Cryptocurrency is booming right now, and you’re probably wondering what you can do with your crypto coins. There are numerous marketplaces popping up across the digital web designed to purchase and sell NFTs using cryptocurrency! OpenSea is among them, and it’s worth checking out.
If you’re interested in crypto you’ve likely heard of OpenSea before for a good reason. It has become one of the largest and leading marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.
Get on board, and let’s see what you can do with OpenSea and also see what NFTs you can view!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace L’Art Nft
The aim to create OpenSea was to offer artists with a marketplace/platform to upload their commissions with no additional costs. There are additional features that allow you to sell your work without having to deal with many issues.
In terms of registration, you won’t have to worry about giving all of your personal details. All you need to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It can be as simple as that, without many hurdles as you walk into NFTs.
The most popular cryptocurrency that is used in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system which is utilized to carry out the majority of processes. It also operates on the Polygon blockchain, which ensures lower costs and faster trading.
With these two kinds of blockchains available you can pick which one you want to upload your NFT on as a seller. This will ensure the security of your NFT and those who wish to buy it. All transactions are made by using the blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything as simple as a domain name to official art by an artist you admire. Anyone can sell however, it takes time for anyone to be an established seller.
There’s a huge selection from the selection on OpenSea and you could become a part of this! You can start your own personal market on this site, as well as find NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent advancement for the crypto market the term “NFT” has been going around for so long on internet that the majority of young people are familiar with it but aren’t sure exactly what it means. Let’s look at what an NFT is for anyone who is new in cryptocurrency.
One of the newest things you can purchase your cryptocurrency can be an NFT. A NFT is a non-fungible currency that is individual and cannot be changed. It can be a piece of rareness, such as authentic baseball cards or unique vinyl album.
There is no limit to what an NFT could be, since it’s a non-fungible thing that you can sell online. It is simpler to simply consider the NFT as a digital item which is only paid in cryptocurrency.
Minting is like calling the shots on your own NFTs. You are calling the owner of the item or token that you have uploaded to the marketplace, and putting it up for sale. Typically, this is official when you have filled in the proper information regarding the NFT and then 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 making a collection to begin! Fill out the proper and complete information about your NFT and choose what kind of settings you want to use it with (e.g. blockchain, payments tokens). After that you are able to upload it, if it’s within the 100 MB limit.
It is possible to wait and see how transactions progress from now on to see if OpenSea is the right marketplace for you.
What NFTs are available here?
So, at this point, you’re probably wondering which kind of NFT can you shop for here and what you can also sell if you choose to go that route. The type of NFT it isn’t limited since there’s a broad range of ways to approach it.
You can be selling digital products, trading cards game assets domain names, some physical items! Find out what you think will bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that differentiates OpenSea from the others. There are zero gas fees when you use this feature when you create and market NFTs. This is essentially a way to ensure that you be able to make the highest profits once you start selling because you won’t have to spend on extra fees.
There aren’t many NFT marketplaces offer this feature, and it is a great way to receive high profit from your portfolio.
A Referral Program is another distinctive feature of OpenSea to take note of. Similar to traditional online markets there are advantages when you refer your friend to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from the site, 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 benefit OpenSea has over the other marketplaces.
There’s an OpenSea mobile application, however it’s mostly used to browse through the marketplace. It isn’t able to purchase or sell items as you browse through the listing.
The mobile apps of OpenSea are available on the two platforms of iOS and Android. Even though you can’t buy or sell something, you can explore the products you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available at your disposal, and you can exchange your fiat money for cryptocurrency using these platforms. L’Art Nft
You can swap the fiat currency you have with a your credit or debit card as well as Paypal on these reliable websites for cryptocurrency:
- Bittrex and many more!
All of them have the option of converting them into ETH that is the most common crypto payment in OpenSea.
Although OpenSea is an NFT marketplace that is open to all forms of cryptocurrency, the wallets nevertheless more compatible than others. Because it is based using the ETH blockchain, any wallets that share this network are appropriate for the site.
Here’s a list of different crypto wallets you can utilize in OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each has its own limitations, such as easy registration, only mobile usage and the ability to buy cryptocurrency using a credit card. L’Art Nft
To learn more about it to learn more, check out their FAQs to get the steps you can begin and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets every one of them has advantages and drawbacks. OpenSea isn’t an exception to this. You can view its pros and cons here:
- Available as mobile apps that are compatible with 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 royalty rates).
- Cannot buy or sell through the mobile app.
- Only supports cryptocurrency as its type of payment.
- A Crypto wallet is required to use this marketplace.
OpenSea is open to everyone who has any crypto currency in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. However, overall, you will quickly regain that when you sell regularly since there’s no extra charge for it.
Frequently Asked Questions L’Art Nft
What is OpenSea?
OpenSea is an NFT marketplace that seeks to give artists a chance for selling their artwork online and receive cryptocurrency as their form of payment. It’s a great platform for artists who use for selling NFTs because of its zero gas fees and the low commission rate you must pay.
You can shop and browse a vast collection of digital goods in this NFT marketplace which is why you should definitely take a look!
Is OpenSea real and secure?
Short answer: Yes! OpenSea is a reputable marketplace since it was founded 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 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. OpenSea’s team regularly reviews the contents to ensure users are protected.
How do I earn royalties on OpenSea?
As an artist, you’ll be paid only 10 percent of the royalties when you upload the NFT. This is thought to be reasonably low compared to others NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) has been widely used on this site and many others to accommodate more crypto users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can utilize for OpenSea.
What are the payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. It is easy to buy or trade cryptocurrency using 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 is an official mobile application from OpenSea available for both iOS or Android. You can download it through their app store and you can start browsing through the collection right now!
There is also a Desktop application that OpenSea can be downloaded via WebCatalog. In the desktop application, you can manage multiple accounts and get 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/).