The crypto currency market is in a boom right now and you’re probably thinking what you can do with your crypto-coins. There are numerous marketplaces popping up all over the internet, designed to sell and buy NFTs using cryptocurrency! OpenSea is among them, and it’s worth a look.
If you’re well-versed in cryptocurrency you’ve probably heard of OpenSea prior to this for a valid reason. It’s one of the biggest and leading marketplaces among cryptocurrency users because of its safety and speedy transactions.
Now hop aboard, and let’s explore the possibilities of OpenSea as well as examining the NFTs that you can see!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. After, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Corporation Guy Kaplinsky
The purpose to create OpenSea was to provide a platform/marketplace for artists to easily upload their commissions without any extra charges. There are additional features that allow you to sell your art without too many problems.
In terms of registration, you don’t need to provide any personal information about yourself. All you need to connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as easy as that, without many hurdles as you walk into NFTs.
The most well-known cryptocurrency that is used in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system and is used to carry out the majority of processes. It also functions on the Polygon blockchain, which ensures the lowest cost and speediest trading.
With these two kinds of blockchains available you can pick which one you’d like to transfer your NFT to as an seller. This ensures the safety of your NFT and those who wish to buy it. All transactions will be made along with this blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace that lets you trade your cryptocurrency or NFTs for other NFTs. You can purchase anything from as simple as a domain name to an official artwork from an artist you admire. Anyone can sell, but it takes a while before anyone can become an established one.
There’s a huge selection in the collection on OpenSea, and you can join in with this! You can start your own marketplace there, and also find NFTs you’d like to buy yourself.
What is an NFT?
In a recent development for the crypto industry, the term “NFT” has been going around for so long on the internet that a lot of millennials are familiar with it , but not exactly sure what it means. Let’s break down 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. A NFT is a token that is non-fungible that is very individual and cannot be changed. It could be an item of any rareness, such as authentic baseball cards or uncommon vinyl record.
There’s no limit to what an NFT could be, since it’s a non-fungible object you’re selling on the internet. It is simpler to just think of as an NFT being a virtual item 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 have uploaded to market, as you’re putting it up for sale. Typically, this is official when you have filled in all the necessary information about the NFT and upload it to the marketplace.
On OpenSea It’s a very simple process to mint your NFTs by visiting the store and simply making a collection to begin! Fill out the proper and correct information regarding your NFT and choose what kind of settings you want for it (e.g. blockchain or money transfer tokens). After that, you can finally upload it, if it’s within the 100 MB limit.
It is possible to wait and see how transactions progress from now to determine if OpenSea is the right marketplace for you.
What NFTs can you get here?
In this moment you’re probably thinking about the kind of NFTs can be found here and what kind of NFTs you can also sell if you choose to go down that path. The kind of NFT it isn’t limited as there’s a variety of options for how to approach it.
It is possible to sell digital items, trading cards game assets domain names, also physical goods! Consider what you believe will reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that differentiates OpenSea from other companies. There are zero gas fees when you use this feature to make and then sell the NFTs. This simply means that you’ll get the most profit when you begin selling since you won’t need to spend on any additional charges.
Not many NFT marketplaces have this feature, so this is a great way to receive high profit from your portfolio.
This Referral Program is a different aspect of OpenSea to take note of. Like traditional online marketplaces that offer rewards when you refer your friend to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from there, you’ll receive 2.50 percent of the sales amount, letting you earn more cash from this act.
Other NFT marketplaces don’t have the same feature and that’s another advantage OpenSea has over the other marketplaces.
There is an OpenSea mobile application, however it’s mostly for perusing through the marketplace. You can’t buy or sell anything as you browse through the listings.
OpenSea’s mobile apps are available on both iOS and Android. Although you aren’t able to purchase or sell something, you can browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are at your disposal, and you can convert your fiat money into cryptocurrency on these platforms. Nft Corporation Guy Kaplinsky
You can convert your fiat currency using a your credit or debit card as well as Paypal via these reputable websites to exchange it for crypto:
- Bittrex, and many more!
Each of them has the option to exchange for ETH that is the standard cryptocurrency used in OpenSea.
Although OpenSea is an NFT marketplace open to all forms of cryptocurrency, the wallets nevertheless more compatible than others. Since it is built mainly around an ETH blockchain, all wallets with a connection to that network will be suitable for this website.
Here is a list of several crypto wallets which you can use with OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each has its own limitations like easy registration, only mobile usage and the ability to purchase cryptocurrency using a credit card. Nft Corporation Guy Kaplinsky
For more information about the service, you can check their FAQs to see a rundown of how you can start and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets every one of them has advantages and drawbacks. OpenSea isn’t an exception to this. You can read about its pros and pros here:
- Mobile apps are available that are compatible with iOS or Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalties 10% for artists (low royalty rates).
- It is not possible to buy or sell items via the mobile app.
- Only supports cryptocurrency as its method of payment.
- An Crypto wallet is required for this marketplace.
OpenSea is open to everyone who has crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percent commission fee for all sellers on the 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 Corporation Guy Kaplinsky
What is OpenSea?
OpenSea is an NFT marketplace that is designed to provide artists a platform for selling their artwork online, and to accept cryptocurrency as a method of payment. It’s an excellent option for artists who want to use for selling NFTs because of its zero cost of gas and the low commission rate that you have to pay.
You can shop and browse the vast array of digital products on this NFT marketplace, so you should take a look!
Is OpenSea legit & is it safe?
Answer: Yes! OpenSea is a reputable marketplace since its inception at the end of 2018. Since its system is built on blockchain technology, it is safe to declare that transactions are protected and secured.
In addition, as a seller, you can become verified once you build up your reputation. A blue checkmark will be assigned to your account or collection that you have uploaded to assure every customer. The team at OpenSea regularly checks the content to ensure that users are safe.
How can I earn royalties on OpenSea?
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 against the other NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) is commonly used on this site as well as many others to accommodate many more cryptocurrency users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can make use of for OpenSea.
What are the payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. You can buy and sell cryptocurrency through trusted platforms with fiat money. All you have to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea have a desktop or mobile application?
As previously mentioned There is an official mobile app by OpenSea for both iOS or Android. You can download it through their app store, and you can start exploring the collection now!
A desktop application for OpenSea which can be downloaded from WebCatalog. On the desktop app you are able to manage multiple accounts and receive notifications on updates regarding 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/).