The crypto currency market is in a boom right now and you’re probably wondering what you can do with your crypto-coins. There are numerous marketplaces popping up across the digital web designed to sell and buy NFTs via cryptocurrency! OpenSea is one of them, and it’s worth looking into.
If you’re interested in crypto you’ve probably heard about OpenSea previously for a valid reason. It has become one of the biggest and most popular marketplaces for users of cryptocurrency due to its security and quick transactions.
So, hop on board and discover what you can do with OpenSea, along with checking 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 review. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Cuts
The purpose of OpenSea was to offer artists with a marketplace/platform to upload commissions, without having to pay any additional charges. It also has additional functions that allow you to sell your art without too many difficulties.
When it comes to the registration process, you don’t have to give all of your personal details. All you have to do is connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as simple as that without going through many hassles when you enter into NFTs.
The most popular cryptocurrency to use in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system which is utilized for the majority of transactions. It is also based using the Polygon blockchain, which allows for lower costs and faster trading.
With these two kinds of blockchains it is possible to choose which one you’d like to upload your NFT on as seller. This ensures the safety of your NFT as well as those who wish to purchase it. All transactions will be made by using the blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace where you can trade in your cryptocurrency or NFTs for other NFTs. You can buy anything the simplest domain name, to a piece of art from an artist you admire. Anyone can become a seller however, it takes some time for anyone to become an established one.
There is a wide variety of NFTs available at OpenSea and you could also be a part of that! You can start your own market here, along with finding NFTs you want to purchase yourself.
What is an NFT?
In a recent advancement for the crypto market,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that many millennials are familiar with it but aren’t exactly sure what it actually means. Let’s break down what an NFT is for any beginners in cryptocurrency.
One of the latest ways you can purchase your cryptocurrency can be an NFT. An NFT is a non-fungible currency that is individual and cannot be changed. It could be an item of any rarity like mint-condition baseball trading cards or a rare vinyl record.
There is no limit to what an NFT can be as it’s a non-fungible thing that you sell online. More straightforwardly, you can simply think of as an NFT to be a type of digital collectible which is only paid in cryptocurrency.
Minting is like calling dibs on your own NFTs. It is a way of claiming the owner of the item or token that you have uploaded to the marketplace, and you’re selling it. Usually, this is recognized after you fill in all the necessary information about the NFT and then upload it to the marketplace.
On OpenSea, it’s a simple procedure to create your own NFTs by going to the store and create a collection! Complete the correct and complete information about your NFT and then select what type of settings you want to use it with (e.g., blockchain and money transfer tokens). After you’ve completed the process, you can finally upload it to the internet if it’s in the limit of 100MB.
You can wait and observe how the transactions go from now on 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 be purchased here and what kind of NFTs you can also sell if you decide to go that route. The kind of NFT it can be is indefinite as there’s a variety of how you can go about it.
You can be selling digital items, trading cards game assets, domain names, and 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 the others. There’s no cost for gas for using this feature when you make and then sell the NFTs. This simply means that you’ll receive the maximum profits when you start selling because you don’t need to pay on extra fees.
Not many NFT marketplaces provide this feature, which is why this is a great way to receive high profit from your portfolio.
The Referral Program is another unique aspect of OpenSea to be admired. Like traditional online marketplaces that offer advantages by referring someone else to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from there you’ll earn 2.50 percent of the purchase amount, which means you can earn more cash from this act.
Other NFT marketplaces do not have the same feature and that’s another benefit OpenSea has over them.
There’s an OpenSea mobile app, but it’s mostly used to browse the marketplace. It isn’t able to purchase or sell items as you browse through the listing.
The mobile apps of OpenSea are available for both iOS as well as Android. While you’re not able to buy or sell something, you can look through the options you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are for you to use You can also exchange your fiat money for cryptocurrency through these platforms. Nft Cuts
You can swap the fiat currency you have with a credit card or Paypal via these reputable websites to exchange it for crypto:
- Bittrex and other things!
All of these have the option of exchange for ETH, which is the most common cryptocurrency used in OpenSea.
While OpenSea has been described as being an NFT marketplace open to all kinds of cryptocurrency, the wallets nonetheless more compatible than other. Because it is based around the ETH blockchain, any wallets with a connection to the same network are suitable for this website.
Here’s a list different crypto wallets you can use in 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 function to purchase cryptocurrency using credit cards. Nft Cuts
To know more about it You can go through their FAQs to get a rundown of how you can start and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has advantages and disadvantages. OpenSea isn’t the only one to have this. You can view its pros and cons here:
- Mobile apps available for iOS or Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto market and NFTs.
- Allows royalties 10% to artists (low royalties).
- You cannot buy or sell products through the mobile app.
- Only accepts cryptocurrency as a type of payment.
- A Crypto digital wallet must be used 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 percent commission fee that all buyers on the marketplace. However, overall, you will easily recover that amount when you sell regularly since there is no additional fee for it.
Frequently Asked Questions Nft Cuts
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to offer artists a way to market their work online and receive cryptocurrency as a method of payment. It’s a great platform for artists using for selling NFTs due to its low gas costs and the low commission rate which you are required to pay.
You can shop and browse the vast array of digital items on the NFT marketplace which is why you should definitely take a look!
Is OpenSea legitimate and secure?
The short answer is yes! OpenSea has been a trusted marketplace since it was established on the 1st of December in 2018. Since its system is built on a blockchain that is secure, you can declare that transactions are safe and secure.
Furthermore as a seller you can become verified once you have built up your credibility. A blue checkmark will be assigned to your account or any collection that you have uploaded to assure every customer. The team at OpenSea regularly checks the content to ensure users are protected.
How can I earn royalties on OpenSea?
As an artist, you will be paid only 10% of the royalties once you upload the NFT. This is believed to be quite low in comparison with other NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) can be frequently used on this site as well as many others to accommodate more crypto users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can use to use OpenSea.
What are the payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. It is easy to buy or trade cryptocurrency using reliable platforms using fiat currency. All you need be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea have a desktop or mobile application?
As mentioned before there’s an official mobile application from OpenSea for both iOS or Android. You can download it through their app store, and you can start browsing through the collection right now!
There is also a version for desktops that OpenSea can be downloaded via WebCatalog. With the desktop application you are able to manage multiple accounts as well as receive alerts on any updates that affect 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/).