Cryptocurrency is booming right now and you’re probably thinking where you can invest your crypto coins. Marketplaces are popping up all over the internet, designed to buy and sell NFTs with cryptocurrency! OpenSea is one of them, and it’s worth checking out.
If you’re familiar with cryptocurrency you’ve probably heard about OpenSea previously for a valid reason. It has become one of the biggest and most popular marketplaces among cryptocurrency users because of its security and rapid transactions.
Get on board, and let’s explore what you can do with OpenSea, along with checking the NFTs available to view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick review. Afterward, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft-03C
The goal to create OpenSea was to provide a platform/marketplace for artists to upload their commissions with no additional charges. It has more functions that allow you to sell your art without too many problems.
For registration, you don’t need to provide any personal information about yourself. All you have to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as easy as that and without much hassle as you step into NFTs.
The most popular cryptocurrency to use in 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, which ensures lower costs and faster trading.
With these two kinds of blockchains you can pick which one you want to upload your NFT on as an seller. This ensures the safety of your NFT as well as those who would like to purchase it. All transactions will be made using this blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from the simplest domain name, to a piece of art from an artist that you admire. Anyone can become a seller however, it takes some time for anyone to be an established seller.
There is a wide variety of NFTs available at OpenSea and you can become a part of this! You can create your own personal market on this site, as well as find NFTs you’d like to buy for yourself.
What is an NFT?
In a recent advancement for the crypto industry the term “NFT” has been going around for so long on 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 those who are just beginning to get started in the field of cryptocurrency.
One of the new things you can buy is an NFT. An NFT is a non-fungible currency that is exclusive and cannot be substituted. It can be an item of any rareness, such as authentic baseball cards, or a rare vinyl record.
There’s no limit on what an NFT can be since it’s a non-fungible item you’re selling online. It is simpler to simply imagine the NFT to be a type of digital collectible which is only paid in cryptocurrency.
Minting is like calling the shots for your personal NFTs. You are calling ownership over that particular token/item you uploaded on the marketplace, and offering it for sale. Usually, this is recognized after you fill in all the necessary information about the NFT and upload it to the marketplace.
On OpenSea, it’s a simple process to mine your NFTs by going to the store and making a collection to begin! Input the appropriate and accurate information about your NFT and choose what kind of settings you want for it (e.g. blockchain, payment tokens). After you’ve completed the process then you’re able to upload it if it fits the 100 MB limit.
You can watch and see how the transactions go from now on to see if OpenSea is the best marketplace for you.
What NFTs are available here?
So, at this point, you’re probably wondering which kind of NFT be found here, and what you could sell should you decide to pursue that route. The type of NFT it can be is indefinite since there’s a broad range of options for how to approach it.
You can be selling digital items, trading cards games domain names, also physical goods! Find out what you think will bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that separates OpenSea from other companies. There’s no cost for gas when you use this feature to create and market NFTs. This is essentially a way to ensure that you get the most profit when you start selling because you won’t need to spend on extra fees.
Very few NFT marketplaces have this feature, so this can be a fantastic way to receive high profit from your collection.
This Referral Program is another unique aspect of OpenSea to take note of. Like traditional online marketplaces that offer benefits by referring someone else to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from the site you’ll be rewarded with 2.50 percent of the sales amount, which means you can earn more money by this method.
Other NFT marketplaces don’t have this kind of feature either, so that’s just another advantage OpenSea has over them.
There’s an OpenSea mobile app, but it’s mostly used to browse the marketplace. You can’t buy or sell anything as you scroll through the list.
The mobile apps of OpenSea are available on both iOS in addition to Android. Although you aren’t able to purchase or sell anything, you can still explore the products you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available to you, and you can exchange your fiat money for cryptocurrency on these platforms. Nft-03C
You can exchange the fiat currency you have with a credit card or Paypal through these trusted sites for cryptocurrency:
- Bittrex and many more!
Each of them has the option of exchange for ETH that is the primary crypto payment in OpenSea.
While OpenSea is an NFT marketplace open to all types of crypto, wallets are nevertheless more compatible than other. Because it is based using an ETH blockchain, wallets that share the same network are suitable for the site.
Here’s a list of different crypto wallets you can utilize in OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations, such as easy registration, only mobile usage as well as the capability to purchase cryptocurrency with the credit card. Nft-03C
To learn more about it, you can check their FAQs to get an overview 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 comes with advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and pros here:
- Mobile apps are available for iOS or Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalties 10% for artists (low royalty rates).
- Cannot buy or sell on the mobile app.
- Only accepts cryptocurrency as a type of payment.
- The use of a Crypto account is needed to access this marketplace.
OpenSea is available to anyone who owns any crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. However, overall, you will quickly regain that when you are actively selling since there is no additional fee for it.
Frequently Asked Questions Nft-03C
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 method of payment. It’s a great platform for artists using for selling NFTs due to its low gas costs and low commission fees which you are required to pay.
You can browse and shop for the vast array of digital goods in this NFT marketplace and you must check it out!
Is OpenSea legit & secure?
The short answer is yes! OpenSea is a reputable marketplace since it was founded on the 1st of December in 2018. Because its system is based on a blockchain that is secure, you can say that your transactions are safe and secure.
In addition as a seller you will be verified after you’ve earned a reputation. A blue checkmark will be assigned next to your account or the collection that you have uploaded to assure anyone who buys from you. The OpenSea team reviews regularly the content to ensure users are safe.
How do I earn royalties on OpenSea?
Unfortunately, as an artist, you can get only 10 percent of the royalties when you have uploaded the NFT. This is believed to be reasonably low compared with the other NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) can be commonly used on this site as well as numerous others to cater for more crypto users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of for OpenSea.
What are the payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. You can buy and trade cryptocurrency using trusted platforms with fiat money. All you need be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea have a desktop or mobile app?
As mentioned before there’s an official mobile app from OpenSea that is available for iOS and Android. You can download it through their app store and then you can begin exploring the collection right now!
There is also a desktop application for OpenSea which can be downloaded from WebCatalog. In the desktop application, you can manage multiple accounts and get alerts on any updates that affect 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/).