Cryptocurrency is booming right now and you’re probably thinking where you can invest your crypto currency. There are numerous marketplaces popping up across the web that allow users to buy and sell NFTs via cryptocurrency! OpenSea is one of them, and it’s worth checking out.
If you’re well-versed in cryptocurrency you’ve probably heard of OpenSea prior to this for a valid reason. It has become one of the biggest and most popular marketplaces for cryptocurrency enthusiasts due to its security and quick transactions.
Now hop aboard, and let’s explore the possibilities of OpenSea and also see what NFTs you can view!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick review. Afterward, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Blogs
The aim to create OpenSea was to provide an online marketplace for artists to easily upload their commissions, without having to pay any additional costs. There are additional features that allow you to sell your work without having to deal with many issues.
For registration, you don’t need to give any personal information about yourself. All you need to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as simple as that without going through many hassles when you enter into NFTs.
The most popular cryptocurrency that is used on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology which is utilized for the majority of transactions. It also functions with the Polygon blockchain to ensure lower costs and faster trading.
With these two types of blockchains you can pick which one you would like to upload your NFT on as an seller. This will ensure the security of your NFT as well as those who wish to buy it. All transactions are made using this blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an online shopping mall that is endless where you can trade in your NFTs or cryptocurrency for other NFTs. You can purchase anything from just a domain name to official art from an artist you admire. Anyone can sell however, it takes some time for anyone to become an established one.
There is a wide variety from the selection at OpenSea and you could become a part of that! You can set up your own marketplace there, and also find NFTs you want to purchase yourself.
What is an NFT?
A recent change in the crypto industry,”NFT,” a popular term in the crypto industry “NFT” has been going around so long on the internet that a lot of millennials are familiar with it but aren’t exactly sure what it 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 new things that you can buy with cryptocurrency can be an NFT. A NFT is a token that is non-fungible which is extremely unique and can’t be substituted. It could be a piece of rareness, such as authentic baseball cards or rare vinyl record.
There’s no limit to what an NFT can be as it’s a non-fungible object you’re selling on the internet. It is simpler to just think of an NFT as a digital item paid via cryptocurrency only.
Minting is similar to calling for dibs to your NFTs. You are calling the ownership of the particular item that you have uploaded to market, as you’re selling it. Usually, this becomes official when you have filled in all the necessary information about the NFT and add it on the market.
On OpenSea, it’s a simple process to mint your NFTs by going to the store and then create a collection! Complete the correct and complete information about your NFT and select the type of settings you want for it (e.g. blockchain or payment 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 transactions progress from here on out to determine if OpenSea is the right marketplace for you.
What NFTs can you find here?
So, at this point, you’re probably wondering the kind of NFTs can be purchased here and what kind of NFTs you can also sell if you choose to go that route. The type of NFT it is indefinite because there’s a wide range of ways to do it.
It is possible to sell trade cards, digital goods games, domain names, and even physical assets! Explore what you believe can 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 other companies. There are no gas costs when you utilize this feature to create and market NFTs. This means you’ll receive the maximum profits when you start selling because you won’t have to spend on additional fees.
Very few NFT marketplaces provide this feature, so this is a great way to earn a high return from your portfolio.
The Referral Program is a different 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 buy an NFT from there you’ll be rewarded with 2.50% of the sale amount, letting you earn more money through this action.
Other NFT marketplaces don’t have the same feature and that’s another benefit OpenSea has over them.
There is an OpenSea mobile application, however it’s mostly used to browse the marketplace. Unfortunately, you can’t purchase or sell anything while you scroll through the list.
The mobile apps from OpenSea are accessible on both iOS in addition to Android. Although you aren’t able to purchase or sell things, you can look through the options you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are for you to use, and you can exchange your fiat money for cryptocurrency through these platforms. Nft Blogs
You can exchange your fiat money via your credit or debit card as well as Paypal through these trusted sites for cryptocurrency:
- Bittrex and more!
Each of them has the option of exchange for ETH, which is the most common cryptocurrency payment option in OpenSea.
Although OpenSea can be described as an NFT marketplace open to all forms of crypto, wallets are nevertheless more compatible than other. Since it is built on an ETH blockchain, all wallets that share this network are appropriate for the site.
Here’s a list of different crypto wallets you can use in OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each one has its own set of limitations, such as easy registration, use on mobile devices only as well as the capability to purchase cryptocurrency with credit cards. Nft Blogs
For more information about the service to learn more, check out their FAQs to see the steps you can begin and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets 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 as well as Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalty rates of 10% for artists (low royalty).
- You cannot buy or sell products on our mobile apps.
- Only accepts cryptocurrency as a form of payment.
- An Crypto wallet is required to use this marketplace.
OpenSea is available to anyone who has any crypto currency in their crypto wallets. When you are a seller, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. In the end, you’ll easily recover that amount when you actively sell because there’s no additional cost for it.
Frequently Asked Questions Nft Blogs
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to offer artists a way to sell their works online, and to accept cryptocurrency as a method of payment. It’s a great platform for artists using the platform to market NFTs because of its zero gas fees and low commission fees which you are required to pay.
You can shop and browse a vast collection of digital items on the NFT marketplace, so you should check it out!
Is OpenSea legitimate and is it safe?
The short answer is yes! OpenSea is a reputable 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 say that your transactions are protected and secured.
Furthermore as a seller you can become verified once you build up your reputation. A blue checkmark will be assigned next to your account or collection you uploaded to reassure every customer. The team at OpenSea regularly checks the content to ensure users are secure.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you can get only 10 percent of the royalties when you have uploaded the NFT. This is thought to be quite low in comparison against the other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) has been frequently used on this site as well as many others to accommodate the increasing number of crypto users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can utilize to use OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. You can buy and sell cryptocurrency on reliable platforms using fiat currency. All you need to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea have a desktop/mobile app?
As mentioned before there’s an official mobile app by OpenSea that is available for iOS or Android. Download it at their respective app store, and begin exploring the collection now!
The version for desktops that OpenSea which can be downloaded from WebCatalog. With the desktop application you are able to manage multiple accounts as well as receive notifications about updates to 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/).