Cryptocurrency is booming right now and you’re probably wondering what you can do with your crypto currency. Marketplaces are popping up across the web that allow users to purchase and sell NFTs with cryptocurrency! OpenSea is among them and is worth checking out.
If you’re well-versed in cryptocurrency, you’ve probably heard of OpenSea prior to this for a valid reason. It’s one of the largest and leading marketplaces among users of cryptocurrency due to its security and rapid transactions.
Get on board, and let’s explore what you can do with OpenSea, along with checking what NFTs you can view!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick review. Afterward, you will want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft 3D Model
The purpose for OpenSea was to provide artists with a marketplace/platform to upload their commissions, without having to pay any additional charges. It has more functions that let you sell your artwork without any issues.
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 on OpenSea! It’s as easy as that, without many hurdles as you walk into NFTs.
The most popular cryptocurrency to use on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology which is utilized for most processes. It also functions on the Polygon blockchain to ensure the lowest cost and speediest trading.
With these two kinds of blockchains available you can pick which one you would like to publish your NFT as an seller. This will ensure the security of your NFT as well as those who would like to buy it. All transactions are made 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 online shopping mall that is endless where you can exchange your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything just a domain name to an official artwork by an artist you admire. Anyone can be a seller however it takes some time for anyone to be a reputable one.
There is a wide variety in the collection of NFTs available at OpenSea and you can become a part of the collection! You can create your own marketplace on this site, as well as find NFTs you want to purchase yourself.
What is an NFT?
A recent change in the crypto market,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that many millennials are familiar with it , but aren’t exactly sure what it is. Let’s take a look at what NFT is for any beginners in the field of cryptocurrency.
One of the newest things that you can buy with cryptocurrency can be an NFT. A NFT is a non-fungible token which is extremely individual and cannot be substituted. This can be an item of any rareness like rare baseball trading cards in mint condition, or a unique vinyl album.
There’s no limit on what an NFT could be, since it’s a non-fungible object you’re selling online. In simpler terms, you could simply think of as an NFT being a virtual item paid via cryptocurrency only.
Minting is like calling dibs to your NFTs. You’re claiming the owner of the item or token that you have uploaded to the market place, but you’re offering it for sale. Usually, this is recognized when you have filled in all the necessary information about the NFT and upload it to the marketplace.
On OpenSea, it’s a simple procedure to create your own NFTs by going to the store and then making a collection to begin! Input the appropriate and accurate information about your NFT and then select what type of settings you want to use it with (e.g., blockchain or money transfer tokens). After that, you can finally upload it to the internet if it’s in the 100 MB limit.
You can wait and observe how transactions progress from here on out to determine whether OpenSea is the right marketplace for you.
What NFTs can you get here?
In this moment, you’re probably wondering the kind of NFTs be purchased here and what kind of NFTs you can sell should you decide to go down that path. The kind of NFT it is indefinite since there’s a broad range of options for how to go about it.
You can be selling digital products, trading cards games, domain names, and some physical items! Find out what you think will reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that differentiates OpenSea from the others. There are no gas costs when you utilize this feature when you create and market NFTs. This is essentially a way to ensure that you be able to make the highest profits once you sell because you don’t need to pay on any additional charges.
There aren’t many NFT marketplaces offer this feature, which is why this is a great way to make a huge profit from your collection.
A Referral Program is another unique aspect of OpenSea to admire. Like traditional online marketplaces, you can receive advantages when you refer a friend to OpenSea! If you encourage a friend join OpenSea and buy an NFT from there you’ll earn 2.50 percent of the sales amount, which means you can make more money by this method.
Other NFT marketplaces do not have the same feature and that’s another advantage OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile app, but it’s mostly for perusing through the marketplace. Unfortunately, you can’t purchase or sell anything as you scroll through the list.
The mobile apps from OpenSea are accessible on both iOS in addition to Android. Even though you can’t buy or sell something, you can explore the products you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available to you, and you can trade your fiat currency for cryptocurrency on these platforms. Nft 3D Model
You can swap your fiat money via your credit or debit card as well as Paypal through these trusted sites to exchange it for crypto:
- Bittrex, and more!
All of these have the option to exchange for ETH that is the most common cryptocurrency payment option in OpenSea.
Although OpenSea can be described as an NFT marketplace open to all forms of crypto, wallets are still more compatible with it than other. Since it is built mainly on the ETH blockchain, wallets that share this network are appropriate for this website.
Here’s a list several crypto wallets you can utilize in OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations including simple registration, mobile-only usage and the ability to purchase cryptocurrency with a credit card. Nft 3D Model
For more information about the service You can go through their FAQs to see the steps you can begin and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has advantages and drawbacks. OpenSea isn’t the only one to have this. You can read about its pros and cons here:
- Mobile apps available for iOS as well as Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto market and NFTs.
- Allows royalties of only up to 10% for artists (low royalty).
- It is not possible to buy or sell items via our mobile apps.
- Only accepts cryptocurrency as a form of payment.
- An Crypto wallet is required for this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. But overall, you can quickly regain that when you are actively selling since there’s no extra charge for it.
Frequently Asked Questions Nft 3D Model
What is OpenSea?
OpenSea is an NFT marketplace that seeks to give artists a chance to sell their works online, and to accept cryptocurrency as a method of payment. It’s a great platform for artists using the platform to market NFTs because of its zero cost of gas and the low commission rate which you are required to pay.
You can shop and browse the vast array of digital products on this NFT marketplace and you must check it out!
Is OpenSea legit & safe?
Short answer: Yes! OpenSea is a reputable marketplace since its inception at the end of the year of 2018. Because its system is built on a blockchain and is secured, it is safe to declare that transactions are protected and secured.
In addition, as a seller, you’ll be verified when you’ve earned a reputation. A blue checkmark will appear next to your account or any collection you’ve uploaded to ensure the safety of anyone who buys from you. The OpenSea team reviews regularly the content to ensure that users are safe.
How can I earn royalties on OpenSea?
Unfortunately, as an artist, you will receive only up to 10% of the royalties once you have uploaded the NFT. This is believed to be a reasonable amount compared against other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) can be commonly used on this site and other sites to provide many more cryptocurrency users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can use to access OpenSea.
What are the payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on 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 have a desktop/mobile app?
As we mentioned earlier, there is definitely an official mobile application from OpenSea for both iOS or Android. You can download it through their app store, and begin exploring the collection right now!
A Desktop application that OpenSea which can be downloaded from WebCatalog. In the desktop application, you can manage multiple accounts and get notifications about updates to 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/).