The crypto currency market is in a boom right now, and you’re probably wondering what you can do with your crypto coins. There are numerous marketplaces popping up across the web that allow users to purchase and sell NFTs via cryptocurrency! OpenSea is one of them and is worth checking out.
If you’re familiar with cryptocurrency you’ve probably heard of OpenSea before for a good reason. It’s one of the largest and leading marketplaces among cryptocurrency enthusiasts due to its security and rapid transactions.
So, hop on board and let’s see what you can do with OpenSea and also see 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 our article for a more comprehensive review.
OpenSea as an NFT Marketplace Is OpenSea Free
The goal to create OpenSea was to simply provide a platform/marketplace for artists to upload commissions, without having to pay any additional fees. It also has additional functions that let you sell your work without having to deal with many issues.
In terms of registration, you don’t need to worry about giving all of your personal details. All you need to connect your crypto wallet and voila! You have an account with OpenSea! It’s as simple as that and without much hassle as you step into NFTs.
OpenSea: Blockchain
The most popular cryptocurrency that is used on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system and is used for most processes. It is also based using the Polygon blockchain, which allows for lower costs and faster trading.
With these two types of blockchains available you can pick which one you’d like to transfer your NFT to as an seller. This is to ensure the security of your NFT as well as those who wish to purchase 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’s an endless online marketplace where you can trade in your cryptocurrency or NFTs for other NFTs. You can purchase anything from as simple as a domain name to an official artwork from an artist you admire. Anyone can become a seller, but it takes a while for anyone to be an established one.
There is a wide variety in the collection at OpenSea and you could become a part of that! You can create your own market there, and also find NFTs you want to purchase yourself.
> > Click Here to Explore OpenSea < <
What is an NFT?
In a recent development for the crypto market, the term “NFT” has been going around so long on the internet that many millennials have heard of it but aren’t sure exactly what it actually means. Let’s look at what an NFT is for anyone who is new in the field of cryptocurrency.
One of the new things that you can buy with cryptocurrency can be an NFT. A NFT is a non-fungible token which is extremely exclusive and cannot be replaced. It can be an item of any rareness, such as rare baseball trading cards in mint condition or unique vinyl album.
There is no limit to what an NFT can be as it’s a non-fungible object that you sell online. It is simpler to simply imagine an NFT being a virtual collectible paid via cryptocurrency only.
Minting NFTs
Minting is like calling the shots to your NFTs. It is a way of claiming ownership over that particular token/item that you have uploaded to the marketplace, and putting it up for sale. Usually, this becomes official once you fill out the correct information about the NFT and upload it to the marketplace.
On OpenSea It’s a very simple procedure to create your own NFTs. All you have to do is visit the store and create a collection! Fill out the proper and accurate information about your NFT and select the type of settings you want for it (e.g., blockchain or money transfer tokens). After that you are able to upload it to the internet if it’s in the limit of 100MB.
You can watch and see the way transactions are handled from here on out to determine whether OpenSea is the right marketplace for you.
> > Click Here to Explore OpenSea < <
What NFTs are available here?
So, at this point you’re probably asking yourself which kind of NFT be found here and what kind of NFTs you can also sell if you choose to go that route. The type of NFT that you can purchase isn’t limited as there’s a variety of how you can do it.
You could be selling digital products, trading cards games domain names, also physical goods! Consider what you believe will bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what separates OpenSea from the other options. There are zero gas fees when you utilize this feature to make and then sell the NFTs. This is essentially a way to ensure that you be able to make the highest profits once you sell because you won’t have to spend on extra fees.
There aren’t many NFT marketplaces provide this feature, so this is a great way to receive high profit from your collection.
Referral Program
A Referral Program is another distinctive feature of OpenSea to take note of. Like traditional online marketplaces, you can receive benefits when you refer your friend to OpenSea! If you refer a friend to join OpenSea and buy an NFT from the site, you’ll receive 2.50% of the sale amount, which allows you to earn more money through this action.
Other NFT marketplaces do not have this kind of feature either, so that’s just another advantage OpenSea is able to offer over other NFT marketplaces.
> > Click Here to Explore OpenSea < <
Mobile Application
There’s an OpenSea mobile app, but it’s mostly used to browse through the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listings.
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 at least browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are available at your disposal You can also exchange your fiat money for cryptocurrency on these platforms. Is OpenSea Free
You can swap your fiat currency using a credit card or Paypal through these trusted sites for cryptocurrency:
- Binance
- CoinBase
- CoinMama
- Kraken
- Bittrex and other things!
Each of them has the option of converting them into ETH, which is the primary cryptocurrency used in OpenSea.
Crypto Wallets
Although OpenSea has been described as being an NFT marketplace that is open to all forms of crypto, wallets are nevertheless more compatible than others. Because it is based on the ETH blockchain, any wallets that share this network are appropriate for the site.
Here is a list of several crypto wallets which you can use with OpenSea:
- WalletConnect
- Coinbase
- TrustWallet
- OperaTouch
- Bitski
- Authereum and much more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations including simple registration, mobile-only usage and the ability to purchase cryptocurrency using a credit card. Is OpenSea Free
To learn more about it You can go through their FAQs to get an overview of how you can start and what other crypto wallets work with OpenSea.
> > Click Here to Explore OpenSea < <
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and cons here:
Pros
- Mobile apps available for iOS and Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto market and NFTs.
Cons
- Allows royalties 10% to artists (low royalty rates).
- It is not possible to buy or sell items on the mobile app.
- Only accepts cryptocurrency as a form of payment.
- The use of a Crypto account is needed for this marketplace.
Pricing
OpenSea is available to anyone who has any crypto currency in their crypto wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. But overall, you can quickly recover this amount if you sell regularly since there is no additional fee for it.
Frequently Asked Questions Is OpenSea Free
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to offer artists a way to sell their works online, and to accept cryptocurrency as a 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 the low commission rate that you have to pay.
You can shop and browse a vast collection of digital items on the NFT marketplace, so you should go through it!
Is OpenSea legitimate and is it safe?
Answer: Yes! OpenSea has been a trusted marketplace since it was established on the 1st of December in 2018. Since its system is built on blockchain technology, it is safe to declare that 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’ve uploaded to ensure the safety of anyone who buys from you. OpenSea’s team regularly reviews the content to ensure users are protected.
How can I earn royalties from OpenSea?
However, as an artist, you’ll receive only up to 10% of the royalties once 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 cryptocurrency users. These are other cryptos you can purchase on the OpenSea marketplace:
- WETH
- USDC
- DAI.
These are the cryptocurrencies that you can make use of for OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. You can easily purchase or sell cryptocurrency through secure platforms that accept fiat money. All you have to do is connect your credit card or Paypal for the transaction.
Does OpenSea have a desktop or mobile app?
As we mentioned earlier, there is definitely an official mobile app by OpenSea for both iOS or Android. Download it at their respective app store, and then you can begin exploring the collection now!
The desktop application for OpenSea can be downloaded via WebCatalog. On the desktop app, you can manage multiple accounts and receive alerts on any updates that affect your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).
