Cryptocurrency is booming right now and you’re probably thinking what you can do with your crypto coins. There are numerous marketplaces popping up across the internet, designed to purchase and sell NFTs with cryptocurrency! OpenSea can be one, and it’s worth checking out.
If you’re interested in crypto you’ve likely heard of OpenSea before for a good reason. It’s now one of the largest and most popular marketplaces among cryptocurrency enthusiasts due to its security and rapid transactions.
Now hop aboard, and let’s explore what you can do with OpenSea as well as examining the NFTs that you can see!
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 the article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft And Ethereum
The aim of OpenSea was to provide artists with a marketplace/platform to upload their commissions without any extra fees. It has more functions that let you sell your art without too many problems.
In terms of the registration process, you don’t have to worry about giving all of your personal details. 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 widely-used cryptocurrency to use in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it which is utilized to carry out the majority of processes. It also operates 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’d like to transfer your NFT to as seller. This ensures the safety of your NFT and those who would like to buy it. All transactions are made along with this blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall where you can trade in your NFTs or cryptocurrency for other NFTs. You can purchase anything from as simple as a domain name to an official artwork by an artist you admire. Anyone can be a seller however it takes a while for anyone to be an established seller.
There are a variety of NFTs from the selection of NFTs available at OpenSea and you can join in with this! You can start your own marketplace there, and also find NFTs you’d like to buy yourself.
What is an NFT?
In a recent development for the crypto industry”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that a lot of millennials have heard of it but aren’t exactly sure what it actually means. Let’s break down what an NFT is for any beginners in the field of cryptocurrency.
One of the newest things you can purchase your cryptocurrency includes an NFT. The NFT is a token that is non-fungible which is extremely unique and can’t be replaced. It can be an item of any rareness, such as mint-condition baseball trading cards, or a uncommon vinyl record.
There’s no limit to what an NFT can be since it’s a non-fungible thing you’re selling online. It is simpler to simply imagine as an NFT as a digital item which is only paid in cryptocurrency.
Minting is similar to calling for dibs to your NFTs. You’re claiming ownership over that particular token/item that you have uploaded to the marketplace, and selling it. Usually, this becomes official when you have filled in all the necessary information about the NFT and then add it on the market.
On OpenSea it’s a straightforward process to mine your NFTs by going to the store and then creating a collection to start! Complete the correct and complete information about your NFT and choose what kind of settings you’d like to use it with (e.g. blockchain or payments tokens). After you’ve completed the process then you’re able to upload it, if it’s within the 100 MB limit.
You can watch and see the way transactions are handled from now on to determine whether OpenSea is the right marketplace for you.
What NFTs can you find here?
In this moment, you’re probably wondering the kind of NFTs can you shop for here, and what you could also sell if you choose to pursue that route. The kind of NFT that you can purchase isn’t limited as there’s a variety of ways to approach it.
You could be selling trade cards, digital goods games, domain names, and also physical goods! Explore what you believe can bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that differentiates OpenSea from the others. There are no gas costs when you use this feature to make and then sell the NFTs. This simply means that you’ll get the most profit when you begin selling since you won’t have to spend on extra fees.
Very few NFT marketplaces provide this feature, which is why this can be a fantastic way to earn a high return from your collection.
The Referral Program is a different aspect of OpenSea to take note of. Like traditional online marketplaces that offer benefits by referring your friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from there, you’ll receive 2.50 percent of the purchase amount, letting you earn more money through this action.
Other NFT marketplaces do not have this feature This is a further benefit OpenSea has over the other marketplaces.
There is an OpenSea mobile app, but it’s mostly used to browse the marketplace. Unfortunately, you can’t purchase or sell anything while you scroll through the list.
The mobile apps from OpenSea are accessible for the two platforms of iOS as well as Android. Even though you can’t buy or sell things, you can explore the products you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are at your disposal to convert your fiat money into cryptocurrency on these platforms. Nft And Ethereum
You can convert the fiat currency you have with a the credit card, or Paypal on these reliable websites to exchange it for crypto:
- Bittrex and other things!
All of these have the option to exchange for ETH which is the primary cryptocurrency used in OpenSea.
Although OpenSea can be described as an NFT marketplace open to all kinds of crypto, wallets are still more compatible with it than others. Because it is based around the ETH blockchain, any wallets that share that network will be suitable for the site.
Here is a list of various crypto wallets that which you can use with OpenSea:
- Authereum and more!
Note: The compatible crypto wallets can be seen on OpenSea’s 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 And Ethereum
To learn more about it You can go through their FAQs to see an overview of how you can begin and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with its advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and pros here:
- Mobile apps are available that are compatible with 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 royalty rates of up to 10% for artists (low royalty).
- Cannot buy or sell via the mobile app.
- Only supports cryptocurrency as its form of payment.
- The use of a Crypto digital wallet must be used for this marketplace.
OpenSea is available to anyone who has any crypto currency in their crypto wallets. If you’re selling, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. However, overall, you will easily recover that amount when you actively sell because there’s no extra charge for it.
Frequently Asked Questions Nft And Ethereum
What is OpenSea?
OpenSea is an NFT marketplace that is designed to give artists a chance for selling their artwork online and receive cryptocurrency as their form of payment. It’s an ideal platform for artists who use for selling NFTs due to its low gas fees and the low commission rate that you have to pay.
You can browse and shop for an array of digital items on the NFT marketplace which is why you should definitely check it out!
Is OpenSea legitimate and safe?
Answer: Yes! OpenSea has been a reliable marketplace since it was established in the year of 2018. Because its system is based 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 the collection you uploaded to reassure any customer. The OpenSea team reviews regularly the content to ensure that users are protected.
How can I earn royalties on OpenSea?
However, as an artist, you will be paid only 10% of the royalties once you upload the NFT. This is considered to be quite low in comparison against others NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) has been frequently used on this site and many others to accommodate many more cryptocurrency users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can utilize to use OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. You can buy and trade cryptocurrency using trusted platforms with fiat money. All you need to do is connect your credit card or Paypal for the transaction.
Does OpenSea have a desktop/mobile application?
As we mentioned earlier, there is definitely an official mobile app by OpenSea that is available for iOS or Android. Download it at their respective app store and begin browsing through the collection right now!
There is also a version for desktops that OpenSea can be downloaded via WebCatalog. With the desktop application, you can manage multiple accounts as well as receive notifications about updates to 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/).