The crypto currency market is in a boom right now and you’re probably thinking what you can do with your crypto coins. Marketplaces are popping up across the digital web designed to buy and sell NFTs via cryptocurrency! OpenSea can be one, and it’s worth a look.
If you’re interested in crypto you’ve probably heard about OpenSea previously for a valid reason. It’s now one of the largest and most popular marketplaces among cryptocurrency enthusiasts due to its safety and speedy transactions.
Now hop aboard, and let’s see the possibilities of OpenSea as well as examining the NFTs that you can see!
Before you continue, you may want to watch this video by TopHatCat on YouTube that gives a quick review. After, you will want to read the rest of our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Icon
The purpose of OpenSea was to provide a platform/marketplace for artists to upload commissions without any extra charges. It has more functions that allow you to sell your art without too many problems.
In terms of the registration process, you don’t have to give all of your personal details. All you need to do is connect your crypto wallet–and voila!–you have an account with OpenSea! It’s as simple as that, without many hurdles as you walk into NFTs.
The most well-known cryptocurrency to use within 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 to carry out the majority of processes. It also functions using the Polygon blockchain, which ensures low-cost and quicker trading.
With these two types of blockchains that are available, you can choose which one you want to publish your NFT as an seller. This ensures the safety of your NFT and those who would like to purchase it. All transactions will be made using this blockchain, which is why you need to think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online marketplace where you can trade in your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything as simple as a domain name to official art by an artist you admire. Anyone can sell however it takes time for anyone to become an established one.
There are a variety of NFTs from the selection of NFTs available at OpenSea and you can join in with this! You can set up your own market here, along with finding NFTs that you would like to purchase yourself.
What is an NFT?
In a recent development for the cryptocurrency industry”NFT” is a term that has been used in recent times “NFT” has been going around for so long on the internet that many millennials are familiar with it but aren’t sure exactly what it actually means. Let’s break down 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 can be an NFT. An NFT is a non-fungible token that is very exclusive and cannot be replaced. It could be a piece of rarity like mint-condition baseball trading cards, or a unique vinyl album.
There’s no limit on what an NFT can be since it’s a non-fungible thing that you sell online. It is simpler to simply imagine as an NFT being a virtual collectible 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 posted to market, as offering it for sale. Usually, this becomes official when you have filled in the correct information about the NFT and finally upload it to the marketplace.
On OpenSea it’s a straightforward process to mine your NFTs by going to the store and then making a collection to begin! Input the appropriate and accurate information about your NFT and then select what type of settings you want for it (e.g., blockchain, payments tokens). After you’ve completed the process you are able to upload it, if it’s within the limit of 100MB.
You can wait and observe the way transactions are handled from now to see whether OpenSea is the right marketplace for you.
What NFTs are available here?
At this point, you’re probably wondering which kind of NFT be purchased here, and what you could also sell if you choose to pursue that route. The type of NFT it is unlimited since there’s a broad range of options for how to do it.
It is possible to sell trade cards, digital goods game assets domain names, also physical goods! Find out what you think will reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what separates OpenSea from the others. There’s no cost for gas when you use this feature when you make and then sell the NFTs. This simply means that you’ll get the most profit when you begin selling since you don’t need to pay on extra fees.
There aren’t many NFT marketplaces have this feature, and it is great for you to make a huge profit from your NFT collection.
The Referral Program is another distinctive feature of OpenSea to take note of. Similar to traditional online markets there are benefits by referring a friend to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from the site you’ll be rewarded with 2.50 percent of the purchase amount, which means you can earn more money from this act.
Other NFT marketplaces don’t have the same feature, so that’s just another advantage OpenSea has over them.
There is an OpenSea mobile app, but it is mainly used to browse through the marketplace. You can’t buy or sell items as you scroll through the list.
The mobile apps from OpenSea are accessible for the two platforms of iOS in addition to Android. Even though you can’t buy or sell anything, you can still at least explore the products you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available for you to use You can also trade your fiat currency for cryptocurrency on these platforms. Nft Icon
You can exchange the fiat currency you have with a the credit card, or Paypal via these reputable websites for cryptocurrency:
- Bittrex, and other things!
All of these have the option to exchange for ETH which is the standard crypto payment in OpenSea.
Although OpenSea is an NFT marketplace that is open to all kinds of crypto, wallets are nonetheless more compatible than other. Since it is built mainly on the ETH blockchain, any wallets with a connection to this network are appropriate for this website.
Here’s a list various crypto wallets that which you can use with 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, such as easy registration, only mobile usage and the ability to purchase cryptocurrency with the credit card. Nft Icon
To learn more about it, you can check their FAQs to get a rundown of how you can begin and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets each one comes with its advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and pros here:
- Mobile apps available for iOS or Android.
- Smart contracts are used for 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 10% to artists (low royalties).
- It is not possible to buy or sell items via this mobile application.
- Only supports cryptocurrency as its method of payment.
- An Crypto digital wallet must be used to use this marketplace.
OpenSea is open to everyone who owns any crypto coins 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. However, overall, you will quickly recover this amount if you are actively selling since there’s no extra charge for it.
Frequently Asked Questions Nft Icon
What is OpenSea?
OpenSea is an NFT marketplace that seeks to give artists a chance to market their work online, and to accept cryptocurrency as a method of payment. It’s a great platform for artists using it to sell NFTs due to its low gas costs and low commission fees that you have to pay.
You can browse and shop for the vast array of digital items on the NFT marketplace, so you should take a look!
Is OpenSea legitimate and secure?
Short answer: Yes! OpenSea has been a reliable marketplace since it was established at the end of 2018. Since its system is based on a blockchain, it is safe to claim that your transactions are safe and secure.
In addition as a seller you’ll be verified when you’ve earned a reputation. A blue checkmark will be assigned to your account or collection you uploaded to reassure every customer. The team at OpenSea regularly checks the contents to ensure users are protected.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you can receive only up to 10 percent of the royalties after you upload the NFT. This is thought to be reasonably low compared against other NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) is commonly used on this site as well as many others to accommodate more cryptocurrency users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the primary cryptocurrencies you can make use of for OpenSea.
What are the payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges through its website. You can buy and sell cryptocurrency through trusted platforms with fiat money. All you need to do is connect your credit card or Paypal for the transaction.
Does OpenSea have a desktop or mobile app?
As we mentioned earlier There is an official mobile application from OpenSea for both iOS and Android. You can download it through their app store, and then you can begin browsing through the collection right now!
The version for desktops that OpenSea which can be downloaded from WebCatalog. In the desktop application, you can manage multiple accounts and receive notifications on updates regarding 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/).