Cryptocurrency is booming 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 buy and sell NFTs using cryptocurrency! OpenSea is among them and is worth a look.
If you’re familiar with cryptocurrency, you’ve probably heard of OpenSea previously for a valid reason. It has become one of the largest and most popular marketplaces for cryptocurrency users because of its security and rapid transactions.
So, hop on board and let’s see what you can do with OpenSea as well as examining the NFTs available to view!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick review. After, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Display Screens
The aim to create OpenSea was to offer artists with a marketplace/platform to upload their commissions with no additional charges. It has more functions that allow you to sell your artwork without any difficulties.
In terms of registration, you won’t have to provide any personal information about yourself. All you need to connect your crypto wallet–and voila!–you have an account on OpenSea! It can be as simple as that, without many hassles when you enter into NFTs.
The most popular cryptocurrency used on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it which is utilized for most processes. It also operates with the Polygon blockchain to ensure lower costs and faster trading.
There are two types of blockchains available you can pick which one you would like to upload your NFT on as seller. This ensures the safety of your NFT, along with those who would like to buy it. All transactions are made using this blockchain, which is why you need to consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an online shopping mall that is endless where you can exchange your cryptocurrency or NFTs for other NFTs. You can buy anything the simplest domain name, to a piece of art from an artist that you admire. Anyone can become a seller however it takes a while before anyone can become an established seller.
There is a wide variety of NFTs available of NFTs available at OpenSea and you can become a part of that! You can create your own personal market there, and also find NFTs you want to purchase for yourself.
What is an NFT?
A recent change in the crypto industry”NFT” is a term that has been used in recent times “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 means. Let’s look at what an NFT is for any beginners in the field of cryptocurrency.
One of the new things you can purchase your cryptocurrency can be an NFT. An NFT is a non-fungible currency that is exclusive and cannot be replaced. It can be a piece of rareness like mint-condition baseball trading cards or uncommon vinyl record.
There’s no limit to what an NFT can be as it’s a non-fungible object that you sell online. More straightforwardly, you can just consider an NFT to be a type of digital item paid via cryptocurrency only.
Minting is like calling dibs for your personal NFTs. You’re claiming the owner of the item or token that you posted to the marketplace, and putting it up for sale. Usually, this becomes official once you fill out all the necessary information about the NFT and finally submit it for sale on.
On OpenSea it’s a straightforward 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 choose what kind of settings you’d like for it (e.g., blockchain and money transfer tokens). After you’ve completed the process then you’re able to upload it to the internet if it’s in the 100 MB limit.
You can wait and observe how transactions progress from here on out to determine whether OpenSea is the right marketplace for you.
What NFTs can you get here?
At this point, you’re probably wondering what kind of NFTs be purchased here, and what you could also sell if you choose to pursue that route. The kind of NFT it is indefinite because there’s a wide range of options for how to approach it.
It is possible to sell digital items, trading cards games domain names, even physical assets! Explore what you believe can bring the greatest rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that separates OpenSea from the other options. There’s no cost for gas when you use this feature to 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 extra fees.
Very few NFT marketplaces offer this feature, which is why this is great for you to receive high profit from your portfolio.
This Referral Program is another distinctive feature of OpenSea to be admired. Similar to traditional online markets, you can receive rewards when you refer a friend to OpenSea! If you encourage a friend join OpenSea and buy an NFT from there you’ll be rewarded with 2.50% of the sale amount, which means you can make more money through this action.
Other NFT marketplaces do not have this kind of feature either, so that’s just another benefit OpenSea has over them.
There’s an OpenSea mobile app, but it’s mostly to browse through the marketplace. You can’t buy or sell anything while you browse through the listings.
The mobile apps from OpenSea are accessible for the two platforms of iOS as well as Android. Even though you can’t buy or sell things, you can explore the products you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are for you to use to exchange your fiat money for cryptocurrency through these platforms. Nft Display Screens
You can convert the fiat currency you have with a the credit card, or Paypal via these reputable websites for cryptocurrency:
- Bittrex, and more!
Each of them has the option to exchange for ETH which is the primary crypto payment in OpenSea.
Although OpenSea can be described as an NFT marketplace open to all kinds of crypto, wallets are nevertheless more compatible than other. Since it is built on the ETH blockchain, any wallets with a connection to that network will be suitable for this site.
Here is a list of different crypto wallets you can utilize in OpenSea:
- Authereum and more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions including simple registration, only mobile usage and the ability to buy cryptocurrency using a credit card. Nft Display Screens
To know more about it to learn more, check out their FAQs to get a rundown of how you can begin and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets, each one has advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and cons here:
- Available as mobile apps for iOS and Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in the crypto industry and NFTs.
- Allows royalties of only up to 10% for artists (low royalty).
- Cannot buy or sell on the mobile app.
- Only supports cryptocurrency as its form of payment.
- An Crypto account is needed to access this marketplace.
OpenSea is open to everyone who has crypto coins in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. However, overall, you will quickly recover this amount if you sell regularly since there’s no extra charge for it.
Frequently Asked Questions Nft Display Screens
What is OpenSea?
OpenSea is an NFT marketplace that aims to provide artists a platform for selling their artwork online to receive cryptocurrency as a form of payment. It’s a great option for artists who want to use for selling NFTs due to its low gas fees and the low commission rate you must pay.
You can shop and browse an array of digital goods in this NFT marketplace and you must take a look!
Is OpenSea legitimate and is it safe?
The short answer is yes! OpenSea has been a reliable marketplace since it was founded in 2018. Since its system is based on a blockchain, it is safe to say that your transactions are protected and secured.
Additionally, as a seller, you’ll be verified when you have built up your credibility. A blue checkmark will be assigned to your account or any collection you uploaded to reassure anyone who buys from you. The team at OpenSea regularly checks the content to ensure users are secure.
How do I earn royalties on OpenSea?
As an artist, you will be paid only 10 percent of the royalties after you have uploaded the NFT. This is believed to be reasonably low compared with others NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) is commonly utilized on this website and other sites to provide many more cryptocurrency users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can make use of to access OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. You can easily purchase or sell cryptocurrency on trusted platforms with fiat money. All you have just connect your debit or credit card to Paypal for the transaction.
Does OpenSea have a desktop or mobile application?
As previously mentioned there’s an official mobile application from OpenSea for both iOS and Android. Download it at their respective app store, and you can start exploring the collection right now!
A version for desktops that OpenSea which can be downloaded from WebCatalog. On the desktop app you can 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/).