The cryptocurrency market is on the rise 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 sell and buy NFTs via cryptocurrency! OpenSea is among them and is worth looking into.
If you’re familiar with cryptocurrency, you’ve probably heard about OpenSea prior to this for a valid reason. It’s one of the largest and most popular marketplaces for cryptocurrency enthusiasts due to its security and rapid transactions.
Get on board, and let’s see the possibilities of OpenSea and also see what NFTs you can 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 our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Environment
The aim of OpenSea was to simply provide an online marketplace for artists to upload commissions without any extra charges. It has more functions which allow you to market your artwork without any issues.
In terms of registration, you don’t need to worry about giving too many details about yourself. All you need to connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as easy as that, without many hurdles as you walk into NFTs.
The most well-known cryptocurrency that is used within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain, which is the system that runs it and is used for most processes. It is also based on the Polygon blockchain, which allows for the lowest cost and speediest trading.
With these two types of blockchains available it is possible to choose which one you would like to transfer your NFT to as seller. This will ensure the security of your NFT and those who wish to buy it. Every transaction will be conducted along with this blockchain, which is why you need to think about where you should 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 for other NFTs. It is possible to purchase anything the simplest domain name, to a piece of art by an artist you admire. Anyone can become a seller, but it takes a while for anyone to become an established seller.
There’s a huge selection in the collection of NFTs available at OpenSea and you could become a part of the collection! You can start your own marketplace on this site, as well as find NFTs that you would like to purchase yourself.
What is an NFT?
In a recent development for the crypto industry”NFT” is a term that has been used in recent times “NFT” has been going around for so long on the internet that a lot of millennials have heard of it but aren’t sure exactly what it means. Let’s look at what an NFT is for any beginners in the field of cryptocurrency.
One of the newest things you can purchase your cryptocurrency can be an NFT. An NFT is a token that is non-fungible that is very individual and cannot be changed. It could be a piece of rareness, such as mint-condition baseball trading cards or rare vinyl record.
There is no limit to what an NFT can be as it’s a non-fungible object that you sell online. More straightforwardly, you can just think of an NFT being a virtual item that is paid for using cryptocurrency only.
Minting is similar to calling for dibs on your own NFTs. It is a way of claiming the owner of the item or token you uploaded on the marketplace, and selling it. Typically, this is official after you fill in all the necessary information about the NFT and then add it on the market.
On OpenSea, it’s a simple process to mine your NFTs by visiting the store and making a collection to begin! Complete the correct and complete information about your NFT and then select what type of settings you’d like to use to use it with (e.g. blockchain and money transfer tokens). After you’ve completed the process you are able to upload it to the internet if it’s in the limit of 100MB.
It is possible to wait and see the way transactions are handled from now on to determine whether OpenSea is the right marketplace for you.
What NFTs are available here?
In this moment, you’re probably wondering what kind of NFTs can be found here, and what you could also sell if you choose to go down that path. The type of NFT that you can purchase is indefinite because there’s a wide range of how you can go about it.
You can be selling trade cards, digital goods game assets, domain names, and also physical goods! Find out what you think will reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that sets OpenSea from other companies. There’s no cost for gas when you utilize this feature to create and market NFTs. This means you’ll get the most profit when you sell because you won’t have to spend on any additional charges.
Very few NFT marketplaces offer this feature, and it is a great way to make a huge profit from your NFT collection.
This Referral Program is another unique aspect of OpenSea to be admired. Like traditional online marketplaces, you can receive benefits by referring your friend to OpenSea! If you encourage a friend join OpenSea and buy an NFT from there, you’ll receive 2.50 percent of the sales amount, which allows you to earn more cash from this act.
Other NFT marketplaces don’t have this feature, so that’s just another advantage OpenSea has over them.
There’s an OpenSea mobile app, but it is mainly used to browse the marketplace. It isn’t able to purchase or sell anything while you browse through the listings.
The mobile apps of OpenSea are available on both iOS and Android. Even though you can’t buy or sell anything, you can still at least 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 trade your fiat currency for cryptocurrency through these platforms. Nft Environment
You can convert the fiat currency you have with a the credit card, or Paypal through these trusted sites for cryptocurrency:
- Bittrex and many more!
All of these have the option to exchange for ETH, which is the standard crypto payment in OpenSea.
While OpenSea can be described as an NFT marketplace that is open to all forms of crypto, wallets are nonetheless more compatible than others. Since it is built on an ETH blockchain, any wallets which are part of this network are appropriate for the site.
Here is a list of several crypto wallets which you can use with OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations, such as easy registration, mobile-only usage and the ability to purchase cryptocurrency with the credit card. Nft Environment
To learn more about it to learn more, check out their FAQs for a rundown of how you can get started and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has advantages and drawbacks. OpenSea isn’t an exception to this. You can read about its pros and pros here:
- Mobile apps are available for iOS and Android.
- Smart contracts can be used to perform transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto industry and NFTs.
- Allows royalties of only 10% to artists (low royalty).
- It is not possible to buy or sell items through the mobile app.
- Only supports cryptocurrency as its form of payment.
- An Crypto wallet is required for this marketplace.
OpenSea is available to anyone who has crypto coins in their crypto wallets. When you are a seller, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. However, overall, you will quickly regain that when you sell regularly since there’s no additional cost for it.
Frequently Asked Questions Nft Environment
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to give artists a chance for selling their artwork online and receive cryptocurrency as a form of payment. It’s an ideal platform for artists who use for selling NFTs because of its zero cost of gas and low commission fees that you have to pay.
You can browse and purchase a vast collection of digital items on the NFT marketplace, so you should take a look!
Is OpenSea legit & safe?
Short answer: Yes! OpenSea has been a trusted marketplace since its inception on the 1st of December in the year 2018. Since its system is built on a blockchain, it is safe to claim that your transactions are safe and secure.
Furthermore, as a seller, you’ll be verified when you build up your reputation. A blue checkmark will be assigned next to your account or any collection that you have uploaded to assure every customer. The team at OpenSea regularly checks the content to ensure that users are protected.
How can I earn royalties from OpenSea?
Unfortunately, as an artist, you’ll be paid only 10 percent of the royalties when you have uploaded the NFT. This is thought to be reasonably low compared to the other NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) is commonly utilized on this website and many others to accommodate many more crypto users. Below are the other cryptocurrency you can use in the OpenSea marketplace:
These are the cryptocurrencies that you can utilize for OpenSea.
Which are the accepted 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 have just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea has a mobile or desktop application?
As previously mentioned There is an official mobile app by OpenSea that is available for iOS or Android. You can download it through their app store and then you can begin exploring the collection now!
The Desktop application that OpenSea which can be downloaded from WebCatalog. With the desktop application you can manage multiple accounts and 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/).