The crypto currency market is in a boom right now, and you’re probably wondering what you can do with your crypto-coins. Marketplaces are popping up all over the digital web designed to buy and sell NFTs via 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 biggest and most popular marketplaces among cryptocurrency enthusiasts due to its security and rapid transactions.
So, hop on board and discover what you can do with OpenSea, along with checking the NFTs available to view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Bbt
The goal of OpenSea was to provide artists with a marketplace/platform to easily upload their commissions with no additional costs. It has more functions which allow you to market your artwork without any difficulties.
For registration, you won’t have to give too many details about yourself. All you have to do is connect your cryptocurrency 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 that is used in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system, and this is used for the majority of transactions. It is also based on the Polygon blockchain, which allows for low-cost and quicker trading.
With these two types of blockchains that are available you can pick which one you’d like to upload your NFT on as seller. This is to ensure the security of your NFT as well as the people who want to purchase it. All transactions will be made along with this blockchain, and you must think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless that lets you trade your NFTs or cryptocurrency for other NFTs. You can buy anything as simple as a domain name to official art from an artist that you admire. Anyone can be a seller, but it takes a while before anyone can become an established seller.
There are a variety of NFTs from the selection of NFTs available at OpenSea and you could join in with that! You can set up your own marketplace here, along with finding NFTs you’d like to buy yourself.
What is an NFT?
A recent change in the cryptocurrency industry, the term “NFT” has been going around for so long on the internet that a lot of millennials are familiar with it but not exactly sure what it means. Let’s look at what an NFT is for anyone who is new in cryptocurrency.
One of the new things you can purchase your cryptocurrency can be an NFT. A NFT is a non-fungible currency which is extremely exclusive and cannot be substituted. It can be an item of rarity like rare baseball trading cards in mint condition or a unique vinyl album.
There is no limit to what an NFT can be since it’s a non-fungible object that you sell online. More straightforwardly, you can just consider as an NFT to be a type of digital collectible paid via cryptocurrency only.
Minting is like calling dibs on your own NFTs. It is a way of claiming ownership over that particular token/item you uploaded on market, as you’re putting it up for sale. Typically, this is official once you fill out all the necessary information about the NFT and then add it on the market.
On OpenSea, it’s a simple process to mine your NFTs. All you have to do is visit the store and creating a collection to start! Input the appropriate and correct information regarding your NFT and then select what type of settings you’d like to use for it (e.g., blockchain, money transfer tokens). Once that’s all done then you’re able to upload it to the internet if it’s in the 100 MB limit.
You can watch and see how the transactions go from now on to see if OpenSea is the marketplace for you.
What NFTs are available here?
So, at this point you’re probably asking yourself which kind of NFT can you shop for here and what kind of NFTs you can also sell if you decide to go down that path. The type of NFT that you can purchase is unlimited because there’s a wide range of options for how to do it.
You can be selling trade cards, digital goods game assets, 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 separates OpenSea from the others. There are no gas costs when you utilize this feature when you mint and sell NFTs. This means you’ll receive the maximum profits when you begin selling since you won’t have to spend on any additional charges.
Not many NFT marketplaces have this feature, which is why this can be a fantastic way to receive high profit from your NFT collection.
A Referral Program is another unique aspect of OpenSea to take note of. Like traditional online marketplaces that offer rewards by referring someone else to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from the site you’ll earn 2.50 percent of the purchase amount, letting you earn more cash through this action.
Other NFT marketplaces do not have this kind of feature either and that’s another benefit OpenSea has over the other marketplaces.
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 as you browse through the listing.
The mobile apps of OpenSea are available on both iOS as well as Android. While you’re not able to buy or sell things, you can at least look through the options you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are at your disposal, and you can trade your fiat currency for cryptocurrency on these platforms. Nft Bbt
You can convert your fiat money via credit card or Paypal on these reliable websites for cryptocurrency:
- Bittrex and more!
Each of them has the option of converting them into ETH, which is the primary cryptocurrency payment option in OpenSea.
While OpenSea is an NFT marketplace open to all types of cryptocurrency, the wallets nonetheless more compatible than other. Since it is built mainly around an ETH blockchain, wallets with a connection to the same network are suitable for this website.
Here’s a list different crypto wallets you can utilize in OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, use on mobile devices only as well as the capability to buy cryptocurrency using credit cards. Nft Bbt
For more information about the service, you can check their FAQs to see an overview of how you can start and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with advantages and drawbacks. OpenSea isn’t an exception to this. It is possible to read about its pros and pros here:
- Mobile apps are available for iOS or Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in the crypto market and NFTs.
- Allows royalties of only 10% for artists (low royalty).
- It is not possible to buy or sell items via our mobile apps.
- Only supports cryptocurrency as its form of payment.
- A Crypto wallet is required for this marketplace.
OpenSea is open to everyone who has any crypto currency in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. In the end, you’ll quickly recover this amount if you are actively selling since there’s no extra charge for it.
Frequently Asked Questions Nft Bbt
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to give artists a chance to sell their works online to receive cryptocurrency as a form of payment. It’s a great platform for artists using it to sell NFTs due to its low gas fees and low commission fees which you are required to pay.
You can browse and purchase the vast array of digital items on the NFT marketplace, so you should go through it!
Is OpenSea legit & is it safe?
Short answer: Yes! OpenSea has been a reliable marketplace since it was established on the 1st of December in the year 2018. Since the system it operates on is based on a blockchain and is secured, it is safe to claim that your transactions are protected and secured.
Furthermore, as a seller, you can become verified once you’ve earned a reputation. A blue checkmark will appear to your account or any collection you uploaded to reassure any customer. The team at OpenSea regularly checks the content to ensure that users are safe.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you’ll receive only up to 10 percent of the royalties when you have uploaded the NFT. This is believed to be reasonably low compared to others NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) can be frequently utilized on this website and other sites to provide the increasing number of crypto users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can utilize to use OpenSea.
What are the payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. It is easy to buy or sell cryptocurrency through secure platforms that accept fiat money. All you need to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea has a mobile or desktop application?
As we mentioned earlier there’s an official mobile app by OpenSea for both iOS as well as Android. Install it from their app store, and begin browsing through the collection right now!
There is also a version for desktops that OpenSea can be downloaded via WebCatalog. In the desktop application you are able to manage multiple accounts and get notifications on updates regarding 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/).