Cryptocurrency is booming right now, and you’re probably wondering what you can do with your crypto currency. Markets have popped up all over the internet, designed to sell and buy NFTs using cryptocurrency! OpenSea is one of them, and it’s worth a look.
If you’re familiar with cryptocurrency you’ve likely heard of OpenSea previously for a valid reason. It’s now one of the largest and leading marketplaces among cryptocurrency users because of its security and rapid transactions.
So, hop on board and let’s explore what you can do with OpenSea and also see 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 will want to read the rest of our article for a more comprehensive review.
OpenSea as an NFT Marketplace Nft Horses
The aim for OpenSea was to offer a platform/marketplace for artists to easily upload their commissions, without having to pay any additional costs. It has more functions which allow you to market your work without having to deal with many issues.
In terms of registration, you don’t need to give all of your personal details. All you need to connect your crypto wallet and voila! You have an account on OpenSea! It’s as easy as that without going through many hassles when you enter into NFTs.
The most widely-used cryptocurrency that is used on the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system and is used for the majority of transactions. It also operates using the Polygon blockchain, which allows for low-cost and quicker trading.
With these two types of blockchains that are available, you can choose which one you would like to upload your NFT on as seller. This ensures the safety of your NFT, along with those who would like 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 online shopping mall that is endless where you can exchange your cryptocurrency or NFTs in exchange for other NFTs. You can buy anything as simple as a domain name to official art from an artist that you admire. Anyone can become a seller, but it takes time before anyone can become an established seller.
There’s a huge selection from the selection of NFTs available at OpenSea, and you can also be a part of that! You can create your own marketplace here, along with finding NFTs you want to purchase for yourself.
What is an NFT?
In a recent development for the crypto industry”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that a lot of millennials are familiar with it but aren’t sure exactly what it actually means. Let’s break down what an NFT is for anyone who is new in the field of cryptocurrency.
One of the newest things that you can buy with cryptocurrency is an NFT. An NFT is a non-fungible token that is individual and cannot be changed. It can be a piece of rareness like mint-condition baseball trading cards, or a uncommon vinyl record.
There’s no limit on what an NFT could be, since it’s a non-fungible thing you’re selling online. It is simpler to just imagine the NFT to be a type of digital item paid via cryptocurrency only.
Minting is like calling the shots for your personal NFTs. You’re claiming ownership over that particular token/item that you posted to market, as putting it up for sale. Typically, this is official after you fill in the correct information about the NFT and finally add it on the market.
On OpenSea it’s a straightforward process to mine your NFTs by going to the store and then create a collection! Fill out the proper and correct information regarding your NFT and choose what kind of settings you’d like to use it with (e.g. blockchain and payment tokens). Once that’s all done, you can finally upload it if it fits the limit of 100MB.
You can wait and observe the way transactions are handled from here on out to determine if OpenSea is the right marketplace for you.
What NFTs are available here?
At this point you’re probably thinking about which kind of NFT can be found here and what kind of NFTs you can also sell if you decide to pursue that route. The type of NFT that you can purchase isn’t limited since there’s a broad range of ways to go about it.
It is possible to sell trade cards, digital goods games domain names, even physical assets! Consider what you believe will bring the greatest rewards by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what separates OpenSea from the others. There are zero gas fees when you use this feature to make and then sell the NFTs. This means you’ll be able to make the highest profits once you start selling because you don’t need to pay on any additional charges.
Very few NFT marketplaces provide this feature, which is why this can be a fantastic way to earn a high return from your collection.
A Referral Program is another distinctive feature of OpenSea to admire. Like traditional online marketplaces, you can receive rewards by referring someone else to OpenSea! If you refer a friend to join OpenSea and then purchase an NFT from the site you’ll earn 2.50 percent of the purchase amount, which allows you to earn more money by this method.
Other NFT marketplaces don’t offer the same feature and that’s another advantage OpenSea has over them.
There is an OpenSea mobile app, but it’s mostly used to browse the marketplace. You can’t buy or sell items as you browse through the listing.
The mobile apps of OpenSea are available for both iOS in addition to Android. Although you aren’t able to purchase or sell anything, you can still at least look through the options you’re interested in while on the go.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are available for you to use to exchange your fiat money for cryptocurrency through these platforms. Nft Horses
You can exchange the fiat currency you have with a your credit or debit card as well as Paypal via these reputable websites to exchange it for crypto:
- Bittrex, and other things!
All of these have the option to exchange for ETH that is the most common cryptocurrency used in OpenSea.
Although OpenSea has been described as being an NFT marketplace that is open to all forms of cryptocurrency, the wallets nonetheless more compatible than others. Because it is based on the ETH blockchain, any wallets that share this network are appropriate for the site.
Here’s a list several crypto wallets you can use in OpenSea:
- Authereum and many more!
*Note: Wallets that are compatible with crypto 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 ability to buy cryptocurrency using credit cards. Nft Horses
To know more about it to learn more, check out their FAQs to get a rundown of how you can start and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets every one of them has advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and cons here:
- Mobile apps available for iOS as well as 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 of only 10% to artists (low royalty).
- Cannot buy or sell on this mobile application.
- Only supports cryptocurrency as its type of payment.
- An Crypto digital wallet must be used to access this marketplace.
OpenSea is available to anyone who has crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. However, overall, you will easily recover that amount when you sell regularly since there’s no extra charge for it.
Frequently Asked Questions Nft Horses
What is OpenSea?
OpenSea is an NFT marketplace that is designed to give artists a chance for selling their artwork online to receive cryptocurrency as a form of payment. It’s an excellent platform for artists who use for selling NFTs due to its low gas costs and low commission fee rate you must pay.
You can browse and shop for the vast array of digital goods in this NFT marketplace and you must go through it!
Is OpenSea legitimate and is it safe?
Answer: Yes! OpenSea is a reputable marketplace since it was founded in the year of 2018. Since the system it operates on is based on a blockchain that is secure, you can claim that your transactions are secure and safe.
In addition as a seller you can become verified once you have built up your credibility. A blue checkmark is placed on your account or the collection you uploaded to reassure anyone who buys from you. The OpenSea team reviews regularly the content to ensure users are protected.
How do I earn royalties on OpenSea?
However, as an artist, you’ll be paid only 10 percent of the royalties when you have uploaded the NFT. This is thought to be a reasonable amount compared with others NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) is commonly used on this site and other sites to provide the increasing number of crypto users. Here are the other cryptocurrencies that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of for OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on its website. It is easy to buy or sell cryptocurrency on trusted platforms with fiat money. All you have be able to connect is your credit or Paypal for the transaction.
Does OpenSea have a desktop or mobile app?
As previously mentioned there’s an official mobile application from OpenSea available for both iOS and Android. Download it at their respective app store and begin browsing through the collection right now!
A desktop application for OpenSea which can be downloaded from WebCatalog. On the desktop app you can manage multiple accounts and 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/).