The crypto currency market is in a boom right now and you’re probably wondering what you can do with your crypto currency. There are numerous marketplaces popping up all over the web that allow users to purchase and sell NFTs using cryptocurrency! OpenSea can be one and is worth looking into.
If you’re familiar with cryptocurrency you’ve probably heard of OpenSea prior to this for a valid reason. It’s one of the biggest and leading marketplaces among cryptocurrency enthusiasts due to its security and quick transactions.
So, hop on board and let’s explore the possibilities of OpenSea and also see the NFTs that you can see!
Before you continue, 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 the article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Erc 721
The goal for OpenSea was to simply provide an online marketplace for artists to easily upload their commissions, without having to pay any additional fees. It has more functions that let you sell your work without having to deal with many difficulties.
When it comes to the registration process, you don’t have to worry about giving too many details about yourself. All you have to do is connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as simple as that and without many hassles when you enter into NFTs.
The most well-known cryptocurrency that is used on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it which is utilized for the majority of transactions. It is also based with the Polygon blockchain to ensure the lowest cost and speediest trading.
With these two kinds of blockchains available it is possible to choose which one you’d like to transfer your NFT to as a seller. This will ensure the security of your NFT and the people who want to buy it. All transactions will be made by using the blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. You can purchase anything from the simplest domain name to official art by an artist you admire. Anyone can become a seller however, it takes a while for anyone to become a reputable one.
There is a wide variety from the selection of NFTs available at OpenSea and you can become a part of the collection! You can set up your own market here, along with finding NFTs you’d like to buy for yourself.
What is an NFT?
In a recent advancement for the crypto market,”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that many millennials have heard of it but aren’t sure exactly what it means. Let’s break down what an NFT is for anyone who is new in cryptocurrency.
One of the newest things you can purchase your cryptocurrency is an NFT. An NFT is a non-fungible currency that is very exclusive and cannot be changed. It could be an item of any rareness, such as authentic baseball cards, or a unique vinyl album.
There’s no limit to what an NFT could be, since it’s a non-fungible object that you can sell online. In simpler terms, you could simply think of the NFT as a digital item which is only paid in cryptocurrency.
Minting is like calling the shots for your personal NFTs. It is a way of claiming the owner of the item or token you uploaded on market, as putting it up for sale. Usually, this is recognized after you fill in all the necessary information about the NFT and add it on the market.
On OpenSea it’s a straightforward procedure to create your own NFTs by going to the store and then creating a collection to start! Complete the correct and correct information regarding your NFT and choose what kind of settings you’d like for it (e.g. blockchain and payment tokens). After you’ve completed the process then you’re able to upload it, if it’s within the limit of 100MB.
It is possible to wait and see how transactions progress from now to determine if OpenSea is the right marketplace for you.
What NFTs are available here?
In this moment you’re probably thinking about which kind of NFT be found here, and what you could sell should you decide to pursue that route. The kind of NFT it can be is unlimited since there’s a broad range of ways to go about it.
You could be selling digital items, trading cards games domain names, also physical goods! Consider what you believe will bring the greatest rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that sets OpenSea from the other options. There’s no cost for gas when you utilize this feature to 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.
There aren’t many NFT marketplaces have this feature, which is why this is great for you to earn a high return from your portfolio.
This Referral Program is another unique aspect of OpenSea to admire. Similar to traditional online markets there are rewards when you refer your friend to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from the site you’ll earn 2.50 percent of the sales amount, which allows you to earn more cash through this action.
Other NFT marketplaces do not have the same feature, so that’s just another benefit OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile application, however it is mainly used for perusing through the marketplace. It isn’t able to purchase or sell anything while you scroll through the list.
The mobile apps of OpenSea are available for both iOS in addition to Android. While you’re not able to buy or sell things, you can at least browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available at your disposal to convert your fiat money into cryptocurrency on these platforms. Nft Erc 721
You can convert the fiat currency you have with a your credit or debit card as well as Paypal through these trusted sites to exchange it for crypto:
- Bittrex, and more!
All of them have the option of converting them into ETH which is the standard cryptocurrency payment option in OpenSea.
While OpenSea is an NFT marketplace open to all forms of cryptocurrency, wallets are nonetheless more compatible than others. Since it is built mainly on the ETH blockchain, all wallets that share the same network are suitable for the site.
Here’s a list of several crypto wallets which you can use with OpenSea:
- Authereum and many more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each wallet has its own restrictions, such as easy registration, use on mobile devices only as well as the capability to purchase cryptocurrency using a credit card. Nft Erc 721
To learn more about it You can go through their FAQs to get the steps you can get started and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with advantages and drawbacks. OpenSea isn’t the only one to have this. It is possible to read about its pros and cons here:
- Mobile apps available for iOS and Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalties of only up to 10% for artists (low royalty rates).
- You cannot buy or sell products on this mobile application.
- Only accepts cryptocurrency as a method of payment.
- The use of a Crypto account is needed to access this marketplace.
OpenSea is accessible to everyone who has any crypto currency in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. However, overall, you will quickly regain that when you actively sell because there’s no additional cost for it.
Frequently Asked Questions Nft Erc 721
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to offer artists a way for selling their artwork online to receive cryptocurrency as their form of payment. It’s an ideal platform for artists using for selling NFTs because of its zero gas costs and low commission fees you must pay.
You can browse and purchase an array of digital products on this NFT marketplace which is why you should definitely take a look!
Is OpenSea real and is it safe?
Answer: Yes! OpenSea has been a trusted marketplace since its inception at the end of 2018. Since the system it operates on is based on a blockchain that is secure, you can declare that transactions are protected and secured.
Furthermore as a seller you will be verified after you’ve earned a reputation. A blue checkmark is placed to your account or any collection that you have uploaded to assure any customer. The OpenSea team reviews regularly the contents to ensure users are protected.
How do I earn royalties on OpenSea?
As an artist, you can be paid only 10 percent of the royalties after you have uploaded the NFT. This is considered to be a reasonable amount compared with other NFT marketplaces.
What cryptocurrency is accessible in OpenSea?
Ethereum (ETH) is commonly used on this site as well as numerous others to cater for more cryptocurrency users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can use to use 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. It is easy to buy or sell cryptocurrency through reliable platforms using fiat currency. All you need just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea have a desktop or mobile app?
As previously mentioned, there is definitely an official mobile app by OpenSea for both iOS or Android. Install it from their app store and begin browsing through the collection right now!
A version for desktops that OpenSea which can be downloaded from WebCatalog. With the desktop application 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/).