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 digital web designed to sell and buy NFTs via cryptocurrency! OpenSea is among them and is worth looking into.
If you’re well-versed in cryptocurrency, you’ve probably heard of OpenSea before for a good reason. It’s now one of the biggest and most popular marketplaces among cryptocurrency users because of its safety and speedy transactions.
Now hop aboard, and let’s see the possibilities of OpenSea, along with checking 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 review. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Artists To Watch
The purpose for OpenSea was to provide artists with a marketplace/platform to upload their commissions without any extra costs. It has more functions which allow you to market your art without too many difficulties.
For the registration process, you don’t have to give any personal information about yourself. All you need to connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as simple as that, without much hassle as you step into NFTs.
The most well-known cryptocurrency used in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system which is utilized to carry out the majority of processes. It is also based on the Polygon blockchain, which ensures lower costs and faster trading.
With these two kinds of blockchains it is possible to choose which one you would like to transfer your NFT to as a seller. This will ensure the security of your NFT and those who would like to purchase it. Every transaction will be conducted by using the blockchain, so you should 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 as simple as a domain name, to a piece of art from an artist you admire. Anyone can become a seller however, it takes some time for anyone to become an established one.
There are a variety of NFTs from the selection of NFTs available at OpenSea, and you can join in with this! You can create your own marketplace here, along with finding NFTs you want to purchase for yourself.
What is an NFT?
In a recent advancement for the cryptocurrency 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 are familiar with it , but aren’t exactly sure what it is. Let’s look at what an NFT is for any beginners in the field of cryptocurrency.
One of the new things you can purchase your cryptocurrency includes an NFT. A NFT is a non-fungible currency that is very exclusive and cannot be replaced. This can be an item of any rarity like mint-condition baseball trading cards or unique vinyl album.
There is no limit to what an NFT could be, since it’s a non-fungible object that you can sell online. In simpler terms, you could simply think of as an NFT to be a type of digital collectible paid via cryptocurrency only.
Minting is similar to calling for dibs to your NFTs. You are calling the owner of the item or token that you posted to the market place, but offering it for sale. Usually, this is recognized when you have filled in all the necessary information about the NFT and finally upload it to the marketplace.
On OpenSea it’s a straightforward process to mint your NFTs by visiting the store and creating a collection to start! Input the appropriate and accurate information about your NFT and then select what type of settings you’d like to use for it (e.g., blockchain or payment tokens). After you’ve completed the process then you’re able to upload it to the internet if it’s in the limit of 100MB.
You can watch and see how transactions progress from now to see if OpenSea is the marketplace for you.
What NFTs can you get here?
So, at this point you’re probably thinking about which kind of NFT can you shop for here and what you can sell should you decide to go down that path. The kind of NFT it can be is unlimited as there’s a variety of ways to go about it.
You could be selling digital items, trading cards games domain names, also physical goods! Consider what you believe will reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that separates OpenSea from the other options. There are no gas costs when you utilize this feature when you make and then sell the NFTs. This means you’ll be able to make the highest profits once you begin selling since you don’t need to pay on extra fees.
Not many NFT marketplaces provide this feature, so this is great for you to make a huge profit from your collection.
This Referral Program is another distinctive feature of OpenSea to be admired. Like traditional online marketplaces, you can receive advantages when you refer your friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from the site, you’ll receive 2.50% of the sale amount, letting you make more money through this action.
Other NFT marketplaces don’t offer the same feature This is a further benefit OpenSea has over them.
There’s an OpenSea mobile app, but it’s mostly used for perusing through the marketplace. It isn’t able to purchase or sell anything while you browse through the listing.
The mobile apps from OpenSea are accessible on the two platforms of iOS and Android. While you’re not able to buy or sell things, you can explore the products you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are at your disposal to exchange your fiat money for cryptocurrency on these platforms. Nft Artists To Watch
You can exchange your fiat money via the credit card, or Paypal on these reliable websites to exchange it for crypto:
- Bittrex and more!
All of them have the option of exchange for ETH which is the most common crypto payment in OpenSea.
While OpenSea can be described as an NFT marketplace open to all forms of cryptocurrency, wallets are nonetheless more compatible than others. Since it is built mainly on the ETH blockchain, wallets which are part of the same network are suitable for this site.
Here’s a list various crypto wallets that which you can use with OpenSea:
- Authereum and many more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each wallet has its own restrictions like easy registration, mobile-only usage and the ability to purchase cryptocurrency with a credit card. Nft Artists To Watch
For more information about the service You can go through their FAQs for the steps you can start and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has its advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and cons here:
- Available as mobile apps that are compatible with iOS and Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
- Allows royalty rates of 10% to artists (low royalty rates).
- Cannot buy or sell through our mobile apps.
- Only supports cryptocurrency as its type of payment.
- The use of a Crypto wallet is required to access 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% 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 additional cost for it.
Frequently Asked Questions Nft Artists To Watch
What is OpenSea?
OpenSea is an NFT marketplace that is designed to give artists a chance to market their work online, and to accept cryptocurrency as a method of payment. It’s an excellent platform for artists using it to sell NFTs due to its no gas costs and low commission fees you must pay.
You can browse and shop for a vast collection of digital goods in this NFT marketplace and you must check it out!
Is OpenSea legit & is it safe?
The short answer is yes! OpenSea is a reputable marketplace since its inception on the 1st of December in 2018. Because its system is built on blockchain technology and is secured, it is safe to claim that your transactions are protected and secured.
Additionally, as a seller, you can become verified once you build up your reputation. A blue checkmark will be assigned to your account or any collection that you have uploaded to assure every customer. The OpenSea team reviews regularly the contents to ensure users are secure.
How can I earn royalties on OpenSea?
However, as an artist, you can be paid only 10 percent of the royalties when you upload the NFT. This is thought to be reasonably low compared with the other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) has been widely used on this site and other sites to provide more cryptocurrency users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can use to use OpenSea.
What are the payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. You can buy and sell cryptocurrency through reliable platforms using fiat currency. All you have just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea have a desktop/mobile application?
As we mentioned earlier There is an official mobile application from OpenSea that is available for iOS as well as Android. You can download it through their app store, and you can start exploring the collection now!
There is also a version for desktops that OpenSea which can be downloaded from WebCatalog. In the desktop application you are able to manage multiple accounts and get alerts on any updates that affect your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).