The crypto currency market is in a boom right now and you’re probably thinking what you can do with your crypto currency. Marketplaces are popping up across the internet, designed to buy and sell NFTs via cryptocurrency! OpenSea is one of them, and it’s worth checking out.
If you’re familiar with cryptocurrency you’ve probably heard about OpenSea before for a good reason. It’s one of the largest and leading marketplaces among cryptocurrency users because of its security and rapid transactions.
Now hop aboard, and discover what you can do with OpenSea as well as examining what NFTs you can view!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of the article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Crypto Art
The purpose of OpenSea was to simply provide an online marketplace for artists to easily upload their commissions without any extra charges. It also has additional functions that let you sell your artwork without any issues.
In terms of the registration process, you don’t have to provide any personal information about yourself. All you need to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It can be 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 is used to carry out the majority of processes. It also operates on the Polygon blockchain, which ensures lower costs and faster trading.
With these two kinds of blockchains available it is possible to choose which one you would like to publish your NFT as an seller. This will ensure the security of your NFT as well as those who wish to buy it. All transactions will be made using this blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall where you can trade in your NFTs or cryptocurrency for other NFTs. You can buy anything as simple as a domain name to official art by an artist you admire. Anyone can become a seller, but it takes a while for anyone to become an established one.
There’s a huge selection from the selection on OpenSea and you could join in with this! You can create your own marketplace there, and also find NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent advancement for the crypto market the term “NFT” has been going around so long on the internet that the majority of young people have heard of it but aren’t exactly sure what it actually means. Let’s take a look at what NFT is for anyone who is new in cryptocurrency.
One of the latest ways you can purchase your cryptocurrency can be an NFT. The NFT is a non-fungible token that is exclusive and cannot be replaced. It can be an item of rareness, such as authentic baseball cards or uncommon vinyl record.
There’s no limit to what an NFT can be as it’s a non-fungible thing that you can sell on the internet. It is simpler to simply think of an NFT to be a type of digital collectible which is only paid in cryptocurrency.
Minting is similar to calling for dibs to your NFTs. It is a way of claiming the ownership of the particular item that you have uploaded to the market place, but you’re putting it up for sale. Usually, this becomes official once you fill out 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. All you have to do is visit the store and create a collection! Fill out the proper and accurate information about your NFT and choose what kind of settings you’d like for it (e.g., blockchain or payment tokens). Once that’s all done 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 to see if OpenSea is the marketplace for you.
What NFTs can you get here?
At this point you’re probably thinking about the kind of NFTs be purchased here and what you can also sell if you decide to pursue that route. The type of NFT that you can purchase is indefinite as there’s a variety of options for how to approach it.
You can be selling digital products, trading cards game assets, domain names, and some physical items! Explore what you believe can reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager features is one of the things that sets OpenSea from the others. There are no gas costs when you use this feature to mint and sell NFTs. This means you’ll get the most profit when you start selling because you don’t need to pay on any additional charges.
There aren’t many NFT marketplaces provide this feature, so this can be a fantastic way to earn a high return from your collection.
This Referral Program is another distinctive feature of OpenSea to be admired. Similar to traditional online markets there are benefits when you refer someone else to OpenSea! If you invite a friend to join OpenSea and buy an NFT from there, you’ll receive 2.50% of the sale amount, letting you earn more cash from this act.
Other NFT marketplaces don’t offer the same feature This is a further advantage OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile application, however it is mainly used to browse through the marketplace. It isn’t able to purchase or sell anything while you scroll through the list.
The mobile apps of OpenSea are available for the two platforms of iOS in addition to Android. Although you aren’t able to purchase or sell anything, you can still look through the options you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are at your disposal to trade your fiat currency for cryptocurrency using these platforms. Nft Crypto Art
You can swap the fiat currency you have with a your credit or debit card as well as Paypal through these trusted sites to exchange it for crypto:
- Bittrex and other things!
All of these 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 that is open to all forms of crypto, wallets are nonetheless more compatible than other. Since it is built on an ETH blockchain, all wallets which are part of the same network are suitable for the site.
Here is a list of different crypto wallets which you can use with OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each has its own limitations, such as easy registration, only mobile usage, and the function to buy cryptocurrency using a credit card. Nft Crypto Art
To learn more about it, you can check their FAQs to see the steps you can get started and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets, each one has its 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 or Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalties up to 10% for artists (low royalties).
- Cannot buy or sell through the mobile app.
- Only accepts cryptocurrency as a method of payment.
- An Crypto digital wallet must be used to access this marketplace.
OpenSea is open to everyone who has crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. However, overall, you will easily recover that amount when you actively sell because there’s no extra charge for it.
Frequently Asked Questions Nft Crypto Art
What is OpenSea?
OpenSea is an NFT marketplace that is designed to give artists a chance for selling their artwork online to receive cryptocurrency as a method of payment. It’s an excellent platform for artists using it to sell NFTs due to its no gas costs and low commission fees you must pay.
You can browse and purchase an array of digital goods in this NFT marketplace, so you should go through it!
Is OpenSea legit & is it safe?
Answer: Yes! OpenSea has been a trusted marketplace since it was established in the year 2018. Because its system is based on a blockchain and is secured, it is safe to say that your transactions are secure and safe.
In addition as a seller you will be verified after you have built up your credibility. A blue checkmark will appear to your account or any collection you’ve uploaded to ensure the safety of any customer. The OpenSea team reviews regularly the content to ensure users are protected.
How can I earn royalties from OpenSea?
As an artist, you can get only 10 percent of the royalties after you upload the NFT. This is considered to be a reasonable amount compared with the other NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) has been frequently used on this site as well as many others to accommodate many more crypto users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can make use of to use OpenSea.
What are the payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. You can buy and sell cryptocurrency on trusted platforms with fiat money. All you need to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea have a desktop/mobile app?
As mentioned before, there is definitely an official mobile application from OpenSea for both iOS as well as Android. Install it from their app store and you can start exploring the collection now!
There is also a desktop application for OpenSea which can be downloaded from WebCatalog. In the desktop application, you can manage multiple accounts and get 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/).