Cryptocurrency is booming right now and you’re probably thinking what you can do with your crypto-coins. There are numerous marketplaces popping up across the internet, designed to purchase and sell NFTs using cryptocurrency! OpenSea can be one, and it’s worth checking out.
If you’re well-versed in cryptocurrency, you’ve probably heard about OpenSea prior to this for a valid reason. It has become one of the largest and most popular marketplaces for users of cryptocurrency due to its security and rapid transactions.
Now hop aboard, and discover the possibilities of OpenSea and also see the NFTs that you can see!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. Afterward, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Exchange Platform
The goal of OpenSea was to offer an online marketplace for artists to upload their commissions with no additional fees. It also has additional functions which allow you to market your artwork without any issues.
For registration, you don’t need to worry about giving any personal information about yourself. All you need to do is connect your cryptocurrency 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 widely-used cryptocurrency used on the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain system, and this is used for the majority of transactions. It is also based with the Polygon blockchain, which ensures the lowest cost and speediest trading.
There are two types of blockchains available it is possible to choose which one you would like to publish your NFT as a seller. This will ensure the security of your NFT as well as those who would like to purchase it. All transactions will be made using this blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace that lets you trade your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything as simple as a domain name to official art from an artist that you admire. Anyone can become a seller, but it takes time for anyone to be an established one.
There’s a huge selection in the collection at OpenSea, and you can also be 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 internet that many millennials have heard of it but aren’t sure exactly what it actually means. Let’s take a look at what NFT is for any beginners in cryptocurrency.
One of the latest ways you can buy includes an NFT. A NFT is a non-fungible currency that is exclusive and cannot be changed. It can be a piece of rareness, such as authentic baseball cards, or a rare vinyl record.
There’s no limit on what an NFT can be as it’s a non-fungible thing that you sell on the internet. It is simpler to just imagine the NFT being a virtual collectible that is paid for using cryptocurrency only.
Minting is similar to calling for dibs for your personal NFTs. You are calling ownership over that particular token/item that you have uploaded to the marketplace, and selling it. Usually, this is recognized when you have filled in the proper information regarding the NFT and finally upload it to the marketplace.
On OpenSea it’s a straightforward process to mint your NFTs by visiting the store and creating a collection to start! Complete the correct and accurate information about your NFT and then select what type of settings you want to use it with (e.g., blockchain or payment tokens). After that, you can finally upload it, if it’s within the 100 MB limit.
It is possible to wait and see the way transactions are handled from now on to see if OpenSea is the best 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 also sell if you choose to go that route. The type of NFT it is indefinite as there’s a variety of how you can approach it.
You could be selling digital items, trading cards, game assets domain names, also physical goods! Explore what you believe can reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that separates OpenSea from the other options. There are no gas costs for using this feature when you make and then sell the NFTs. This means you’ll receive the maximum profits when you start selling because you won’t need to spend on extra fees.
Not many NFT marketplaces provide this feature, so this can be a fantastic way to earn a high return from your NFT collection.
A Referral Program is another distinctive feature of OpenSea to be admired. Like traditional online marketplaces there are rewards by referring your friend to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from there you’ll be rewarded with 2.50 percent of the sales amount, letting you make more money from this act.
Other NFT marketplaces do not have this kind of feature either This is a further advantage OpenSea has over them.
There is an OpenSea mobile application, however it’s mostly used to browse the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listing.
The mobile apps from OpenSea are accessible for both iOS and Android. While you’re not able to buy or sell anything, you can still at least browse through the selections you’re interested in while on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are at your disposal You can also trade your fiat currency for cryptocurrency through these platforms. Nft Exchange Platform
You can exchange your fiat money via the credit card, or Paypal through these trusted sites for cryptocurrency:
- Bittrex and more!
All of them have the option to exchange for ETH that is the primary cryptocurrency payment option in OpenSea.
Although OpenSea can be described as an NFT marketplace that is open to all forms of cryptocurrency, wallets are still more compatible with it than others. Since it is built around the ETH blockchain, all wallets with a connection to the same network are suitable for this site.
Here’s a list several crypto wallets which you can use with OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets are available on the OpenSea FAQ page. Each one has its own set of limitations like easy registration, only mobile usage, and the function to purchase cryptocurrency using credit cards. Nft Exchange Platform
For more information about the service to learn more, check out their FAQs for a rundown of how you can start and also what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and pros here:
- Available as mobile apps for iOS and Android.
- Smart contracts are utilized for transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in the crypto market and NFTs.
- Allows royalties 10% for artists (low royalty).
- You cannot buy or sell products via this mobile application.
- Only supports cryptocurrency as its type of payment.
- A Crypto digital wallet must be used to access 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% portion of commission fees that all buyers on the marketplace. In the end, you’ll quickly recover this amount if you sell regularly since there’s no additional cost for it.
Frequently Asked Questions Nft Exchange Platform
What is OpenSea?
OpenSea is an NFT marketplace that is designed to give artists a chance for selling their artwork online and receive cryptocurrency as a method of payment. It’s an ideal platform for artists who use for selling NFTs due to its low gas costs and the low commission rate which you are required to pay.
You can shop and browse an array of digital goods in this NFT marketplace, so you should check it out!
Is OpenSea legit & safe?
Short answer: Yes! OpenSea has been a trusted marketplace since its inception in the year of 2018. Since the system it operates on is built on a blockchain, it is safe to say that your transactions are protected and secured.
In addition, 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 any customer. The team at OpenSea regularly checks the content to ensure that users are secure.
How can I earn royalties on OpenSea?
However, as an artist, you’ll be paid only 10% of the royalties once you have uploaded the NFT. This is thought to be quite low in comparison with other NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) has been widely used on this site and many others to accommodate the increasing number of crypto users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can use to use OpenSea.
What are the payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. You can buy and sell cryptocurrency on reliable platforms using fiat currency. All you have just connect your debit or credit card to Paypal for 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 as well as Android. Install it from their app store, and then you can begin exploring the collection right now!
The desktop application for OpenSea can be downloaded via WebCatalog. In the desktop application, you can manage multiple accounts and get notifications about updates to 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/).