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 web that allow users to buy and sell NFTs using cryptocurrency! OpenSea is among them and is worth a look.
If you’re familiar with cryptocurrency, you’ve probably heard of OpenSea prior to this for a valid reason. It’s now one of the largest and most popular marketplaces for users of cryptocurrency due to its security and rapid transactions.
Get on board, and let’s see the possibilities of OpenSea and also see the NFTs that you can see!
Before you continue, 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 our article for a more comprehensive review.
OpenSea as an NFT Marketplace Is Nft Used Any More
The purpose for OpenSea was to provide an online marketplace for artists to upload their commissions without any extra costs. It also has additional functions which allow you to market your artwork without any difficulties.
When it comes to registration, you don’t need to worry about giving any personal information about yourself. All you need to connect your crypto wallet and voila! You have an account with OpenSea! It’s as simple as that without going through many hassles when you enter into NFTs.
The most well-known cryptocurrency to use in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it and is used to carry out the majority of processes. It is also based with the Polygon blockchain, which ensures low-cost and quicker trading.
With these two types of blockchains 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 those who would like to buy it. Every transaction will be conducted along with this blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything just a domain name, to a piece of art from an artist you admire. Anyone can become a seller however it takes a while before anyone can become an established seller.
There is a wide variety of NFTs available of NFTs available at OpenSea and you could become a part of that! You can set up your own personal market there, and also find NFTs that you would like to purchase for 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 the majority of young people are familiar with it but aren’t sure exactly 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 buy is an NFT. An NFT is a non-fungible token which is extremely unique and can’t be changed. This can be a piece of rareness like authentic baseball cards, or a unique vinyl album.
There’s no limit to what an NFT could be, since it’s a non-fungible object you’re selling online. In simpler terms, you could just think of an NFT as a digital item that is paid for using cryptocurrency only.
Minting is similar to calling for dibs for your personal NFTs. It is a way of claiming ownership over that particular token/item that you posted to the market place, but selling it. Typically, this is official when you have filled in the proper information regarding the NFT and submit it for sale on.
On OpenSea it’s a straightforward process to mine your NFTs. All you have to do is visit the store and 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 or payments tokens). After you’ve completed the process you are able to upload it if it fits the 100 MB limit.
You can wait and observe how transactions progress from now to determine whether OpenSea is the marketplace for you.
What NFTs are available here?
So, at this point you’re probably thinking about which kind of NFT can be purchased here and what you can also sell if you choose to pursue that route. The type of NFT it can be is unlimited as there’s a variety of options for how to do it.
It is possible to sell digital items, trading cards game assets domain names, even physical assets! Consider what you believe will bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what sets OpenSea from the other options. There’s no cost for gas when you utilize this feature when you mint and sell NFTs. This means you’ll be able to make the highest profits once you start selling because you won’t need to spend on additional fees.
Not many NFT marketplaces have this feature, so this can be a fantastic way to make a huge profit from your portfolio.
The Referral Program is a different aspect of OpenSea to take note of. Like traditional online marketplaces, you can receive rewards by referring 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 sales amount, letting you earn more money from this act.
Other NFT marketplaces don’t have the same feature and that’s another advantage OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile application, however it is mainly used for perusing through the marketplace. Unfortunately, you can’t purchase or sell anything as you browse through the listing.
OpenSea’s mobile apps are available for the two platforms of iOS in addition to Android. Although you aren’t able to purchase or sell things, you can look through the options you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are to you to exchange your fiat money for cryptocurrency through these platforms. Is Nft Used Any More
You can swap your fiat money via credit card or Paypal through these trusted sites for cryptocurrency:
- Bittrex, and many more!
Each of them has the option of converting them into ETH which is the most common cryptocurrency used in OpenSea.
Although OpenSea is an NFT marketplace that is open to all kinds of cryptocurrency, wallets are nevertheless more compatible than other. Since it is built mainly using an ETH blockchain, wallets which are part of that network will be suitable for this website.
Here is a list of several crypto wallets you can use in OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each has its own limitations like easy registration, use on mobile devices only and the ability to buy cryptocurrency using the credit card. Is Nft Used Any More
For more information about the service, you can check their FAQs for the steps you can get started and which other 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 pros here:
- Available as mobile apps for iOS as well as Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalties of only 10% to artists (low royalties).
- Cannot buy or sell on our mobile apps.
- Only accepts cryptocurrency as a method of payment.
- A Crypto wallet is required to access this marketplace.
OpenSea is accessible to everyone who has crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. However, overall, you will quickly regain that when you sell regularly since there is no additional fee for it.
Frequently Asked Questions Is Nft Used Any More
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to offer artists a way to market their work online, and to accept cryptocurrency as a method of payment. It’s an excellent option for artists who want to use it to sell NFTs due to its no cost of gas and low commission fees you must pay.
You can browse and shop for the vast array of digital items on the NFT marketplace which is why you should definitely check it out!
Is OpenSea legitimate and secure?
The short answer is yes! OpenSea has been a trusted marketplace since its inception in 2018. Since its system is based on a blockchain that is secure, you can say that your transactions are protected and secured.
Additionally, as a seller, you will be verified after you’ve earned a reputation. A blue checkmark will be assigned 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 that users are secure.
How do I earn royalties on OpenSea?
However, as an artist, you’ll get only 10 percent of the royalties when you upload the NFT. This is believed to be a reasonable amount compared against other NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) has been frequently used on this site and many others to accommodate many more crypto users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can utilize to access OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. You can buy and sell cryptocurrency through secure platforms that accept fiat money. All you need to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea have a desktop or mobile application?
As mentioned before there’s an official mobile app by OpenSea that is available for iOS and Android. Download it at their respective app store, and you can start exploring the collection right now!
A version for desktops that OpenSea which can be downloaded from WebCatalog. On the desktop app you are able to manage multiple accounts and receive alerts on any updates that affect 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/).