Cryptocurrency is booming right now, and you’re probably wondering what you can do with your crypto coins. There are numerous marketplaces popping up across the digital web designed to sell and buy NFTs with cryptocurrency! OpenSea is among them 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 has become one of the biggest and most popular marketplaces for cryptocurrency enthusiasts due to its security and quick transactions.
Now hop aboard, and let’s see what you can do with OpenSea, along with checking 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 our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Etf
The purpose for OpenSea was to simply provide artists with a marketplace/platform to easily upload their commissions, without having to pay any additional charges. It has more functions which allow you to market your art without too many difficulties.
For registration, you won’t have to worry about giving all of your personal details. All you have to do is connect your crypto wallet and voila! You have an account with OpenSea! It’s as easy as that without going through many hurdles as you walk into NFTs.
The most popular cryptocurrency to use in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology, and this is used to carry out the majority of processes. It also operates using the Polygon blockchain to ensure the lowest cost and speediest trading.
With these two types of blockchains, you can choose which one you’d like to publish your NFT as seller. This will ensure the security of your NFT and those who would like to buy it. Every transaction will be conducted along with this blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an online shopping mall that is endless that lets you trade your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything the simplest domain name to an official artwork from an artist you admire. Anyone can sell, but it takes a while for anyone to become a reputable one.
There’s a huge selection from the selection on OpenSea and you can also be a part of that! You can set up your own marketplace on this site, as well as find NFTs you want to purchase for yourself.
What is an NFT?
In a recent advancement for the cryptocurrency industry the term “NFT” has been going around so long on the internet that many millennials are familiar with it , but not exactly sure what it means. Let’s look at what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the latest ways you can buy is an NFT. The NFT is a token that is non-fungible which is extremely exclusive and cannot be changed. It could be a piece of rarity like rare baseball trading cards in mint condition or a rare vinyl record.
There’s no limit on what an NFT could be, since it’s a non-fungible item that you sell on the internet. In simpler terms, you could just imagine an NFT being a virtual item that is paid for using cryptocurrency only.
Minting is like calling dibs on your own NFTs. You’re claiming the owner of the item or token you uploaded on market, as putting it up for sale. Usually, this becomes official once you fill out the correct information about the NFT and submit it for sale on.
On OpenSea, it’s a simple procedure to create your own NFTs by going to the store and creating a collection to start! Input the appropriate and complete information about your NFT and select the type of settings you’d like 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 now to see if OpenSea is the marketplace for you.
What NFTs can you find here?
At this point you’re probably thinking about what kind of NFTs can be found here and what you can also sell if you choose to pursue that route. The kind of NFT that you can purchase isn’t limited because there’s a wide range of how you can approach it.
It is possible to sell digital products, trading cards game assets domain names, also physical goods! Explore what you believe can reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that sets OpenSea from other companies. There are zero gas fees for using this feature to mint and sell NFTs. This means you’ll be able to make the highest profits once you sell because you won’t need to spend on any additional charges.
There aren’t many NFT marketplaces have this feature, and it can be a fantastic way to earn a high return from your collection.
This Referral Program is a different aspect of OpenSea to admire. Similar to traditional online markets that offer benefits by referring a friend to OpenSea! If you invite a friend to join OpenSea and purchase an NFT from the site you’ll earn 2.50 percent of the purchase amount, which means you can make more money from this act.
Other NFT marketplaces don’t offer this kind of feature either, so that’s just another advantage OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile application, however it’s mostly used to browse the marketplace. It isn’t able to purchase or sell items as you scroll through the list.
The mobile apps from OpenSea are accessible for the two platforms of iOS and Android. While you’re not able to buy or sell things, you can at least look through the options you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are for you to use to trade your fiat currency for cryptocurrency using these platforms. Nft Etf
You can swap your fiat currency using a your credit or debit card as well as Paypal on these reliable websites for cryptocurrency:
- Bittrex and more!
Each of them has the option to exchange for ETH which is the standard crypto payment in OpenSea.
Although OpenSea is an NFT marketplace that is open to all forms of cryptocurrency, the wallets nevertheless more compatible than others. Because it is based on an ETH blockchain, any wallets that share that network will be suitable for this site.
Here is a list of various crypto wallets that you can use in OpenSea:
- Authereum and much 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 as well as the capability to buy cryptocurrency using a credit card. Nft Etf
To know more about it to learn more, check out their FAQs to get the steps you can start and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets 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 pros here:
- Available as mobile apps that are compatible with 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 royalty rates of 10% to artists (low royalty).
- Cannot buy or sell via the mobile app.
- Only accepts cryptocurrency as a type of payment.
- The use of a Crypto wallet is required for this marketplace.
OpenSea is accessible to everyone who has any crypto currency in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. However, overall, you will quickly recover this amount if you actively sell because there is no additional fee for it.
Frequently Asked Questions Nft Etf
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to offer artists a way to sell their works online and receive cryptocurrency as a form of payment. It’s an ideal platform for artists using it to sell NFTs due to its low cost of gas and low commission fees you must pay.
You can browse and shop for the vast array of digital goods in this NFT marketplace and you must take a look!
Is OpenSea real and safe?
The short answer is yes! OpenSea has been a reliable marketplace since it was founded in the year of 2018. Since the system it operates on is built on blockchain technology that is secure, you can claim that your transactions are safe and secure.
Furthermore as a seller you can become verified once you’ve earned a reputation. A blue checkmark will appear on your account or collection you’ve uploaded to ensure the safety of anyone who buys from you. The team at OpenSea regularly checks the contents to ensure users are secure.
How can I earn royalties from OpenSea?
Unfortunately, as an artist, you’ll be paid only 10 percent of the royalties after you have uploaded the NFT. This is believed to be a reasonable amount compared to other NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) can be commonly utilized on this website and numerous others to cater for the increasing number of crypto users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can utilize to use OpenSea.
What are the payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. It is easy to buy or sell cryptocurrency through trusted platforms with fiat money. All you have be able to connect is your credit or Paypal for the transaction.
Does OpenSea have a desktop or mobile application?
As we mentioned earlier there’s an official mobile application from OpenSea for both iOS or Android. Download it at their respective app store and you can start exploring the collection right now!
There is also a Desktop application that OpenSea that can be downloaded through WebCatalog. In the desktop application you can manage multiple accounts and get 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/).