The cryptocurrency market is on the rise, and you’re probably wondering what you can do with your crypto coins. Marketplaces are popping up all over the internet, designed to sell and buy NFTs via cryptocurrency! OpenSea is one of them, and it’s worth checking out.
If you’re familiar with cryptocurrency, you’ve likely heard of OpenSea previously for a valid reason. It’s one of the largest and leading marketplaces among cryptocurrency users because of its safety and speedy transactions.
So, hop on board and let’s see what you can do with OpenSea as well as examining what NFTs you can view!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft 2 Billion
The goal of OpenSea was to provide artists with a marketplace/platform to upload commissions, without having to pay any additional costs. It also has additional functions that let you sell your artwork without any difficulties.
When it comes to 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 easy as that without going through much hassle as you step into NFTs.
The most well-known 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 functions on the Polygon blockchain, which allows for the lowest cost and speediest trading.
There are two types of blockchains that are available, you can choose which one you want to transfer your NFT to as a seller. This will ensure the security of your NFT as well as those who would like to purchase it. Every transaction will be conducted by using the blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall where you can trade in 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 sell however it takes some time for anyone to become a reputable one.
There’s a huge selection of NFTs available at OpenSea and you could join in with that! You can start your own market here, along with finding NFTs you’d like to buy yourself.
What is an NFT?
A recent change in the crypto industry the term “NFT” has been going around for so long on the internet that many millennials are familiar with it , but aren’t sure exactly what it means. Let’s break down what an NFT is for any beginners in the field of cryptocurrency.
One of the new things you can buy can be an NFT. The NFT is a non-fungible token that is exclusive and cannot be changed. It can be a piece of 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 item that you sell on the internet. In simpler terms, you could just imagine the NFT being a virtual item that is paid for using cryptocurrency only.
Minting is like calling dibs on your own NFTs. You’re claiming the owner of the item or token that you posted to the marketplace, and selling it. Usually, this is recognized once you fill out the proper information regarding the NFT and then submit it for sale on.
On OpenSea It’s a very simple process to mint your NFTs by going to the store and simply making a collection to begin! Fill out the proper and accurate information about your NFT and choose what kind of settings you want to use it with (e.g., blockchain and payment tokens). After you’ve completed the process then you’re able to upload it if it fits the limit of 100MB.
It is possible to wait and see how the transactions go from now on to determine if OpenSea is the marketplace for you.
What NFTs are available here?
So, at this point you’re probably thinking about which kind of NFT can you shop for here and what kind of NFTs you can sell should you decide to pursue that route. The kind of NFT it isn’t limited since there’s a broad range of how you can go about it.
It is possible to sell digital items, trading cards game assets domain names, some physical items! Find out what you think will reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that differentiates OpenSea from the others. There’s no cost for gas for using this feature to mint and sell NFTs. This means you’ll get the most profit when you sell because you won’t have to spend on any additional charges.
Very few NFT marketplaces have this feature, so this is great for you to earn a high return from your portfolio.
The Referral Program is a different aspect of OpenSea to admire. Similar to traditional online markets there are advantages when you refer someone else to OpenSea! If you refer 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 through this action.
Other NFT marketplaces don’t offer the same feature This is a further benefit OpenSea has over them.
There is an OpenSea mobile app, but it is mainly used to browse the marketplace. It isn’t able to purchase or sell anything while you scroll through the list.
OpenSea’s mobile apps are available for the two platforms of iOS and Android. Even though you can’t buy or sell anything, you can still look through the options you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are for you to use You can also exchange your fiat money for cryptocurrency using these platforms. Nft 2 Billion
You can exchange your fiat currency using a the credit card, or Paypal via these reputable websites to exchange it for crypto:
- Bittrex, and other things!
All of these have the option to exchange for ETH that is the standard cryptocurrency payment option in OpenSea.
While OpenSea has been described as being an NFT marketplace that is open to all kinds of crypto, wallets are nevertheless more compatible than other. Since it is built mainly using the ETH blockchain, wallets that share that network will be suitable for this website.
Here is a list of several crypto wallets you can utilize in OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations including simple registration, only mobile usage, and the function to purchase cryptocurrency with the credit card. Nft 2 Billion
For more information about the service to learn more, check out their FAQs to get the steps you can get started and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has its advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and cons here:
- Mobile apps available for iOS and Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalties up to 10% for artists (low royalty).
- Cannot buy or sell via the mobile app.
- Only accepts cryptocurrency as a method of payment.
- The use of a Crypto wallet is required for this marketplace.
OpenSea is open to everyone who has any crypto currency in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. In the end, you’ll quickly regain that when you actively sell because there’s no extra charge for it.
Frequently Asked Questions Nft 2 Billion
What is OpenSea?
OpenSea is an NFT marketplace that is designed to offer artists a way to market their work online, and to accept cryptocurrency as a method of payment. It’s an ideal option for artists who want to use the platform to market NFTs due to its no cost of gas and low commission fee rate which you are required to pay.
You can browse and purchase the vast array of digital goods in this NFT marketplace and you must go through it!
Is OpenSea legit & secure?
Short answer: Yes! OpenSea has been a trusted marketplace since it was founded on the 1st of December in the year 2018. Since the system it operates on is built on a blockchain and is secured, it is safe to say that your transactions are protected and secured.
Additionally, as a seller, you will be verified after you have built up your credibility. A blue checkmark is placed to your account or collection you’ve uploaded to ensure the safety of every customer. The team at OpenSea regularly checks the content to ensure users are secure.
How can I earn royalties from OpenSea?
However, as an artist, you’ll receive only up to 10 percent of the royalties after you upload the NFT. This is thought to be reasonably low compared against the other NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) is frequently utilized on this website and other sites to provide the increasing number of crypto users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can make use of to access OpenSea.
What are the payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. You can buy and sell cryptocurrency on trusted platforms with fiat money. All you have to do is connect your credit card or Paypal for the transaction.
Does OpenSea have a desktop/mobile application?
As previously mentioned there’s an official mobile app from OpenSea that is available for iOS as well as Android. Install it from their app store and then you can begin exploring the collection right now!
A desktop application for OpenSea can be downloaded via WebCatalog. With the desktop application you are able to manage multiple accounts and get notifications about updates to your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).