The cryptocurrency market is on the rise and you’re probably thinking what you can do with your crypto-coins. There are numerous marketplaces popping up all over the internet, designed to buy and sell NFTs using cryptocurrency! OpenSea can be one and is worth checking out.
If you’re well-versed in cryptocurrency you’ve likely heard of OpenSea previously for a valid reason. It’s now one of the biggest and most popular marketplaces among cryptocurrency users because of its safety and speedy transactions.
Now hop aboard, and let’s explore what you can do with OpenSea, along with checking what NFTs you can view!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. After, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Bust
The goal of OpenSea was to provide an online marketplace for artists to upload commissions without any extra costs. There are additional features that let you sell your artwork without any problems.
When it comes to the registration process, you don’t have to give all of your personal details. All you need to connect your crypto wallet–and voila!–you have an account with OpenSea! It can be as simple as that, without many hassles when you enter into NFTs.
The most widely-used cryptocurrency that is used within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it and is used for the majority of transactions. It is also based with the Polygon blockchain, which ensures the lowest cost and speediest trading.
There are two types of blockchains, you can choose which one you’d like to publish your NFT as seller. This will ensure the security of your NFT as well as those who would like to purchase it. All transactions will be made along with this blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall where you can exchange your NFTs or cryptocurrency for other NFTs. You can buy anything the simplest domain name to official art by an artist you admire. Anyone can sell, but it takes some time for anyone to become an established one.
There is a wide variety in the collection at OpenSea and you could become a part of this! You can start your own market here, along with finding NFTs you’d like to buy for yourself.
What is an NFT?
In a recent development for the crypto market,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that a lot of millennials are familiar with it but not exactly sure what it is. Let’s break down what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the new things you can buy includes an NFT. An NFT is a token that is non-fungible which is extremely exclusive and cannot be replaced. It could be a piece of rareness, such as mint-condition baseball trading cards or a unique vinyl album.
There’s no limit on what an NFT could be, since it’s a non-fungible item you’re selling online. In simpler terms, you could just consider an NFT as a digital collectible 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 posted to the marketplace, and you’re offering it for sale. 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 simple process to mint your NFTs by going to the store and simply making a collection to begin! Complete the correct and accurate information about your NFT and then select what type of settings you want for it (e.g., blockchain or money transfer tokens). After that then you’re able to upload it if it fits the limit of 100MB.
You can wait and observe how the transactions go from now on to determine whether OpenSea is the right marketplace for you.
What NFTs can you find here?
In this moment you’re probably thinking about the kind of NFTs be purchased here, and what you could sell should you decide to go that route. The type of NFT that you can purchase isn’t limited since there’s a broad range of options for how to do it.
It is possible to sell trade cards, digital goods, game assets, domain names, and even physical assets! Consider what you believe will bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what sets OpenSea from the others. There are no gas costs for using this feature when you mint and sell NFTs. This is essentially a way to ensure that you receive the maximum profits when you start selling because you don’t need to pay on additional fees.
Very few NFT marketplaces offer this feature, and it is a great way to earn a high return from your NFT collection.
A Referral Program is another unique aspect of OpenSea to take note of. Similar to traditional online markets, you can receive advantages when you refer a friend to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from the site you’ll earn 2.50 percent of the sales amount, which means you can earn more money through this action.
Other NFT marketplaces don’t have the same feature This is a further benefit OpenSea is able to offer over other NFT 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 scroll through the list.
OpenSea’s mobile apps are available for the two platforms of iOS in addition to Android. Even though you can’t buy or sell something, you can at least look through the options you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available to you to trade your fiat currency for cryptocurrency on these platforms. Nft Bust
You can exchange your fiat currency using a the credit card, or Paypal via these reputable websites for cryptocurrency:
- Bittrex and other things!
All of these have the option of exchange for ETH, which is the most common cryptocurrency used in OpenSea.
While OpenSea can be described as an NFT marketplace that is open to all forms of cryptocurrency, wallets are still more compatible with it than others. Since it is built on an ETH blockchain, wallets with a connection to this network are appropriate for this site.
Here’s a list of different crypto wallets which you can use with OpenSea:
- Authereum and more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each has its own limitations, such as easy registration, only mobile usage as well as the capability to purchase cryptocurrency with a credit card. Nft Bust
For more information about the service You can go through their FAQs to see the steps you can start and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets every one of them has its advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and cons here:
- Available as mobile apps that are compatible with iOS and Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
- Allows royalties 10% to artists (low royalty rates).
- You cannot buy or sell products via this mobile application.
- Only supports cryptocurrency as its method 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 percentage of commissions for all sellers on the platform. But overall, you can quickly regain that when you sell regularly since there’s no extra charge for it.
Frequently Asked Questions Nft Bust
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to give artists a chance to market their work online to receive cryptocurrency as their form of payment. It’s an ideal option for artists who want to use it to sell NFTs due to its low gas fees and the low commission rate that you have to pay.
You can shop and browse a vast collection of digital goods in this NFT marketplace, so you should check it out!
Is OpenSea legit & is it safe?
Short answer: Yes! OpenSea is a reputable marketplace since it was established at the end of the year 2018. Because its system is built on a blockchain that is secure, you can claim that your transactions are secure and safe.
Furthermore, as a seller, you will be verified after you have built up your credibility. A blue checkmark will appear on your account or any collection that you have uploaded to assure any customer. The team at OpenSea regularly checks the contents to ensure users are safe.
How do I earn royalties on OpenSea?
As an artist, you will receive only up to 10 percent of the royalties after you upload the NFT. This is considered to be a reasonable amount compared to others NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) has been frequently used on this site and other sites to provide more cryptocurrency users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can utilize to access OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. You can easily purchase or sell cryptocurrency through reliable platforms using fiat currency. All you need be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea have a desktop or mobile app?
As mentioned before there’s an official mobile app by OpenSea available for both iOS as well as Android. Download it at their respective app store and begin browsing through the collection right now!
A Desktop application that OpenSea can be downloaded via WebCatalog. On the desktop app you are able to manage multiple accounts and get alerts on any updates that affect your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).