Cryptocurrency is booming right now and you’re probably wondering where you can invest your crypto-coins. Markets have popped up across the internet, designed to sell and buy NFTs with cryptocurrency! OpenSea can be one 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 largest and most popular marketplaces among cryptocurrency users because of its safety and speedy transactions.
So, hop on board and let’s see the possibilities of OpenSea as well as examining the NFTs available to view!
Before you continue, 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 of OpenSea.
OpenSea as an NFT Marketplace Nft Basil
The aim for OpenSea was to offer an online marketplace for artists to upload commissions, without having to pay any additional costs. There are additional features that let you sell your work without having to deal with many issues.
When it comes to registration, you won’t have to give 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 much hassle as you step into NFTs.
The most widely-used cryptocurrency to use on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it, and this is used to carry out the majority of processes. It also operates using the Polygon blockchain to ensure low-cost and quicker trading.
With these two types of blockchains that are available you can pick which one you’d like to transfer your NFT to as a seller. This ensures the safety of your NFT and the people who want to purchase it. Every transaction will be conducted by using the blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything just a domain name to an official artwork by an artist you admire. Anyone can be a seller however it takes a while before anyone can become a reputable one.
There are a variety of NFTs in the collection of NFTs available at OpenSea and you can join in with that! You can start your own marketplace here, along with finding NFTs that you would like to purchase 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 many millennials are familiar with it , but aren’t exactly sure what it actually means. Let’s break down what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the newest things you can purchase your cryptocurrency includes an NFT. An NFT is a non-fungible currency that is very exclusive and cannot be changed. It can be an item of rareness, such as rare baseball trading cards in mint condition, or a unique vinyl album.
There’s no limit on what an NFT can be since it’s a non-fungible thing that you can sell online. It is simpler to just consider an NFT being a virtual item that is paid for using cryptocurrency only.
Minting is like calling dibs for your personal NFTs. You’re claiming the owner of the item or token you uploaded on the marketplace, and putting it up for sale. Usually, this becomes official once you fill out the proper information regarding the NFT and finally 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 simply making a collection to begin! Fill out the proper and correct information regarding your NFT and then select what type of settings you want for it (e.g., blockchain, money transfer tokens). After you’ve completed the process, you can finally upload it to the internet if it’s in the 100 MB limit.
You can wait and observe how the transactions go from now on to determine whether OpenSea is the best marketplace for you.
What NFTs can you find here?
At this point you’re probably asking yourself the kind of NFTs can you shop for here and what you can also sell if you decide to go down that path. The type of NFT that you can purchase is unlimited as there’s a variety of ways to go about it.
It is possible to sell digital products, trading cards game assets domain names, some physical items! Find out what you think will reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that differentiates OpenSea from the other options. There’s no cost for gas when you use this feature to create and market NFTs. This is essentially a way to ensure that you be able to make the highest profits once you sell because you won’t have to spend on any additional charges.
There aren’t many NFT marketplaces have this feature, and it is a great way to receive high profit from your portfolio.
The Referral Program is another distinctive feature of OpenSea to take note of. Like traditional online marketplaces that offer benefits when you refer a friend to OpenSea! If you refer 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 make more money by this method.
Other NFT marketplaces don’t offer this kind of feature either This is a further benefit OpenSea has over them.
There is an OpenSea mobile app, but it’s mostly used 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 for both iOS as well as Android. While you’re not able to buy or sell anything, you can still at least explore the products you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are available at your disposal to exchange your fiat money for cryptocurrency using these platforms. Nft Basil
You can swap the fiat currency you have with a credit card or Paypal through these trusted sites to exchange it for crypto:
- Bittrex, and more!
Each of them has the option of converting them into ETH which is the primary crypto payment in OpenSea.
While OpenSea can be described as an NFT marketplace open to all kinds of cryptocurrency, the wallets nevertheless more compatible than others. Since it is built mainly around the ETH blockchain, all wallets with a connection to the same network are suitable for this website.
Here’s a list several crypto wallets which you can use with OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each one has its own set of limitations, such as easy registration, only mobile usage as well as the capability to purchase cryptocurrency with a credit card. Nft Basil
To know more about it, you can check their FAQs to see a rundown of how you can get started and also what other crypto 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 that are compatible with iOS or 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 royalties 10% for artists (low royalties).
- It is not possible to buy or sell items via this mobile application.
- Only supports cryptocurrency as its form of payment.
- A Crypto wallet is required to use this marketplace.
OpenSea is available to anyone who has any crypto currency in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. However, overall, you will easily recover that amount when you are actively selling since there’s no extra charge for it.
Frequently Asked Questions Nft Basil
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to offer artists a way 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 due to its low gas fees and the low commission rate you must pay.
You can browse and shop for a vast collection of digital items on the NFT marketplace which is why you should definitely go through it!
Is OpenSea real and is it safe?
The short answer is yes! OpenSea has been a trusted marketplace since it was established in 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.
In addition, as a seller, you can become verified once you have built up your credibility. A blue checkmark is placed next to your account or collection that you have uploaded to assure anyone who buys from you. The OpenSea team reviews regularly the contents to ensure users are secure.
How do I earn royalties from OpenSea?
However, as an artist, you can get only 10 percent of the royalties when you upload the NFT. This is believed to be a reasonable amount compared to others NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) is commonly used on this site and many others to accommodate more cryptocurrency users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can make use of to use OpenSea.
What are the payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. You can buy and sell cryptocurrency on reliable platforms using fiat currency. All you need just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea have a desktop/mobile application?
As previously mentioned, there is definitely an official mobile application from OpenSea that is available for iOS and Android. You can download it through their app store and you can start exploring the collection right now!
There is also a desktop application for OpenSea that can be downloaded through WebCatalog. With the desktop application you can manage multiple accounts and get 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/).