Johan Lundberg, Nft Ventures

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The crypto currency market is in a boom right now and you’re probably thinking where to invest your crypto currency. There are numerous marketplaces popping up across the web that allow users to buy and sell NFTs using cryptocurrency! OpenSea is one of them and is worth checking out.

If you’re familiar with cryptocurrency you’ve probably heard about OpenSea before for a good reason. It’s one of the biggest and most popular marketplaces among cryptocurrency users because of its security and quick transactions.

So, hop on board and let’s explore the possibilities of OpenSea and also see the NFTs available to view!

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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.

OpenSea as an NFT Marketplace Johan Lundberg, Nft Ventures

The goal for OpenSea was to offer a platform/marketplace for artists to easily upload their commissions with no additional charges. It also has additional functions that allow you to sell your work without having to deal with many problems.

In terms of the registration process, you don’t have to worry about giving too many details about yourself. All you have to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It can be as simple as that, without much hassle as you step into NFTs.

OpenSea: Blockchain

The most widely-used cryptocurrency used in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology and is used for most processes. It also operates using the Polygon blockchain, which allows for low-cost and quicker trading.

There are two types of blockchains, you can choose which one you would like to publish your NFT as a seller. This ensures the safety of your NFT, along with those who would like to purchase it. All transactions will be made along with this blockchain, so you should think about where to upload it.

OpenSea: NFT Collection Galore

At OpenSea, it is like an online shopping mall that is endless where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything just 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 seller.

There are a variety of NFTs from the selection of NFTs available at OpenSea, and you can also be a part of the collection! You can set up your own personal market on this site, as well as find NFTs you want to purchase yourself.

Johan Lundberg, Nft Ventures

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What is an NFT?

In a recent advancement for the crypto industry”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that the majority of young people are familiar with it but not exactly sure what it actually means. Let’s look at what an NFT is for those who are just beginning to get started in cryptocurrency.

One of the new things you can purchase your cryptocurrency includes an NFT. A NFT is a non-fungible token that is exclusive and cannot be changed. It can be an item of any rareness, such as rare baseball trading cards in mint condition, or a unique vinyl album.

There’s no limit on what an NFT can be since it’s a non-fungible object that you can sell on the internet. It is simpler to simply consider the NFT as a digital collectible which is only paid in cryptocurrency.

Minting NFTs

Minting is like calling dibs to your NFTs. It is a way of claiming the ownership of the particular item you uploaded on the marketplace, and selling it. Usually, this becomes official after you fill in the correct information about the NFT and upload it to the marketplace.

On OpenSea, it’s a simple process to mint your NFTs. All you have to do is visit the store and simply creating a collection to start! Input the appropriate and complete information about your NFT and then select what type of settings you want to use it with (e.g., blockchain or payment tokens). Once that’s all done then you’re able to upload it to the internet if it’s in the limit of 100MB.

You can watch and see how the transactions go from now to see whether OpenSea is the marketplace for you.

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What NFTs can you get here?

In this moment you’re probably asking yourself the kind of NFTs can be purchased here, and what you could also sell if you decide to go that route. The kind of NFT it can be is unlimited since there’s a broad range of how you can go about it.

It is possible to sell digital items, trading cards game assets, domain names, and some physical items! Explore what you believe can yield the most profit when you try out OpenSea.

OpenSea: Collection Manager Feature

The collection Manager feature is what differentiates OpenSea from the others. There’s no cost for gas when you use this feature when you mint and sell NFTs. This is essentially a way to ensure that you receive the maximum profits 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 collection.

Referral Program

The Referral Program is another unique aspect of OpenSea to be admired. Like traditional online marketplaces there are benefits when you refer a friend to OpenSea! If you refer a friend to join OpenSea and buy an NFT from the site, you’ll receive 2.50 percent of the purchase amount, which allows you to earn more cash through this action.

Other NFT marketplaces do not have this feature This is a further advantage OpenSea has over them.

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Mobile Application

There’s an OpenSea mobile app, but it is mainly used to browse through the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listing.

The mobile apps of OpenSea are available on the two platforms of iOS as well as Android. Although you aren’t able to purchase or sell things, you can at least explore the products you’re interested in on the go.

Crypto Exchange Platforms

Various crypto exchange platforms are to you to trade your fiat currency for cryptocurrency through these platforms. Johan Lundberg, Nft Ventures

You can swap your fiat money via the credit card, or Paypal on these reliable websites for cryptocurrency:

  • Binance
  • CoinBase
  • CoinMama
  • Kraken
  • Bittrex and other things!

Each of them has the option of exchange for ETH, which is the standard cryptocurrency payment option in OpenSea.

Crypto Wallets

While OpenSea can be described as an NFT marketplace open to all kinds of cryptocurrency, wallets are nevertheless more compatible than others. Since it is built mainly on the ETH blockchain, any wallets which are part of the same network are suitable for the site.

Here’s a list of several crypto wallets you can utilize in OpenSea:

  • WalletConnect
  • Coinbase
  • TrustWallet
  • OperaTouch
  • Bitski
  • Authereum and more!

*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each wallet has its own restrictions including simple registration, use on mobile devices only, and the function to purchase cryptocurrency with the credit card. Johan Lundberg, Nft Ventures

To learn more about it to learn more, check out their FAQs to see a rundown of how you can begin and also what other crypto wallets work with OpenSea.

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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. You can read about its pros and cons here:

Pros

  • Mobile apps available for iOS or Android.
  • Smart contracts are utilized for transactions.
  • Security at the highest level with the help of blockchain.
  • Ideal for those who are new to the crypto world and NFTs.

Cons

  • Allows royalties 10% for artists (low royalty rates).
  • Cannot buy or sell through the mobile app.
  • Only supports cryptocurrency as its type of payment.
  • A Crypto wallet is required to access this marketplace.

Pricing

OpenSea is accessible to everyone who owns any crypto coins in their cryptocurrency wallets. When you are selling, 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 are actively selling since there’s no extra charge for it.

Frequently Asked Questions Johan Lundberg, Nft Ventures

What is OpenSea?

OpenSea can be described as an NFT marketplace that seeks to offer artists a way for selling their artwork online and 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 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 legit & safe?

The short answer is yes! OpenSea is a reputable marketplace since its inception in the year of 2018. Because its system is based on a blockchain that is secure, you can say that your transactions are protected and secured.

In addition as a seller you can become verified once 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 anyone who buys from you. The OpenSea team reviews regularly the content to ensure that users are safe.

How do I earn royalties on OpenSea?

However, as an artist, you will get only 10 percent of the royalties when you have uploaded the NFT. This is considered to be quite low in comparison with the other NFT marketplaces.

What is the most popular cryptocurrency accessible in OpenSea?

Ethereum (ETH) has been commonly used on this site and many others to accommodate more cryptocurrency users. These are other cryptos you can use in the OpenSea marketplace:

  • WETH
  • USDC
  • DAI.

These are the cryptocurrencies that you can utilize for OpenSea.

Which are the accepted payment methods for OpenSea?

OpenSea only allows cryptocurrency exchanges through its website. It is easy to buy or sell cryptocurrency on trusted platforms with fiat money. All you have to do is connect your credit card or Paypal for the transaction.

Does OpenSea has a mobile or desktop app?

As we mentioned earlier There is an official mobile application from OpenSea for both iOS and Android. You can download it through their app store and you can start exploring the collection now!

A version for desktops that OpenSea can be downloaded via WebCatalog. In the desktop application you can manage multiple accounts as well as 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/).

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