The cryptocurrency market is on the rise, and you’re probably wondering what you can do with your crypto-coins. There are numerous marketplaces popping up all over the digital web designed to sell and buy NFTs with cryptocurrency! OpenSea can be one 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’s now one of the largest and most popular marketplaces for users of cryptocurrency due to its safety and speedy transactions.
Get on board, and discover what you can do with OpenSea as well as examining the NFTs available to view!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Companies
The aim for OpenSea was to simply provide artists with a marketplace/platform to upload their commissions with no additional charges. There are additional features which allow you to market your work without having to deal with many problems.
For registration, you won’t have to give any personal information about yourself. All you need to connect your crypto wallet and voila! You have an account with OpenSea! It’s as simple as that and without many hurdles as you walk into NFTs.
The most well-known cryptocurrency to use within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology, and this is used for most processes. It also functions using the Polygon blockchain, which allows for the lowest cost and speediest trading.
There are two types of blockchains that are available it is possible to choose which one you’d like to publish your NFT as seller. This ensures the safety of your NFT and those who would like to purchase it. All transactions are made by using the blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace that lets you trade your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything the simplest domain name, to a piece of art from an artist that you admire. Anyone can sell however, it takes some time before anyone can become an established one.
There is a wide variety from the selection of NFTs available at OpenSea, and you can become a part of the collection! You can start your own market on this site, as well as find NFTs you want to purchase for yourself.
What is an NFT?
In a recent advancement for the crypto market, the term “NFT” has been going around for so long on the internet that the majority of young people are familiar with it but aren’t sure exactly what it means. Let’s break down what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the latest ways you can buy can be an NFT. A NFT is a non-fungible token which is extremely exclusive and cannot be replaced. This can be an item of any rareness, such as rare baseball trading cards in mint condition or a uncommon vinyl record.
There’s no limit to what an NFT can be since it’s a non-fungible thing that you can sell online. It is simpler to just imagine the NFT being a virtual item paid via cryptocurrency only.
Minting is like calling dibs on your own NFTs. It is a way of claiming the ownership of the particular item that you have uploaded to market, as offering it for sale. Usually, this is recognized after you fill in the proper information regarding the NFT and finally add it on the market.
On OpenSea it’s a straightforward process to mine your NFTs by going to the store and creating a collection to start! Input the appropriate and accurate information about your NFT and then select what type of settings you’d like to use to use it with (e.g., blockchain and money transfer tokens). After you’ve completed the process you are able to upload it if it fits the limit of 100MB.
It is possible to wait and see the way transactions are handled from here on out to determine if OpenSea is the best marketplace for you.
What NFTs can you get here?
In this moment you’re probably thinking about which kind of NFT be found here and what kind of NFTs you can also sell if you decide to pursue that route. The kind of NFT that you can purchase is unlimited as there’s a variety of ways to do it.
You can be selling trade cards, digital goods games domain names, also physical goods! Find out what you think will bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that differentiates OpenSea from other companies. There are zero gas fees for using this feature to make and then sell the NFTs. This is essentially a way to ensure that you receive the maximum profits when you sell because you won’t have to spend on any additional charges.
There aren’t many NFT marketplaces provide this feature, and it can be a fantastic way to earn a high return from your collection.
The Referral Program is another distinctive feature of OpenSea to take note of. Like traditional online marketplaces, you can receive rewards by referring a friend to OpenSea! If you encourage a friend join OpenSea and purchase an NFT from there you’ll earn 2.50% of the sale amount, letting you earn more money from this act.
Other NFT marketplaces don’t have this kind of feature either, so that’s just another benefit OpenSea has over the other marketplaces.
There’s an OpenSea mobile app, but it’s mostly used to browse through the marketplace. Unfortunately, you can’t purchase or sell items as you scroll through the list.
The mobile apps from OpenSea are accessible on the two platforms of iOS and Android. While you’re not able to buy or sell anything, you can still at least browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available for you to use to trade your fiat currency for cryptocurrency through these platforms. Nft Companies
You can convert your fiat money via credit card or Paypal via these reputable websites to exchange it for crypto:
- Bittrex, and more!
All of them have the option to exchange for ETH, which is the standard crypto payment in OpenSea.
Although OpenSea is an NFT marketplace that is open to all forms of cryptocurrency, the wallets still more compatible with it than others. Since it is built mainly using an ETH blockchain, wallets which are part of this network are appropriate for this website.
Here’s a list different crypto wallets which you can use with OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each wallet has its own restrictions including simple registration, mobile-only usage, and the function to purchase cryptocurrency with a credit card. Nft Companies
To know more about it You can go through their FAQs to see an overview of how you can get started and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and cons here:
- Mobile apps are available for iOS and Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto world and NFTs.
- Allows royalty rates of up to 10% for artists (low royalties).
- Cannot buy or sell via the mobile app.
- Only supports cryptocurrency as its method of payment.
- The use of a Crypto wallet is required for this marketplace.
OpenSea is open to everyone who has any crypto currency in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. But overall, you can easily recover that amount when you are actively selling since there’s no extra charge for it.
Frequently Asked Questions Nft Companies
What is OpenSea?
OpenSea is an NFT marketplace that is designed to give artists a chance to market their work online to receive cryptocurrency as their form of payment. It’s an ideal platform for artists using it to sell NFTs due to its no cost of gas and low commission fee rate that you have to pay.
You can browse and shop for a vast collection of digital items on the NFT marketplace and you must take a look!
Is OpenSea legitimate and safe?
The short answer is yes! OpenSea is a reputable marketplace since it was established at the end of the year of 2018. Since its system is built on blockchain technology, it is safe to declare that transactions are safe and secure.
Additionally, as a seller, you’ll be verified when you’ve earned a reputation. A blue checkmark will appear to your account or the collection you uploaded to reassure every customer. The team at OpenSea regularly checks the content to ensure that users are protected.
How can I earn royalties on OpenSea?
However, as an artist, you will get only 10 percent of the royalties when you have uploaded the NFT. This is considered to be quite low in comparison with other NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) is widely used on this site as well as other sites to provide many more cryptocurrency users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can use for OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. It is easy to buy or sell cryptocurrency through reliable platforms using fiat currency. All you need just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea have a desktop or mobile app?
As we mentioned earlier there’s an official mobile app from OpenSea that is available for iOS and Android. You can download it through their app store and you can start browsing through the collection right now!
The desktop application for OpenSea which can be downloaded from WebCatalog. With the desktop application you are able to manage multiple accounts as well as 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/).