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 via cryptocurrency! OpenSea is among them and is worth checking out.
If you’re interested in crypto you’ve likely heard of OpenSea prior to this for a valid reason. It’s one of the largest and most popular marketplaces for cryptocurrency enthusiasts due to its safety and speedy transactions.
So, hop on board and discover the possibilities of OpenSea and also see 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. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Art Coin
The goal of OpenSea was to simply provide artists with a marketplace/platform to upload their commissions without any extra costs. It also has additional functions that let you sell your art without too many problems.
In terms of registration, you won’t have to provide any personal information about yourself. All you have to do is connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as easy as that and without many hassles when you enter into NFTs.
The most popular cryptocurrency that is used on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system which is utilized to carry out the majority of processes. It also functions on the Polygon blockchain, which allows for low-cost and quicker trading.
With these two kinds of blockchains you can pick which one you’d like to upload your NFT on as seller. This ensures the safety of your NFT as well as those who wish to buy it. All transactions will be made by using the blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall where you can exchange 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 become a seller however it takes a while before anyone can become a reputable one.
There’s a huge selection from the selection of NFTs available at OpenSea and you can also be a part of that! You can set up your own personal market on this site, as well as find NFTs you’d like to buy yourself.
What is an NFT?
A recent change in the cryptocurrency industry,”NFT,” a popular term in the crypto industry “NFT” has been going around so long on the internet that a lot of millennials have heard of it but aren’t sure exactly what it actually means. Let’s break down what an NFT is for any beginners in cryptocurrency.
One of the new things you can purchase your cryptocurrency includes an NFT. An NFT is a non-fungible token that is exclusive and cannot be changed. It could be an item of rareness, such as authentic baseball cards or rare vinyl record.
There is no limit to what an NFT can be as it’s a non-fungible item you’re selling online. More straightforwardly, you can just consider as an NFT as a digital item that is paid for using cryptocurrency only.
Minting is like calling the shots on your own NFTs. You’re claiming the ownership of the particular item that you posted to the market place, but putting it up for sale. Usually, this becomes official once you fill out the correct information about the NFT and then submit it for sale on.
On OpenSea it’s a straightforward process to mint your NFTs. All you have to do is visit the store and creating a collection to start! Complete the correct and correct information regarding your NFT and select the type of settings you want to use it with (e.g., blockchain, money transfer tokens). After that then you’re able to upload it, if it’s within the 100 MB limit.
You can wait and observe the way transactions are handled from now on to see if OpenSea is the marketplace for you.
What NFTs are available here?
At this point you’re probably asking yourself which kind of NFT be found here and what you can also sell if you choose to go down that path. The type of NFT it can be is unlimited because there’s a wide range of options for how to approach it.
You could be selling trade cards, digital goods game assets domain names, also physical goods! Find out what you think will yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that separates OpenSea from other companies. There are no gas costs when you use this feature when you mint and sell NFTs. This means you’ll get the most profit when you sell because you don’t need to pay on any additional charges.
There aren’t many NFT marketplaces provide this feature, so this is great for you to receive high profit from your portfolio.
This Referral Program is a different aspect of OpenSea to admire. Like traditional online marketplaces there are rewards by referring someone else to OpenSea! If you invite a friend to join OpenSea and buy an NFT from there you’ll earn 2.50 percent of the sales amount, which means you can earn more money through this action.
Other NFT marketplaces don’t have the same feature, so that’s just another benefit OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile application, however it’s mostly used for perusing through the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listings.
OpenSea’s mobile apps are available for both iOS and Android. Although you aren’t able to purchase or sell anything, you can still at least look through the options you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are available to you You can also trade your fiat currency for cryptocurrency on these platforms. Nft Art Coin
You can swap your fiat money via your credit or debit card as well as Paypal on these reliable websites to exchange it for crypto:
- Bittrex, and many more!
Each of them has the option of converting them into ETH which is the standard cryptocurrency payment option in OpenSea.
Although OpenSea is an NFT marketplace open to all forms of crypto, wallets are nonetheless more compatible than other. Since it is built mainly on an ETH blockchain, wallets that share this network are appropriate for the site.
Here’s a list various crypto wallets that which you can use with OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each wallet has its own restrictions including simple registration, mobile-only usage, and the function to buy cryptocurrency using credit cards. Nft Art Coin
To know more about it, you can check their FAQs for a rundown of how you can start and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has advantages and drawbacks. OpenSea isn’t an exception to this. You can view its pros and pros here:
- Available as mobile apps for iOS as well as Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalties of only 10% to artists (low royalties).
- Cannot buy or sell through our mobile apps.
- Only accepts cryptocurrency as a form of payment.
- A Crypto wallet is required for this marketplace.
OpenSea is open to everyone who has crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. But overall, you can easily recover that amount when you are actively selling since there’s no extra charge for it.
Frequently Asked Questions Nft Art Coin
What is OpenSea?
OpenSea is an NFT marketplace that seeks to provide artists a platform to market their work online, and to accept cryptocurrency as their form of payment. It’s an excellent platform for artists using the platform to market NFTs because of its zero cost of gas and low commission fee rate you must pay.
You can browse and shop for the vast array of digital products on this NFT marketplace, so you should go through it!
Is OpenSea legit & safe?
Answer: Yes! OpenSea is a reputable marketplace since it was established in 2018. Since its system is built on a blockchain, it is safe to declare that transactions are protected and secured.
Additionally as a seller you will be verified after 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 any customer. The team at OpenSea regularly checks the contents to ensure users are protected.
How do I earn royalties from OpenSea?
However, as an artist, you will get only 10 percent of the royalties when you upload the NFT. This is considered to be quite low in comparison with other NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) can be frequently used on this site as well as other sites to provide many more crypto users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can use to access OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. You can easily purchase or sell cryptocurrency through trusted platforms with fiat money. All you need be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea have a desktop/mobile application?
As mentioned before There is an official mobile app from OpenSea that is available for iOS and Android. Download it at their respective app store and you can start browsing through the collection right now!
A desktop application for OpenSea that can be downloaded through WebCatalog. On the desktop app you can manage multiple accounts as well as receive notifications on updates regarding 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/).