The cryptocurrency market is on the rise 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 sell and buy NFTs via cryptocurrency! OpenSea is among them and is worth looking into.
If you’re interested in crypto you’ve probably heard about OpenSea previously for a valid reason. It’s one of the biggest and most popular marketplaces among cryptocurrency enthusiasts due to its security and rapid transactions.
So, hop on board and let’s see what you can do with 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. After, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Bootleg
The aim for OpenSea was to simply provide a platform/marketplace for artists to upload their commissions with no additional charges. It also has additional functions that let you sell your art without too many issues.
When it comes to registration, you don’t need to worry about giving any personal information about yourself. All you have to do is connect your crypto wallet and voila! You have an account on OpenSea! It’s as simple as that, without much hassle as you step into NFTs.
The most popular cryptocurrency to use in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology and is used to carry out the majority of processes. It also functions with the Polygon blockchain, which allows for the lowest cost and speediest trading.
There are two types of blockchains that are available you can pick which one you would like to upload your NFT on as a seller. This ensures the safety of your NFT, along with those who wish to purchase it. Every transaction will be conducted using this blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything just a domain name to official art from an artist that you admire. Anyone can sell, but it takes a while before anyone can become an established one.
There’s a huge selection from the selection at OpenSea and you can also be a part of that! You can set up your own personal market there, and also find NFTs you want to purchase yourself.
What is an NFT?
In a recent advancement for the cryptocurrency industry the term “NFT” has been going around for so long on internet that a lot of millennials have heard of it but aren’t sure exactly what it actually means. Let’s look at what an NFT is for any beginners in 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 substituted. It can be an item of rareness like mint-condition baseball trading cards, or a uncommon vinyl record.
There’s no limit on what an NFT can be since it’s a non-fungible object that you can sell on the internet. It is simpler to just imagine as an NFT as a digital item paid via cryptocurrency only.
Minting is like calling the shots for your personal NFTs. You’re claiming the ownership of the particular item that you have uploaded to market, as selling it. Usually, this is recognized when you have filled in all the necessary information about the NFT and add it on the market.
On OpenSea It’s a very simple process to mint your NFTs by visiting the store and creating a collection to start! Input the appropriate and complete information about your NFT and then select what type of settings you’d like to use for it (e.g. blockchain and payment tokens). After that then you’re able to upload it if it fits the limit of 100MB.
You can wait and observe how transactions progress from now on to determine whether OpenSea is the best marketplace for you.
What NFTs can you get here?
In this moment you’re probably asking yourself what kind of NFTs can you shop for here, and what you could also sell if you decide to pursue that route. The type of NFT it is indefinite since there’s a broad range of options for how to do it.
You can be selling digital products, trading cards game assets, domain names, and some physical items! Find out what you think will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what separates OpenSea from other companies. There’s no cost for gas when you utilize this feature to mint and sell NFTs. This is essentially a way to ensure that you receive the maximum profits when you begin selling since you won’t need to spend on any additional charges.
Not many NFT marketplaces provide this feature, which is why this is great for you to earn a high return from your collection.
A Referral Program is a different aspect of OpenSea to admire. Similar to traditional online markets that offer rewards when you refer a friend to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from the site, you’ll receive 2.50 percent of the purchase amount, which allows you to make more money through this action.
Other NFT marketplaces don’t offer this feature, so that’s just another benefit OpenSea has over the other marketplaces.
There is an OpenSea mobile application, however it is mainly used to browse through the marketplace. Unfortunately, you can’t purchase or sell anything as you browse through the listings.
The mobile apps from OpenSea are accessible for both iOS and Android. While you’re not able to buy or sell something, you can look through the options you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are at your disposal You can also trade your fiat currency for cryptocurrency on these platforms. Nft Bootleg
You can swap your fiat money via the credit card, or Paypal through these trusted sites for cryptocurrency:
- Bittrex and many more!
All of these have the option of converting them into ETH which is the most common cryptocurrency payment option in OpenSea.
Although OpenSea is an NFT marketplace open to all forms of cryptocurrency, the wallets nevertheless more compatible than others. Since it is built around the ETH blockchain, all wallets with a connection to the same network are suitable for the 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 can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions including simple registration, only mobile usage and the ability to purchase cryptocurrency using credit cards. Nft Bootleg
To learn more about it, you can check their FAQs to get an overview of how you can get started and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has advantages and drawbacks. OpenSea isn’t an exception to this. It is possible to read about its pros and pros here:
- Available as mobile apps that are compatible with iOS as well as Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalties of only up to 10% for artists (low royalty).
- You cannot buy or sell products via our mobile apps.
- Only supports cryptocurrency as its type of payment.
- A Crypto account is needed to use this marketplace.
OpenSea is accessible 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. However, overall, you will easily recover that amount when you sell regularly since there’s no extra charge for it.
Frequently Asked Questions Nft Bootleg
What is OpenSea?
OpenSea is an NFT marketplace that seeks to give artists a chance for selling their artwork online and receive cryptocurrency as their form of payment. It’s an excellent option for artists who want to use it to sell NFTs due to its no gas costs and the low commission rate which you are required to pay.
You can shop and browse an array of digital products on this NFT marketplace which is why you should definitely take a look!
Is OpenSea legitimate and safe?
Short answer: Yes! OpenSea is a reputable marketplace since it was established in 2018. Since the system it operates on is based on a blockchain and is secured, it is safe to declare that transactions are secure and safe.
Furthermore as a seller you will be verified after you’ve earned a reputation. A blue checkmark will be assigned on your account or the collection that you have uploaded to assure anyone who buys from you. The team at OpenSea regularly checks the content to ensure users are protected.
How can I earn royalties from OpenSea?
As an artist, you’ll receive only up to 10% of the royalties once you upload the NFT. This is considered to be quite low in comparison with others NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) has been frequently used on this site and numerous others to cater for the increasing number of crypto users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can make use of to use OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency on secure platforms that accept fiat money. All you have be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea has a mobile or desktop app?
As we mentioned earlier There is an official mobile app by OpenSea available for both iOS or Android. Install it from their app store, and begin exploring the collection right now!
A version for desktops that OpenSea that can be downloaded through WebCatalog. With the desktop application you can manage multiple accounts as well as receive 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/).