The crypto currency market is in a boom right now and you’re probably thinking where you can invest your crypto coins. Marketplaces are popping up all over the digital web designed to purchase and sell NFTs with cryptocurrency! OpenSea can be one and is worth looking into.
If you’re well-versed in cryptocurrency, you’ve probably heard about OpenSea previously for a valid reason. It’s one of the biggest and most popular marketplaces for cryptocurrency enthusiasts due to its safety and speedy transactions.
Get on board, and discover what you can do with OpenSea as well as examining 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 the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Ideas
The purpose of OpenSea was to simply provide a platform/marketplace for artists to upload their commissions without any extra fees. There are additional features that let you sell your art without too many issues.
In terms of the registration process, you don’t have to provide too many details about yourself. All you need to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as easy as that, without much hassle as you step into NFTs.
The most widely-used cryptocurrency used on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain system which is utilized to carry out the majority of processes. It also functions using the Polygon blockchain to ensure the lowest cost and speediest trading.
There are two types of blockchains, you can choose which one you’d like to upload your NFT on as an seller. This ensures the safety of your NFT, along with those who wish to purchase 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’s an endless online marketplace where you can exchange your NFTs or cryptocurrency for other NFTs. You can purchase anything from the simplest domain name, to a piece of art by an artist you admire. Anyone can be a seller however it takes some time before anyone can become a reputable one.
There’s a huge selection of NFTs available on OpenSea, and you can become a part of the collection! You can set up your own market there, and also find NFTs that you would like to purchase yourself.
What is an NFT?
A recent change in the crypto industry the term “NFT” has been going around for so long on internet that many millennials are familiar with it but aren’t sure exactly what it is. Let’s look at what an NFT is for anyone who is new in the field of cryptocurrency.
One of the new things you can buy can be an NFT. An NFT is a non-fungible token that is unique and can’t be changed. This can be a piece of rareness, such as mint-condition baseball trading cards or unique vinyl album.
There is no limit to what an NFT can be since it’s a non-fungible thing you’re selling online. It is simpler to simply think of the NFT as a digital item paid via cryptocurrency only.
Minting is similar to calling for dibs on your own NFTs. You’re claiming ownership over that particular token/item that you posted to the marketplace, and you’re selling it. Usually, this is recognized after you fill in the proper information regarding the NFT and finally upload it to the marketplace.
On OpenSea, it’s a simple process to mine your NFTs. All you have to do is visit the store and create a collection! Input the appropriate and correct information regarding your NFT and then select what type of settings you want to use it with (e.g., blockchain or money transfer tokens). After that, you can finally upload it if it fits the 100 MB limit.
You can watch and see how the transactions go from now on to see whether OpenSea is the right marketplace for you.
What NFTs are available here?
So, at this point, you’re probably wondering which kind of NFT be found 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 how you can approach it.
You can be selling digital items, trading cards game assets domain names, even physical assets! Consider what you believe will yield the most profit by trying OpenSea.
OpenSea: Collection Manager Feature
The collection Manager feature is what differentiates OpenSea from the other options. There are no gas costs when you utilize this feature when you make and then sell the NFTs. This simply means that you’ll get the most profit when you sell because you won’t need to spend on additional fees.
Not many NFT marketplaces offer this feature, which is why this is a great way to make a huge profit from your portfolio.
The Referral Program is another distinctive feature of OpenSea to admire. Similar to traditional online markets there are advantages when you refer a friend to OpenSea! If you invite a friend to join OpenSea and then purchase an NFT from there you’ll be rewarded with 2.50 percent of the purchase amount, letting you earn more money through this action.
Other NFT marketplaces don’t have this feature, so that’s just another benefit OpenSea is able to offer over other NFT marketplaces.
There is an OpenSea mobile app, but it’s mostly for perusing 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 things, you can look through the options you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are to you, and you can trade your fiat currency for cryptocurrency on these platforms. Nft Ideas
You can convert 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 these have the option of exchange for ETH that is the standard crypto payment in OpenSea.
Although OpenSea can be described as an NFT marketplace open to all types of cryptocurrency, the wallets still more compatible with it than others. Since it is built mainly using an ETH blockchain, wallets that share the same network are suitable for this website.
Here’s a list of several crypto wallets you can use in OpenSea:
- Authereum and 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 purchase cryptocurrency with a credit card. Nft Ideas
To learn more about it, you can check their FAQs to see a rundown of how you can begin and what other crypto wallets are compatible with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has advantages and disadvantages. OpenSea isn’t the only one to have this. You can read about its pros and pros here:
- Mobile apps are available for iOS and Android.
- Smart contracts can be used to perform transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalties 10% for artists (low royalty rates).
- Cannot buy or sell via this mobile application.
- Only accepts cryptocurrency as a type of payment.
- The use of a Crypto wallet is required to use this marketplace.
OpenSea is open to everyone who has crypto coins in their cryptocurrency wallets. If you’re selling, OpenSea takes a 2.5% portion of commission fees that all buyers on the marketplace. In the end, you’ll quickly recover this amount if you sell regularly since there’s no additional cost for it.
Frequently Asked Questions Nft Ideas
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to offer artists a way to market their work online and receive cryptocurrency as their form of payment. It’s a great platform for artists using the platform to market NFTs due to its low gas fees and the low commission rate which you are required to pay.
You can shop and browse an array of digital products on this NFT marketplace and you must take a look!
Is OpenSea real and is it safe?
The short answer is yes! OpenSea has been a trusted marketplace since its inception in the year 2018. Since its system is built on blockchain technology, it is safe to claim that your transactions are secure and safe.
Furthermore as a seller you will be verified after you have built up your credibility. A blue checkmark will appear next to your account or any collection that you have uploaded to assure every customer. The OpenSea team reviews regularly the content to ensure users are secure.
How can I earn royalties on OpenSea?
However, as an artist, you’ll be paid only 10 percent of the royalties after you upload the NFT. This is considered to be a reasonable amount compared to others NFT marketplaces.
What is the most popular cryptocurrency offered in OpenSea?
Ethereum (ETH) has been commonly utilized on this website and numerous others to cater for many more cryptocurrency users. These are other cryptos you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can use to access OpenSea.
What are the payment options for OpenSea?
OpenSea does not allow cryptocurrency exchanges on the website. You can easily purchase or trade cryptocurrency using 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 application?
As we mentioned earlier There is an official mobile application from OpenSea available for both iOS as well as Android. Download it at their respective app store, and then you can begin exploring the collection right now!
The desktop application for OpenSea that can be downloaded through WebCatalog. With the desktop application you can manage multiple accounts as well as 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/).