The cryptocurrency market is on the rise and you’re probably thinking what you can do with your crypto currency. Markets have popped up across the web that allow users to buy and sell NFTs using cryptocurrency! OpenSea is one of them, and it’s worth a look.
If you’re well-versed in cryptocurrency you’ve likely heard of OpenSea before for a good reason. It’s now one of the largest and most popular marketplaces for cryptocurrency enthusiasts due to its safety and speedy transactions.
So, hop on board and discover the possibilities of OpenSea and also see the NFTs available to view!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft By Market Cap
The goal of OpenSea was to simply provide a platform/marketplace for artists to upload commissions with no additional fees. It also has additional functions which allow you to market your art without too many difficulties.
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 many hassles when you enter into NFTs.
The most well-known cryptocurrency used on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system and is used for most processes. It is also based with the Polygon blockchain, which ensures lower costs and faster trading.
With these two types of blockchains available it is possible to choose which one you want to publish your NFT as an seller. This ensures the safety of your NFT as well as those who wish to purchase it. All transactions are made by using the blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace where you can trade in your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything just a domain name to official art from an artist you admire. Anyone can be a seller however, it takes time for anyone to be an established one.
There’s a huge selection of NFTs available of NFTs available at OpenSea and you can join in with that! You can create your own market here, along with finding NFTs that you would like to purchase yourself.
What is an NFT?
In a recent advancement for the cryptocurrency industry”NFT” is a term that has been used in recent times “NFT” has been going around for so long on the internet that many millennials are familiar with it , but not exactly sure what it is. Let’s take a look at what NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the latest ways you can buy includes an NFT. An NFT is a token that is non-fungible which is extremely exclusive and cannot be substituted. It could be an item of any rareness, such as mint-condition baseball trading cards or a uncommon vinyl record.
There is no limit to what an NFT could be, since it’s a non-fungible thing you’re selling on the internet. It is simpler to just think of an NFT being a virtual collectible that is paid for using cryptocurrency only.
Minting is like calling the shots to your NFTs. It is a way of claiming the owner of the item or token that you posted to market, as you’re offering it for sale. Typically, this is official when you have filled in the proper information regarding the NFT and then upload it to the marketplace.
On OpenSea it’s a straightforward procedure to create your own NFTs by visiting the store and then making a collection to begin! Input the appropriate and accurate information about your NFT and choose what kind of settings you’d like to use it with (e.g. blockchain and money transfer tokens). After that you are able to upload it if it fits the 100 MB limit.
You can wait and observe the way transactions are handled from now on to see if OpenSea is the marketplace for you.
What NFTs are available here?
So, at this point you’re probably thinking about what kind of NFTs be purchased here, and what you could also sell if you choose to go that route. The type of NFT that you can purchase is unlimited as there’s a variety of ways to approach it.
It is possible to sell digital items, trading cards game assets domain names, also physical goods! Explore what you believe can reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that separates OpenSea from other companies. There’s no cost for gas when you use this feature to make and then sell the NFTs. This means you’ll be able to make the highest profits once you start selling because you won’t have to spend on extra fees.
Not many NFT marketplaces have this feature, and it is great for you to earn a high return from your NFT collection.
The Referral Program is another unique aspect of OpenSea to be admired. Like traditional online marketplaces there are benefits by referring a 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% of the sale amount, which means you can earn more money through this action.
Other NFT marketplaces do not have this feature and that’s another advantage OpenSea has over the other marketplaces.
There’s an OpenSea mobile application, however it’s mostly used to browse the marketplace. You can’t buy or sell items as you scroll through the list.
OpenSea’s mobile apps are available for both iOS in addition to Android. While you’re not able to buy or sell something, you can at least explore the products you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are for you to use You can also trade your fiat currency for cryptocurrency through these platforms. Nft By Market Cap
You can convert the fiat currency you have with a credit card or Paypal via these reputable websites to exchange it for crypto:
- Bittrex, and other things!
All of them have the option of converting them into ETH, which is the most common cryptocurrency payment option in OpenSea.
While OpenSea is an NFT marketplace that is open to all kinds of cryptocurrency, wallets are nevertheless more compatible than other. Since it is built mainly around an ETH blockchain, any wallets that share that network will be suitable for this website.
Here’s a list of different crypto wallets you can use in OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each wallet has its own restrictions including simple registration, mobile-only usage as well as the capability to purchase cryptocurrency using the credit card. Nft By Market Cap
To learn more about it You can go through their FAQs to get the steps you can start and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets, each one has advantages and drawbacks. OpenSea isn’t an exception to this. It is possible to read about its pros and cons here:
- Mobile apps are available for iOS or Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalties 10% for artists (low royalties).
- You cannot buy or sell products through this mobile application.
- Only accepts cryptocurrency as a form of payment.
- The use of a Crypto digital wallet must be used for this marketplace.
OpenSea is open to everyone who has crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. But overall, you can quickly recover this amount if you actively sell because there’s no extra charge for it.
Frequently Asked Questions Nft By Market Cap
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 a method of payment. It’s an excellent platform for artists who use for selling NFTs due to its low cost of gas and the low commission rate that you have to pay.
You can browse and shop for an array of digital items on the NFT marketplace, so you should take a look!
Is OpenSea legitimate and secure?
Short answer: Yes! OpenSea has been a trusted marketplace since its inception at the end of the year of 2018. Since its system is built on blockchain technology that is secure, you can say that your transactions are safe and secure.
In addition as a seller you can become verified once you’ve earned a reputation. A blue checkmark will be assigned next to your account or collection that you have uploaded to assure any customer. The OpenSea team reviews regularly the content to ensure that users are safe.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you will receive only up to 10 percent of the royalties when you upload the NFT. This is believed to be quite low in comparison with other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) can be commonly used on this site as well as many others to accommodate many more cryptocurrency users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can make use of to access OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. You can easily purchase or sell cryptocurrency on reliable platforms using fiat currency. All you need to do is connect your credit card or Paypal for the transaction.
Does OpenSea has a mobile or desktop application?
As mentioned before There is an official mobile app by OpenSea that is available for iOS as well as Android. You can download it through their app store and then you can begin exploring the collection now!
There is also a Desktop application that OpenSea can be downloaded via WebCatalog. On the desktop app, you can manage multiple accounts and receive alerts on any updates that affect 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/).