The crypto currency market is in a boom right now, and you’re probably wondering what you can do with your crypto currency. Markets have popped up across the internet, designed to sell and buy NFTs via cryptocurrency! OpenSea can be one, and it’s worth a look.
If you’re interested in crypto you’ve likely heard of OpenSea prior to this for a valid reason. It has become one of the biggest and leading marketplaces among cryptocurrency users because of its security and quick transactions.
So, hop on board and let’s explore the possibilities of OpenSea as well as examining the NFTs available to view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Diagram
The purpose of OpenSea was to offer an online marketplace for artists to upload their commissions with no additional fees. It also has additional functions that let you sell your work without having to deal with many issues.
When it comes to registration, you don’t need to provide all of your personal details. All you have to connect your cryptocurrency 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 widely-used cryptocurrency to use within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system which is utilized for the majority of transactions. It is also based with the Polygon blockchain to ensure the lowest cost and speediest trading.
With these two kinds of blockchains you can pick which one you want to transfer your NFT to as an seller. This is to ensure the security of your NFT and those who wish to purchase it. All transactions are made by using the blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall that lets you trade your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything as simple as a domain name, to a piece of art from an artist you admire. Anyone can be a seller however it takes time for anyone to become a reputable one.
There is a wide variety of NFTs available at OpenSea and you could become a part of the collection! You can set up your own market here, along with finding NFTs you want to purchase for yourself.
What is an NFT?
A recent change in the crypto market,”NFT,” a popular term in the crypto industry “NFT” has been going around so long on the internet that a lot of millennials have heard of it but not exactly sure what it actually means. Let’s break down what an NFT is for anyone who is new in cryptocurrency.
One of the new things you can buy is an NFT. The NFT is a token that is non-fungible which is extremely exclusive and cannot be replaced. It can be an item of rareness, such as mint-condition baseball trading cards, or a unique vinyl album.
There’s no limit on what an NFT can be since it’s a non-fungible object you’re selling online. In simpler terms, you could simply think of as an NFT as a digital item paid via cryptocurrency only.
Minting is similar to calling for dibs for your personal NFTs. It is a way of claiming ownership over that particular token/item you uploaded on market, as you’re putting it up for sale. Usually, this becomes official when you have filled in the correct information about the NFT and finally upload it to the marketplace.
On OpenSea It’s a very simple process to mine your NFTs by visiting the store and then creating a collection to start! Fill out the proper and correct information regarding your NFT and then select what type of settings you want to use it with (e.g., blockchain, money transfer tokens). After that then you’re able to upload it to the internet if it’s in the limit of 100MB.
You can wait and observe how transactions progress from now on to determine if OpenSea is the right marketplace for you.
What NFTs can you get here?
In this moment, you’re probably wondering which kind of NFT be found here and what you can also sell if you choose to go down that path. The kind of NFT it can be isn’t limited as there’s a variety of how you can go about it.
It is possible to sell digital products, trading cards games domain names, also physical goods! Consider what you believe will yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that differentiates OpenSea from other companies. There’s no cost for gas for using this feature when you make and then sell the NFTs. This means you’ll get the most profit when you begin selling since you won’t have to spend on any additional charges.
Not many NFT marketplaces have this feature, and it is great for you to receive high profit from your NFT collection.
This Referral Program is another unique aspect of OpenSea to take note of. Like traditional online marketplaces, you can receive advantages when you refer someone else to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from there, you’ll receive 2.50 percent of the sales amount, which means you can earn more cash from this act.
Other NFT marketplaces don’t offer this kind of feature either, so that’s just another benefit OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile application, however it is mainly used for perusing through the marketplace. It isn’t able to purchase or sell items as you browse through the listings.
The mobile apps from OpenSea are accessible for the two platforms of iOS as well as Android. Although you aren’t able to purchase or sell anything, you can still at least browse through the selections you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available for you to use, and you can trade your fiat currency for cryptocurrency on these platforms. Nft Diagram
You can convert your fiat money via your credit or debit card as well as Paypal through these trusted sites for cryptocurrency:
- Bittrex and many more!
All of them have the option of converting them into ETH, which is the primary crypto payment in OpenSea.
While OpenSea can be described as an NFT marketplace that is open to all forms of cryptocurrency, the wallets nevertheless more compatible than others. Since it is built mainly on the ETH blockchain, wallets which are part of that network will be suitable for this website.
Here’s a list several crypto wallets you can use in OpenSea:
- Authereum and many more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each one has its own set of limitations including simple registration, use on mobile devices only as well as the capability to purchase cryptocurrency using a credit card. Nft Diagram
For more information about the service to learn more, check out their FAQs to see an overview of how you can start and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has its advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and pros here:
- Available as mobile apps that are compatible with iOS as well as Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalty rates of 10% for artists (low royalty rates).
- Cannot buy or sell via this mobile application.
- Only supports cryptocurrency as its method of payment.
- A Crypto digital wallet must be used to use this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. But overall, you can quickly regain that when you are actively selling since there’s no additional cost for it.
Frequently Asked Questions Nft Diagram
What is OpenSea?
OpenSea is an NFT marketplace that seeks to give artists a chance to sell their works online to receive cryptocurrency as a form of payment. It’s a great option for artists who want to use the platform to market NFTs because of its zero gas fees and the low commission rate that you have to pay.
You can browse and purchase the vast array of digital goods in this NFT marketplace and you must take a look!
Is OpenSea legit & safe?
The short answer is yes! OpenSea has been a trusted marketplace since its inception on the 1st of December in the year of 2018. Since the system it operates on is built on a blockchain and is secured, it is safe to claim that your transactions are safe and secure.
Additionally, as a seller, you can become verified once you have built up your credibility. A blue checkmark will be assigned next to your account or collection that you have uploaded to assure every customer. The team at OpenSea regularly checks the contents to ensure users are protected.
How can I earn royalties from OpenSea?
As an artist, you will be paid only 10 percent of the royalties when you have uploaded the NFT. This is believed to be reasonably low compared with other NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) has been widely used on this site and other sites to provide more crypto users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the primary cryptocurrencies you can use to access OpenSea.
What are the payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. It is easy to buy or sell cryptocurrency through reliable platforms using fiat currency. All you have be able to connect is your credit or Paypal for the transaction.
Does OpenSea have a desktop/mobile app?
As previously mentioned, there is definitely an official mobile application from OpenSea available for both iOS and Android. You can download it through their app store and begin browsing through the collection right now!
A version for desktops that OpenSea can be downloaded via WebCatalog. In the desktop application, you can manage multiple accounts and get 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/).