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 purchase and sell NFTs with cryptocurrency! OpenSea can be one and is worth checking out.
If you’re interested in crypto, you’ve probably heard of OpenSea prior to this for a valid reason. It has become one of the largest and most popular marketplaces for users of cryptocurrency due to its security and rapid transactions.
Get on board, and let’s see the possibilities of OpenSea as well as examining 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 Nft-29
The goal to create OpenSea was to simply provide artists with a marketplace/platform to upload commissions with no additional charges. It has more functions which allow you to market your work without having to deal with many difficulties.
For the registration process, you don’t have to provide too many details about yourself. All you have to connect your crypto wallet and voila! You have an account on OpenSea! It’s as easy as that without going through many hassles when you enter into NFTs.
The most well-known cryptocurrency to use in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it and is used to carry out the majority of processes. It also operates using the Polygon blockchain, which allows for the lowest cost and speediest trading.
With these two types of blockchains that are available, you can choose which one you’d like 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. All transactions are 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 buy anything as simple as a domain name to an official artwork from an artist you admire. Anyone can be a seller however it takes some time for anyone to be an established seller.
There’s a huge selection of NFTs available at OpenSea and you can also be a part of this! You can start your own market on this site, as well as find NFTs you want to purchase for yourself.
What is an NFT?
In a recent advancement for the crypto market,”NFT,” a popular term in the crypto industry “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 is. Let’s look at what an NFT is for any beginners in cryptocurrency.
One of the new things you can purchase your cryptocurrency is an NFT. A NFT is a token that is non-fungible which is extremely exclusive and cannot be substituted. It could be an item of any rarity like authentic baseball cards, or a rare vinyl record.
There’s no limit on what an NFT could be, since it’s a non-fungible object that you can sell on the internet. It is simpler to simply think of as an NFT to be a type of digital item that is paid for using cryptocurrency only.
Minting is like calling dibs for your personal NFTs. You’re claiming the owner of the item or token that you posted to the marketplace, and selling it. Typically, this is official once you fill out the proper information regarding the NFT and finally upload it to the marketplace.
On OpenSea it’s a straightforward process to mine your NFTs by visiting the store and simply making a collection to begin! Complete the correct and complete information about your NFT and select the type of settings you’d like to use to use it with (e.g., blockchain and payments tokens). After that 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 how the transactions go from here on out to see if OpenSea is the marketplace for you.
What NFTs are available here?
So, at this point, you’re probably wondering what kind of NFTs can be purchased here and what you can sell should you decide to go that route. The kind of NFT it is indefinite since there’s a broad range of ways to do it.
You can be selling digital items, trading cards games domain names, also physical goods! Explore what you believe can bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that differentiates OpenSea from the others. There’s no cost for gas when you utilize this feature when you make and then sell the NFTs. This means you’ll be able to make the highest profits once you sell because you don’t need to pay on any additional charges.
Not many NFT marketplaces offer this feature, which is why this can be a fantastic way to earn a high return from your portfolio.
The Referral Program is a different aspect of OpenSea to take note of. Similar to traditional online markets, you can receive rewards by referring a friend to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from there you’ll earn 2.50 percent of the purchase amount, which allows you to earn more money by this method.
Other NFT marketplaces do not have the same feature and that’s another benefit OpenSea has over the other marketplaces.
There’s an OpenSea mobile application, however it is mainly used to browse through the marketplace. You can’t buy or sell anything while you scroll through the list.
OpenSea’s mobile apps are available on the two platforms of iOS in addition to Android. While you’re not able to 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 at your disposal to trade your fiat currency for cryptocurrency on these platforms. Nft-29
You can exchange the fiat currency you have with a your credit or debit card as well as Paypal on these reliable websites to exchange it for crypto:
- Bittrex and more!
Each of them has the option of converting them into ETH, which is the most common crypto payment in OpenSea.
While OpenSea can be described as an NFT marketplace open to all kinds of crypto, wallets are nonetheless more compatible than other. Because it is based on an ETH blockchain, all wallets with a connection to that network will be suitable for this website.
Here is a list of several crypto wallets you can use in OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, only mobile usage and the ability to buy cryptocurrency using credit cards. Nft-29
To know more about it to learn more, check out their FAQs to see the steps you can get started and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and pros here:
- Available as mobile apps for iOS as well as Android.
- Smart contracts are used for transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalties of only 10% for artists (low royalty).
- Cannot buy or sell on our mobile apps.
- Only supports cryptocurrency as its method of payment.
- A Crypto account is needed to use this marketplace.
OpenSea is available to anyone who has crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. But overall, you can quickly regain that when you actively sell because there is no additional fee for it.
Frequently Asked Questions Nft-29
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to offer artists a way to market their work online and receive cryptocurrency as a method of payment. It’s a great option for artists who want to use the platform to market NFTs due to its low gas costs and the low commission rate you must pay.
You can shop and browse the vast array of digital goods in this NFT marketplace, so you should take a look!
Is OpenSea real and is it safe?
Answer: Yes! OpenSea is a reputable marketplace since its inception on the 1st of December in the year 2018. Since the system it operates on is based on a blockchain and is secured, it is safe to say that your transactions are protected and secured.
Furthermore, as a seller, you’ll be verified when you build up your reputation. A blue checkmark is placed to your account or any collection you uploaded to reassure every customer. The team at OpenSea regularly checks the contents to ensure users are protected.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you’ll receive only up to 10 percent of the royalties when you upload the NFT. This is considered to be reasonably low compared to the other NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) is frequently utilized on this website and numerous others to cater for many more cryptocurrency users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can utilize to use OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. It is easy to buy or sell cryptocurrency through trusted platforms with fiat money. All you need just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea have a desktop/mobile application?
As we mentioned earlier, there is definitely an official mobile application from OpenSea for both iOS as well as Android. Install it from their app store and you can start browsing through the collection right now!
There is also a Desktop application that OpenSea which can be downloaded from WebCatalog. On the desktop app 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/).