Cryptocurrency is booming right now and you’re probably thinking what you can do with your crypto coins. There are numerous marketplaces popping up all over the web that allow users to buy and sell NFTs using cryptocurrency! OpenSea is among them and is worth looking into.
If you’re well-versed in cryptocurrency, you’ve probably heard about OpenSea prior to this for a valid reason. It’s one of the largest and most popular marketplaces among users of cryptocurrency due to its safety and speedy transactions.
So, hop on board and discover the possibilities of OpenSea, along with checking the NFTs that you can see!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. After, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Mintable Vs OpenSea
The goal of OpenSea was to simply provide a platform/marketplace for artists to upload their commissions, without having to pay any additional charges. There are additional features which allow you to market your art without too 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 crypto wallet and voila! You have an account with OpenSea! It’s as simple as that without going through many hassles when you enter into NFTs.
The most widely-used cryptocurrency that is used in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it which is utilized for the majority of transactions. It also functions using the Polygon blockchain, which ensures the lowest cost and speediest trading.
With these two types of blockchains available you can pick which one you would like to publish your NFT as an seller. This is to ensure the security of your NFT, along with those who would like to buy it. Every transaction will be conducted by using the blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless that lets you trade your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything as simple as a domain name, to a piece of art by an artist you admire. Anyone can be a seller however, it takes a while for anyone to become an established one.
There are a variety of NFTs from the selection at OpenSea and you could also be a part of this! You can start your own marketplace on this site, as well as find NFTs that you would like to purchase yourself.
What is an NFT?
In a recent development for the crypto market, the term “NFT” has been going around for so long on the 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 the field of cryptocurrency.
One of the newest things that you can buy with cryptocurrency includes an NFT. An NFT is a non-fungible token which is extremely individual and cannot be replaced. This can 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 since it’s a non-fungible thing you’re selling on the internet. It is simpler to just consider as an NFT being a virtual item that is paid for using cryptocurrency only.
Minting is similar to calling for dibs to your NFTs. You’re claiming the owner of the item or token that you posted to market, as you’re offering it for sale. Typically, this is official once you fill out all the necessary information about the NFT and add it on the market.
On OpenSea it’s a straightforward process to mint your NFTs by visiting the store and create a collection! Input the appropriate and correct information regarding your NFT and choose what kind of settings you’d like to use to use it with (e.g. blockchain and payment tokens). After you’ve completed the process then you’re able to upload it to the internet if it’s in the 100 MB limit.
It is possible to wait and see the way transactions are handled from here on out to determine if OpenSea is the best marketplace for you.
What NFTs can you find here?
In this moment, you’re probably wondering what kind of NFTs can be purchased here and what you can also sell if you decide to go that route. The type of NFT it is unlimited because there’s a wide range of options for how to go about it.
It is possible to sell digital items, trading cards game assets domain names, also physical goods! Explore what you believe can reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what sets OpenSea from other companies. There are no gas costs for using this feature when you create and market NFTs. This is essentially a way to ensure that you receive the maximum profits when you sell because you don’t need to pay on extra fees.
Not many NFT marketplaces provide this feature, so this is great for you to receive high profit from your NFT collection.
A Referral Program is another distinctive feature of OpenSea to admire. Like traditional online marketplaces there are advantages when you refer your friend to OpenSea! If you invite a friend to join OpenSea and buy an NFT from there you’ll be rewarded with 2.50 percent of the sales amount, which allows you to earn more money from this act.
Other NFT marketplaces don’t offer this kind of feature either, so that’s just another advantage OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile application, however it’s mostly to browse the marketplace. You can’t buy or sell items as you browse through the listing.
OpenSea’s mobile apps are available on both iOS and Android. While you’re not able to buy or sell anything, you can still explore the products you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are at your disposal You can also convert your fiat money into cryptocurrency through these platforms. Mintable Vs OpenSea
You can convert the fiat currency you have with a your credit or debit card as well as Paypal on these reliable websites for cryptocurrency:
- Bittrex, and more!
All of these have the option of exchange for ETH which is the most common crypto payment in OpenSea.
Although OpenSea can be described as an NFT marketplace that is open to all kinds of cryptocurrency, wallets are nevertheless more compatible than other. Since it is built using the ETH blockchain, all wallets that share the same network are suitable for the site.
Here’s a list different crypto wallets which you can use with OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each one has its own set of limitations, such as easy registration, mobile-only usage, and the function to buy cryptocurrency using a credit card. Mintable Vs OpenSea
To know more about it to learn more, check out their FAQs to get a rundown of how you can begin and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has its advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and cons here:
- Mobile apps available that are compatible with iOS and Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalties of only 10% for artists (low royalty rates).
- It is not possible to buy or sell items through our mobile apps.
- Only supports cryptocurrency as its type of payment.
- A Crypto digital wallet must be used to use this marketplace.
OpenSea is available to anyone who has any crypto currency in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. However, overall, you will easily recover that amount when you sell regularly since there is no additional fee for it.
Frequently Asked Questions Mintable Vs OpenSea
What is OpenSea?
OpenSea is an NFT marketplace that is designed to offer artists a way to market their work online and receive cryptocurrency as a form of payment. It’s an excellent option for artists who want to use it to sell NFTs due to its no gas fees and low commission fees which you are required to pay.
You can browse and purchase an array of digital products on this NFT marketplace which is why you should definitely check it out!
Is OpenSea legit & safe?
Short answer: Yes! OpenSea has been a trusted marketplace since it was founded at the end of the year of 2018. Since its system is built on a blockchain that is secure, you can say that your transactions are protected and secured.
Additionally as a seller you can become verified once you have built up your credibility. A blue checkmark will appear on your account or the collection you’ve uploaded to ensure the safety of every customer. The OpenSea team reviews regularly the content to ensure users are safe.
How can I earn royalties on OpenSea?
However, as an artist, you will receive only up to 10 percent of the royalties when you have uploaded the NFT. This is thought to be a reasonable amount compared against the other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) can be widely used on this site and other sites to provide many more crypto users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can utilize to use OpenSea.
What are the payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. It is easy to buy or trade cryptocurrency using reliable platforms using fiat currency. All you need to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea have a desktop/mobile app?
As mentioned before there’s an official mobile app by OpenSea that is available for iOS or Android. You can download it through their app store, and you can start exploring the collection now!
The version for desktops that OpenSea that can be downloaded through WebCatalog. With the desktop application you are able to manage multiple accounts and get notifications about updates to 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/).