The cryptocurrency market is on the rise, and you’re probably wondering what you can do with your crypto-coins. There are numerous marketplaces popping up across the web that allow users to buy and sell NFTs using cryptocurrency! OpenSea can be one and is worth looking into.
If you’re familiar with cryptocurrency, you’ve probably heard about OpenSea before for a good reason. It has become one of the biggest and most popular marketplaces for cryptocurrency enthusiasts due to its safety and speedy transactions.
Now hop aboard, and let’s explore what you can do with OpenSea, along with checking the NFTs available to view!
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.
OpenSea as an NFT Marketplace Nft Explanation
The goal to create OpenSea was to simply provide an online marketplace for artists to easily upload their commissions without any extra fees. It also has additional functions that let you sell your artwork without any difficulties.
For registration, you won’t have to give too many details about yourself. All you need to do is connect your crypto wallet and voila! You have an account on OpenSea! It can be as simple as that, without many hurdles as you walk into NFTs.
The most well-known cryptocurrency to use within the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system, and this is used to carry out the majority of processes. It is also based on the Polygon blockchain, which ensures the lowest cost and speediest trading.
There are two types of blockchains that are available you can pick which one you want to publish your NFT as seller. This ensures the safety of your NFT and the people who want to purchase it. All transactions will be made using this blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall 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 by an artist you admire. Anyone can sell, but it takes a while before anyone can become an established one.
There are a variety of NFTs of NFTs available on OpenSea and you could become a part of this! You can set up your own market on this site, as well as find NFTs you’d like to buy for yourself.
What is an NFT?
A recent change in the cryptocurrency industry”NFT” is a term that has been used in recent times “NFT” has been going around so long on the internet that a lot of millennials are familiar with it but aren’t exactly sure what it is. Let’s break down what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the newest things you can purchase your cryptocurrency is an NFT. A NFT is a token that is non-fungible that is unique and can’t be replaced. This can be an item of rarity like mint-condition baseball trading cards or uncommon vinyl record.
There is no limit to what an NFT can be as it’s a non-fungible thing you’re selling on the internet. It is simpler to just consider the NFT being a virtual collectible paid via cryptocurrency only.
Minting is like calling the shots on your own NFTs. You’re claiming the owner of the item or token that you posted to market, as you’re putting it up for sale. Typically, this is official after you fill in all the necessary information about the NFT and submit it for sale on.
On OpenSea It’s a very simple procedure to create your own NFTs by visiting the store and then making a collection to begin! Input the appropriate and accurate information about your NFT and select the type of settings you’d like to use to use it with (e.g. blockchain and money transfer tokens). After you’ve completed the process you are able to upload it if it fits the 100 MB limit.
You can wait and observe how the transactions go from here on out to see if OpenSea is the best marketplace for you.
What NFTs are available here?
So, at this point you’re probably thinking about what kind of NFTs be found here and what you can also sell if you decide to pursue that route. The type of NFT it is unlimited since there’s a broad range of how you can approach it.
You can be selling trade cards, digital goods games, domain names, and some physical items! Explore what you believe can reap the best rewards when you try out OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager function is the one that separates OpenSea from the other options. There’s no cost for gas for using this feature when you make and then sell the NFTs. This simply means that you’ll receive the maximum profits when you begin selling since you won’t have to spend on extra fees.
There aren’t many NFT marketplaces offer this feature, and it is great for you to make a huge profit from your NFT collection.
The Referral Program is another unique aspect of OpenSea to be admired. Like traditional online marketplaces there are rewards by referring someone else to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from there you’ll earn 2.50 percent of the sales amount, letting you make more money from this act.
Other NFT marketplaces don’t have the same feature This is a further advantage OpenSea has over them.
There is an OpenSea mobile application, however it’s mostly to browse the marketplace. It isn’t able to purchase or sell items as you browse through the listings.
The mobile apps from OpenSea are accessible on both iOS in addition to Android. While you’re not able to buy or sell anything, you can still at least explore the products you’re interested in on the go.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are available at your disposal, and you can trade your fiat currency for cryptocurrency using these platforms. Nft Explanation
You can convert your fiat currency using a your credit or debit card as well as Paypal via these reputable websites to exchange it for crypto:
- Bittrex, and more!
All of these have the option of converting them into ETH which is the most common cryptocurrency used in OpenSea.
Although OpenSea is an NFT marketplace open to all types of cryptocurrency, wallets are still more compatible with it than other. Because it is based on an ETH blockchain, wallets with a connection to this network are appropriate for this site.
Here is a list of various crypto wallets that you can utilize in OpenSea:
- Authereum and much more!
Note: The compatible crypto wallets can be seen on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, use on mobile devices only, and the function to buy cryptocurrency using credit cards. Nft Explanation
To know more about it to learn more, check out their FAQs to get a rundown of how you can start and what other crypto 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. You can view 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.
- Best for beginners in the crypto industry and NFTs.
- Allows royalty rates of 10% for artists (low royalty).
- It is not possible to buy or sell items via the mobile app.
- Only supports cryptocurrency as its type of payment.
- A Crypto digital wallet must be used to access this marketplace.
OpenSea is accessible to everyone who has any crypto currency in their cryptocurrency wallets. When you are selling, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. But overall, you can easily recover that amount when you actively sell because there’s no additional cost for it.
Frequently Asked Questions Nft Explanation
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to give artists a chance to sell their works online and receive cryptocurrency as a method of payment. It’s an excellent platform for artists who use for selling NFTs due to its no gas fees and low commission fee rate which you are required to pay.
You can browse and shop for the vast array of digital items on the NFT marketplace, so you should go through it!
Is OpenSea legitimate and is it safe?
Short answer: Yes! OpenSea has been a reliable marketplace since its inception at the end of the year 2018. Since the system it operates on is built on a blockchain, it is safe to say that your transactions are safe and secure.
Additionally as a seller you will be verified after you’ve earned a reputation. A blue checkmark will be assigned next to your account or the collection you uploaded to reassure anyone who buys from you. OpenSea’s team regularly reviews the contents to ensure users are protected.
How can I earn royalties from OpenSea?
However, as an artist, you will get only 10 percent of the royalties after you have uploaded the NFT. This is believed to be reasonably low compared with other NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) is widely used on this site as well as other sites to provide many more cryptocurrency users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can utilize for OpenSea.
What are the payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. It is easy to buy or trade cryptocurrency using secure platforms that accept fiat money. All you need just connect your debit or credit card to Paypal to complete the transaction.
Does OpenSea has a mobile or desktop application?
As previously mentioned, there is definitely an official mobile app from OpenSea available for both iOS as well as Android. You can download it through their app store and begin exploring the collection now!
The version for desktops that OpenSea that can be downloaded through WebCatalog. With the desktop application, you can manage multiple accounts as well as receive alerts on any updates that affect 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/).