The crypto currency market is in a boom right now and you’re probably wondering where to invest your crypto coins. There are numerous marketplaces popping up across the digital web designed to sell and buy NFTs using cryptocurrency! OpenSea can be one and is 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 largest and most popular marketplaces among users of cryptocurrency due to its safety and speedy transactions.
Now hop aboard, and discover what you can do with OpenSea and also see 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 overview. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Domains
The aim for OpenSea was to simply provide an online marketplace for artists to upload commissions, without having to pay any additional charges. It has more functions which allow you to market your artwork without any problems.
For registration, you don’t need to give too many details about yourself. All you have to do is connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as easy as that and without many hassles when you enter into NFTs.
The most widely-used cryptocurrency used in the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology, and this is used for the majority of transactions. It also functions on the Polygon blockchain, which ensures low-cost and quicker trading.
With these two types of blockchains available you can pick which one you want to publish your NFT as an seller. This will ensure the security of your NFT and those who would like to purchase it. Every transaction will be conducted using this blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an online shopping mall that is endless where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from just a domain name to official art by an artist you admire. Anyone can sell, but it takes time for anyone to be an established one.
There is a wide variety of NFTs available at OpenSea and you can join in with the collection! You can create your own personal market on this site, as well as find NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent advancement for the crypto industry, the term “NFT” has been going around so long on the internet that the majority of young people are familiar with it but aren’t sure exactly what it means. Let’s break down what an NFT is for anyone who is new in the field of cryptocurrency.
One of the new things you can purchase your cryptocurrency includes an NFT. An NFT is a non-fungible currency that is exclusive and cannot be changed. This can be an item of any rareness like rare baseball trading cards in mint condition or a unique vinyl album.
There’s no limit to what an NFT could be, since it’s a non-fungible thing you’re selling online. It is simpler to simply imagine as an NFT being a virtual collectible paid via cryptocurrency only.
Minting is like calling the shots on your own NFTs. It is a way of claiming the ownership of the particular item you uploaded on the market place, but you’re putting it up for sale. Usually, this becomes official once you fill out the correct information about the NFT and then upload it to the marketplace.
On OpenSea It’s a very simple process to mint your NFTs. All you have to do is visit the store and then creating a collection to start! Input the appropriate and complete information about your NFT and select the type of settings you’d like for it (e.g. blockchain or payments tokens). After that, 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 on to see whether OpenSea is the right marketplace for you.
What NFTs are available here?
In this moment, you’re probably wondering the kind of NFTs can be purchased here, and what you could sell should you decide to go down that path. The type of NFT it is unlimited since there’s a broad range of ways to approach it.
You could be selling trade cards, digital goods games, domain names, and also physical goods! Find out what you think will reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what differentiates OpenSea from the other options. 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 sell because you don’t need to pay on extra fees.
There aren’t many NFT marketplaces have this feature, which is why this can be a fantastic way to make a huge profit from your portfolio.
A Referral Program is another unique aspect of OpenSea to be admired. Similar to traditional online markets, you can receive rewards by referring a friend to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from there, you’ll receive 2.50 percent of the purchase amount, which means you can make more money through this action.
Other NFT marketplaces don’t have this kind of feature either and that’s another benefit OpenSea has over them.
There’s an OpenSea mobile app, but it’s mostly for perusing through the marketplace. You can’t buy or sell anything while you browse through the listing.
The mobile apps from OpenSea are accessible on both iOS as well as Android. Even though you can’t buy or sell something, you can explore the products you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available at your disposal, and you can convert your fiat money into cryptocurrency on these platforms. Nft Domains
You can swap your fiat money via the credit card, or Paypal via these reputable websites for cryptocurrency:
- Bittrex, and many more!
All of them have the option of converting them into ETH that is the primary crypto payment in OpenSea.
Although OpenSea is an NFT marketplace open to all types of cryptocurrency, wallets are still more compatible with it than others. Since it is built on the ETH blockchain, all wallets with a connection to the same network are suitable for this site.
Here’s a list of different crypto wallets which you can use with OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each one has its own set of limitations like easy registration, use on mobile devices only and the ability to purchase cryptocurrency using credit cards. Nft Domains
For more information about the service, you can check their FAQs to see a rundown of how you can get started and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and pros here:
- Mobile apps available for iOS as well as Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalties of only 10% for artists (low royalties).
- Cannot buy or sell on this mobile application.
- Only supports cryptocurrency as its type of payment.
- A Crypto digital wallet must be used for this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. But overall, you can quickly recover this amount if you actively sell because there is no additional fee for it.
Frequently Asked Questions Nft Domains
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to provide artists a platform to sell their works online, and to accept cryptocurrency as a form of payment. It’s an ideal platform for artists who use it to sell NFTs because of its zero gas fees and low commission fees you must pay.
You can browse and shop for a vast collection of digital products on this NFT marketplace, so you should take a look!
Is OpenSea real and is it safe?
Short answer: Yes! OpenSea has been a trusted marketplace since its inception on the 1st of December in 2018. Because its system is built on a blockchain, it is safe to declare that transactions are safe and secure.
In addition, as a seller, you can become verified once you build up your reputation. A blue checkmark is placed on your account or the collection you uploaded to reassure anyone who buys from you. OpenSea’s team regularly reviews the content to ensure that users are protected.
How can I earn royalties on OpenSea?
Unfortunately, as an artist, you’ll be paid only 10 percent of the royalties after you upload the NFT. This is thought to be a reasonable amount compared against other NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) is widely utilized on this website and many others to accommodate the increasing number of cryptocurrency users. These are other cryptos you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can utilize to use OpenSea.
What are the payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. You can easily purchase or sell cryptocurrency through secure platforms that accept fiat money. 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 we mentioned earlier There is an official mobile application from OpenSea that is available for iOS and Android. Download it at their respective app store, and then you can begin exploring the collection right now!
There is also a desktop application for OpenSea can be downloaded via WebCatalog. On the desktop app you are able to manage multiple accounts and receive alerts on any updates that affect your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).