The cryptocurrency market is on the rise and you’re probably wondering what you can do with your crypto currency. Markets have popped up across the internet, designed to purchase and sell NFTs with cryptocurrency! OpenSea is one of them and is worth checking out.
If you’re interested in crypto you’ve probably heard of OpenSea before for a good reason. It has become one of the largest and most popular marketplaces among users of cryptocurrency due to its safety and speedy transactions.
Get on board, and let’s explore what you can do with OpenSea as well as examining 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. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Logo Nft
The aim to create OpenSea was to simply provide artists with a marketplace/platform to easily upload their commissions without any extra charges. It has more functions that let you sell your work without having to deal with many difficulties.
In terms of registration, you won’t have to worry about giving all of your personal details. All you need to do is connect your crypto wallet and voila! You have an account on OpenSea! It can be as simple as that without going through much hassle as you step into NFTs.
The most well-known cryptocurrency used within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it which is utilized for the majority of transactions. It is also based on the Polygon blockchain to ensure the lowest cost and speediest trading.
With these two types of blockchains that are available you can pick which one you would like to publish your NFT as seller. This will ensure the security of your NFT and 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 endless online mall where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything just a domain name to an official artwork from an artist you admire. Anyone can be a seller, but it takes some time before anyone can become an established seller.
There is a wide variety in the collection at OpenSea, and you can also be a part of the collection! You can start your own personal market there, and also find NFTs you’d like to buy yourself.
What is an NFT?
In a recent development for the crypto industry”NFT” is a term that has been used in recent times “NFT” has been going around so long on the internet that the majority of young people are familiar with it , but not exactly sure what it means. Let’s break down what an NFT is for anyone who is new in the field of cryptocurrency.
One of the newest things you can purchase your cryptocurrency is an NFT. The NFT is a token that is non-fungible that is unique and can’t be substituted. It could be an item of any rarity like rare baseball trading cards in mint condition or a uncommon vinyl record.
There is no limit to what an NFT could be, since it’s a non-fungible thing that you sell on the internet. It is simpler to just think of an NFT as a digital item that is paid for using cryptocurrency only.
Minting is similar to calling for dibs to your NFTs. You are calling the ownership of the particular item that you have uploaded to market, as you’re selling it. Usually, this is recognized when you have filled in all the necessary information about the NFT and upload it to the marketplace.
On OpenSea it’s a straightforward procedure to create your own NFTs. All you have to do is visit the store and then making a collection to begin! Input the appropriate and correct information regarding your NFT and then select what type of settings you’d like to use to use it with (e.g. blockchain, money transfer tokens). After you’ve completed the process, you can finally upload it to the internet if it’s in the 100 MB limit.
You can wait and observe the way transactions are handled from now on to determine if OpenSea is the best marketplace for you.
What NFTs can you get here?
At this point you’re probably thinking about which kind of NFT you shop for here, and what you could sell should you decide to go that route. The type of NFT that you can purchase isn’t limited since there’s a broad range of how you can do it.
You can be selling trade cards, digital goods game assets domain names, some physical items! Consider what you believe will yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that sets OpenSea from the others. There are zero gas fees when you utilize this feature to mint and sell NFTs. This is essentially a way to ensure that you receive the maximum profits when you start selling because you don’t need to pay on extra fees.
There aren’t many NFT marketplaces have this feature, so this can be a fantastic way to receive high profit from your collection.
The Referral Program is another distinctive feature of OpenSea to admire. Similar to traditional online markets that offer advantages by referring someone else to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from the site you’ll be rewarded with 2.50 percent of the purchase amount, letting you make more money through this action.
Other NFT marketplaces don’t have this feature This is a further advantage OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile app, but it’s mostly for perusing through the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listing.
The mobile apps from OpenSea are accessible on the two platforms of iOS as well as Android. While you’re not able to buy or sell anything, you can still at least explore the products you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available to you, and you can convert your fiat money into cryptocurrency on these platforms. Logo Nft
You can exchange your fiat money via the credit card, or Paypal through these trusted sites for cryptocurrency:
- Bittrex and many more!
All of these have the option of exchange for ETH, which is the primary cryptocurrency used in OpenSea.
Although OpenSea is an NFT marketplace that is open to all forms of cryptocurrency, wallets are still more compatible with it than others. Since it is built using the ETH blockchain, all wallets that share this network are appropriate for this website.
Here’s a list several crypto wallets you can use in OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations like easy registration, use on mobile devices only as well as the capability to purchase cryptocurrency using the credit card. Logo Nft
For more information about the service You can go through their FAQs to see a rundown of how you can start and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has advantages and disadvantages. OpenSea isn’t the only one to have 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.
- High-level security with the support of blockchain.
- Best for beginners in the crypto market and NFTs.
- Allows royalties of only up to 10% for artists (low royalties).
- You cannot buy or sell products through this mobile application.
- Only accepts cryptocurrency as a form of payment.
- The use of a Crypto digital wallet must be used to use this marketplace.
OpenSea is available to anyone who owns any crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percent commission fee 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 additional cost for it.
Frequently Asked Questions Logo Nft
What is OpenSea?
OpenSea is an NFT marketplace that seeks to provide artists a platform for selling their artwork online and receive cryptocurrency as a method of payment. It’s an excellent platform for artists who use it to sell NFTs due to its low gas costs and low commission fees that you have to pay.
You can shop and browse the vast array of digital products on this NFT marketplace which is why you should definitely check it out!
Is OpenSea legit & secure?
Short answer: Yes! OpenSea is a reputable marketplace since its inception in 2018. Because its system is built on a blockchain and is secured, it is safe to declare that transactions are safe and secure.
In addition, as a seller, you can become verified once you have built up your credibility. A blue checkmark will appear next to your account or any collection that you have uploaded to assure every customer. The team at OpenSea regularly checks the content to ensure users are protected.
How can I earn royalties on OpenSea?
Unfortunately, as an artist, you will be paid only 10 percent of the royalties when you have uploaded the NFT. This is thought to be reasonably low compared against the other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) is widely utilized on this website and other sites to provide the increasing number of crypto users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can use to access OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. You can easily purchase or sell cryptocurrency on secure platforms that accept fiat money. All you need just connect your debit or credit card to Paypal for the transaction.
Does OpenSea has a mobile or desktop app?
As mentioned before There is an official mobile app from OpenSea for both iOS as well as Android. Install it from their app store, and then you can begin exploring the collection right now!
A version for desktops 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 from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).