The crypto currency market is in a boom right now, and you’re probably wondering what you can do with your crypto coins. Marketplaces are popping up across the digital web designed to purchase and sell NFTs with cryptocurrency! OpenSea is among them and is worth checking out.
If you’re well-versed in cryptocurrency, you’ve probably heard of OpenSea before for a good reason. It’s one of the largest and most popular marketplaces for cryptocurrency enthusiasts due to its security and rapid transactions.
So, hop on board and let’s see the possibilities of OpenSea, along with checking the NFTs available to view!
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 our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Everydays
The goal of OpenSea was to simply provide a platform/marketplace for artists to easily upload their commissions, without having to pay any additional fees. It also has additional functions that let you sell your artwork without any difficulties.
When it comes to the registration process, you don’t have to provide all of your personal details. All you have to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It can be as simple as that, without much hassle as you step into NFTs.
The most well-known cryptocurrency used on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology, and this is used to carry out the majority of processes. It is also based using the Polygon blockchain to ensure low-cost and quicker trading.
There are two types of blockchains it is possible to choose which one you’d like to transfer your NFT to as seller. This is to ensure the security of your NFT and those who would like to purchase it. All transactions are made along with this blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless where you can exchange your cryptocurrency or NFTs for other NFTs. You can buy anything just a domain name, to a piece of art by an artist you admire. Anyone can be a seller however, it takes a while before anyone can become an established seller.
There are a variety of NFTs from the selection at OpenSea and you could become a part of that! You can create your own personal market on this site, as well as find NFTs you’d like to buy yourself.
What is an NFT?
In a recent development for the cryptocurrency industry the term “NFT” has been going around for so long on the internet that many millennials are familiar with it , but not exactly sure what it means. Let’s take a look at what NFT is for anyone who is new in the field of cryptocurrency.
One of the new things that you can buy with cryptocurrency includes an NFT. An NFT is a non-fungible currency which is extremely unique and can’t be replaced. It can be an item of any rareness like mint-condition baseball trading cards or uncommon vinyl record.
There is no limit to what an NFT can be since it’s a non-fungible thing that you sell online. It is simpler to just consider the NFT as a digital collectible that is paid for using cryptocurrency only.
Minting is like calling the shots on your own NFTs. It is a way of claiming the ownership of the particular item you uploaded on market, as offering it for sale. Typically, this is official once you fill out the proper information regarding the NFT and finally submit it for sale on.
On OpenSea it’s a straightforward procedure to create your own NFTs by visiting the store and simply creating a collection to start! Input the appropriate and accurate information about your NFT and select the type of settings you want to use it with (e.g., blockchain or payments tokens). Once that’s all done then you’re 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 to see if OpenSea is the marketplace for you.
What NFTs are available here?
At this point you’re probably asking yourself which kind of NFT you shop for here, and what you could sell should you decide to go that route. The type of NFT that you can purchase isn’t limited because there’s a wide range of ways to go about it.
You could be selling digital products, trading cards, game assets, domain names, and some physical items! Find out what you think will reap the best rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what sets OpenSea from the others. There’s no cost for gas when you use this feature to make and then sell the NFTs. This is essentially a way to ensure that you be able to make the highest profits once you begin selling since you won’t need 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 collection.
This Referral Program is a different aspect of OpenSea to admire. Similar to traditional online markets that offer advantages by referring someone else 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 purchase amount, which allows you to earn more money by this method.
Other NFT marketplaces do not have the same feature and that’s another advantage OpenSea has over them.
There’s an OpenSea mobile application, however it’s mostly to browse through the marketplace. Unfortunately, you can’t purchase or sell anything as you browse through the listings.
OpenSea’s mobile apps are available on both iOS in addition to Android. Even though you can’t buy or sell something, you can explore the products you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available at your disposal to trade your fiat currency for cryptocurrency through these platforms. Nft Everydays
You can swap the fiat currency you have with a credit card or Paypal via these reputable websites for cryptocurrency:
- Bittrex and many more!
All of them have the option to exchange for ETH which is the most common crypto payment in OpenSea.
While OpenSea has been described as being an NFT marketplace open to all kinds of crypto, wallets are nonetheless more compatible than others. Because it is based around an ETH blockchain, any wallets that share the same network are suitable for this website.
Here’s a list various crypto wallets that you can utilize in OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each one has its own set of limitations, such as easy registration, use on mobile devices only as well as the capability to purchase cryptocurrency using the credit card. Nft Everydays
To know more about it You can go through their FAQs to get a rundown of how you can begin and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets, each one has advantages and drawbacks. OpenSea isn’t an exception to this. It is possible to read about its pros and cons here:
- Mobile apps available that are compatible with iOS as well as Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- The best option for beginners to the crypto industry and NFTs.
- Allows royalties 10% to artists (low royalty).
- Cannot buy or sell through this mobile application.
- Only supports cryptocurrency as its form of payment.
- The use of a Crypto account is needed for this marketplace.
OpenSea is open to everyone who owns any crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. However, overall, you will quickly recover this amount if you actively sell because there’s no extra charge for it.
Frequently Asked Questions Nft Everydays
What is OpenSea?
OpenSea is an NFT marketplace that seeks to offer artists a way to market their work online, and to accept cryptocurrency as their form of payment. It’s a great platform for artists using it to sell NFTs due to its no gas costs and low commission fees you must pay.
You can browse and purchase an array of digital goods in this NFT marketplace and you must take a look!
Is OpenSea legitimate and secure?
Answer: Yes! OpenSea has been a reliable marketplace since it was established in 2018. Since the system it operates on is built on a blockchain that is secure, you can declare that transactions are secure and safe.
Additionally, as a seller, you can become verified once you’ve earned a reputation. A blue checkmark is placed on your account or any collection that you have uploaded to assure every customer. The OpenSea team reviews regularly the contents to ensure users are safe.
How can I earn royalties from OpenSea?
Unfortunately, as an artist, you can receive only up to 10 percent of the royalties when you upload the NFT. This is considered to be reasonably low compared against the other NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) has been commonly used on this site as well as numerous others to cater for the increasing number of crypto users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can use to use OpenSea.
Which are the accepted payment methods 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 be able to connect is your credit or Paypal for the transaction.
Does OpenSea has a mobile or desktop app?
As we mentioned earlier, there is definitely an official mobile application from OpenSea available for both iOS and Android. Download it at their respective app store and then you can begin exploring the collection now!
The desktop application for OpenSea can be downloaded via WebCatalog. On the desktop app you can manage multiple accounts as well as receive notifications on updates regarding your account from the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).