The cryptocurrency market is on the rise, and you’re probably wondering what you can do with your crypto currency. Markets have popped up across the web that allow users to sell and buy NFTs with cryptocurrency! OpenSea is one of them, and it’s worth looking into.
If you’re familiar with cryptocurrency you’ve probably heard of OpenSea previously for a valid reason. It’s now one of the largest and leading marketplaces among users of cryptocurrency due to its security and quick transactions.
Now hop aboard, and let’s see what you can do with OpenSea, along with checking the NFTs that you can see!
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-Focused Product Plan
The purpose of OpenSea was to provide an online marketplace for artists to upload their commissions, without having to pay any additional fees. There are additional features that allow you to sell your artwork without any issues.
For the registration process, you don’t have to provide 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 and without much hassle as you step into NFTs.
The most popular cryptocurrency to use in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology and is used to carry out the majority of processes. It is also based using the Polygon blockchain, which allows for lower costs and faster trading.
There are two types of blockchains, you can choose which one you would like to transfer your NFT to as a seller. This ensures the safety of your NFT as well as those who wish to buy it. All transactions are made by using the blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online mall where you can trade in your NFTs or cryptocurrency for other NFTs. You can purchase anything from the simplest domain name to official art by an artist you admire. Anyone can be a seller however, it takes time before anyone can become an established seller.
There’s a huge selection in the collection of NFTs available at OpenSea and you can become a part of that! You can start your own personal market here, along with finding NFTs you’d like to buy for yourself.
What is an NFT?
A recent change in the cryptocurrency industry, the term “NFT” has been going around for so long on internet that the majority of young people have heard of it but aren’t exactly sure what it actually means. Let’s look at what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the newest things that you can buy with cryptocurrency is an NFT. A NFT is a non-fungible token that is very unique and can’t be replaced. This can be an item of rareness like authentic baseball cards or a unique vinyl album.
There is no limit to what an NFT could be, since it’s a non-fungible object you’re selling on the internet. More straightforwardly, you can just imagine an NFT to be a type of digital item which is only paid in cryptocurrency.
Minting is like calling dibs to your NFTs. It is a way of claiming the owner of the item or token that you posted to market, as offering it for sale. Typically, this is official when you have filled in all the necessary information about the NFT and finally submit it for sale on.
On OpenSea It’s a very simple process to mine your NFTs by visiting the store and then create a collection! Fill out the proper 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.
It is possible to wait and see how transactions progress from here on out to see whether OpenSea is the marketplace for you.
What NFTs can you find here?
At this point you’re probably thinking about what kind of NFTs be found here and what kind of NFTs you can also sell if you choose to go down that path. The type of NFT it can be is unlimited since there’s a broad range of how you can do it.
You could be selling digital products, trading cards game assets domain names, also physical goods! Consider what you believe will bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what sets OpenSea from other companies. There are zero gas fees for using this feature when you mint and sell NFTs. This means you’ll be able to make the highest profits once you begin selling since you won’t need to spend on extra fees.
Very few NFT marketplaces offer this feature, which is why this can be a fantastic way to earn a high return from your portfolio.
The Referral Program is another distinctive feature of OpenSea to take note of. Similar to traditional online markets that offer advantages 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 through this action.
Other NFT marketplaces don’t offer the same feature and that’s another advantage OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile app, but it is mainly used for perusing through the marketplace. It isn’t able to purchase or sell anything as you browse through the listing.
The mobile apps from OpenSea are accessible for the two platforms of iOS and Android. Even though you can’t buy or sell something, you can at least explore the products you’re interested in while 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 on these platforms. Nft-Focused Product Plan
You can convert your fiat money via your credit or debit card as well as Paypal through these trusted sites for cryptocurrency:
- Bittrex, and other things!
All of these have the option to exchange for ETH that is the standard cryptocurrency payment option in OpenSea.
Although OpenSea can be described as an NFT marketplace that is open to all forms of crypto, wallets are nevertheless more compatible than others. Because it is based around an ETH blockchain, any wallets which are part of this network are appropriate for this website.
Here is a list of several crypto wallets you can use in OpenSea:
- Authereum and 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, mobile-only usage and the ability to purchase cryptocurrency with the credit card. Nft-Focused Product Plan
To know more about it to learn more, check out their FAQs to see a rundown of how you can begin and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces, each one has its advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and cons here:
- Available as mobile apps for iOS and Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- Best for beginners in the crypto market and NFTs.
- Allows royalties 10% to artists (low royalty).
- Cannot buy or sell via the mobile app.
- Only accepts cryptocurrency as a method of payment.
- A Crypto account is needed for this marketplace.
OpenSea is available to anyone who owns any crypto coins in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. In the end, you’ll quickly recover this amount if you actively sell because there’s no extra charge for it.
Frequently Asked Questions Nft-Focused Product Plan
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to give artists a chance to sell their works online to receive cryptocurrency as a form of payment. It’s a great platform for artists using the platform to market NFTs because of its zero gas costs and low commission fees which you are required to pay.
You can browse and purchase a vast collection of digital items on the NFT marketplace which is why you should definitely check it out!
Is OpenSea real and is it safe?
Answer: Yes! OpenSea is a reputable marketplace since it was established at the end of 2018. Since the system it operates on is built on blockchain technology, it is safe to declare that transactions are protected and secured.
In addition, as a seller, you will be verified after you’ve earned a reputation. A blue checkmark will be assigned on your account or the collection you’ve uploaded to ensure the safety of every customer. The OpenSea team reviews regularly the content to ensure users are safe.
How can I earn royalties on OpenSea?
Unfortunately, as an artist, you will receive only up to 10 percent of the royalties after you upload the NFT. This is considered to be quite low in comparison with other NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) is commonly utilized on this website and numerous others to cater for more crypto users. Below are the other cryptocurrency you can purchase on the OpenSea marketplace:
These are the cryptocurrencies that you can utilize to access OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. You can easily purchase or 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 have a desktop or mobile application?
As previously mentioned, there is definitely an official mobile app by OpenSea that is available for iOS as well as Android. Install it from their app store and you can start exploring the collection right now!
There is also a desktop application for OpenSea which can be downloaded from WebCatalog. On the desktop app you are able to manage multiple accounts and receive notifications on updates regarding 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/).