Cryptocurrency is booming right now and you’re probably wondering what you can do with your crypto-coins. Markets have popped up all over the digital web designed to purchase and sell NFTs using cryptocurrency! OpenSea can be one and is worth checking out.
If you’re interested in crypto, you’ve likely heard of OpenSea prior to this for a valid reason. It’s one of the biggest and most popular marketplaces for cryptocurrency enthusiasts due to its safety and speedy transactions.
So, hop on board and let’s see the possibilities of OpenSea and also see the NFTs that you can see!
Before you go on, you may want to watch 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.
OpenSea as an NFT Marketplace Nft Developer
The purpose of OpenSea was to provide artists with a marketplace/platform to upload commissions without any extra costs. There are additional features which allow you to market your work without having to deal with many issues.
When it comes to the registration process, you don’t have to provide all of your personal details. All you need to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It can be as simple as that, without many hassles when you enter into NFTs.
The most well-known cryptocurrency used on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology which is utilized for the majority of transactions. It also functions using the Polygon blockchain to ensure low-cost and quicker trading.
With these two types of blockchains that are available you can pick which one you want to transfer your NFT to as a seller. This will ensure the security of your NFT as well as those who would like to purchase it. All transactions will be made along with this blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything as simple as a domain name to an official artwork by an artist you admire. Anyone can sell, but it takes some time for anyone to become an established seller.
There are a variety of NFTs of NFTs available at OpenSea and you could join in with the collection! You can create your own marketplace there, and also find NFTs you want to purchase yourself.
What is an NFT?
In a recent advancement for the crypto industry the term “NFT” has been going around for so long on internet that a lot of millennials are familiar with it but aren’t exactly sure what it actually means. Let’s break down what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the new things you can buy can be an NFT. An NFT is a token that is non-fungible that is individual and cannot be changed. It can be a piece of rarity like mint-condition baseball trading cards or rare vinyl record.
There is no limit to what an NFT can be as it’s a non-fungible item that you sell on the internet. In simpler terms, you could simply consider the NFT as a digital item paid via cryptocurrency only.
Minting is like calling the shots to your NFTs. You are calling the owner of the item or token you uploaded on the market place, but you’re selling it. Usually, this is recognized when you have filled in the proper information regarding the NFT and then submit it for sale on.
On OpenSea It’s a very simple process to mint your NFTs by visiting the store and create a collection! Complete the correct and correct information regarding your NFT and choose what kind of settings you want for it (e.g. blockchain, payments tokens). Once that’s all done, you can finally upload it to the internet if it’s in the limit of 100MB.
You can watch and see how the transactions go from now to determine whether OpenSea is the best marketplace for you.
What NFTs can you find here?
In this moment, you’re probably wondering the kind of NFTs can you shop for here, and what you could sell should you decide to go that route. The type of NFT that you can purchase isn’t limited because there’s a wide range of options for how to do it.
You could be selling digital items, trading cards games, domain names, and also physical goods! Find out what you think will yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that separates OpenSea from the other options. There are zero gas fees when you utilize 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.
Very few NFT marketplaces offer this feature, so this is great for you to make a huge profit from your NFT collection.
This Referral Program is another distinctive feature of OpenSea to take note of. Like traditional online marketplaces that offer benefits by referring a friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from there, you’ll receive 2.50 percent of the sales amount, which allows you to make more money through this action.
Other NFT marketplaces don’t offer the same feature This is a further benefit OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile app, but it’s mostly for perusing through the marketplace. It isn’t able to purchase or sell anything as you browse through the listings.
The mobile apps from OpenSea are accessible on both iOS in addition to Android. Although you aren’t able to purchase or sell something, you can at least browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available to you to trade your fiat currency for cryptocurrency through these platforms. Nft Developer
You can convert the fiat currency you have with a your credit or debit card as well as Paypal on these reliable websites 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 that is open to all types of cryptocurrency, wallets are still more compatible with it than others. Since it is built on an ETH blockchain, any wallets with a connection to this network are appropriate for the site.
Here is a list of various crypto wallets that you can utilize in OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, use on mobile devices only as well as the capability to purchase cryptocurrency using a credit card. Nft Developer
To learn more about it to learn more, check out their FAQs to see a rundown of how you can start and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets every one of them has its advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and pros here:
- Available as mobile apps that are compatible with iOS and Android.
- Smart contracts can be used to perform transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalties of only 10% for artists (low royalties).
- You cannot buy or sell products on the mobile app.
- Only supports cryptocurrency as its type of payment.
- A Crypto account is needed to access this marketplace.
OpenSea is open to everyone who has crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5 percentage of commissions that all buyers on the marketplace. But overall, you can easily recover that amount when you actively sell because there is no additional fee for it.
Frequently Asked Questions Nft Developer
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to give artists a chance to sell their works online and receive cryptocurrency as their form of payment. It’s a great platform for artists using for selling NFTs due to its low gas fees and the low commission rate which you are required to pay.
You can browse and shop for an array of digital products on this NFT marketplace which is why you should definitely check it out!
Is OpenSea legit & secure?
The short answer is yes! OpenSea has been a trusted marketplace since it was established in 2018. Since its system is built on a blockchain, it is safe to claim that your transactions are protected and secured.
In addition, as a seller, you’ll be verified when you build up your reputation. A blue checkmark will appear next to your account or the collection you’ve uploaded to ensure the safety of every customer. The team at OpenSea regularly checks the content to ensure users are safe.
How do I earn royalties on OpenSea?
Unfortunately, as an artist, you will get only 10 percent of the royalties when you upload the NFT. This is believed to be quite low in comparison with others NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) can be widely used on this site as well as many others to accommodate many more cryptocurrency users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of to access 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 have to do is connect your credit card or Paypal for the transaction.
Does OpenSea have a desktop or mobile application?
As previously mentioned, there is definitely an official mobile application from OpenSea that is available for iOS as well as Android. Download it at their respective app store, and then you can begin exploring the collection right now!
There is also a Desktop application that OpenSea that can be downloaded through WebCatalog. In the desktop application you can manage multiple accounts and get notifications about updates to 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/).