Cryptocurrency is booming right now, and you’re probably wondering what you can do with your crypto currency. There are numerous marketplaces popping up across the web that allow users to purchase and sell NFTs using cryptocurrency! OpenSea is one of them and is worth looking into.
If you’re interested in crypto, you’ve probably heard about OpenSea previously for a valid reason. It’s one of the largest and most popular marketplaces among cryptocurrency users because of its security and rapid transactions.
So, hop on board and discover the possibilities of OpenSea, along with checking 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 Images Struct
The purpose of OpenSea was to simply provide an online marketplace for artists to upload commissions without any extra costs. There are additional features that let you sell your work without having to deal with many issues.
In terms of registration, you won’t have to give too many details about yourself. All you need to do is connect your crypto wallet–and voila!–you have an account on OpenSea! It can be as simple as that, without much hassle as you step into NFTs.
The most popular cryptocurrency that is used in the OpenSea market is Ethereum (ETH). The marketplace is built on the Ethereum blockchain technology, and this is used to carry out the majority of processes. It is also based on 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 transfer your NFT to as seller. This will ensure the security of your NFT as well as those who would like to purchase it. All transactions are made by using the blockchain, so you should consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an online shopping mall that is endless 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 from an artist you admire. Anyone can sell however it takes a while for anyone to become an established one.
There’s a huge selection in the collection at OpenSea and you could also be a part of the collection! You can start your own market here, along with finding NFTs you want to purchase for yourself.
What is an NFT?
In a recent advancement for the cryptocurrency industry,”NFT” is a term that has been used in recent times “NFT” has been going around so long on the 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 cryptocurrency.
One of the newest things you can buy is an NFT. A NFT is a non-fungible currency which is extremely individual and cannot be replaced. It could be an item of rarity like authentic baseball cards or a uncommon vinyl record.
There’s no limit to what an NFT could be, since it’s a non-fungible object that you can sell online. More straightforwardly, you can just imagine as an NFT to be a type of digital item that is paid for using cryptocurrency only.
Minting is similar to calling for dibs for your personal NFTs. It is a way of claiming the ownership of the particular item that you have uploaded to the marketplace, and putting it up for sale. Usually, this is recognized when you have filled in the proper information regarding the NFT and finally upload it to the marketplace.
On OpenSea it’s a straightforward process to mint your NFTs by visiting the store and simply create a collection! Input the appropriate and accurate information about your NFT and select the type of settings you want for it (e.g., blockchain or money transfer tokens). After that, you can finally upload it if it fits the limit of 100MB.
You can watch and see the way transactions are handled from now on to see whether OpenSea is the marketplace for you.
What NFTs can you get here?
At this point you’re probably thinking about what kind of NFTs can be purchased here and what kind of NFTs you can also sell if you choose to go down that path. The type of NFT that you can purchase is indefinite because there’s a wide range of how you can go about it.
You can be selling digital items, trading cards 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
This Collection Manager feature is what differentiates OpenSea from the others. There are no gas costs when you use this feature when you make and then sell the NFTs. This means you’ll be able to make the highest profits once you sell because you won’t have to spend on any additional charges.
There aren’t many NFT marketplaces offer this feature, and it is a great way to make a huge profit from your portfolio.
The Referral Program is another unique aspect of OpenSea to admire. Like traditional online marketplaces, you can receive advantages by referring your friend to OpenSea! If you refer a friend to join OpenSea and buy an NFT from there you’ll be rewarded with 2.50% of the sale amount, which means you can make more money from this act.
Other NFT marketplaces don’t offer this kind of feature either, so that’s just another advantage OpenSea has over them.
There is an OpenSea mobile app, but it’s mostly for perusing through the marketplace. You can’t buy or sell anything as you scroll through the list.
OpenSea’s mobile apps are available for the two platforms of iOS as well as Android. Although you aren’t able to purchase or sell things, you can at least explore the products you’re interested in while on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are to you, and you can trade your fiat currency for cryptocurrency using these platforms. Nft Images Struct
You can swap your fiat money via the credit card, or Paypal through these trusted sites for cryptocurrency:
- Bittrex and other things!
All of them have the option of converting them into ETH which is the standard cryptocurrency used in OpenSea.
While OpenSea can be described as an NFT marketplace that is open to all forms of cryptocurrency, the wallets nevertheless more compatible than others. Since it is built around the ETH blockchain, any wallets that share this network are appropriate for this website.
Here is a list of different crypto wallets you can utilize in OpenSea:
- Authereum and many more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each has its own limitations including simple registration, only mobile usage, and the function to purchase cryptocurrency with a credit card. Nft Images Struct
To learn more about it, you can check their FAQs to see a rundown of how you can get started and which other wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has advantages and drawbacks. OpenSea isn’t an exception to this. You can view its pros and pros here:
- Mobile apps are available for iOS as well as Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- Ideal for those who are new to the crypto industry and NFTs.
- Allows royalties of only 10% to artists (low royalties).
- You cannot buy or sell products on the mobile app.
- Only supports cryptocurrency as its method of payment.
- The use of a Crypto wallet is required for this marketplace.
OpenSea is accessible to everyone who has crypto coins in their cryptocurrency wallets. When you are a seller, OpenSea takes a 2.5 percent commission fee that all buyers on the marketplace. But overall, you can quickly recover this amount if you actively sell because there’s no additional cost for it.
Frequently Asked Questions Nft Images Struct
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to provide artists a platform for selling their artwork online to receive cryptocurrency as a method of payment. It’s an excellent platform for artists using it to sell NFTs due to its no cost of gas and low commission fees you must pay.
You can browse and purchase the vast array of digital products on this NFT marketplace which is why you should definitely go through it!
Is OpenSea legitimate and is it safe?
Short answer: Yes! OpenSea has been a trusted marketplace since its inception in the year of 2018. Since its system is built on a blockchain and is secured, it is safe to say that your transactions are safe and secure.
In addition as a seller you can become verified once you’ve earned a reputation. A blue checkmark will be assigned next to your account or the collection that you have uploaded to assure anyone who buys from you. OpenSea’s team regularly reviews the content to ensure users are secure.
How do I earn royalties from OpenSea?
Unfortunately, as an artist, you will be paid only 10 percent of the royalties when you have uploaded the NFT. This is considered to be reasonably low compared against others NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) is widely utilized on this website and numerous others to cater for the increasing number of crypto users. These are other cryptos that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can use to use OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea is the only platform that allows cryptocurrency exchanges on the website. You can buy and trade cryptocurrency using reliable platforms using fiat currency. All you need be able to connect is your credit or Paypal to complete the transaction.
Does OpenSea have a desktop or mobile app?
As mentioned before There is an official mobile app by OpenSea available for both iOS and Android. You can download it through their app store, and you can start exploring the collection now!
A Desktop application that OpenSea can be downloaded via WebCatalog. With the desktop application you are able to manage multiple accounts and 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/).