Cryptocurrency is booming 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 purchase and sell NFTs via cryptocurrency! OpenSea is one of them and is worth a look.
If you’re familiar with cryptocurrency you’ve probably heard of OpenSea prior to this for a valid reason. It’s now one of the biggest and most popular marketplaces among users of cryptocurrency due to its safety and speedy transactions.
So, hop on board and let’s explore what you can do with OpenSea and also see the NFTs that you can see!
Before you go on, 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 the article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Box
The goal to create OpenSea was to provide artists with a marketplace/platform to easily upload their commissions without any extra fees. It has more functions that let you sell your artwork without any difficulties.
When it comes to registration, you don’t need to give 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 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 to carry out the majority of processes. It is also based on the Polygon blockchain, which ensures the lowest cost and speediest trading.
With these two types of blockchains that are available you can pick which one you would like to upload your NFT on as a seller. This will ensure the security of your NFT, along with those who would like to purchase it. Every transaction will be conducted along with this blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall where you can exchange your cryptocurrency or NFTs for other NFTs. You can purchase anything from just a domain name to official art from an artist that you admire. Anyone can become a seller however, it takes a while before anyone can become an established one.
There’s a huge selection of NFTs available at OpenSea and you can join in with the collection! You can set up your own marketplace on this site, as well as find NFTs you’d like to buy for yourself.
What is an NFT?
In a recent development for 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 not exactly sure what it means. Let’s take a look at what NFT is for those who are just beginning to get started in cryptocurrency.
One of the latest ways you can buy includes an NFT. An NFT is a token that is non-fungible that is very exclusive and cannot be changed. It can be a piece of rareness like authentic baseball cards or rare vinyl record.
There’s no limit to what an NFT could be, since it’s a non-fungible object you’re selling on the internet. In simpler terms, you could simply imagine as an NFT as a digital item paid via cryptocurrency only.
Minting is like calling the shots to your NFTs. You’re claiming the owner of the item or token you uploaded on the market place, but selling it. Typically, this is official after you fill in all the necessary information about the NFT and submit it for sale on.
On OpenSea It’s a very simple process to mint your NFTs by going to the store and simply create a collection! Complete the correct and accurate information about your NFT and select the type of settings you’d like to use to use it with (e.g., blockchain or payment tokens). After you’ve completed the process you are able to upload it if it fits the limit of 100MB.
You can watch and see the way transactions are handled from now to determine whether OpenSea is the best marketplace for you.
What NFTs can you get here?
At this point you’re probably thinking about what kind of NFTs you shop for here, and what you could also sell if you decide to go that route. The kind of NFT that you can purchase isn’t limited since there’s a broad range of how you can do it.
You can be selling digital items, trading cards, game assets, domain names, and some physical items! Find out what you think will reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what differentiates OpenSea from the other options. There’s no cost for gas for using this feature to make and then sell the NFTs. This simply means that you’ll be able to make the highest profits once you start selling because you don’t need to pay on any additional charges.
Very few NFT marketplaces offer this feature, so this is great for you to make a huge profit from your NFT collection.
The Referral Program is a different aspect of OpenSea to admire. Similar to traditional online markets, you can receive benefits when you refer someone else to OpenSea! If you invite a friend to join OpenSea and buy an NFT from the site you’ll be rewarded with 2.50 percent of the purchase amount, which allows you to earn more cash from this act.
Other NFT marketplaces do not have this feature and that’s another benefit OpenSea has over them.
There is an OpenSea mobile application, however it is mainly used to browse through the marketplace. You can’t buy or sell items as you browse through the listing.
The mobile apps from OpenSea are accessible on the two platforms of iOS in addition to Android. Even though you can’t buy or sell anything, you can still at least explore the products you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are to you You can also convert your fiat money into cryptocurrency using these platforms. Nft Box
You can swap your fiat money via your credit or debit card as well as Paypal through these trusted sites for cryptocurrency:
- Bittrex and more!
All of them have the option to exchange for ETH which is the primary cryptocurrency payment option in OpenSea.
Although OpenSea can be described as an NFT marketplace open to all kinds of crypto, wallets are still more compatible with it than others. Since it is built mainly around an ETH blockchain, any wallets that share that network will be suitable for this site.
Here is a list of various crypto wallets that you can utilize in OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each has its own limitations like easy registration, mobile-only usage, and the function to buy cryptocurrency using a credit card. Nft Box
To know more about it, you can check their FAQs for an overview of how you can start and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and pros here:
- Mobile apps are available for iOS or Android.
- Smart contracts are utilized for transactions.
- High-level security , with the backing of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalties of only up to 10% for artists (low royalty rates).
- It is not possible to buy or sell items via the mobile app.
- Only supports cryptocurrency as its method of payment.
- A Crypto digital wallet must be used for this marketplace.
OpenSea is open to everyone who has any crypto currency in their crypto wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. But overall, you can quickly recover this amount if you are actively selling since there’s no extra charge for it.
Frequently Asked Questions Nft Box
What is OpenSea?
OpenSea is an NFT marketplace that seeks to give artists a chance to market their work online to receive cryptocurrency as a method of payment. It’s a great option for artists who want to use it to sell NFTs due to its no gas costs and the low commission rate you must pay.
You can browse and shop for a vast collection of digital goods in this NFT marketplace which is why you should definitely take a look!
Is OpenSea legitimate and secure?
Answer: Yes! OpenSea is a reputable marketplace since it was founded at the end of the year of 2018. Since its system is built on a blockchain, it is safe to say that your transactions are secure and safe.
Furthermore as a seller you can become verified once you build up your reputation. A blue checkmark will appear to your account or collection you’ve uploaded to ensure the safety of every customer. The team at OpenSea regularly checks the content to ensure that users are protected.
How can I earn royalties from OpenSea?
Unfortunately, as an artist, you’ll get only 10 percent of the royalties after you upload the NFT. This is thought to be reasonably low compared with other NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) has been commonly used on this site and numerous others to cater for many more 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 access OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. You can easily purchase or trade cryptocurrency using trusted platforms with fiat money. All you have to do is connect your credit card or Paypal for the transaction.
Does OpenSea have a desktop or mobile app?
As we mentioned earlier there’s an official mobile app from OpenSea that is available for iOS and Android. Download it at their respective app store and then you can begin browsing through the collection right now!
The version for desktops that OpenSea which can be downloaded from WebCatalog. In the desktop application you are able to manage multiple accounts and receive notifications about updates to 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/).