Cryptocurrency is booming right now, and you’re probably wondering what you can do with your crypto-coins. Markets have popped up across the digital web designed to purchase and sell NFTs via cryptocurrency! OpenSea is one of them and is worth checking out.
If you’re familiar with cryptocurrency, you’ve probably heard of OpenSea before for a good reason. It’s one of the biggest and leading marketplaces among cryptocurrency enthusiasts 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 available to view!
Before you go on, you may want to watch this video by TopHatCat on YouTube that gives a quick overview. After, you will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Grow Systems
The aim to create OpenSea was to provide an online marketplace for artists to upload their commissions without any extra fees. It also has additional functions that let you sell your art without too many problems.
In terms of registration, you won’t have to worry about giving any personal information about yourself. All you need to connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as easy as that and without many hurdles as you walk into NFTs.
The most popular cryptocurrency that is used 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 is also based using the Polygon blockchain, which ensures lower costs and faster trading.
There are two types of blockchains you can pick which one you want to upload your NFT on as an seller. This is to ensure the security of your NFT, along with 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 an endless online mall where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. It is possible to purchase anything as simple as a domain name to an official artwork from an artist you admire. Anyone can be a seller, but it takes some time before anyone can become an established one.
There are a variety of NFTs in the collection on OpenSea and you can become a part of the collection! You can start your own personal market on this site, as well as find NFTs you want to purchase for 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 the majority of young people are familiar with it , but not exactly sure what it actually means. Let’s look at what an NFT is for anyone who is new in the field of cryptocurrency.
One of the latest ways you can purchase your cryptocurrency can be an NFT. The NFT is a non-fungible token that is individual and cannot be substituted. It could be a piece of rareness like rare baseball trading cards in mint condition or unique vinyl album.
There is no limit to what an NFT can be since it’s a non-fungible thing that you sell on the internet. It is simpler to just imagine an NFT to be a type of digital item paid via cryptocurrency only.
Minting is like calling the shots on your own NFTs. It is a way of claiming the ownership of the particular item that you have uploaded to the marketplace, and you’re selling it. Typically, this is official once you fill out all the necessary information about the NFT and then upload it to the marketplace.
On OpenSea It’s a very simple procedure to create your own NFTs. All you have to do is visit the store and simply creating a collection to start! Complete the correct and complete information about your NFT and then select what type of settings you’d like to use for it (e.g. blockchain and payments tokens). After that, you can finally upload it to the internet if it’s in the limit of 100MB.
You can wait and observe how transactions progress from now to determine if OpenSea is the right marketplace for you.
What NFTs can you find here?
So, at this point you’re probably thinking about which kind of NFT can be purchased here and what you can also sell if you decide to go down that path. The type of NFT it isn’t limited as there’s a variety of options for how to do it.
You could be selling trade cards, digital goods game assets, domain names, and some physical items! Consider what you believe will yield the most profit by experimenting with OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that differentiates OpenSea from other companies. There’s no cost for gas when you use this feature to make and then sell the NFTs. This is essentially a way to ensure that you be able to make the highest profits once you sell because you won’t need to spend on additional fees.
Very few NFT marketplaces provide this feature, which is why this can be a fantastic way to earn a high return from your NFT collection.
A Referral Program is another unique aspect of OpenSea to admire. Similar to traditional online markets, you can receive advantages when you refer someone else to OpenSea! If you refer a friend to join OpenSea and buy an NFT from there you’ll be rewarded with 2.50 percent of the purchase amount, which means you can make more money from this act.
Other NFT marketplaces don’t have this kind of feature either and that’s another advantage OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile application, however it’s mostly used to browse through the marketplace. Unfortunately, you can’t purchase or sell anything while you browse through the listing.
The mobile apps from OpenSea are accessible on both iOS and Android. While you’re not able to buy or sell something, you can at least look through the options you’re interested in on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available for you to use, and you can exchange your fiat money for cryptocurrency using these platforms. Nft Grow Systems
You can swap the fiat currency you have with a the credit card, or Paypal through these trusted sites to exchange it for crypto:
- Bittrex, and more!
All of them have the option of exchange for ETH that is the primary crypto payment in OpenSea.
Although OpenSea can be described as an NFT marketplace that is open to all types of crypto, wallets are still more compatible with it than other. Since it is built mainly around an ETH blockchain, any wallets which are part of that network will be suitable for the site.
Here is a list of different crypto wallets you can utilize in OpenSea:
- Authereum and much more!
*Note: Wallets that are compatible with crypto can be found on OpenSea’s FAQ page. Each has its own limitations including simple registration, only mobile usage, and the function to purchase cryptocurrency using credit cards. Nft Grow Systems
To know more about it, you can check their FAQs to get a rundown of how you can get started and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and cons here:
- Available as mobile apps that are compatible with iOS or Android.
- Smart contracts can be used to perform 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 up to 10% for artists (low royalty rates).
- Cannot buy or sell on this mobile application.
- Only supports cryptocurrency as its form of payment.
- An Crypto wallet is required to access this marketplace.
OpenSea is open to everyone who has any crypto currency in their cryptocurrency wallets. If you’re a seller, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. But overall, you can quickly recover this amount if you actively sell because there’s no additional cost for it.
Frequently Asked Questions Nft Grow Systems
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to give artists a chance for selling their artwork online to receive cryptocurrency as their form of payment. It’s an ideal platform for artists who use for selling NFTs due to its low gas fees and the low commission rate you must pay.
You can browse and shop for the vast array of digital products on this NFT marketplace and you must take a look!
Is OpenSea real and safe?
Short answer: Yes! OpenSea has been a reliable marketplace since its inception on the 1st of December in the year of 2018. Since the system it operates on is based on a blockchain that is secure, you can declare that transactions are safe and secure.
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 collection you’ve uploaded to ensure the safety of anyone who buys from you. The team at OpenSea regularly checks the contents to ensure users are secure.
How can I earn royalties from OpenSea?
However, as an artist, you’ll receive only up to 10% of the royalties once you have uploaded the NFT. This is believed to be reasonably low compared with other NFT marketplaces.
What are the cryptocurrency options accessible in OpenSea?
Ethereum (ETH) is widely utilized on this website and other sites to provide the increasing number of cryptocurrency users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can use to access OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. You can easily purchase or sell cryptocurrency on trusted platforms with fiat money. All you need to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea have a desktop/mobile application?
As mentioned before there’s an official mobile app from OpenSea that is available for iOS and Android. Download it at their respective app store and begin exploring the collection now!
The desktop application for OpenSea which can be downloaded from WebCatalog. On the desktop app you can manage multiple accounts and get notifications about updates to 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/).