Cryptocurrency is booming right now and you’re probably thinking where to invest your crypto coins. Marketplaces are popping up across the digital web designed to sell and buy NFTs with cryptocurrency! OpenSea is among them, and it’s worth checking out.
If you’re familiar with cryptocurrency you’ve probably heard about OpenSea before for a good reason. It’s now one of the largest and most popular marketplaces among users of cryptocurrency due to its security and quick transactions.
So, hop on board and let’s see the possibilities of OpenSea as well as examining the NFTs available to view!
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 the article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Exchange
The purpose for OpenSea was to offer artists with a marketplace/platform to upload their commissions with no additional charges. There are additional features that let you sell your art without too many issues.
For registration, you don’t need to worry about giving any personal information about yourself. All you have to connect your crypto wallet and voila! You have an account on OpenSea! It’s as simple as that, without many hassles when you enter into NFTs.
The most popular cryptocurrency used in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology and is used for the majority of transactions. It also operates using the Polygon blockchain to ensure lower costs and faster trading.
There are two types of blockchains that are available, you can choose which one you would like to upload your NFT on as a seller. This is to ensure the security of your NFT as well as those who wish to purchase it. All transactions will be made using this blockchain, so you should think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace where you can trade in your NFTs or cryptocurrency for other NFTs. You can buy anything just a domain name to official art from an artist you admire. Anyone can be a seller however, it takes time before anyone can become an established seller.
There are a variety of NFTs of NFTs available on OpenSea, and you can join in with the collection! You can create your own market here, along with finding NFTs that you would like to purchase 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 a lot of millennials are familiar with it but not exactly sure what it means. Let’s break down what an NFT is for anyone who is new 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 replaced. This can be an item of any rareness like rare baseball trading cards in mint condition or a unique vinyl album.
There is no limit to what an NFT can be since it’s a non-fungible thing that you can sell online. More straightforwardly, you can simply consider as an NFT to be a type of digital collectible paid via cryptocurrency only.
Minting is like calling dibs to your NFTs. You’re claiming ownership over that particular token/item you uploaded on the market place, but selling it. Typically, this is official after you fill in the correct information about the NFT and finally upload it to the marketplace.
On OpenSea, it’s a simple process to mine your NFTs by visiting the store and create a collection! Complete the correct and complete information about your NFT and choose what kind of settings you’d like for it (e.g., blockchain and payment tokens). Once that’s all done you are able to upload it, if it’s within the limit of 100MB.
You can wait and observe how transactions progress from now on to see whether OpenSea is the marketplace for you.
What NFTs are available here?
At this point, you’re probably wondering what kind of NFTs be purchased here and what you can also sell if you choose to go down that path. The kind of NFT it is unlimited since there’s a broad range of ways to go about it.
It is possible to sell digital products, trading cards, game assets domain names, also physical goods! Find out what you think will reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that sets OpenSea from the others. There are no gas costs for using this feature when you mint and sell NFTs. This means you’ll receive the maximum profits when you start selling because you won’t have to spend on any additional charges.
Not many NFT marketplaces have this feature, which is why this is great for you to receive high profit from your NFT collection.
The Referral Program is a different aspect of OpenSea to take note of. Like traditional online marketplaces there are benefits when you refer your friend to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from there, you’ll receive 2.50 percent of the purchase amount, letting you earn more cash from this act.
Other NFT marketplaces do not have this kind of feature either, so that’s just another benefit OpenSea has over the other marketplaces.
There’s an OpenSea mobile application, however it’s mostly used to browse the marketplace. Unfortunately, you can’t purchase or sell anything while you scroll through the list.
OpenSea’s mobile apps are available for the two platforms of iOS as well as Android. While you’re not able to buy or sell something, you can browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are for you to use, and you can trade your fiat currency for cryptocurrency on these platforms. Nft Exchange
You can convert your fiat money via the credit card, or Paypal via these reputable websites to exchange it for crypto:
- Bittrex and other things!
All of them have the option of exchange for ETH which is the most common cryptocurrency used in OpenSea.
Although OpenSea has been described as being an NFT marketplace that is open to all forms of cryptocurrency, the wallets nevertheless more compatible than other. Since it is built on an ETH blockchain, any wallets that share the same network are suitable for the site.
Here’s a list of different crypto wallets you can use in OpenSea:
- Authereum and more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each has its own limitations like easy registration, only mobile usage and the ability to purchase cryptocurrency with a credit card. Nft Exchange
To know more about it You can go through their FAQs for the steps you can begin and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets every one of them has its advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and cons here:
- Mobile apps are available for iOS and Android.
- Smart contracts are utilized for transactions.
- High-level security with the support of blockchain.
- The best option for beginners to the crypto world and NFTs.
- Allows royalties 10% to artists (low royalties).
- Cannot buy or sell on the mobile app.
- Only supports cryptocurrency as its method of payment.
- The use of a Crypto digital wallet must be used to use this marketplace.
OpenSea is accessible to everyone who owns any crypto coins in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. In the end, you’ll quickly recover this amount if you are actively selling since there’s no extra charge for it.
Frequently Asked Questions Nft Exchange
What is OpenSea?
OpenSea is an NFT marketplace that is designed to give artists a chance for selling their artwork online, and to accept cryptocurrency as a form of payment. It’s an ideal platform for artists who use it to sell NFTs due to its low gas costs and low commission fees you must pay.
You can browse and shop for 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?
The short answer is yes! OpenSea is a reputable marketplace since it was established on the 1st of December in the year 2018. Because its system is built on a blockchain and is secured, it is safe to declare that transactions are safe and secure.
Additionally, as a seller, you can become verified once you have built up your credibility. A blue checkmark will appear to your account or collection that you have uploaded to assure any customer. The team at OpenSea regularly checks the contents to ensure users are secure.
How do I earn royalties from OpenSea?
However, as an artist, you can receive only up to 10% of the royalties once you upload the NFT. This is thought to be reasonably low compared against others NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) has been commonly used on this site as well as other sites to provide more cryptocurrency users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the core cryptocurrencies you can use for 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 have just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea have a desktop/mobile app?
As previously mentioned There is an official mobile app from OpenSea for both iOS as well as Android. You can download it through their app store and begin exploring the collection now!
The desktop application for OpenSea that can be downloaded through WebCatalog. In the desktop application you are able to manage multiple accounts and get notifications on updates regarding your account while you’re on the desktop.
You can also easily access the website from the browser by going to their official website (https://opensea.io/).