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 internet, designed to buy and sell NFTs using cryptocurrency! OpenSea is one of them, and it’s worth looking into.
If you’re familiar with cryptocurrency, you’ve probably heard about OpenSea prior to this 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.
So, hop on board and discover what you can do with OpenSea and also see the NFTs that you can see!
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 1
The aim for OpenSea was to provide a platform/marketplace for artists to easily upload their commissions without any extra fees. There are additional features that allow you to sell your art without too many issues.
For registration, you won’t have to give all of your personal details. All you have to do is connect your crypto wallet and voila! You have an account on OpenSea! It’s as easy as that, without much hassle as you step into NFTs.
The most widely-used cryptocurrency used within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology which is utilized for the majority of transactions. It is also based with the Polygon blockchain, which allows for lower costs and faster trading.
There are two types of blockchains that are available you can pick which one you want to upload your NFT on as an seller. This ensures the safety of your NFT, along with those who would like to purchase it. All transactions will be made using this blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall where you can exchange 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 some time for anyone to become an established one.
There are a variety of NFTs from the selection of NFTs available at OpenSea and you could also be a part of this! You can create your own market on this site, as well as find NFTs that you would like to purchase for 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 for so long on the internet that a lot of millennials are familiar with it but aren’t sure exactly what it is. Let’s break down 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 is an NFT. An NFT is a non-fungible currency that is very unique and can’t be changed. It can be an item of rarity like authentic baseball cards or uncommon vinyl record.
There’s no limit on what an NFT can be since it’s a non-fungible item that you can sell online. More straightforwardly, you can simply consider the NFT as a digital collectible that is paid for using cryptocurrency only.
Minting is like calling dibs on your own NFTs. You are calling the ownership of the particular item that you posted to the market place, but selling it. Usually, this is recognized after you fill in the proper information regarding the NFT and add it on the market.
On OpenSea It’s a very simple process to mint your NFTs by going to the store and then making a collection to begin! Complete the correct and correct information regarding your NFT and then select what type of settings you’d like to use for it (e.g., blockchain and money transfer tokens). Once that’s all done you are able to 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 now on to see whether OpenSea is the right marketplace for you.
What NFTs can you get here?
So, at this point you’re probably thinking about the kind of NFTs you shop for here, and what you could sell should you decide to pursue that route. The kind of NFT that you can purchase is indefinite as there’s a variety of options for how to do it.
It is possible to sell trade cards, digital goods, game assets domain names, also physical goods! Find out what you think will reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that separates OpenSea from other companies. There’s no cost for gas 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 sell because you won’t have to spend on any additional charges.
There aren’t many NFT marketplaces offer this feature, so this is a great way to receive high profit from your NFT collection.
The Referral Program is another unique aspect of OpenSea to take note of. Similar to traditional online markets, you can receive rewards when you refer a friend to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from the site you’ll be rewarded with 2.50% of the sale amount, which allows you to earn more cash from this act.
Other NFT marketplaces do not have the same feature, so that’s just another benefit OpenSea has over them.
There is an OpenSea mobile application, however it’s mostly for perusing through the marketplace. It isn’t able to purchase or sell anything while you browse through the listings.
The mobile apps of OpenSea are available for both iOS and Android. While you’re not able to buy or sell something, you can at least look through the options you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are to you, and you can trade your fiat currency for cryptocurrency through these platforms. Nft 1
You can swap the fiat currency you have with a credit card or Paypal through these trusted sites to exchange it for crypto:
- Bittrex and many more!
All of these have the option of converting them into ETH that is the standard cryptocurrency payment option in OpenSea.
Although OpenSea is an NFT marketplace open to all forms of cryptocurrency, the wallets nonetheless more compatible than others. Because it is based on an ETH blockchain, wallets with a connection to the same network are suitable for this site.
Here’s a list of several 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 using credit cards. Nft 1
To learn more about it You can go through their FAQs to get a rundown of how you can start and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets every one of them has its advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and pros here:
- Available as mobile apps for iOS as well as Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
- Allows royalties of only up to 10% for artists (low royalty).
- Cannot buy or sell through our mobile apps.
- Only supports cryptocurrency as its type of payment.
- An Crypto wallet is required for this marketplace.
OpenSea is open to everyone who has any crypto currency in their crypto wallets. When you are a seller, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. In the end, you’ll quickly regain that when you actively sell because there’s no additional cost for it.
Frequently Asked Questions Nft 1
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to offer artists a way to market their work online, and to accept cryptocurrency as a form of payment. It’s an ideal platform for artists using for selling NFTs due to its no gas fees and low commission fee rate that you have to pay.
You can browse and purchase an array of digital goods in this NFT marketplace which is why you should definitely go through it!
Is OpenSea legit & is it safe?
The short answer is yes! OpenSea has been a reliable marketplace since it was established at the end of the year of 2018. Since the system it operates on is built on a blockchain and is secured, it is safe to declare that transactions are secure and safe.
In addition as a seller you’ll be verified when you have built up your credibility. A blue checkmark will be assigned on your account or the collection that you have uploaded to assure any customer. The team at OpenSea regularly checks the content to ensure users are protected.
How do I earn royalties from OpenSea?
As an artist, you will get only 10 percent of the royalties when you upload the NFT. This is thought to be reasonably low compared against others NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) is 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 the website. It is easy to buy or sell cryptocurrency on trusted platforms with fiat money. All you need just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea has a mobile or desktop app?
As mentioned before There is an official mobile app from OpenSea available for both iOS as well as Android. Install it from their 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 are able to 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/).