Cryptocurrency is booming right now and you’re probably thinking where you can invest your crypto coins. There are numerous marketplaces popping up across the digital web designed to purchase and sell NFTs via cryptocurrency! OpenSea is among them, and it’s worth checking out.
If you’re familiar with cryptocurrency, you’ve probably heard of OpenSea previously for a valid reason. It’s one of the biggest and leading marketplaces among cryptocurrency users because of its security and rapid transactions.
Now hop aboard, and let’s see what you can do with OpenSea, along with checking the NFTs available to view!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft After Effects Template
The aim of OpenSea was to offer artists with a marketplace/platform to easily upload their commissions with no additional fees. It has more functions that let you sell your work without having to deal with many difficulties.
For the registration process, you don’t have to worry about giving any personal information about yourself. All you have to connect your crypto wallet and voila! You have an account with OpenSea! It’s as simple as that and without many hassles when you enter into NFTs.
The most popular cryptocurrency used on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it, and this is used for most processes. It is also based on the Polygon blockchain, which allows for lower costs and faster trading.
With these two kinds of blockchains, you can choose which one you would like to publish your NFT as seller. This ensures the safety of your NFT as well as those who would like to buy it. All transactions are made using this blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace that lets you trade your cryptocurrency or NFTs for other NFTs. You can buy anything the simplest domain name to an official artwork from an artist that you admire. Anyone can be a seller however, it takes time for anyone to be an established seller.
There’s a huge selection from the selection of NFTs available at OpenSea, and you can become a part of this! You can start your own marketplace there, and also find NFTs that you would like to purchase yourself.
What is an NFT?
In a recent advancement for the cryptocurrency industry, the term “NFT” has been going around for so long on internet that a lot of millennials are familiar with it but aren’t exactly sure what it means. Let’s look at what an NFT is for any beginners in the field of cryptocurrency.
One of the latest ways that you can buy with cryptocurrency is an NFT. A NFT is a non-fungible token that is exclusive and cannot be changed. It could be an item of any rareness, such as authentic baseball cards, or a rare vinyl record.
There’s no limit on what an NFT can be since it’s a non-fungible object that you can sell online. It is simpler to simply consider as an NFT as a digital collectible that is paid for using cryptocurrency only.
Minting is similar to calling for dibs on your own NFTs. You’re claiming ownership over that particular token/item that you posted to the marketplace, and putting it up for sale. Usually, this becomes official after you fill in all the necessary information about the NFT and finally upload it to the marketplace.
On OpenSea, it’s a simple process to mine your NFTs. All you have to do is visit the store and creating a collection to start! Complete the correct and accurate information about your NFT and then select what type of settings you’d like to use to use it with (e.g., blockchain or payment tokens). After you’ve completed the process you are able to upload it to the internet if it’s in the 100 MB limit.
You can watch and see the way transactions are handled from now on 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 you shop for here and what you can also sell if you choose to pursue that route. The type of NFT it isn’t limited because there’s a wide range of ways to go about it.
It is possible to sell digital items, trading cards games domain names, even physical assets! Find out what you think will bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that sets OpenSea from other companies. There are no gas costs when you utilize this feature when you mint and sell NFTs. This is essentially a way to ensure that you be able to make the highest profits once you start selling because you won’t need to spend on extra fees.
Not many NFT marketplaces have this feature, so this is great for you to make a huge profit from your NFT collection.
The Referral Program is another distinctive feature of OpenSea to take note of. Like traditional online marketplaces, you can receive advantages by referring a friend to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from the site you’ll earn 2.50% of the sale amount, which allows you to make more money by this method.
Other NFT marketplaces don’t offer the same feature, so that’s just another benefit OpenSea has over the other marketplaces.
There is an OpenSea mobile application, however it’s mostly to browse the marketplace. It isn’t able to purchase or sell anything as you scroll through the list.
The mobile apps from OpenSea are accessible on the two platforms of iOS in addition to Android. While you’re not able to buy or sell anything, you can still at least explore the products you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available for you to use, and you can trade your fiat currency for cryptocurrency on these platforms. Nft After Effects Template
You can convert your fiat money via your credit or debit card as well as Paypal through these trusted sites to exchange it for crypto:
- Bittrex, and many more!
All of these have the option of exchange for ETH which is the most common cryptocurrency used in OpenSea.
Although OpenSea can be described as an NFT marketplace open to all forms of cryptocurrency, wallets are nevertheless more compatible than others. Because it is based on the ETH blockchain, wallets with a connection to the same network are suitable for this website.
Here’s a list of 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 has its own limitations like easy registration, use on mobile devices only and the ability to buy cryptocurrency using a credit card. Nft After Effects Template
For more information about the service You can go through their FAQs to see the steps you can start and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and pros here:
- Mobile apps available that are compatible with iOS as well as Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalty rates of 10% for artists (low royalty rates).
- You cannot buy or sell products via our mobile apps.
- Only accepts cryptocurrency as a type of payment.
- An Crypto account is needed for this marketplace.
OpenSea is available to anyone who owns any crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. But overall, you can quickly recover this amount if you are actively selling since there’s no additional cost for it.
Frequently Asked Questions Nft After Effects Template
What is OpenSea?
OpenSea is an NFT marketplace that is designed to provide artists a platform to market their work online, and to accept cryptocurrency as a form of payment. It’s a great platform for artists who use for selling NFTs due to its low cost of gas and the low commission rate that you have to pay.
You can browse and purchase the vast array of digital goods in this NFT marketplace which is why you should definitely check it out!
Is OpenSea real and secure?
The short answer is yes! OpenSea has been a reliable marketplace since it was established in the year 2018. Since the system it operates on is built on blockchain technology that is secure, you can say that your transactions are safe and secure.
Additionally, as a seller, you will be verified after you build up your reputation. A blue checkmark will be assigned next to your account or the collection you’ve uploaded to ensure the safety of any customer. The team at OpenSea regularly checks the content to ensure users are secure.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you’ll be paid only 10 percent of the royalties after you upload the NFT. This is considered to be a reasonable amount compared with other NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) has been widely used on this site and numerous others to cater for more crypto users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can utilize to use OpenSea.
What are the payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. You can buy and sell cryptocurrency through secure platforms that accept fiat money. All you need to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea has a mobile or desktop application?
As previously mentioned, there is definitely an official mobile application from OpenSea for both iOS and Android. You can download it through their app store and begin exploring the collection now!
The desktop application for OpenSea which can be downloaded from WebCatalog. On the desktop app you are able to 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/).