Cryptocurrency is booming right now and you’re probably wondering where to invest your crypto coins. Markets have popped up across the web that allow users to purchase and sell NFTs using cryptocurrency! OpenSea is among them and is worth checking out.
If you’re familiar with cryptocurrency you’ve probably heard about OpenSea previously for a valid reason. It has become one of the biggest and leading marketplaces among cryptocurrency users because of its security and quick transactions.
Now hop aboard, and discover what you can do with OpenSea, along with checking what NFTs you can view!
Before you continue, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. After, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Format
The aim of OpenSea was to provide an online marketplace for artists to upload their commissions without any extra costs. It also has additional functions which allow you to market your artwork without any problems.
In terms of registration, you won’t have to provide all of your personal details. All you have to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as simple as that, without many hassles when you enter into NFTs.
The most widely-used cryptocurrency that is used within the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology which is utilized for most processes. It is also based with the Polygon blockchain, which ensures lower costs and faster trading.
With these two types of blockchains that are available, you can choose which one you would like to transfer your NFT to as seller. This will ensure the security of your NFT as well as those who would like to purchase it. All transactions are made by using the blockchain, which is why you need to think about 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 a piece of art by 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 at OpenSea and you could join in with that! You can set up your own marketplace on this site, as well as find NFTs you’d like to buy 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 many millennials are familiar with it but not exactly sure what it is. Let’s take a look at what NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the new things you can purchase your cryptocurrency includes an NFT. A NFT is a non-fungible currency which is extremely unique and can’t be replaced. It could be an item of any rareness, such as mint-condition baseball trading cards, or a uncommon vinyl record.
There’s no limit to what an NFT can be since it’s a non-fungible item that you sell online. It is simpler to simply consider as an NFT to be a type of digital item which is only paid in cryptocurrency.
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 selling it. Usually, this is recognized when you have filled in all the necessary information about 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 simply creating a collection to start! Input the appropriate and complete information about your NFT and then select what type of settings you’d like to use to use it with (e.g., blockchain or payment tokens). After that you are able to upload it to the internet if it’s in the limit of 100MB.
It is possible to wait and see the way transactions are handled 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 can be found here, and what you could also sell if you choose to go that route. The kind of NFT it is unlimited since there’s a broad range of how you can do it.
You can be selling digital products, trading cards game assets domain names, some physical items! Explore what you believe can bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager feature is what separates OpenSea from the other options. There’s no cost for gas for using this feature to make and then sell the NFTs. This is essentially a way to ensure that you get the most profit when you sell because you don’t need to pay on extra fees.
Very few NFT marketplaces provide this feature, so this is great for you to earn a high return from your collection.
A Referral Program is another unique aspect of OpenSea to be admired. Similar to traditional online markets there are advantages when you refer a friend to OpenSea! If you refer a friend to join OpenSea and purchase an NFT from there you’ll be rewarded with 2.50% of the sale amount, letting you earn more cash by this method.
Other NFT marketplaces do not have this kind of feature either This is a further advantage OpenSea has over the other marketplaces.
There is an OpenSea mobile application, however it is mainly used to browse through the marketplace. You can’t buy or sell anything while you browse through the listings.
OpenSea’s mobile apps are available for both iOS in addition to Android. Even though you can’t buy or sell things, you can browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are at your disposal, and you can trade your fiat currency for cryptocurrency using these platforms. Nft Format
You can convert your fiat money via your credit or debit card as well as Paypal on these reliable websites to exchange it for crypto:
- Bittrex, and other things!
All of these have the option of exchange for ETH which is the standard cryptocurrency payment option in OpenSea.
Although OpenSea can be described as an NFT marketplace open to all forms of crypto, wallets are nonetheless more compatible than other. Since it is built using an ETH blockchain, any wallets which are part of that network will be suitable for this website.
Here’s a list of different crypto wallets you can use in OpenSea:
- Authereum and many more!
*Note: Compatible crypto wallets can be found on OpenSea’s FAQ page. Each one has its own set of limitations like easy registration, only mobile usage and the ability to buy cryptocurrency using a credit card. Nft Format
To know more about it You can go through their FAQs to see a rundown of how you can begin and also what other crypto wallets work 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 as well as Android.
- Smart contracts can be used to perform transactions.
- Security at the highest level with the help of blockchain.
- Ideal for those who are new to the crypto world and NFTs.
- Allows royalties of only 10% for artists (low royalty rates).
- It is not possible to buy or sell items via the mobile app.
- Only accepts cryptocurrency as a method of payment.
- A 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 a seller, OpenSea takes a 2.5 percentage of commissions to all the sellers who are on this platform. In the end, you’ll quickly regain that when you sell regularly since there’s no additional cost for it.
Frequently Asked Questions Nft Format
What is OpenSea?
OpenSea can be described as an NFT marketplace that aims to give artists a chance to market their work online and receive cryptocurrency as their form of payment. It’s an excellent platform for artists using it to sell NFTs because of its zero gas fees and the low commission rate which you are required to pay.
You can browse and shop for the vast array of digital items on the NFT marketplace which is why you should definitely check it out!
Is OpenSea legit & secure?
Short answer: Yes! OpenSea has been a trusted marketplace since it was founded on the 1st of December in the year 2018. Because its system is based 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 will be assigned next to your account or the collection you uploaded to reassure any customer. The OpenSea team reviews regularly the content to ensure that users are protected.
How do I earn royalties on OpenSea?
Unfortunately, as an artist, you’ll be paid only 10% of the royalties once you upload the NFT. This is considered to be a reasonable amount compared against the other NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) has been commonly used on this site and many others to accommodate the increasing number of cryptocurrency users. Here are the other cryptocurrencies you can purchase on the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of to access OpenSea.
How do I pay for OpenSea? What are my payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. You can buy and sell cryptocurrency through reliable platforms using fiat currency. All you have just connect your debit or credit card to Paypal for the transaction.
Does OpenSea has a mobile or desktop application?
As mentioned before There is an official mobile app from OpenSea for both iOS and Android. Install it from their app store, and then you can begin browsing through the collection right now!
There is also a Desktop application that OpenSea which can be downloaded from WebCatalog. In the desktop application, you can manage multiple accounts and receive alerts on any updates that affect 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/).