The cryptocurrency market is on the rise and you’re probably wondering what you can do with your crypto coins. There are numerous marketplaces popping up across the internet, designed to sell and buy NFTs using cryptocurrency! OpenSea can be one and is worth a look.
If you’re familiar with cryptocurrency you’ve likely heard of OpenSea previously for a valid reason. It’s one of the biggest and leading marketplaces among users of cryptocurrency due to its security and rapid transactions.
So, hop on board and discover the possibilities of OpenSea as well as examining the NFTs that you can see!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick review. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Electricity
The aim of OpenSea was to offer an online marketplace for artists to easily upload their commissions, without having to pay any additional costs. It also has additional functions which allow you to market your work without having to deal with many difficulties.
When it comes to the registration process, you don’t have to worry about giving all of your personal details. All you need to connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as easy as that, without much hassle as you step into NFTs.
The most well-known cryptocurrency used in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology and is used to carry out the majority of processes. It is also based on the Polygon blockchain, which ensures the lowest cost and speediest trading.
With these two kinds of blockchains that are available it is possible to choose which one you want to upload your NFT on as an seller. This is to ensure the security of your NFT and those who would like to buy 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 like an endless online marketplace where you can trade in your NFTs or cryptocurrency for other NFTs. You can purchase anything from the simplest domain name to official art by an artist you admire. Anyone can sell however, it takes time for anyone to become an established seller.
There’s a huge selection in the collection on OpenSea and you can join in with the collection! You can set up 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 cryptocurrency industry,”NFT” is a term that has been used in recent times “NFT” has been going around so long on the internet that a lot of millennials are familiar with it but not exactly sure what it means. Let’s break down what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the new things you can buy includes an NFT. An NFT is a non-fungible currency which is extremely exclusive and cannot be replaced. This can be an item of rareness like rare baseball trading cards in mint condition, or a uncommon vinyl record.
There’s no limit to what an NFT could be, since it’s a non-fungible object that you can sell on the internet. In simpler terms, you could just consider as an NFT being a virtual item paid via cryptocurrency only.
Minting is like calling dibs for your personal NFTs. You’re claiming ownership over that particular token/item that you posted to the market place, but selling it. Usually, this becomes official when you have filled in the correct information about the NFT and finally add it on the market.
On OpenSea, it’s a simple process to mint your NFTs. All you have to do is visit the store and simply create a collection! Complete the correct and complete information about your NFT and then select what type of settings you’d like for it (e.g. blockchain, money transfer tokens). After you’ve completed the process then you’re able to upload it, if it’s within the limit of 100MB.
You can watch and see how the transactions go from here on out to determine whether OpenSea is the best marketplace for you.
What NFTs are available here?
So, at this point you’re probably asking yourself the kind of NFTs be purchased here and what you can also sell if you choose to pursue that route. The type of NFT that you can purchase is unlimited as there’s a variety of ways to go about it.
You could be selling trade cards, digital goods, game assets, domain names, and some physical items! Find out what you think will reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager features is one of the things that sets OpenSea from the others. There are no gas costs when you use this feature when you make and then sell the NFTs. This is essentially a way to ensure that you be able to make the highest profits once you start selling because you don’t need to pay on any additional charges.
Very few NFT marketplaces have this feature, which is why this can be a fantastic way to make a huge profit from your portfolio.
The Referral Program is another distinctive feature of OpenSea to be admired. Like traditional online marketplaces there are rewards when you refer a friend to OpenSea! If you encourage a friend join OpenSea and buy an NFT from the site, you’ll receive 2.50 percent of the sales amount, which allows you to earn more cash through this action.
Other NFT marketplaces don’t offer this feature This is a further benefit OpenSea has over the other marketplaces.
There’s an OpenSea mobile app, but it is mainly used for perusing through the marketplace. Unfortunately, you can’t purchase or sell anything as you browse through the listing.
The mobile apps of OpenSea are available on the two platforms of iOS and Android. Although you aren’t able to purchase or sell anything, you can still browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available for you to use, and you can trade your fiat currency for cryptocurrency through these platforms. Nft Electricity
You can swap the fiat currency you have with a the credit card, or Paypal through these trusted sites to exchange it for crypto:
- Bittrex and more!
All of these have the option of exchange for ETH that is the primary crypto payment in OpenSea.
Although OpenSea can be described as an NFT marketplace that is open to all kinds of cryptocurrency, wallets are still more compatible with it than other. Since it is built on the ETH blockchain, wallets which are part of that network will be suitable for this site.
Here’s a list of various crypto wallets that which you can use with OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each has its own limitations, such as easy registration, use on mobile devices only as well as the capability to buy cryptocurrency using credit cards. Nft Electricity
To learn more about it to learn more, check out their FAQs to see a rundown of how you can get started and which other wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets every one of them has advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and cons here:
- Available as mobile apps for iOS as well as Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalties up to 10% for artists (low royalty rates).
- Cannot buy or sell via this mobile application.
- Only supports cryptocurrency as its type of payment.
- A Crypto wallet is required to use this marketplace.
OpenSea is accessible to everyone who has crypto coins in their crypto wallets. If you’re a seller, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. But overall, you can quickly regain that when you are actively selling since there’s no extra charge for it.
Frequently Asked Questions Nft Electricity
What is OpenSea?
OpenSea is an NFT marketplace that aims to offer artists a way to market their work online, and to accept cryptocurrency as their form of payment. It’s an ideal platform for artists using the platform to market NFTs because of its zero gas costs and low commission fees which you are required to pay.
You can shop and browse an array of digital goods in this NFT marketplace which is why you should definitely check it out!
Is OpenSea legit & is it safe?
The short answer is yes! OpenSea has been a trusted marketplace since it was established at the end of the year of 2018. Since its system is based on a blockchain and is secured, it is safe to declare that transactions are safe and secure.
Additionally as a seller you’ll be verified when you’ve earned a reputation. A blue checkmark is placed next to your account or collection you uploaded to reassure every customer. The OpenSea team reviews regularly the content to ensure that users are secure.
How can I earn royalties from OpenSea?
However, as an artist, you can get only 10 percent of the royalties after you have uploaded the NFT. This is considered to be a reasonable amount compared against the other NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) can be widely used on this site and numerous others to cater for the increasing number of cryptocurrency users. These are other cryptos you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can make use of for OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. You can buy and sell cryptocurrency on trusted platforms with fiat money. All you need to do is connect your credit card or Paypal to complete the transaction.
Does OpenSea has a mobile or desktop application?
As mentioned before, there is definitely an official mobile application from OpenSea that is available for iOS and Android. Download it at their respective app store, and begin exploring the collection now!
There is also a version for desktops that OpenSea that can be downloaded through WebCatalog. On the desktop app, you can manage multiple accounts and receive notifications about updates to your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).