Get Into Nft
The aim of OpenSea was to simply provide a platform/marketplace for artists to upload commissions without any extra fees. It also has additional functions which allow you to market your artwork without any problems.
In terms of registration, you don’t need to provide any personal information about yourself. All you have to connect your crypto wallet and voila! You have an account on OpenSea! It can be as simple as that without going through many hurdles as you walk into NFTs.
The most popular cryptocurrency used in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it, and this is used to carry out the majority of processes. It also operates using the Polygon blockchain, which ensures low-cost and quicker trading.
With these two kinds of blockchains that are available, you can choose which one you would like to transfer your NFT to as a seller. This is to ensure the security of your NFT, along with those who would like to buy it. All transactions are made along with this blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless where you can trade in your NFTs or cryptocurrency for other NFTs. You can purchase anything from the simplest domain name to official art from an artist you admire. Anyone can become a seller however, it takes time for anyone to be an established seller.
There is a wide variety from the selection on OpenSea and you could become a part of the collection! You can create your own personal market here, along with finding NFTs you’d like to buy for yourself.
What is an NFT?
A recent change in the crypto industry the term “NFT” has been going around for so long on internet that a lot of millennials are familiar with it , but aren’t exactly sure what it means. Let’s break down what an NFT is for any beginners in cryptocurrency.
One of the newest things you can purchase your cryptocurrency includes an NFT. The NFT is a non-fungible token that is very individual and cannot be changed. It can be an item of any rareness like rare baseball trading cards in mint condition or uncommon vinyl record.
There’s no limit on what an NFT can be as it’s a non-fungible object you’re selling on the internet. In simpler terms, you could just consider the NFT to be a type of digital collectible which is only paid in cryptocurrency.
Minting is like calling the shots to your NFTs. You’re claiming the owner of the item or token that you posted to the marketplace, and offering it for sale. Usually, this is recognized once you fill out all the necessary information about the NFT and upload it to the marketplace.
On OpenSea It’s a very simple procedure to create your own NFTs by visiting the store and making a collection to begin! Complete the correct and complete information about your NFT and select the type of settings you’d like to use to use it with (e.g., blockchain and payment tokens). After that, you can finally upload it to the internet if it’s in the 100 MB limit.
You can wait and observe how transactions progress from here on out to determine whether OpenSea is the right marketplace for you.
What NFTs can you find here?
In this moment, you’re probably wondering which kind of NFT can you shop for here and what kind of NFTs you can sell should you decide to go down that path. The kind of NFT it can be is indefinite as there’s a variety of how you can go about it.
It is possible to sell digital items, trading cards games domain names, some physical items! Consider what you believe will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that separates OpenSea from the other options. There’s no cost for gas when you use this feature to make and then sell the NFTs. This means you’ll receive the maximum profits when you sell because you won’t have to spend on additional fees.
Very few NFT marketplaces provide this feature, so this can be a fantastic way to earn a high return from your collection.
A Referral Program is another unique aspect of OpenSea to admire. Similar to traditional online markets that offer benefits when you refer your friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from the site you’ll be rewarded with 2.50 percent of the sales amount, letting you earn more money by this method.
Other NFT marketplaces don’t have the same feature, so that’s just another benefit OpenSea has over the other marketplaces.
There’s an OpenSea mobile application, however it is mainly used to browse through the marketplace. You can’t buy or sell anything as you browse through the listing.
OpenSea’s mobile apps are available for the two platforms of iOS as well as Android. While you’re not able to buy or sell something, you can browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are to you, and you can convert your fiat money into cryptocurrency using these platforms. How To Get Into Nft
You can exchange your fiat currency using a credit card or Paypal on these reliable websites for cryptocurrency:
- Bittrex and more!
All of these have the option of exchange for ETH, which is the standard cryptocurrency payment option in OpenSea.
While OpenSea is an NFT marketplace open to all kinds of cryptocurrency, the wallets nonetheless more compatible than others. Since it is built around an ETH blockchain, wallets with a connection to that network will be suitable for this website.
Here’s a list various crypto wallets that you can use in OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each has its own limitations including simple registration, use on mobile devices only and the ability to buy cryptocurrency using a credit card. How To Get Into Nft
For more information about the service, you can check their FAQs for an overview of how you can get started and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and cons here:
- Available as mobile apps for iOS and Android.
- Smart contracts can be used to perform transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto world and NFTs.
- Allows royalties of only up to 10% for artists (low royalty).
- Cannot buy or sell through the mobile app.
- Only accepts cryptocurrency as a method of payment.
- A Crypto digital wallet must be used to access this marketplace.
OpenSea is open to everyone who has crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. However, overall, you will quickly regain that when you are actively selling since there’s no extra charge for it.
Frequently Asked Questions How To Get Into Nft
What is OpenSea?
OpenSea is an NFT marketplace that aims to give artists a chance to sell their works online and receive cryptocurrency as their form of payment. It’s a great option for artists who want to use it to sell NFTs because of its zero cost of gas and low commission fees you must pay.
You can browse and shop for a vast collection of digital items on the NFT marketplace and you must take a look!
Is OpenSea legitimate and secure?
Short answer: Yes! OpenSea has been a reliable marketplace since it was founded on the 1st of December in the year 2018. Because its system is built on a blockchain that is secure, you can declare that transactions are protected and secured.
Additionally as a seller you can become verified once you have built up your credibility. A blue checkmark is placed to your account or collection that you have uploaded to assure anyone who buys from you. OpenSea’s team regularly reviews the contents to ensure users are secure.
How can I earn royalties from OpenSea?
As an artist, you can get only 10% of the royalties once you have uploaded the NFT. This is thought to be reasonably low compared to the other NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) can be frequently used on this site and numerous others to cater for many more crypto users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can make use of for OpenSea.
What are the payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. It is easy to buy or sell cryptocurrency through secure platforms that accept fiat money. All you have just connect your debit or credit card to Paypal for the transaction.
Does OpenSea have a desktop/mobile application?
As mentioned before There is an official mobile application from OpenSea available for both iOS or Android. You can download it through their app store, and you can start exploring the collection now!
The version for desktops that OpenSea which can be downloaded from WebCatalog. In the desktop application you are able to manage multiple accounts and receive notifications on updates regarding 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/).