The cryptocurrency market is on the rise and you’re probably wondering what you can do with your crypto currency. There are numerous marketplaces popping up across the internet, designed to purchase and sell NFTs with cryptocurrency! OpenSea is one of them, and it’s worth checking out.
If you’re well-versed in cryptocurrency, you’ve probably heard about OpenSea before for a good reason. It’s now one of the largest and most popular marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.
Now hop aboard, and discover the possibilities of OpenSea as well as examining what NFTs you can view!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick review. Afterward, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace How To OpenSea Urchin
The goal for OpenSea was to simply provide a platform/marketplace for artists to easily upload their commissions with no additional fees. There are additional features that allow you to sell your work without having to deal with many issues.
For registration, you don’t need to worry about giving all of your personal details. All you need to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It can be as simple as that, without much hassle as you step into NFTs.
The most popular cryptocurrency to use on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology which is utilized to carry out the majority of processes. It also functions on the Polygon blockchain to ensure lower costs and faster trading.
There are two types of blockchains that are available, you can choose which one you want to transfer your NFT to as a seller. This is to ensure the security of your NFT and the people who want to purchase it. All transactions are made using this blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything as simple as a domain name to an official artwork by an artist you admire. Anyone can become a seller however it takes some time for anyone to be an established one.
There are a variety of NFTs in the collection at OpenSea and you can join in with the collection! You can create your own market here, along with finding NFTs that you would like to purchase for yourself.
What is an NFT?
A recent change in the crypto industry the term “NFT” has been going around so long on the internet that a lot of millennials are familiar with it but aren’t sure exactly what it means. Let’s look at what an NFT is for anyone who is new in the field of cryptocurrency.
One of the new things you can buy is an NFT. A NFT is a non-fungible currency that is very unique and can’t be replaced. It could be a piece of rarity like mint-condition baseball trading cards or a unique vinyl album.
There’s no limit on what an NFT can be since it’s a non-fungible object you’re selling on the internet. More straightforwardly, you can simply think of the NFT being a virtual collectible that is paid for using cryptocurrency only.
Minting is like calling dibs for your personal NFTs. It is a way of claiming the owner of the item or token you uploaded on the marketplace, and offering it for sale. Usually, this becomes official after you fill in the proper information regarding the NFT and finally submit it for sale on.
On OpenSea, it’s a simple procedure to create your own NFTs by going to the store and simply making a collection to begin! Input the appropriate and accurate information about your NFT and then select what type of settings you’d like to use for it (e.g., blockchain or payments tokens). Once that’s all done, you can finally upload it, if it’s within the 100 MB limit.
It is possible to wait and see how the transactions go from now on to determine if OpenSea is the marketplace for you.
What NFTs are available here?
So, at this point you’re probably thinking about the kind of NFTs be found here, and what you could also sell if you decide to go that route. The type of NFT that you can purchase is indefinite as there’s a variety of ways to go about it.
It is possible to sell digital items, trading cards games domain names, also physical goods! Explore what you believe can yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what differentiates OpenSea from the other options. There’s no cost for gas when you use this feature when you mint and sell NFTs. This is essentially a way to ensure that you be able to make the highest profits once you start selling because you won’t have to spend on any additional charges.
Not many NFT marketplaces offer this feature, so this is great for you to earn a high return from your portfolio.
A Referral Program is another distinctive feature of OpenSea to admire. Like traditional online marketplaces, you can receive rewards by referring a friend to OpenSea! If you encourage a friend join OpenSea and buy an NFT from the site, you’ll receive 2.50% of the sale amount, letting you make more money from this act.
Other NFT marketplaces don’t have this feature This is a further advantage OpenSea has over the other marketplaces.
There is an OpenSea mobile application, however it’s mostly used to browse the marketplace. You can’t buy or sell anything as you browse through the listings.
The mobile apps of OpenSea are available for both iOS in addition to Android. Even though you can’t buy or sell anything, you can still at least explore the products you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available to you, and you can trade your fiat currency for cryptocurrency through these platforms. How To OpenSea Urchin
You can exchange your fiat currency using a your credit or debit card as well as Paypal via these reputable websites for cryptocurrency:
- Bittrex and other things!
All of these have the option to exchange for ETH that is the primary crypto payment in OpenSea.
Although OpenSea can be described as an NFT marketplace open to all forms of cryptocurrency, wallets are still more compatible with it than other. Since it is built using the ETH blockchain, any wallets with a connection to this network are appropriate for this website.
Here is a list of various crypto wallets that which you can use with OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each has its own limitations like easy registration, mobile-only usage and the ability to purchase cryptocurrency with the credit card. How To OpenSea Urchin
For more information about the service to learn more, check out their FAQs to see the steps you can start and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets every one of them has advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and cons here:
- Mobile apps are available that are compatible with iOS and 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 world and NFTs.
- Allows royalty rates of 10% for artists (low royalty).
- Cannot buy or sell via our mobile apps.
- Only supports cryptocurrency as its method of payment.
- A Crypto wallet is required for this marketplace.
OpenSea is open to everyone who owns any crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. But overall, you can quickly recover this amount if you sell regularly since there’s no extra charge for it.
Frequently Asked Questions How To OpenSea Urchin
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to provide artists a platform to sell their works online and receive cryptocurrency as their form of payment. It’s an ideal option for artists who want to use it to sell NFTs due to its no cost of gas and low commission fee rate which you are required to pay.
You can browse and shop for an array of digital items on the NFT marketplace which is why you should definitely take a look!
Is OpenSea legitimate and is it safe?
Short answer: Yes! OpenSea is a reputable marketplace since it was founded in 2018. Since its system is built on a blockchain, it is safe to declare that transactions are protected and secured.
In addition as a seller you will be verified after you build up your reputation. A blue checkmark is placed next to your account or collection you’ve uploaded to ensure the safety of every customer. The team at OpenSea regularly checks the content to ensure users are secure.
How can 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 considered to be quite low in comparison with other NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) can be widely used on this site as well as numerous others to cater for the increasing number of crypto users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can use for OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. You can easily purchase or trade cryptocurrency using secure platforms that accept fiat money. All you have to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea has a mobile or desktop application?
As mentioned before there’s an official mobile application from OpenSea available for both iOS and Android. Install it from their app store and then you can begin browsing through the collection right now!
There is also a desktop application for OpenSea that can be downloaded through WebCatalog. In the desktop application you are able to 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/).