The cryptocurrency market is on the rise and you’re probably wondering what you can do with your crypto-coins. Marketplaces are popping up across the digital web designed to buy and sell NFTs with cryptocurrency! OpenSea can be one, and it’s worth looking into.
If you’re familiar with cryptocurrency you’ve likely heard of OpenSea previously for a valid reason. It has become one of the biggest and most popular marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.
Now hop aboard, and discover the possibilities of OpenSea as well as examining the NFTs that you can see!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick review. Afterward, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Marketplace Nft
The purpose for OpenSea was to offer a platform/marketplace for artists to easily upload their commissions, without having to pay any additional fees. It also has additional functions that allow you to sell your artwork without any issues.
For the registration process, you don’t have to give any personal information about yourself. All you need to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as simple as that, without many hassles when you enter into NFTs.
The most well-known cryptocurrency to use on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system, and this is used to carry out the majority of processes. It also operates with the Polygon blockchain to ensure low-cost and quicker trading.
There are two types of blockchains available it is possible to choose which one you would like to upload your NFT on as a seller. This is to ensure the security of your NFT and those who wish to buy it. All transactions are made using this blockchain, and you must think about where to 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 official art from an artist that you admire. Anyone can be a seller, but it takes some time for anyone to become a reputable one.
There’s a huge selection in the collection at OpenSea and you can also be a part of this! You can set up your own personal market on this site, as well as find NFTs that you would like to purchase for yourself.
What is an NFT?
A recent change in the crypto industry”NFT” is a term that has been used in recent times “NFT” has been going around for so long on the internet that many millennials are familiar with it , but not exactly sure what it actually means. Let’s look at what an NFT is for any beginners in the field of cryptocurrency.
One of the latest ways that you can buy with cryptocurrency includes an NFT. A NFT is a non-fungible currency that is exclusive and cannot be substituted. It could be an item of any rareness, such as mint-condition baseball trading cards or a rare vinyl record.
There is no limit to what an NFT can be as it’s a non-fungible thing that you can sell online. More straightforwardly, you can simply consider an NFT being a virtual item which is only paid in cryptocurrency.
Minting is similar to calling for dibs to your NFTs. You are calling the ownership of the particular item that you have uploaded to the marketplace, and you’re selling it. Usually, this becomes official when you have filled in the proper information regarding the NFT and then add it on the market.
On OpenSea, it’s a simple procedure to create your own NFTs. All you have to do is visit the store and simply creating a collection to start! Fill out the proper and complete information about your NFT and select the type of settings you’d like to use it with (e.g., blockchain and payment tokens). Once that’s all done then you’re 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 marketplace for you.
What NFTs can you find here?
In this moment you’re probably thinking about what kind of NFTs can be purchased here and what kind of NFTs you can also sell if you choose to pursue that route. The type of NFT it can be isn’t limited because there’s a wide range of ways to approach it.
It is possible to sell digital items, trading cards, game assets domain names, some physical items! Explore what you believe can bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what separates OpenSea from other companies. There are no gas costs when you use this feature to create and market NFTs. This simply means that you’ll be able to make the highest profits once you begin selling since you don’t need to pay on any additional charges.
Not many NFT marketplaces offer this feature, so this is great for you to earn a high return from your portfolio.
A Referral Program is another unique aspect of OpenSea to take note of. Like traditional online marketplaces, you can receive rewards by referring your friend to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from the site, you’ll receive 2.50 percent of the sales amount, which means you can earn more cash by this method.
Other NFT marketplaces don’t offer this feature and that’s another advantage OpenSea is able to offer over other NFT marketplaces.
There is 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 listing.
OpenSea’s mobile apps are available on the two platforms of iOS and Android. Although you aren’t able to purchase or sell things, you can at least explore the products you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available at your disposal You can also exchange your fiat money for cryptocurrency on these platforms. Marketplace Nft
You can exchange your fiat currency using a credit card or Paypal through these trusted sites for cryptocurrency:
- Bittrex and more!
All of these have the option to exchange for ETH which is the primary cryptocurrency used in OpenSea.
While OpenSea is an NFT marketplace that is open to all kinds of cryptocurrency, wallets are still more compatible with it than others. Since it is built on an ETH blockchain, wallets that share the same network are suitable for this website.
Here is a list of several crypto wallets you can use in OpenSea:
- Authereum and many 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 as well as the capability to buy cryptocurrency using the credit card. Marketplace Nft
To learn more about it, you can check their FAQs for a rundown of how you can begin and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets, each one has advantages and drawbacks. OpenSea isn’t the only one to have this. You can read about its pros and pros here:
- Mobile apps available that are compatible with iOS or Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- The best option for beginners to the crypto industry and NFTs.
- Allows royalties 10% to artists (low royalty rates).
- It is not possible to buy or sell items on this mobile application.
- Only supports cryptocurrency as its form of payment.
- An Crypto digital wallet must be used to use this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. In the end, you’ll easily recover that amount when you actively sell because there’s no additional cost for it.
Frequently Asked Questions Marketplace Nft
What is OpenSea?
OpenSea is an NFT marketplace that seeks to give artists a chance for selling their artwork online, and to accept cryptocurrency as a form of payment. It’s an ideal platform for artists using it to sell NFTs due to its low 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 and you must check it out!
Is OpenSea legit & safe?
Short answer: Yes! OpenSea is a reputable marketplace since it was established in 2018. Since the system it operates on is built on blockchain technology, it is safe to say that your transactions are secure and safe.
Additionally, as a seller, you’ll be verified when you’ve earned a reputation. A blue checkmark is placed next to your account or the collection you’ve uploaded to ensure the safety of any customer. OpenSea’s team regularly reviews the contents to ensure users are protected.
How can I earn royalties from OpenSea?
As an artist, you’ll get only 10% of the royalties once you have uploaded the NFT. This is considered to be a reasonable amount compared to the other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) is commonly utilized on this website and numerous others to cater for the increasing number of crypto users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can make use of for OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. You can easily purchase or sell cryptocurrency on trusted platforms with fiat money. All you need to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea has a mobile or desktop app?
As mentioned before, there is definitely an official mobile application from OpenSea that is available for iOS or Android. Download it at their respective app store, and then you can begin exploring the collection now!
A desktop application for OpenSea which can be downloaded from WebCatalog. With the desktop application you can manage multiple accounts and get notifications on updates regarding your account when you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).