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 across the web that allow users to sell and buy NFTs via cryptocurrency! OpenSea is one of them and is worth looking into.
If you’re well-versed in cryptocurrency, you’ve probably heard about OpenSea prior to this for a valid reason. It has become one of the biggest and most popular marketplaces among cryptocurrency enthusiasts due to its security and rapid transactions.
Get on board, and discover what you can do with OpenSea and also see the NFTs that you can see!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick review. After, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Bubble
The aim for OpenSea was to simply provide artists with a marketplace/platform to upload their commissions, without having to pay any additional costs. It also has additional functions that allow you to sell your artwork without any problems.
In terms of registration, you won’t have to worry about giving too many details about yourself. All you need to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as easy as that and without many hassles when you enter into NFTs.
The most popular cryptocurrency that is used within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology, and this is used for the majority of transactions. It also functions with the Polygon blockchain, which allows for the lowest cost and speediest trading.
There are two types of blockchains, you can choose which one you would like to upload your NFT on as an seller. This ensures the safety of your NFT, along with those who would like to purchase it. All transactions will be made by using the blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an online shopping mall that is endless that lets you trade 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 sell, but it takes a while for anyone to become an established one.
There are a variety of NFTs from the selection at OpenSea and you can also be a part of that! You can set up your own market there, and also find NFTs that you would like to purchase for yourself.
What is an NFT?
A recent change in the crypto industry, the term “NFT” has been going around for so long on internet that the majority of young people are familiar with it but not exactly sure what it means. Let’s break down what an NFT is for any beginners in cryptocurrency.
One of the newest things you can buy includes an NFT. The NFT is a non-fungible token that is unique and can’t be replaced. This can be an item of rarity like authentic baseball cards, or a unique vinyl album.
There’s no limit on what an NFT could be, since it’s a non-fungible thing that you sell on the internet. More straightforwardly, you can simply imagine the NFT as a digital collectible which is only paid in cryptocurrency.
Minting is similar to calling for dibs on your own NFTs. You’re claiming the ownership of the particular item that you posted to market, as you’re putting it up for sale. Usually, this becomes official once you fill out the proper information regarding the NFT and then upload it to the marketplace.
On OpenSea It’s a very simple procedure to create your own NFTs by going to the store and simply create a collection! Fill out the proper and accurate information about your NFT and choose what kind of settings you’d like for it (e.g. blockchain and money transfer tokens). Once that’s all done, you can finally upload it if it fits the 100 MB limit.
You can watch and see the way transactions are handled from now on to determine whether OpenSea is the best marketplace for you.
What NFTs can you find here?
In this moment, you’re probably wondering what kind of NFTs can be purchased here and what kind of NFTs you can sell should you decide to go that route. The type of NFT it isn’t limited because there’s a wide range of how you can approach it.
It is possible to sell digital items, trading cards game assets domain names, even physical assets! Find out what you think will bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what differentiates OpenSea from other companies. There’s no cost for gas when you use this feature when you mint and sell NFTs. This is essentially a way to ensure that you be able to make the highest profits once you sell because you don’t need to pay on additional fees.
There aren’t many NFT marketplaces provide this feature, so this can be a fantastic way to receive high profit from your NFT collection.
This Referral Program is another unique aspect of OpenSea to take note of. Like traditional online marketplaces that offer advantages by referring your friend to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from the site you’ll be rewarded with 2.50 percent of the sales amount, which allows you to make more money through this action.
Other NFT marketplaces don’t offer this feature and that’s another advantage OpenSea has over the other marketplaces.
There is an OpenSea mobile app, but it is mainly used to browse through the marketplace. It isn’t able to purchase or sell anything while you scroll through the list.
OpenSea’s mobile apps are available on the two platforms of iOS as well as Android. Although you aren’t able to purchase or sell something, you can browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available to you You can also exchange your fiat money for cryptocurrency through these platforms. Nft Bubble
You can convert your fiat currency using a credit card or Paypal through these trusted sites to exchange it for crypto:
- Bittrex and more!
All of them have the option of converting them into ETH, which is the most common cryptocurrency used in OpenSea.
While OpenSea can be described as an NFT marketplace open to all forms of crypto, wallets are nevertheless more compatible than others. Since it is built using an ETH blockchain, any wallets with a connection to this network are appropriate for this website.
Here’s a list several crypto wallets you can utilize in OpenSea:
- Authereum and more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each wallet has its own restrictions including simple registration, use on mobile devices only as well as the capability to purchase cryptocurrency using credit cards. Nft Bubble
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 are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets every one of them has its advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and pros here:
- Available as mobile apps for iOS as well as Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalty rates of 10% to artists (low royalty).
- Cannot buy or sell on the mobile app.
- Only accepts cryptocurrency as a type of payment.
- The use of a Crypto account is needed to use this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their cryptocurrency wallets. If you’re 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 regain that when you are actively selling since there’s no extra charge for it.
Frequently Asked Questions Nft Bubble
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to give artists a chance for selling their artwork online, and to accept cryptocurrency as their form of payment. It’s an excellent platform for artists who use it to sell NFTs because of its zero cost of gas and low commission fees which you are required to pay.
You can browse and shop for the vast array of digital goods in this NFT marketplace and you must check it out!
Is OpenSea legit & safe?
Answer: 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 built on blockchain technology that is secure, you can declare that transactions are protected and secured.
In addition as a seller you’ll be verified when you build up your reputation. A blue checkmark is placed on your account or any collection that you have uploaded to assure every customer. The team at OpenSea regularly checks the contents to ensure users are safe.
How can I earn royalties on OpenSea?
Unfortunately, as an artist, you will receive only up to 10 percent of the royalties after you upload the NFT. This is believed to be quite low in comparison against the other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) can be widely used on this site as well as many others to accommodate more cryptocurrency users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can use for OpenSea.
What are the payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. It is easy to buy or trade cryptocurrency using trusted platforms with fiat money. All you have be able to connect is your credit or Paypal for the transaction.
Does OpenSea have a desktop/mobile application?
As previously mentioned, there is definitely an official mobile application from OpenSea for both iOS and Android. You can download it through their app store, and you can start browsing through the collection right now!
There is also a version for desktops that OpenSea which can be downloaded from WebCatalog. With the desktop application you are able to manage multiple accounts and get alerts on any updates that affect 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/).