The crypto currency market is in a boom right now, and you’re probably wondering what you can do with your crypto coins. There are numerous marketplaces popping up all over the web that allow users to buy and sell NFTs via cryptocurrency! OpenSea can be one and is worth checking out.
If you’re well-versed in cryptocurrency you’ve probably heard of OpenSea before for a good reason. It has become one of the largest and leading marketplaces among cryptocurrency users because of its security and rapid transactions.
So, hop on board and let’s explore the possibilities of 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 Christies
The aim for OpenSea was to offer an online marketplace for artists to upload their commissions, without having to pay any additional costs. There are additional features that let you sell your artwork without any difficulties.
When it comes to registration, you don’t need to provide any personal information about yourself. All you have to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as easy as that without going through many hurdles as you walk into NFTs.
The most popular cryptocurrency to use within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system and is used for most processes. It is also based using the Polygon blockchain to ensure the lowest cost and speediest trading.
With these two kinds of blockchains it is possible to choose which one you would like to upload your NFT on as an seller. This will ensure the security of your NFT, along with those who would like to purchase it. Every transaction will be conducted using this blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything as simple as a domain name to an official artwork from an artist that you admire. Anyone can be a seller, but it takes some time before anyone can become an established seller.
There are a variety of NFTs from the selection at OpenSea and you can also be a part of that! You can start your own marketplace here, along with finding NFTs that you would like to purchase for yourself.
What is an NFT?
A recent change in the cryptocurrency industry”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that the majority of young people are familiar with it , but aren’t exactly sure what it is. Let’s look at what an NFT is for anyone who is new in the field of cryptocurrency.
One of the new things you can buy can be an NFT. A NFT is a token that is non-fungible that is very unique and can’t be changed. This can be an item of rareness, such as authentic baseball cards, or a uncommon vinyl record.
There is no limit to what an NFT could be, since it’s a non-fungible object you’re selling online. It is simpler to simply think of the NFT to be a type of digital collectible which is only paid in cryptocurrency.
Minting is similar to calling for dibs for your personal NFTs. You are calling the ownership of the particular item that you posted to market, as you’re selling it. Usually, this is recognized once you fill out all the necessary information about the NFT and then add it on the market.
On OpenSea it’s a straightforward process to mine your NFTs. All you have to do is visit the store and create a collection! Input the appropriate and complete information about your NFT and then select what type of settings you’d like to use it with (e.g., blockchain and payment tokens). After that, you can finally upload it to the internet if it’s in the 100 MB limit.
It is possible to wait and see the way transactions are handled from now to determine whether OpenSea is the marketplace for you.
What NFTs are available here?
At this point you’re probably asking yourself which kind of NFT you shop for here and what kind of NFTs you can also sell if you decide to go that route. The type of NFT it can be isn’t limited as there’s a variety of ways to go about it.
It is possible to sell digital items, trading cards, game assets, domain names, and even physical assets! Find out what you think will yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that separates OpenSea from the others. There’s no cost for gas for using this feature to mint and sell NFTs. This simply means that you’ll receive the maximum profits when you start selling because you don’t need to pay on additional fees.
Very few NFT marketplaces have this feature, which is why this is a great way to receive high profit from your collection.
This Referral Program is another unique aspect of OpenSea to admire. Like traditional online marketplaces, you can receive advantages by referring someone else to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from there, you’ll receive 2.50 percent of the purchase amount, which allows you to earn more cash by this method.
Other NFT marketplaces don’t offer the same feature, so that’s just another advantage OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile application, however it’s mostly to browse through the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listing.
The mobile apps from OpenSea are accessible on both iOS in addition to Android. Even though you can’t buy or sell things, you can at least explore the products you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are at your disposal You can also convert your fiat money into cryptocurrency on these platforms. Nft Christies
You can convert your fiat money via the credit card, or Paypal through these trusted sites to exchange it for crypto:
- Bittrex and other things!
All of them have the option to exchange for ETH that is the standard crypto payment in OpenSea.
Although OpenSea has been described as being an NFT marketplace open to all types of cryptocurrency, wallets are nevertheless more compatible than others. Since it is built mainly around the ETH blockchain, any wallets that share this network are appropriate for this site.
Here’s a list different crypto wallets you can use in OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations including simple registration, mobile-only usage as well as the capability to purchase cryptocurrency with the credit card. Nft Christies
To know more about it, you can check their FAQs to get a rundown of how you can get started and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and cons here:
- Available as mobile apps for iOS and Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalty rates of 10% for artists (low royalty).
- Cannot buy or sell on our mobile apps.
- Only supports cryptocurrency as its form of payment.
- An Crypto wallet is required to access 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 percentage of commissions to all the sellers who are on this platform. In the end, you’ll quickly recover this amount if you are actively selling since there’s no additional cost for it.
Frequently Asked Questions Nft Christies
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to give artists a chance to sell their works online and receive cryptocurrency as a method of payment. It’s an excellent platform for artists who use for selling NFTs due to its no gas costs and the low commission rate which you are required to pay.
You can browse and purchase a vast collection of digital goods in this NFT marketplace, so you should check it out!
Is OpenSea legitimate and is it safe?
The short answer is yes! OpenSea has been a trusted marketplace since it was founded on the 1st of December in the year of 2018. Since the system it operates on is built on blockchain technology, it is safe to declare that transactions are safe and secure.
In addition, as a seller, you will be verified after you’ve earned a reputation. A blue checkmark will appear to your account or collection you’ve uploaded to ensure the safety of every customer. OpenSea’s team regularly reviews the content to ensure users are safe.
How do I earn royalties on OpenSea?
As an artist, you can be paid only 10 percent of the royalties when you upload the NFT. This is considered to be a reasonable amount compared with the other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) can be commonly utilized on this website and other sites to provide many more cryptocurrency users. Below are the other cryptocurrency you can purchase 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 does not allow cryptocurrency exchanges through its website. You can easily purchase or sell cryptocurrency through secure platforms that accept fiat money. All you need to do is connect your credit card or Paypal for the transaction.
Does OpenSea have a desktop/mobile app?
As previously mentioned There is an official mobile app by OpenSea that is available for iOS as well as Android. Install it from their app store and begin exploring the collection right now!
There is also a Desktop application that OpenSea that can be downloaded through WebCatalog. On the desktop app, you can 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/).