The crypto currency market is in a boom right now, and you’re probably wondering what you can do with your crypto coins. There are numerous marketplaces popping up across the web that allow users to purchase and sell NFTs using cryptocurrency! OpenSea is among them and is worth a look.
If you’re well-versed in cryptocurrency you’ve probably heard of OpenSea prior to this for a valid reason. It has become one of the biggest and most popular marketplaces for users of cryptocurrency due to its security and quick transactions.
Get on board, and let’s explore the possibilities of OpenSea as well as examining the NFTs available to view!
Before you go on, you may want to check out this video by TopHatCat on YouTube that gives a quick overview. After, you will want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Hyrdo
The purpose of OpenSea was to provide artists with a marketplace/platform to easily upload their commissions with no additional fees. There are additional features that allow you to sell your artwork without any issues.
For registration, you won’t have to give all of your personal details. All you have to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It can be as simple as that without going through many hassles when you enter into NFTs.
The most popular cryptocurrency used on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain, which is the system that runs it, and this is used for the majority of transactions. It is also based with the Polygon blockchain to ensure the lowest cost and speediest trading.
With these two kinds of blockchains, you can choose which one you want to upload your NFT on as a seller. This is to ensure the security of your NFT as well as the people who want to buy it. All transactions are made along with this blockchain, and you must think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless that lets you trade your cryptocurrency or NFTs for other NFTs. You can purchase anything from just a domain name to an official artwork from an artist that you admire. Anyone can become a seller however, it takes time for anyone to be an established seller.
There’s a huge selection from the selection at OpenSea and you can become a part of that! You can set up your own personal market there, and also find NFTs that you would like to purchase for yourself.
What is an NFT?
A recent change in the crypto industry,”NFT” is a term that has been used in recent times “NFT” has been going around for so long on internet that a lot of millennials have heard of it but aren’t sure exactly what it is. Let’s look at what an NFT is for those who are just beginning to get started in cryptocurrency.
One of the new things you can buy includes an NFT. The NFT is a non-fungible token which is extremely individual and cannot be replaced. It could be a piece of rareness, such as authentic baseball cards or a uncommon vinyl record.
There is no limit to what an NFT can be since it’s a non-fungible object that you sell online. More straightforwardly, you can simply imagine the NFT being a virtual item that is paid for using cryptocurrency only.
Minting is like calling dibs to your NFTs. It is a way of claiming ownership over that particular token/item that you have uploaded to market, as you’re selling it. Usually, this is recognized when you have filled in the proper information regarding the NFT and then submit it for sale on.
On OpenSea it’s a straightforward procedure to create your own NFTs. All you have to do is visit the store and then making a collection to begin! Complete the correct and correct information regarding your NFT and choose what kind of settings you’d like to use to use it with (e.g., blockchain and payment tokens). After that then you’re able to upload it if it fits the 100 MB limit.
You can wait and observe the way transactions are handled from now on to determine if OpenSea is the best marketplace for you.
What NFTs can you find here?
At this point you’re probably thinking about which kind of NFT be found here and what kind of NFTs you can also sell if you choose to go that route. The type of NFT it can be is unlimited since there’s a broad range of options for how to approach it.
You can be selling trade cards, digital goods, game assets, domain names, and also physical goods! Explore what you believe can reap the best rewards by trying 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 utilize this feature to mint and sell NFTs. This is essentially a way to ensure that you be able to make the highest profits once you begin selling since you won’t need to spend on additional fees.
Very few NFT marketplaces have this feature, and it can be a fantastic way to make a huge profit from your NFT collection.
This Referral Program is another distinctive feature of OpenSea to be admired. Like traditional online marketplaces that offer benefits when you refer someone else to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from there you’ll be rewarded with 2.50 percent of the sales amount, which means you can earn more cash through this action.
Other NFT marketplaces don’t have the same feature This is a further benefit OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile app, but it is mainly used to browse through the marketplace. It isn’t able to purchase or sell items as you scroll through the list.
The mobile apps of OpenSea are available for the two platforms of iOS as well as Android. Even though you can’t buy or sell things, you can look through the options you’re looking for on the move.
Crypto Exchange Platforms
A variety of cryptocurrency exchange platforms are to you, and you can exchange your fiat money for cryptocurrency using these platforms. Nft Hyrdo
You can swap your fiat currency using a the credit card, or Paypal on these reliable websites to exchange it for crypto:
- Bittrex, and many more!
All of them have the option of exchange for ETH that is the standard cryptocurrency payment option in OpenSea.
Although OpenSea is an NFT marketplace that is open to all kinds of cryptocurrency, the wallets nevertheless more compatible than others. Since it is built around the ETH blockchain, all wallets with a connection to this network are appropriate for the site.
Here’s a list of different crypto wallets which you can use with OpenSea:
- Authereum and more!
Note: The compatible crypto wallets can be found on OpenSea’s FAQ page. Each has its own limitations including simple registration, use on mobile devices only and the ability to buy cryptocurrency using a credit card. Nft Hyrdo
To know more about it You can go through their FAQs to get the steps you can get started and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with advantages and disadvantages. OpenSea isn’t an exception to this. You can read about its pros and cons here:
- Available as mobile apps that are compatible with iOS and 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 world and NFTs.
- Allows royalty rates of 10% for artists (low royalties).
- You cannot buy or sell products through our mobile apps.
- Only accepts cryptocurrency as a method of payment.
- The use of a Crypto account is needed to access this marketplace.
OpenSea is open to everyone who has crypto coins in their crypto wallets. If you’re selling, OpenSea takes a 2.5% portion of commission fees for all sellers on the platform. However, overall, you will quickly regain that when you are actively selling since there’s no additional cost for it.
Frequently Asked Questions Nft Hyrdo
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed 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 the platform to market NFTs due to its low cost of gas and the low commission rate which you are required to pay.
You can browse and shop for a vast collection of digital products on this NFT marketplace, so you should go through it!
Is OpenSea real and is it safe?
Short answer: Yes! OpenSea has been a reliable marketplace since its inception at the end of 2018. Since its system is based on a blockchain and is secured, it is safe to say that your transactions are protected and secured.
Furthermore, as a seller, you will be verified after you have built up your credibility. A blue checkmark will be assigned next to your account or collection you uploaded to reassure any customer. The OpenSea team reviews regularly the content to ensure that users are safe.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you’ll get only 10 percent of the royalties after you upload the NFT. This is believed to be reasonably low compared to the other NFT marketplaces.
What is the most popular cryptocurrency accessible in OpenSea?
Ethereum (ETH) can be commonly utilized on this website and many others to accommodate many more crypto users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the cryptocurrencies that you can utilize for OpenSea.
Which are the accepted payment options for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on its website. You can easily purchase or sell cryptocurrency on secure platforms that accept fiat money. All you need be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea has a mobile or desktop application?
As previously mentioned There is an official mobile application from OpenSea for both iOS and Android. Download it at their respective app store, and then you can begin exploring the collection right now!
There is also a version for desktops that OpenSea that can be downloaded through WebCatalog. In the desktop application, you can manage multiple accounts as well as 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/).