Cryptocurrency is booming right now and you’re probably thinking what you can do with your crypto coins. There are numerous marketplaces popping up all over the web that allow users to purchase and sell NFTs using cryptocurrency! OpenSea is one of them, and it’s worth checking out.
If you’re interested in crypto you’ve probably heard about OpenSea previously for a valid reason. It has become one of the largest and most popular marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.
Get on board, and let’s see the possibilities of OpenSea as well as examining the NFTs available to view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick review. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Coins List
The purpose for OpenSea was to offer artists with a marketplace/platform to easily upload their commissions, without having to pay any additional costs. There are additional features that let you sell your work without having to deal with many problems.
When it comes to the registration process, you don’t have to worry about giving any personal information about yourself. All you have to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It can be as simple as that and without many hassles when you enter into NFTs.
The most popular cryptocurrency to use in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system which is utilized for the majority of transactions. It also operates using the Polygon blockchain, which ensures low-cost and quicker trading.
There are two types of blockchains available, you can choose which one you’d like to publish your NFT as seller. This ensures the safety of your NFT as well as the people who want to buy it. All transactions are made along with this 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 where you can trade in your NFTs or cryptocurrency for other NFTs. You can buy anything the simplest domain name to an official artwork from an artist you admire. Anyone can sell however, it takes some time for anyone to become an established seller.
There are a variety of NFTs in the collection on OpenSea, and you can also be a part of this! You can create your own market 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 crypto industry,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on the internet that the majority of young people have heard of it but aren’t exactly sure what it means. Let’s look at what an NFT is for anyone who is new in cryptocurrency.
One of the new things that you can buy with cryptocurrency is an NFT. The NFT is a non-fungible token that is very exclusive and cannot be changed. This can be an item of any rareness like mint-condition baseball trading cards, or a unique vinyl album.
There is no limit to what an NFT can be as it’s a non-fungible object that you can sell online. It is simpler to simply consider as an NFT to be a type of digital item paid via cryptocurrency only.
Minting is similar to calling for dibs for your personal NFTs. It is a way of claiming the ownership of the particular item 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 submit it for sale on.
On OpenSea it’s a straightforward procedure to create your own NFTs. All you have to do is visit the store and creating a collection to start! Complete the correct and complete information about your NFT and then select what type of settings you’d like to use for it (e.g., blockchain and money transfer tokens). After you’ve completed the process you are able to upload it, if it’s within the limit of 100MB.
You can wait and observe how transactions progress from here on out to determine whether OpenSea is the best marketplace for you.
What NFTs can you find here?
At this point you’re probably thinking about the kind of NFTs can you shop for here and what you can sell should you decide to pursue that route. The kind of NFT it can be isn’t limited since there’s a broad range of ways to go about it.
You could be selling trade cards, digital goods, game assets, domain names, and also physical goods! Explore what you believe can yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what sets OpenSea from the other options. There’s no cost for gas when you use this feature when you create and market NFTs. This is essentially a way to ensure that you receive the maximum profits when you begin selling since 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 earn a high return from your portfolio.
A Referral Program is another distinctive feature of OpenSea to admire. Similar to traditional online markets there are benefits when you refer someone else to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from the site, you’ll receive 2.50 percent of the sales amount, letting you earn more money by this method.
Other NFT marketplaces don’t offer the same feature and that’s another advantage OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile app, but it’s mostly for perusing through the marketplace. You can’t buy or sell anything as you scroll through the list.
The mobile apps of OpenSea are available on the two platforms of iOS and Android. While you’re not able to buy or sell something, you can at least explore the products you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available at your disposal to convert your fiat money into cryptocurrency through these platforms. Nft Coins List
You can exchange the fiat currency you have with a your credit or debit card as well as Paypal through these trusted sites for cryptocurrency:
- Bittrex and other things!
All of these have the option of exchange for ETH, which is the standard cryptocurrency payment option in OpenSea.
Although OpenSea can be described as an NFT marketplace that is open to all types of cryptocurrency, the wallets still more compatible with it than other. Since it is built mainly on an ETH blockchain, all wallets with a connection to this network are appropriate for the site.
Here is a list of several crypto wallets you can utilize in OpenSea:
- Authereum and many more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each has its own limitations, such as easy registration, mobile-only usage, and the function to buy cryptocurrency using a credit card. Nft Coins List
To learn more about it, you can check their FAQs for a rundown of how you can begin and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and cons here:
- Mobile apps are available for iOS as well as Android.
- Smart contracts can be used to perform transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
- Allows royalties 10% to artists (low royalty).
- Cannot buy or sell through this mobile application.
- Only accepts cryptocurrency as a type of payment.
- An Crypto digital wallet must be used to access this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. However, overall, you will easily recover that amount when you are actively selling since there is no additional fee for it.
Frequently Asked Questions Nft Coins List
What is OpenSea?
OpenSea is an NFT marketplace that is designed to give artists a chance to market their work online, and to accept cryptocurrency as a method of payment. It’s an excellent option for artists who want to use the platform to market NFTs due to its no gas costs and the low commission rate that you have to pay.
You can browse and purchase the vast array of digital goods in this NFT marketplace and you must take a look!
Is OpenSea real and safe?
The short answer is yes! OpenSea has been a reliable marketplace since it was founded at the end of the year of 2018. Because its system is based on a blockchain, it is safe to claim that your transactions are safe and secure.
Furthermore as a seller you will be verified after you have built up your credibility. A blue checkmark will be assigned next to your account or the collection you uploaded to reassure any customer. The team at OpenSea regularly checks the content to ensure that users are secure.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you can receive only up to 10 percent of the royalties after you upload the NFT. This is thought to be quite low in comparison with other NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) has been widely utilized on this website and numerous others to cater for many more cryptocurrency users. These are other cryptos you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can use for OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency through trusted platforms with fiat money. All you have be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea have a desktop/mobile application?
As we mentioned earlier, there is definitely an official mobile app from OpenSea available for both iOS as well as Android. You can download it through their app store, and then you can begin exploring the collection right now!
There is also a version for desktops that OpenSea can be downloaded via WebCatalog. In the desktop application you are able to 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/).