The crypto currency market is in a boom right now and you’re probably thinking where you can invest your crypto coins. There are numerous marketplaces popping up across the web that allow users to buy and sell NFTs using cryptocurrency! OpenSea is one of 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 now one of the largest and most popular marketplaces for users of cryptocurrency due to its safety and speedy transactions.
Now hop aboard, and let’s explore what you can do with OpenSea, along with checking what NFTs you can view!
Before you go on, you may want to check out 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 Auction
The aim for OpenSea was to offer artists with a marketplace/platform to upload their commissions with no additional charges. It also has additional functions that allow you to sell your artwork without any problems.
In terms of the registration process, you don’t have to give all of your personal details. All you have to do is connect your crypto wallet and voila! You have an account on OpenSea! It’s as easy as that without going through many hurdles as you walk into NFTs.
The most popular cryptocurrency used within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system and is used for the majority of transactions. It also operates using the Polygon blockchain, which ensures lower costs and faster trading.
With these two types of blockchains available you can pick which one you want to publish your NFT as a seller. This is to ensure the security of your NFT and those who would like to purchase it. All transactions will be made along with this blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless where you can trade in your cryptocurrency or NFTs in exchange 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 be a seller however it takes a while for anyone to become a reputable one.
There is a wide variety from the selection of NFTs available at OpenSea and you can also be a part of this! You can create your own personal market there, and also find NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent development for the crypto market the term “NFT” has been going around for so long on the internet that the majority of young people are familiar with it but aren’t sure exactly what it actually means. Let’s look at what an NFT is for anyone who is new in the field of cryptocurrency.
One of the latest ways you can buy can be an NFT. A NFT is a non-fungible token that is very unique and can’t be replaced. It could be an item of any rarity like authentic baseball cards or a uncommon vinyl record.
There’s no limit on what an NFT could be, since it’s a non-fungible thing you’re selling online. It is simpler to simply think of an NFT being a virtual item paid via cryptocurrency only.
Minting is like calling the shots to your NFTs. It is a way of claiming the owner of the item or token that you posted to the market place, but you’re putting it up for sale. Typically, this is official after you fill in the correct information about the NFT and then upload it to the marketplace.
On OpenSea it’s a straightforward process to mine your NFTs by visiting the store and making a collection to begin! Complete the correct and complete information about your NFT and select the type of settings you’d like for it (e.g. blockchain or payments tokens). After you’ve completed the process you are 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 on to determine if OpenSea is the right marketplace for you.
What NFTs can you find here?
In this moment you’re probably asking yourself the kind of NFTs can be purchased here and what you can also sell if you choose to go down that path. The kind of NFT that you can purchase isn’t limited since there’s a broad range of ways to go about it.
It is possible to sell digital items, trading cards, game assets, domain names, and even physical assets! Find out what you think will yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what separates OpenSea from the others. There’s no cost for gas when you use this feature when you create and market NFTs. This simply means that you’ll get the most profit when you sell because you won’t have to spend on additional fees.
There aren’t many NFT marketplaces have this feature, which is why this is great for you to receive high profit from your collection.
A Referral Program is a different aspect of OpenSea to admire. Like traditional online marketplaces, you can receive advantages when you refer someone else to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from the site you’ll earn 2.50% of the sale amount, letting you earn more money from this act.
Other NFT marketplaces don’t have the same feature This is a further benefit OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile app, but it is mainly used to browse the marketplace. You can’t buy or sell anything while you scroll through the list.
OpenSea’s mobile apps are available on both iOS as well as Android. Even though you can’t buy or sell things, you can browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available to you to convert your fiat money into cryptocurrency on these platforms. Nft Auction
You can swap the fiat currency you have with a the credit card, or Paypal on these reliable websites for cryptocurrency:
- Bittrex, and other things!
All of these have the option of converting them into ETH, which is the primary cryptocurrency used in OpenSea.
Although OpenSea can be described as an NFT marketplace open to all kinds of cryptocurrency, the wallets nonetheless more compatible than other. Since it is built around an ETH blockchain, wallets that share the same network are suitable for this site.
Here is a list of various crypto wallets that which you can use with OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each has its own limitations like easy registration, only mobile usage, and the function to purchase cryptocurrency using a credit card. Nft Auction
For more information about the service to learn more, check out their FAQs to see an overview of how you can begin and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets every one of them has advantages and drawbacks. OpenSea isn’t an exception to this. It is possible to read about its pros and cons here:
- Mobile apps available for iOS as well as 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 world and NFTs.
- Allows royalties up to 10% for artists (low royalty).
- It is not possible to buy or sell items via our mobile apps.
- Only accepts cryptocurrency as a form of payment.
- A Crypto digital wallet must be used for this marketplace.
OpenSea is accessible to everyone who has crypto coins in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. However, overall, you will quickly regain that when you actively sell because there’s no extra charge for it.
Frequently Asked Questions Nft Auction
What is OpenSea?
OpenSea is an NFT marketplace that is designed to offer artists a way for selling their artwork online and receive cryptocurrency as a form of payment. It’s a great platform for artists who use for selling NFTs because of its zero gas costs and low commission fee rate you must pay.
You can shop and browse an array of digital products on this NFT marketplace, so you should take a look!
Is OpenSea legitimate and safe?
Short answer: Yes! OpenSea is a reputable marketplace since its inception on the 1st of December in 2018. Since the system it operates on is built on blockchain technology, it is safe to say that your transactions are secure and safe.
Additionally, as a seller, you will be verified after you have built up your credibility. A blue checkmark will be assigned to your account or any collection you uploaded to reassure any customer. OpenSea’s team regularly reviews the content to ensure that users are protected.
How do I earn royalties on OpenSea?
However, as an artist, you’ll receive only up to 10% of the royalties once you upload the NFT. This is believed to be quite low in comparison to other NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) has been commonly used on this site and other sites to provide the increasing number of cryptocurrency users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can use to access OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea does not allow 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 for the transaction.
Does OpenSea have a desktop or mobile app?
As previously mentioned there’s an official mobile application from OpenSea available for both iOS or Android. Download it at their respective app store, and begin exploring the collection right now!
The version for desktops that OpenSea that can be downloaded through WebCatalog. In the desktop application you can manage multiple accounts as well as receive 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/).