The crypto currency market is in a boom right now and you’re probably thinking what you can do with your crypto-coins. Marketplaces are popping up across the web that allow users to sell and buy NFTs using cryptocurrency! OpenSea is one of them, and it’s worth a look.
If you’re interested in crypto, you’ve probably heard of OpenSea prior to this for a valid reason. It’s now one of the largest and most popular marketplaces for users of cryptocurrency due to its safety and speedy transactions.
Now hop aboard, and discover the possibilities of OpenSea as well as examining 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 overview. After, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft 3Lau
The purpose of OpenSea was to offer a platform/marketplace for artists to upload commissions, without having to pay any additional fees. It also has additional functions which allow you to market your art without too many problems.
In terms of registration, you don’t need 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 popular cryptocurrency to use within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system, and this is used to carry out the majority of processes. It also operates with the Polygon blockchain to ensure low-cost and quicker trading.
There are two types of blockchains available it is possible to choose which one you would like to publish your NFT as seller. This will ensure the security of your NFT as well as the people who want to purchase it. All transactions are made by using the blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless that lets you trade your NFTs or cryptocurrency for other NFTs. You can buy anything as simple as a domain name, to a piece of art by an artist you admire. Anyone can be a seller, but it takes a while for anyone to be an established seller.
There is a wide variety of NFTs available of NFTs available at OpenSea, and you can become a part of this! You can set up your own marketplace there, and also find NFTs you want to purchase 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 have heard of it but not exactly sure what it is. Let’s take a look at what NFT is for any beginners in cryptocurrency.
One of the newest things you can buy can be an NFT. The NFT is a non-fungible currency that is very individual and cannot be replaced. This can be a piece of rarity like authentic baseball cards or uncommon vinyl record.
There is no limit to what an NFT can be as it’s a non-fungible object that you can sell online. It is simpler to just consider an NFT to be a type of digital item paid via cryptocurrency only.
Minting is like calling the shots on your own NFTs. It is a way of claiming ownership over that particular token/item that you posted to market, as putting it up for sale. Usually, this is recognized when you have filled in the proper information regarding the NFT and finally submit it for sale on.
On OpenSea It’s a very simple process to mine your NFTs by going to the store and then creating a collection to start! Input the appropriate and complete information about your NFT and select the type of settings you’d like to use for it (e.g., blockchain and payments tokens). Once that’s all done, you can finally upload it if it fits the limit of 100MB.
You can watch and see how transactions progress from now on to see whether OpenSea is the marketplace for you.
What NFTs can you find here?
So, at this point you’re probably asking yourself what kind of NFTs can be found here and what you can sell should you decide to go that route. The type of NFT that you can purchase is indefinite as there’s a variety of options for how to do it.
You could be selling digital items, trading cards game assets domain names, even physical assets! Explore what you believe can yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what differentiates OpenSea from other companies. There are zero gas fees when you utilize this feature when you make and then sell the NFTs. This simply means that you’ll get the most profit when you start selling because you won’t need to spend on additional fees.
There aren’t many NFT marketplaces provide this feature, and it can be a fantastic way to receive high profit from your NFT collection.
This Referral Program is another unique aspect of OpenSea to be admired. Like traditional online marketplaces that offer rewards by referring a friend to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from there, you’ll receive 2.50 percent of the sales amount, which means you can earn more money by this method.
Other NFT marketplaces don’t have this feature, so that’s just another benefit OpenSea has over them.
There’s an OpenSea mobile app, but it’s mostly to browse the marketplace. Unfortunately, you can’t purchase or sell anything as you scroll through the list.
The mobile apps from OpenSea are accessible for both iOS in addition to Android. Although you aren’t able to purchase or sell something, you can look through the options you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available for you to use, and you can exchange your fiat money for cryptocurrency through these platforms. Nft 3Lau
You can convert the fiat currency you have with a your credit or debit card as well as Paypal through these trusted sites to exchange it for crypto:
- Bittrex, and more!
All of them have the option of exchange for ETH that is the most common cryptocurrency payment option in OpenSea.
Although OpenSea is an NFT marketplace that is open to all types of crypto, wallets are still more compatible with it than others. Since it is built using the ETH blockchain, any wallets that share this network are appropriate for this site.
Here’s a list different crypto wallets you can use 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 like easy registration, use on mobile devices only, and the function to purchase cryptocurrency using a credit card. Nft 3Lau
For more information about the service, you can check their FAQs to get a rundown of how you can get started and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with advantages and drawbacks. OpenSea isn’t the only one to have this. You can read about its pros and cons here:
- Mobile apps are available that are compatible with iOS or Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto industry and NFTs.
- Allows royalties of only up to 10% for artists (low royalty).
- It is not possible to buy or sell items through the mobile app.
- Only supports cryptocurrency as its type of payment.
- A Crypto wallet is required to access this marketplace.
OpenSea is accessible to everyone who has any crypto currency in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. However, overall, you will easily recover that amount when you are actively selling since there’s no additional cost for it.
Frequently Asked Questions Nft 3Lau
What is OpenSea?
OpenSea is an NFT marketplace that seeks to offer artists a way to market their work online, and to accept cryptocurrency as their form of payment. It’s an ideal platform for artists using the platform to market NFTs due to its low gas costs and low commission fee rate which you are required to pay.
You can browse and purchase a vast collection of digital items on the NFT marketplace and you must check it out!
Is OpenSea legit & safe?
Short answer: Yes! OpenSea has been a reliable marketplace since it was founded at the end of the year 2018. Since the system it operates on is built 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 build up your reputation. A blue checkmark will be assigned on your account or collection you uploaded to reassure anyone who buys from you. The OpenSea team reviews regularly the content to ensure users are protected.
How do I earn royalties from OpenSea?
However, as an artist, you’ll be paid only 10 percent of the royalties when you have uploaded the NFT. This is believed to be a reasonable amount compared with the other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) is widely used on this site and numerous others to cater for the increasing number of cryptocurrency users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can utilize to use OpenSea.
What are the payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. You can buy and sell cryptocurrency on reliable platforms using fiat currency. All you need be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea have a desktop/mobile application?
As mentioned before There is an official mobile application from OpenSea available for both iOS or Android. Install it from their app store and begin exploring the collection right now!
There is also a version for desktops that OpenSea can be downloaded via WebCatalog. On the desktop app, you can manage multiple accounts and receive 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/).