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 digital web designed to sell and buy NFTs using cryptocurrency! OpenSea can be one, and it’s worth looking into.
If you’re well-versed in cryptocurrency, you’ve probably heard of OpenSea prior to this for a valid reason. It’s now one of the largest and leading marketplaces among cryptocurrency users because of its security and quick transactions.
Get on board, and let’s explore the possibilities of OpenSea as well as examining the NFTs available to view!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Is There Going To Be An OpenSeason 5
The purpose for OpenSea was to simply provide a platform/marketplace for artists to upload their commissions, without having to pay any additional costs. It also has additional functions which allow you to market your work without having to deal with many difficulties.
For registration, you don’t need to give any personal information about yourself. All you have to do is connect your crypto wallet and voila! You have an account on OpenSea! It’s as easy as that, without much hassle as you step into NFTs.
The most widely-used cryptocurrency to use on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it, and this is used to carry out the majority of processes. It also functions using the Polygon blockchain, which ensures low-cost and quicker trading.
With these two types of blockchains you can pick which one you’d like to upload your NFT on as seller. This will ensure the security of your NFT and the people who want to purchase it. Every transaction will be conducted by using the blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless that lets you trade your cryptocurrency or NFTs for other NFTs. You can purchase anything from the simplest domain name to an official artwork from an artist that you admire. Anyone can sell however it takes a while before anyone can become a reputable one.
There is a wide variety of NFTs available on OpenSea and you can also be a part of the collection! You can start your own personal market on this site, as well as find NFTs you want to purchase yourself.
What is an NFT?
A recent change in the cryptocurrency industry,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that many millennials have heard of it but not exactly sure what it is. Let’s take a look at what NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the new things you can purchase your cryptocurrency can be an NFT. The NFT is a token that is non-fungible that is very exclusive and cannot be changed. It could be a piece of rarity like authentic baseball cards, or a rare vinyl record.
There’s no limit on what an NFT could be, since it’s a non-fungible thing you’re selling on the internet. More straightforwardly, you can just think of an NFT as a digital item paid via cryptocurrency only.
Minting is like calling dibs on your own NFTs. You are calling the ownership of the particular item that you posted to market, as you’re putting it up for sale. Usually, this is recognized after you fill in the correct information about the NFT and add it on the market.
On OpenSea It’s a very simple process to mint your NFTs. All you have to do is visit the store and creating a collection to start! Complete the correct and complete information about your NFT and choose what kind of settings you want for it (e.g. blockchain, payments tokens). Once that’s all done then you’re able to upload it if it fits the 100 MB limit.
It is possible to wait and see how transactions progress from now to determine whether OpenSea is the best marketplace for you.
What NFTs are available here?
In this moment, you’re probably wondering the kind of NFTs be purchased here, and what you could sell should you decide to go that route. The kind of NFT it can be isn’t limited because there’s a wide range of options for how to approach it.
You could be selling digital items, trading cards game assets, domain names, and some physical items! Find out what you think will bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what differentiates OpenSea from other companies. There are no gas costs for using this feature to create and market NFTs. This simply means that you’ll get the most profit when you start selling because you won’t need to spend on any additional charges.
Not many NFT marketplaces have this feature, which is why this can be a fantastic way to earn a high return from your NFT collection.
A Referral Program is another unique aspect of OpenSea to take note of. Similar to traditional online markets that offer advantages by referring someone else to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from there you’ll earn 2.50% of the sale amount, which means you can earn more cash through this action.
Other NFT marketplaces do not have this feature This is a further benefit OpenSea has over the other marketplaces.
There’s an OpenSea mobile application, however it’s mostly to browse through the marketplace. You can’t buy or sell anything while you browse through the listings.
OpenSea’s mobile apps are available on both iOS in addition to Android. Although you aren’t able to purchase or sell anything, you can still explore the products you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available to you, and you can convert your fiat money into cryptocurrency using these platforms. Is There Going To Be An OpenSeason 5
You can swap your fiat money via your credit or debit card as well as Paypal on these reliable websites for cryptocurrency:
- Bittrex, and more!
All of them have the option of exchange for ETH that is the primary crypto payment in OpenSea.
While OpenSea can be described as an NFT marketplace that is open to all forms of crypto, wallets are still more compatible with it than others. Because it is based using the ETH blockchain, all wallets with a connection to this network are appropriate for this site.
Here is a list of different crypto wallets which you can use with OpenSea:
- Authereum and many more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each wallet has its own restrictions including simple registration, mobile-only usage, and the function to purchase cryptocurrency with credit cards. Is There Going To Be An OpenSeason 5
To know more about it, you can check their FAQs to see an overview of how you can begin and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and pros here:
- Mobile apps available that are compatible with iOS and 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 up to 10% for artists (low royalty).
- It is not possible to buy or sell items via this mobile application.
- Only accepts cryptocurrency as a method of payment.
- The use of a Crypto wallet is required for this marketplace.
OpenSea is accessible to everyone who has any crypto currency in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. However, overall, you will easily recover that amount when you sell regularly since there is no additional fee for it.
Frequently Asked Questions Is There Going To Be An OpenSeason 5
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to give artists a chance to market their work online to receive cryptocurrency as a form of payment. It’s an excellent option for artists who want to use for selling NFTs because of its zero gas costs and low commission fee rate which you are required to pay.
You can browse and purchase a vast collection of digital products on this NFT marketplace, so you should go through it!
Is OpenSea legit & safe?
Short answer: Yes! OpenSea has been a trusted marketplace since its inception at the end of the year of 2018. Since its system is built on blockchain technology that is secure, you can claim that your transactions are safe and secure.
Additionally, as a seller, you’ll be verified when you build up your reputation. A blue checkmark will be assigned next to your account or the collection you’ve uploaded to ensure the safety of every customer. The team at OpenSea regularly checks the content to ensure users are protected.
How do I earn royalties on OpenSea?
As an artist, you’ll be paid only 10% of the royalties once you have uploaded the NFT. This is considered to be a reasonable amount compared to others NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) is widely used on this site as well as other sites to provide more crypto users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of to access OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. You can buy and sell cryptocurrency on 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/mobile application?
As we mentioned earlier there’s an official mobile app by OpenSea that is available for iOS and Android. You can download it through their app store and begin exploring the collection right now!
A Desktop application that OpenSea can be downloaded via WebCatalog. With the desktop application you are able to manage multiple accounts and receive notifications on updates regarding your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).