The cryptocurrency market is on the rise and you’re probably wondering where to invest your crypto coins. Markets have popped up across the digital web designed to sell and buy NFTs with cryptocurrency! OpenSea is among them and is worth looking into.
If you’re well-versed in cryptocurrency you’ve likely heard of OpenSea previously for a valid reason. It’s now one of the largest and most popular marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.
Get on board, and let’s see the possibilities of OpenSea, along with checking the NFTs available to view!
Before you go on, you may want to check out 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 Install OpenSea Dragon
The purpose of OpenSea was to provide artists with a marketplace/platform to easily upload their commissions with no additional charges. There are additional features which allow you to market your art without too many problems.
In terms of registration, you won’t have to give any personal information about yourself. All you have to connect your crypto wallet and voila! You have an account with OpenSea! It can be as simple as that without going through many hassles when you enter into NFTs.
The most popular cryptocurrency that is used within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system which is utilized for most processes. It is also based using the Polygon blockchain, which allows for the lowest cost and speediest trading.
With these two kinds of blockchains that are available, you can choose 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 purchase it. All transactions will be made by using the blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace where you can exchange your cryptocurrency or NFTs for other NFTs. You can buy anything just a domain name to an official artwork by an artist you admire. Anyone can become a seller, but it takes a while before anyone can become an established one.
There are a variety of NFTs in the collection at OpenSea, and you can also be a part of this! You can set up your own personal market here, along with finding NFTs you’d like to buy yourself.
What is an NFT?
In a recent advancement for the crypto industry, the term “NFT” has been going around so long on the internet that many millennials are familiar with it but aren’t exactly sure what it is. Let’s break down what an NFT is for anyone who is new in cryptocurrency.
One of the latest ways you can purchase your cryptocurrency is an NFT. An NFT is a non-fungible token that is very individual and cannot be replaced. This can be an item of any rareness, such as mint-condition baseball trading cards or a rare vinyl record.
There’s no limit on what an NFT can be since it’s a non-fungible object that you sell on the internet. More straightforwardly, you can simply think of as an NFT being a virtual item which is only paid in cryptocurrency.
Minting is similar to calling for dibs on your own NFTs. You are calling the owner of the item or token you uploaded on market, as you’re selling it. Usually, this is recognized after you fill in the proper information regarding the NFT and finally submit it for sale on.
On OpenSea It’s a very simple process to mint your NFTs by visiting the store and then creating a collection to start! Fill out the proper and correct information regarding your NFT and then select what type of settings you want for it (e.g., blockchain and payment tokens). After that you are able to upload it to the internet if it’s in the limit of 100MB.
You can wait and observe the way transactions are handled from now on to determine if OpenSea is the right marketplace for you.
What NFTs can you get here?
In this moment, you’re probably wondering which kind of NFT can you shop for here and what you can also sell if you choose to go that route. The kind of NFT that you can purchase is indefinite because there’s a wide range of how you can do it.
It is possible to sell digital items, trading cards game assets, domain names, and some physical items! Explore what you believe can reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that sets OpenSea from the others. There are no gas costs when you utilize this feature to create and market NFTs. This simply means that you’ll be able to make the highest profits once you sell because you won’t need to spend on extra fees.
Not many NFT marketplaces have this feature, which is why this is a great way to make a huge profit from your NFT collection.
The Referral Program is a different aspect of OpenSea to admire. Similar to traditional online markets, you can receive benefits when you refer someone else to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from there, you’ll receive 2.50 percent of the purchase amount, which allows you to make more money through this action.
Other NFT marketplaces don’t offer the same feature and that’s another advantage OpenSea has over the other marketplaces.
There is an OpenSea mobile application, however it’s mostly used to browse through the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listings.
The mobile apps from OpenSea are accessible on both iOS as well as 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
Numerous cryptocurrency exchange platforms are to you You can also exchange your fiat money for cryptocurrency on these platforms. Install OpenSea Dragon
You can convert your fiat currency using a your credit or debit card as well as Paypal via these reputable websites to exchange it for crypto:
- Bittrex and many more!
All of these have the option to exchange for ETH, which is the most common crypto payment in OpenSea.
Although OpenSea is an NFT marketplace open to all types of cryptocurrency, wallets are still more compatible with it than others. Since it is built using an ETH blockchain, all wallets that share this network are appropriate for this website.
Here’s a list of various crypto wallets that which you can use with OpenSea:
- Authereum and many more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each has its own limitations including simple registration, mobile-only usage and the ability to purchase cryptocurrency with credit cards. Install OpenSea Dragon
To know more about it to learn more, check out their FAQs for the steps you can start and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has advantages and drawbacks. OpenSea isn’t an exception to this. You can read about its pros and pros here:
- Mobile apps are available for iOS as well as Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in the crypto market and NFTs.
- Allows royalties of only 10% for artists (low royalties).
- It is not possible to buy or sell items on the mobile app.
- Only accepts cryptocurrency as a method of payment.
- The use of a Crypto wallet is required for this marketplace.
OpenSea is available to anyone who owns any crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. However, overall, you will easily recover that amount when you actively sell because there’s no additional cost for it.
Frequently Asked Questions Install OpenSea Dragon
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to provide artists a platform for selling their artwork online, and to accept cryptocurrency as their form of payment. It’s a great platform for artists who use for selling NFTs due to its no gas fees and low commission fee rate that you have to pay.
You can browse and shop for a vast collection of digital products on this NFT marketplace, so you should go through it!
Is OpenSea real and is it safe?
Answer: Yes! OpenSea is a reputable marketplace since it was established in 2018. Since the system it operates on is based on a blockchain that is secure, you can say that your transactions are safe and secure.
In addition, as a seller, you will be verified after you have built up your credibility. A blue checkmark will be assigned next to your account or collection you uploaded to reassure anyone who buys from you. OpenSea’s team regularly reviews the content to ensure users are safe.
How do I earn royalties from OpenSea?
As an artist, you’ll get only 10 percent of the royalties when you have uploaded the NFT. This is considered to be reasonably low compared to others NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) has been widely used on this site as well as other sites to provide the increasing number of cryptocurrency users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize to use OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. It is easy to buy or sell cryptocurrency through secure platforms that accept fiat money. All you need just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea has a mobile or desktop application?
As mentioned before there’s an official mobile app from OpenSea available for both iOS and Android. Install it from their app store, and you can start exploring the collection right now!
The desktop application for OpenSea can be downloaded via WebCatalog. In the desktop application you can manage multiple accounts and get 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/).