The cryptocurrency market is on the rise and you’re probably thinking what you can do with your crypto currency. Marketplaces are popping up all over the web that allow users to sell and buy NFTs with cryptocurrency! OpenSea can be one, and it’s worth checking out.
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 cryptocurrency enthusiasts due to its security and rapid transactions.
So, hop on board and discover what you can do with OpenSea as well as examining what NFTs you can view!
Before you continue, 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 Is OpenSea Safe
The aim to create OpenSea was to provide an online marketplace for artists to upload commissions with no additional costs. It has more functions that allow you to sell your artwork without any problems.
For registration, you don’t need to worry about giving too many details about yourself. All you have to do is connect your crypto wallet and voila! You have an account with OpenSea! It can be as simple as that and without many hassles when you enter into NFTs.
The most popular cryptocurrency used within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it and is used for the majority of transactions. It also operates with the Polygon blockchain to ensure the lowest cost and speediest trading.
There are two types of blockchains available you can pick which one you want to publish your NFT as seller. This is to ensure the security of your NFT as well as those who wish to buy it. Every transaction will be conducted by using the blockchain, so you should 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. It is possible to purchase anything the simplest domain name, to a piece of art from an artist you admire. Anyone can sell, but it takes a while for anyone to become an established one.
There is a wide variety in the collection of NFTs available at OpenSea and you can also be a part of this! You can create your own personal market here, along with finding NFTs you want to purchase for yourself.
What is an NFT?
A recent change in the crypto market”NFT” is a term that has been used in recent times “NFT” has been going around for so long on the internet that the majority of young people are familiar with it , but aren’t sure exactly what it means. Let’s take a look at what NFT is for anyone who is new in cryptocurrency.
One of the newest things you can purchase your cryptocurrency is an NFT. An NFT is a non-fungible token which is extremely exclusive and cannot be replaced. This can be a piece of rareness, such as rare baseball trading cards in mint condition or a rare vinyl record.
There’s no limit on what an NFT can be since it’s a non-fungible item you’re selling on the internet. More straightforwardly, you can just consider as an NFT as a digital item which is only paid in cryptocurrency.
Minting is like calling dibs for your personal NFTs. You are calling ownership over that particular token/item that you posted to the marketplace, and you’re offering it for sale. Usually, this is recognized after you fill in all the necessary information about the NFT and add it on the market.
On OpenSea it’s a straightforward procedure to create your own NFTs by visiting the store and simply creating a collection to start! Fill out the proper and accurate information about your NFT and then select what type of settings you want for it (e.g. blockchain or money transfer tokens). Once that’s all done you are able to upload it, if it’s within the limit of 100MB.
It is possible to wait and see how transactions progress from now on to see if OpenSea is the marketplace for you.
What NFTs can you get here?
So, at this point you’re probably asking yourself the kind of NFTs can you shop for here and what kind of NFTs you can sell should you decide to pursue that route. The type of NFT it is unlimited as there’s a variety of ways to approach it.
You can be selling trade cards, digital goods game assets domain names, also physical goods! Find out what you think will yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that separates OpenSea from the others. There’s no cost for gas for using this feature when you make and then sell the NFTs. This means you’ll be able to make the highest profits once you begin selling since you don’t need to pay on extra fees.
There aren’t many NFT marketplaces offer this feature, and it can be a fantastic way to receive high profit from your NFT collection.
The Referral Program is a different aspect of OpenSea to be admired. Like traditional online marketplaces there are advantages when you refer someone else to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from there you’ll be rewarded with 2.50% of the sale amount, which allows you to make more money through this action.
Other NFT marketplaces don’t have the same feature, so that’s just another advantage OpenSea has over them.
There’s an OpenSea mobile application, however it’s mostly used to browse the marketplace. You can’t buy or sell anything while you browse through the listings.
The mobile apps of OpenSea are available for both iOS and Android. Even though you can’t buy or sell anything, you can still look through the options you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are at your disposal, and you can trade your fiat currency for cryptocurrency through these platforms. Is OpenSea Safe
You can convert your fiat money via the credit card, or Paypal on these reliable websites to exchange it for crypto:
- Bittrex, and more!
Each of them has the option of converting them into ETH which is the standard cryptocurrency used in OpenSea.
Although OpenSea is an NFT marketplace that is open to all types of crypto, wallets are nonetheless more compatible than others. Since it is built using an ETH blockchain, any wallets which are part of that network will be suitable for this site.
Here’s a list several crypto wallets 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, mobile-only usage and the ability to purchase cryptocurrency using the credit card. Is OpenSea Safe
For more information about the service You can go through their FAQs to see a rundown of how you can start and which other wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets every one of them has its advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and pros here:
- Mobile apps available for iOS or Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
- Allows royalties of only 10% for artists (low royalty rates).
- It is not possible to buy or sell items on this mobile application.
- Only supports cryptocurrency as its method of payment.
- An Crypto digital wallet must be used to access this marketplace.
OpenSea is accessible to everyone who has any crypto currency in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. In the end, you’ll easily recover that amount when you sell regularly since there is no additional fee for it.
Frequently Asked Questions Is OpenSea Safe
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to offer artists a way to sell their works online and receive cryptocurrency as a form of payment. It’s an excellent platform for artists who use the platform to market NFTs due to its low cost of gas and low commission fees you must pay.
You can browse and shop for a vast collection of digital products on this NFT marketplace which is why you should definitely go through it!
Is OpenSea real and secure?
The short answer is yes! OpenSea has been a trusted marketplace since it was established at the end of 2018. Since the system it operates on is built on blockchain technology, it is safe to declare that transactions are secure and safe.
Additionally as a seller you can become verified once you have built up your credibility. A blue checkmark will be assigned next to your account or the collection you uploaded to reassure anyone who buys from you. The OpenSea team reviews regularly the contents to ensure users are safe.
How can I earn royalties on OpenSea?
However, as an artist, you’ll get only 10 percent of the royalties when you have uploaded the NFT. This is believed to be a reasonable amount compared to other NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) is commonly utilized on this website and numerous others to cater for more cryptocurrency users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can utilize to access OpenSea.
What are the payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. You can buy and trade cryptocurrency using secure platforms that accept fiat money. All you need to do is connect your credit card or Paypal for the transaction.
Does OpenSea have a desktop/mobile application?
As we mentioned earlier there’s an official mobile application from OpenSea that is available for iOS and Android. Install it from their app store and you can start exploring the collection now!
There is also a desktop application for OpenSea can be downloaded via WebCatalog. On the desktop app, you can manage multiple accounts and get 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/).