Cryptocurrency is booming right now and you’re probably wondering what you can do with your crypto currency. Marketplaces are popping up all over the internet, designed to purchase and sell NFTs with cryptocurrency! OpenSea is one of them, and it’s worth a look.
If you’re interested in crypto, you’ve probably heard about OpenSea prior to this for a valid reason. It’s one of the biggest and most popular marketplaces among users of cryptocurrency due to its security and quick transactions.
Now hop aboard, and let’s see what you can do with OpenSea and also see what NFTs you can 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 Computer Science
The goal to create OpenSea was to simply provide artists with a marketplace/platform to upload commissions with no additional costs. It also has additional functions which allow you to market your art without too many issues.
In terms of registration, you won’t have to worry about giving all of your personal details. All you need to do is connect your crypto wallet and voila! You have an account on OpenSea! It’s as simple as that and without many hassles when you enter into NFTs.
The most well-known cryptocurrency to use within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system, and this is used for most processes. It also functions with the Polygon blockchain, which ensures the lowest cost and speediest trading.
There are two types of blockchains it is possible to choose which one you want to publish your NFT as seller. This will ensure the security of your NFT and those who wish to purchase it. Every transaction will be conducted by using the blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an online shopping mall that is endless where you can trade in your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything just a domain name, to a piece of art from an artist that you admire. Anyone can be a seller however, it takes time for anyone to be an established seller.
There is a wide variety in the collection of NFTs available at OpenSea and you can also be a part of that! You can set up your own marketplace here, along with finding NFTs that you would like to purchase yourself.
What is an NFT?
In a recent advancement for the crypto industry”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that many millennials are familiar with it but aren’t sure exactly what it is. Let’s look at what an NFT is for anyone who is new in cryptocurrency.
One of the latest ways that you can buy with cryptocurrency is an NFT. An NFT is a token that is non-fungible which is extremely unique and can’t be replaced. It could be a piece of rareness like rare baseball trading cards in mint condition or unique vinyl album.
There’s no limit on what an NFT can be since it’s a non-fungible thing that you can sell on the internet. In simpler terms, you could just think of an NFT to be a type of digital item that is paid for using cryptocurrency only.
Minting is like calling the shots to your NFTs. You’re claiming the ownership of the particular item that you posted to market, as putting it up for sale. Usually, this is recognized after you fill in the proper information regarding the NFT and add it on the market.
On OpenSea It’s a very simple procedure to create your own NFTs by visiting the store and making a collection to begin! Complete the correct and correct information regarding your NFT and choose what kind of settings you’d like for it (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.
You can wait and observe the way transactions are handled from now on to determine whether OpenSea is the marketplace for you.
What NFTs can you get here?
At this point, you’re probably wondering which kind of NFT be found here and what you can also sell if you choose to pursue that route. The type of NFT it can be is unlimited as there’s a variety of how you can approach it.
You could be selling trade cards, digital goods games domain names, some physical items! Find out what you think will bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that separates OpenSea from the other options. There’s no cost for gas when you use this feature when you create and market NFTs. This simply means that you’ll receive the maximum profits when you begin selling since you won’t need to spend on any additional charges.
Very few NFT marketplaces have this feature, and it can be a fantastic way to make a huge profit from your collection.
The Referral Program is another unique aspect of OpenSea to be admired. Like traditional online marketplaces, you can receive advantages when you refer a friend to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from the site, you’ll receive 2.50% of the sale amount, which allows you to make more money through this action.
Other NFT marketplaces do not have the same feature This is a further benefit OpenSea has over the other marketplaces.
There’s an OpenSea mobile app, but it is mainly used to browse through the marketplace. You can’t buy or sell anything as you browse through the listings.
The mobile apps from OpenSea are accessible for the two platforms of iOS as well as Android. While you’re not able to buy or sell anything, you can still at least browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are at your disposal to exchange your fiat money for cryptocurrency on these platforms. Nft Computer Science
You can convert your fiat currency using a credit card or Paypal through these trusted sites to exchange it for crypto:
- Bittrex and more!
All of them have the option of converting them into ETH which is the most common cryptocurrency payment option in OpenSea.
While OpenSea can be described as an NFT marketplace open to all kinds of cryptocurrency, wallets are nevertheless more compatible than others. Because it is based on an ETH blockchain, wallets which are part of this network are appropriate for the site.
Here’s a list several crypto wallets which you can use with OpenSea:
- Authereum and many more!
*Note: Wallets that are compatible with crypto can be seen on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, use on mobile devices only as well as the capability to buy cryptocurrency using credit cards. Nft Computer Science
To know more about it You can go through their FAQs to get an overview 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 an exception to this. You can view its pros and pros here:
- Mobile apps available that are compatible with iOS as well as Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- The best option for beginners to the crypto industry and NFTs.
- Allows royalties 10% for artists (low royalty).
- It is not possible to buy or sell items through the mobile app.
- Only supports cryptocurrency as its method of payment.
- An Crypto digital wallet must be used for this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. However, overall, you will quickly recover this amount if you actively sell because there is no additional fee for it.
Frequently Asked Questions Nft Computer Science
What is OpenSea?
OpenSea is an NFT marketplace that aims to offer artists a way to sell their works online, and to accept cryptocurrency as a method of payment. It’s an ideal platform for artists using the platform to market NFTs because of its zero gas costs and the low commission rate which you are required to pay.
You can browse and shop for a vast collection of digital products on this NFT marketplace and you must go through it!
Is OpenSea legitimate and safe?
The short answer is yes! OpenSea has been a reliable marketplace since it was established in the year 2018. Since the system it operates on is built on a blockchain, it is safe to declare that transactions are secure and safe.
In addition, as a seller, you’ll be verified when you have built up your credibility. A blue checkmark will be assigned to your account or the collection that you have uploaded to assure every customer. The OpenSea team reviews regularly the contents to ensure users are protected.
How can I earn royalties on OpenSea?
As an artist, you can receive only up to 10 percent of the royalties when you have uploaded the NFT. This is thought to be reasonably low compared against the other NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) has been widely utilized on this website and many others to accommodate the increasing number of crypto users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can use to use OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. You can buy and trade cryptocurrency using trusted platforms with fiat money. All you need just connect your debit or credit card to Paypal to complete the exchange.
Does OpenSea have a desktop/mobile app?
As we mentioned earlier, there is definitely an official mobile app by OpenSea that is available for iOS and Android. Download it at their respective app store and then you can begin browsing through the collection right now!
A version for desktops that OpenSea which can be downloaded from WebCatalog. In the desktop application, you can manage multiple accounts and receive notifications about updates to your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).