The crypto currency market is in a boom right now and you’re probably thinking what you can do with your crypto currency. Markets have popped up across the internet, designed to purchase and sell NFTs via cryptocurrency! OpenSea is among them, and it’s worth checking out.
If you’re well-versed in cryptocurrency you’ve likely heard of OpenSea previously for a valid reason. It’s one of the biggest and most popular marketplaces for cryptocurrency users because of its security and quick transactions.
Get on board, and let’s explore the possibilities of OpenSea as well as examining what NFTs you can view!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. Afterward, you’ll want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Finance Coin
The purpose for OpenSea was to provide a platform/marketplace for artists to upload their commissions, without having to pay any additional charges. It also has additional functions that let you sell your work without having to deal with many difficulties.
When it comes to registration, you won’t have to give too many details about yourself. All you need to connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as simple as that, without many hurdles as you walk into NFTs.
The most popular cryptocurrency to use within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain, which is the system that runs it, 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.
There are two types of blockchains that are available, you can choose which one you want to transfer your NFT to as seller. This is to ensure the security of your NFT and those who would like to buy it. Every transaction will be conducted along with this blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online marketplace where you can exchange your NFTs or cryptocurrency for other NFTs. It is possible to purchase anything just a domain name to official art from an artist you admire. Anyone can sell however it takes a while for anyone to be a reputable one.
There is a wide variety in the collection at OpenSea and you can also be a part of the collection! You can set up your own marketplace here, along with finding NFTs you want to purchase yourself.
What is an NFT?
A recent change in the cryptocurrency industry, the term “NFT” has been going around for so long on the internet that a lot of millennials have heard of it but not exactly sure what it is. Let’s break down what an NFT is for any beginners in cryptocurrency.
One of the latest ways you can buy includes an NFT. The NFT is a non-fungible currency that is unique and can’t be substituted. It could be an item of any rarity like rare baseball trading cards in mint condition or rare vinyl record.
There is no limit to what an NFT can be as it’s a non-fungible object that you sell on the internet. It is simpler to simply think of the NFT as a digital item that is paid for using cryptocurrency only.
Minting is like calling dibs on your own NFTs. You’re claiming ownership over that particular token/item that you have uploaded to the market place, but putting it up for sale. Usually, this becomes official when you have filled in all the necessary information about the NFT and then upload it to the marketplace.
On OpenSea It’s a very simple process to mine your NFTs by visiting the store and then create a collection! Input the appropriate and complete information about your NFT and choose what kind of settings you’d like for it (e.g. blockchain, payments tokens). Once that’s all done you are able to upload it, if it’s within the 100 MB limit.
You can wait and observe how transactions progress from now to see whether OpenSea is the best marketplace for you.
What NFTs can you get here?
In this moment you’re probably thinking about the kind of NFTs can be found here and what you can sell should you decide to go that route. The type of NFT it can be is unlimited because there’s a wide range of how you can go about it.
You can be selling digital items, trading cards, game assets, domain names, and also physical goods! Find out what you think will yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager features is one of the things that separates OpenSea from other companies. There are zero gas fees for using this feature to create and market NFTs. This simply means that you’ll be able to make the highest profits once you start selling because you won’t need to spend on any additional charges.
There aren’t many NFT marketplaces provide this feature, which is why this can be a fantastic way to receive high profit from your collection.
This Referral Program is another distinctive feature of OpenSea to be admired. Similar to traditional online markets there are benefits when you refer your friend to OpenSea! If you invite a friend to join OpenSea and buy an NFT from there, you’ll receive 2.50 percent of the purchase amount, which allows you to make more money by this method.
Other NFT marketplaces don’t have this kind of feature either and that’s another benefit OpenSea has over the other marketplaces.
There’s an OpenSea mobile application, however it’s mostly used to browse through the marketplace. It isn’t able to purchase or sell anything while you browse through the listing.
The mobile apps from OpenSea are accessible on the two platforms of iOS and Android. Although you aren’t able to purchase or sell something, you can explore the products you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are for you to use to exchange your fiat money for cryptocurrency through these platforms. Nft Finance Coin
You can swap your fiat money via your credit or debit card as well as Paypal via these reputable websites to exchange it for crypto:
- Bittrex, and many more!
Each of them has the option to exchange for ETH, which is the standard cryptocurrency payment option in OpenSea.
Although OpenSea is an NFT marketplace that is open to all types of cryptocurrency, the wallets still more compatible with it than others. Because it is based on the ETH blockchain, wallets that share this network are appropriate 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 found on OpenSea’s FAQ page. Each has its own limitations, such as easy registration, mobile-only usage as well as the capability to purchase cryptocurrency using the credit card. Nft Finance Coin
To know more about it to learn more, check out their FAQs for a rundown of how you can begin and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces each one comes with its advantages and disadvantages. OpenSea isn’t an exception to this. It is possible to read about its pros and pros here:
- Mobile apps available that are compatible with iOS and Android.
- Smart contracts are used for transactions.
- High-level security with the support of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalties of only 10% to artists (low royalty rates).
- It is not possible to buy or sell items on the mobile app.
- Only supports cryptocurrency as its form of payment.
- An Crypto digital wallet must be used to use this marketplace.
OpenSea is open to everyone who has any crypto currency in their crypto wallets. When you are selling, OpenSea takes a 2.5 percentage of commissions for all sellers on the platform. However, overall, you will quickly regain that when you sell regularly since there’s no additional cost for it.
Frequently Asked Questions Nft Finance Coin
What is OpenSea?
OpenSea is an NFT marketplace that aims to provide artists a platform to market their work online, and to accept cryptocurrency as a method of payment. It’s a great platform for artists using for selling NFTs due to its no gas costs and low commission fee rate that you have to pay.
You can browse and purchase a vast collection of digital products on this NFT marketplace which is why you should definitely take a look!
Is OpenSea real and safe?
The short answer is yes! OpenSea has been a trusted marketplace since it was established in the year of 2018. Since the system it operates on is built on a blockchain, it is safe to claim that your transactions are secure and safe.
Additionally as a seller you can become verified once you have built up your credibility. A blue checkmark is placed to your account or collection you uploaded to reassure anyone who buys from you. OpenSea’s team regularly reviews the content to ensure that users are secure.
How do I earn royalties on OpenSea?
As an artist, you can receive only up to 10 percent of the royalties after you upload the NFT. This is considered to be quite low in comparison against other NFT marketplaces.
What cryptocurrency is available in OpenSea?
Ethereum (ETH) can be commonly utilized on this website and many others to accommodate many more cryptocurrency users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can utilize to access OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on the website. You can buy and sell cryptocurrency through secure platforms that accept fiat money. All you need just connect your debit or credit card to Paypal for the transaction.
Does OpenSea has a mobile or desktop app?
As previously mentioned, there is definitely an official mobile app from OpenSea available for both iOS and Android. Download it at their respective app store and you can start browsing through the collection right now!
A version for desktops that OpenSea that can be downloaded through WebCatalog. On the desktop app you are able to manage multiple accounts as well as receive 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/).