The crypto currency market is in a boom right now and you’re probably thinking where you can invest your crypto coins. Marketplaces are popping up all over the digital web designed to purchase and sell NFTs using cryptocurrency! OpenSea is among them, and it’s worth looking into.
If you’re interested in crypto, you’ve probably heard about OpenSea before for a good reason. It’s one of the biggest and most popular marketplaces among users of cryptocurrency due to its safety and speedy transactions.
Now hop aboard, and let’s see what you can do with OpenSea as well as examining what NFTs you can view!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Endcap
The aim of OpenSea was to provide artists with a marketplace/platform to upload commissions with no additional charges. It also has additional functions that let you sell your art without too many difficulties.
When it comes to the registration process, you don’t have to provide all of your personal details. All you need to connect your cryptocurrency wallet, and voila! you have an account with OpenSea! It’s as easy as that without going through many hassles when you enter into NFTs.
The most popular cryptocurrency to use on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system, and this is used to carry out the majority of processes. It also functions with the Polygon blockchain, which ensures low-cost and quicker trading.
There are two types of blockchains 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 as well as those who would like to buy 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 marketplace that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything the simplest domain name to an official artwork from an artist you admire. Anyone can be a seller however, it takes a while for anyone to be an established one.
There’s a huge selection from the selection of NFTs available at OpenSea, and you can join in with the collection! You can start your own marketplace here, along with finding NFTs you’d like to buy yourself.
What is an NFT?
A recent change in the crypto market,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on the internet that many millennials are familiar with it but aren’t sure exactly what it is. 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 buy is an NFT. An NFT is a non-fungible currency which is extremely exclusive and cannot be changed. It could be an item of rareness like rare baseball trading cards in mint condition or unique vinyl album.
There’s no limit to what an NFT can be since it’s a non-fungible object that you can sell online. In simpler terms, you could just imagine as an NFT as a digital item paid via cryptocurrency only.
Minting is like calling dibs to your NFTs. It is a way of claiming the ownership of the particular item that you have uploaded to the marketplace, and selling it. Usually, this becomes official once you fill out the proper information regarding the NFT and submit it for sale on.
On OpenSea it’s a straightforward process to mine your NFTs by visiting the store and simply create a collection! Input the appropriate and correct information regarding your NFT and choose what kind of settings you’d like to use to use it with (e.g. blockchain, money transfer tokens). After that, you can finally upload it, if it’s within the limit of 100MB.
You can watch and see how the transactions go from here on out to see whether OpenSea is the right marketplace for you.
What NFTs can you find here?
So, at this point, you’re probably wondering what kind of NFTs you shop for here, and what you could sell should you decide to go down that path. The type of NFT it is indefinite because there’s a wide range of how you can go about it.
You could be selling digital products, trading cards games domain names, even physical assets! Explore what you believe can yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what differentiates OpenSea from other companies. There are no gas costs for using this feature when you mint and sell NFTs. This simply means that you’ll be able to make the highest profits once you start selling because you won’t have to spend on additional fees.
Not many NFT marketplaces offer this feature, and it is great for you to make a huge profit from your collection.
The Referral Program is a different aspect of OpenSea to take note of. Like traditional online marketplaces, you can receive benefits by referring someone else to OpenSea! If you refer a friend to join OpenSea and buy an NFT from the site you’ll be rewarded with 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 and that’s another benefit OpenSea is able to offer over other NFT marketplaces.
There’s an OpenSea mobile app, but it’s mostly to browse the marketplace. Unfortunately, you can’t purchase or sell anything as you browse through the listings.
The mobile apps from OpenSea are accessible for the two platforms of iOS in addition to Android. Although you aren’t able to purchase or sell anything, you can still at least explore the products you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available to you to exchange your fiat money for cryptocurrency on these platforms. Nft Endcap
You can convert your fiat currency using a your credit or debit card as well as Paypal through these trusted sites for cryptocurrency:
- Bittrex and more!
All of them have the option to exchange for ETH that is the primary crypto payment in OpenSea.
Although OpenSea can be described as an NFT marketplace open to all types of crypto, wallets are nonetheless more compatible than others. Because it is based using an ETH blockchain, all wallets that share that network will be suitable for this website.
Here’s a list several crypto wallets you can utilize in OpenSea:
- Authereum and more!
Note: The compatible crypto wallets are available on the OpenSea FAQ page. Each wallet has its own restrictions, such as easy registration, use on mobile devices only and the ability to buy cryptocurrency using credit cards. Nft Endcap
For more information about the service to learn more, check out their FAQs to see an overview of how you can get started and also 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 the only one to have this. It is possible to read about its pros and pros here:
- Mobile apps are available that are compatible with iOS or Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalty rates of 10% for artists (low royalty rates).
- 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 owns any crypto coins in their crypto wallets. When you are a seller, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. But overall, you can quickly regain that when you sell regularly since there’s no extra charge for it.
Frequently Asked Questions Nft Endcap
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to offer artists a way to sell their works online to receive cryptocurrency as their form of payment. It’s a great option for artists who want to use for selling NFTs due to its no cost of gas and the low commission rate you must pay.
You can shop and browse an array of digital items on the NFT marketplace, so you should go through it!
Is OpenSea real and is it safe?
Short answer: Yes! OpenSea has been a reliable marketplace since it was established in the year 2018. Because its system is based on a blockchain that is secure, you can declare that transactions are secure and safe.
In addition, as a seller, you will be verified after you build up your reputation. A blue checkmark will be assigned to your account or collection you uploaded to reassure anyone who buys from you. The team at OpenSea regularly checks the contents to ensure users are protected.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you can get only 10 percent of the royalties when you have uploaded the NFT. This is believed to be a reasonable amount compared against others NFT marketplaces.
What is the most popular cryptocurrency available in OpenSea?
Ethereum (ETH) can be frequently utilized on this website and many others to accommodate more cryptocurrency users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can utilize to use OpenSea.
How do I pay for OpenSea? What are my payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges through its website. You can easily purchase or trade cryptocurrency using secure platforms that accept fiat money. All you have to do is connect your credit card or Paypal for the transaction.
Does OpenSea has a mobile or desktop application?
As previously mentioned There is an official mobile application from OpenSea available for both iOS or Android. You can download it through their app store, and you can start exploring the collection right now!
There is also a version for desktops that OpenSea can be downloaded via WebCatalog. On the desktop app, you can manage multiple accounts as well as receive alerts on any updates that affect 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/).