The cryptocurrency market is on the rise and you’re probably wondering what you can do with your crypto coins. There are numerous marketplaces popping up all over the internet, designed to sell and buy NFTs via cryptocurrency! OpenSea is among them and is worth looking into.
If you’re well-versed in cryptocurrency, you’ve probably heard about OpenSea previously for a valid reason. It has become one of the largest and most popular marketplaces for cryptocurrency enthusiasts due to its security and rapid transactions.
Get on board, and let’s see what you can do with OpenSea, along with checking what NFTs you can view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick review. After, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Monkey Nft
The purpose to create OpenSea was to simply provide artists with a marketplace/platform to upload commissions, without having to pay any additional fees. It has more functions that allow you to sell your artwork without any problems.
In terms of the registration process, you don’t have to give all of your personal details. All you need to connect your crypto wallet–and voila!–you have an account with OpenSea! It can be as simple as that and without many hurdles as you walk into NFTs.
The most widely-used cryptocurrency that is used on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology, and this is used to carry out the majority of processes. It also operates with the Polygon blockchain to ensure lower costs and faster trading.
With these two types of blockchains that are available, you can choose which one you would like to publish your NFT as seller. This will ensure the security of your NFT, along with those who wish to buy it. All transactions are made using this blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace where you can trade in your NFTs or cryptocurrency for other NFTs. You can purchase anything from just a domain name to an official artwork from an artist that you admire. Anyone can become a seller however, it takes time for anyone to be an established seller.
There are a variety of NFTs of NFTs available at OpenSea, and you can join in with the collection! You can create your own marketplace on this site, as well as find NFTs you’d like to buy for yourself.
What is an NFT?
In a recent development for the crypto industry,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on the internet that a lot of millennials have heard of it but aren’t sure exactly what it means. Let’s break down what an NFT is for anyone who is new in the field of cryptocurrency.
One of the new things that you can buy with cryptocurrency includes an NFT. An NFT is a token that is non-fungible that is very unique and can’t be replaced. It could be an item of any rarity like authentic baseball cards or unique vinyl album.
There’s no limit on what an NFT can be since it’s a non-fungible item that you sell on the internet. In simpler terms, you could just think of an NFT to be a type of digital collectible which is only paid in cryptocurrency.
Minting is like calling the shots on your own NFTs. It is a way of claiming the owner of the item or token that you posted to the marketplace, and offering it for sale. Usually, this is recognized once you fill out all the necessary information about the NFT and then add it on the market.
On OpenSea, it’s a simple procedure to create your own NFTs by visiting the store and simply creating a collection to start! Fill out the proper and correct information regarding your NFT and choose what kind of settings you’d like to use to use it with (e.g. blockchain, payment tokens). After you’ve completed the process, you can finally upload it to the internet if it’s in the limit of 100MB.
It is possible to wait and see the way transactions are handled from here on out to see whether OpenSea is the right marketplace for you.
What NFTs are available here?
In this moment you’re probably asking yourself the kind of NFTs can be purchased here and what you can also sell if you choose to go down that path. The type of NFT it can be isn’t limited as there’s a variety of how you can go about it.
It is possible to sell digital products, trading cards game assets, domain names, and some physical items! Find out what you think will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what differentiates OpenSea from other companies. There’s no cost for gas when you utilize this feature to mint and sell NFTs. This simply means that you’ll be able to make the highest profits once you sell because you won’t have to spend on any additional charges.
Not many NFT marketplaces offer this feature, which is why this is great for you to earn a high return from your portfolio.
The Referral Program is a different aspect of OpenSea to be admired. Similar to traditional online markets, you can receive benefits when you refer someone else to OpenSea! If you encourage a friend join OpenSea and buy an NFT from the site you’ll earn 2.50% of the sale amount, which allows you to earn more cash through this action.
Other NFT marketplaces do not have this kind of feature either, so that’s just another benefit OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile app, but it is mainly used to browse the marketplace. Unfortunately, you can’t purchase or sell anything as you scroll through the list.
OpenSea’s mobile apps are available on both iOS in addition to Android. Although you aren’t able to purchase or sell something, you can explore the products you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available for you to use to convert your fiat money into cryptocurrency on these platforms. Monkey Nft
You can swap your fiat currency using a the credit card, or Paypal through these trusted sites to exchange it for crypto:
- Bittrex and other things!
All of these have the option of converting them into ETH, which is the standard cryptocurrency payment option in OpenSea.
While OpenSea can be described as an NFT marketplace open to all types of cryptocurrency, wallets are still more compatible with it than others. Since it is built mainly around an ETH blockchain, wallets with a connection to the same network are suitable for the site.
Here’s a list several crypto wallets you can utilize in OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each wallet has its own restrictions including simple registration, use on mobile devices only as well as the capability to buy cryptocurrency using credit cards. Monkey Nft
To know more about it, you can check their FAQs to see an overview of how you can begin and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and cons here:
- Mobile apps available 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 10% to artists (low royalty rates).
- You cannot buy or sell products through this mobile application.
- Only accepts cryptocurrency as a type of payment.
- An Crypto digital wallet must be used to access this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. In the end, you’ll quickly recover this amount if you actively sell because there’s no extra charge for it.
Frequently Asked Questions Monkey Nft
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to give artists a chance to market their work online, and to accept cryptocurrency as a method of payment. It’s an ideal platform for artists who use it to sell NFTs due to its low gas costs and the low commission rate you must pay.
You can shop and browse an array of digital goods in this NFT marketplace and you must take a look!
Is OpenSea legitimate and safe?
Answer: Yes! OpenSea has been a reliable marketplace since its inception at the end of 2018. Since its system is built on a blockchain that is secure, you can claim that your transactions are protected and secured.
Furthermore, as a seller, you will be verified after you build up your reputation. A blue checkmark will be assigned on your account or collection you’ve uploaded to ensure the safety of any customer. The OpenSea team reviews regularly the content to ensure users are safe.
How can I earn royalties from OpenSea?
Unfortunately, as an artist, you will get only 10 percent of the royalties when you upload the NFT. This is thought to be a reasonable amount compared with the other NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) has been frequently used on this site and many others to accommodate many more crypto users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can utilize to access OpenSea.
What are the payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. You can buy and sell cryptocurrency through trusted platforms with fiat money. All you need be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea has a mobile or desktop app?
As we mentioned earlier There is an official mobile app from OpenSea available for both iOS as well as Android. Install it from their app store and you can start browsing through the collection right now!
A Desktop application that OpenSea which can be downloaded from WebCatalog. With the desktop application you are able to manage multiple accounts as well as receive 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/).