The crypto currency market is in a boom right now, and you’re probably wondering what you can do with your crypto currency. Marketplaces are popping up across the internet, designed to buy and sell NFTs using cryptocurrency! OpenSea can be one, and it’s worth looking into.
If you’re well-versed in cryptocurrency, you’ve probably heard of OpenSea before for a good reason. It’s now one of the biggest and most popular marketplaces for cryptocurrency enthusiasts due to its security and rapid transactions.
Now hop aboard, and discover 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 review. Afterward, you’ll want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Jobs
The aim of OpenSea was to offer an online marketplace for artists to upload commissions without any extra charges. There are additional features that let you sell your work without having to deal with many difficulties.
In terms of registration, you don’t need to give all of your personal details. All you have to connect your cryptocurrency wallet, and voila! you have an account on OpenSea! It’s as easy as that and without many hurdles as you walk into NFTs.
The most well-known cryptocurrency to use within the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain system which is utilized to carry out the majority of processes. It also operates with the Polygon blockchain, which allows for low-cost and quicker trading.
With these two types of blockchains available it is possible to choose which one you want to publish your NFT as a seller. This ensures the safety of your NFT and the people who want to buy it. Every transaction will be conducted using this blockchain, and you must consider where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s like an endless online mall where you can exchange your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything the simplest domain name, to a piece of art by an artist you admire. Anyone can be a seller however, it takes a while before anyone can become a reputable one.
There are a variety of NFTs from the selection of NFTs available at OpenSea and you could also be a part of the collection! You can create your own market on this site, as well as find NFTs that you would like to purchase for yourself.
What is an NFT?
A recent change in the crypto market, the term “NFT” has been going around for so long on internet that the majority of young people are familiar with it but aren’t sure exactly what it is. Let’s look at what an NFT is for any beginners in the field of cryptocurrency.
One of the new things that you can buy with cryptocurrency includes an NFT. The NFT is a non-fungible currency that is exclusive and cannot be changed. It can be an item of any rareness like mint-condition baseball trading cards, or a uncommon vinyl record.
There’s no limit on what an NFT can be as it’s a non-fungible item that you can sell on the internet. It is simpler to just consider an NFT as a digital item which is only paid in cryptocurrency.
Minting is like calling dibs on your own NFTs. You are calling the ownership of the particular item you uploaded on the market place, but offering it for sale. Usually, this is recognized when you have filled in the correct information about the NFT and finally add it on the market.
On OpenSea it’s a straightforward procedure to create your own NFTs by visiting the store and simply creating a collection to start! Complete the correct and complete information about your NFT and choose what kind of settings you’d like to use for it (e.g. blockchain and payments tokens). After that you are able to upload it to the internet if it’s in the limit of 100MB.
You can watch and see how transactions progress from here on out to determine if OpenSea is the right marketplace for you.
What NFTs can you find here?
At this point, you’re probably wondering the kind of NFTs can be found here and what you can also sell if you choose to go that route. The type of NFT it is unlimited since there’s a broad range of how you can approach it.
It is possible to sell digital products, trading cards games domain names, even physical assets! Consider what you believe will reap the best rewards by experimenting with OpenSea.
OpenSea: Collection Manager Feature
The Collection Manager feature is what separates OpenSea from the other options. There are no gas costs for using this feature when you mint and sell NFTs. This simply means that you’ll be able to make the highest profits once you begin selling since you won’t have to spend on extra fees.
Not many NFT marketplaces have this feature, which is why this is great for you to make a huge profit from your portfolio.
The Referral Program is another distinctive feature of OpenSea to take note of. 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 be rewarded with 2.50 percent of the purchase amount, which means you can earn more cash through this action.
Other NFT marketplaces don’t have this kind of feature either This is a further advantage OpenSea has over the other marketplaces.
There is an OpenSea mobile application, however it’s mostly to browse the marketplace. You can’t buy or sell anything while you browse through the listings.
OpenSea’s mobile apps are available on both iOS in addition to Android. While you’re not able to buy or sell things, you can at least explore the products you’re looking for on the move.
Crypto Exchange Platforms
Numerous cryptocurrency exchange platforms are at your disposal, and you can convert your fiat money into cryptocurrency on these platforms. Nft Jobs
You can exchange your fiat money via credit card or Paypal on these reliable websites to exchange it for crypto:
- Bittrex, and many more!
All of them have the option of converting them into ETH which is the primary crypto payment in OpenSea.
Although OpenSea is an NFT marketplace that is open to all forms of cryptocurrency, wallets are still more compatible with it than others. Since it is built around the ETH blockchain, any wallets that share that network will be suitable for this site.
Here is a list of different crypto wallets you can use 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 like easy registration, use on mobile devices only as well as the capability to buy cryptocurrency using credit cards. Nft Jobs
To learn more about it, you can check their FAQs to get a rundown of how you can start and what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like all crypto markets each one comes with advantages and disadvantages. OpenSea isn’t the only one to have this. It is possible to read about its pros and cons here:
- Available as mobile apps for iOS or Android.
- Smart contracts are used for transactions.
- High-level security , with the backing of blockchain.
- The best option for beginners to the crypto industry and NFTs.
- Allows royalties 10% for artists (low royalties).
- You cannot buy or sell products via this mobile application.
- Only accepts cryptocurrency as a form 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 cryptocurrency wallets. When you are selling, OpenSea takes a 2.5 percent commission fee for all sellers on the platform. In the end, you’ll easily recover that amount when you actively sell because there’s no additional cost for it.
Frequently Asked Questions Nft Jobs
What is OpenSea?
OpenSea is an NFT marketplace that aims to give artists a chance to sell their works online and receive cryptocurrency as a form of payment. It’s a great option for artists who want to use it to sell NFTs due to its no gas fees and low commission fee rate that you have to pay.
You can shop and browse a vast collection of digital goods in this NFT marketplace which is why you should definitely check it out!
Is OpenSea legit & safe?
Answer: Yes! OpenSea has been a reliable marketplace since its inception in 2018. Since the system it operates on is based on a blockchain that is secure, you can claim that your transactions are safe and secure.
In addition as a seller you’ll be verified when you have built up your credibility. A blue checkmark will appear next to your account or the collection you uploaded to reassure any customer. The team at OpenSea regularly checks the contents to ensure users are safe.
How can I earn royalties on OpenSea?
Unfortunately, as an artist, you will get only 10 percent of the royalties after you have uploaded the NFT. This is thought to be a reasonable amount compared with the other NFT marketplaces.
What cryptocurrency is offered in OpenSea?
Ethereum (ETH) has been frequently utilized on this website and numerous others to cater for 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 use for OpenSea.
What are the payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. You can easily purchase or sell cryptocurrency through secure platforms that accept fiat money. All you have to do is connect your credit card or Paypal to complete the exchange.
Does OpenSea have a desktop/mobile app?
As previously mentioned there’s an official mobile app by OpenSea for both iOS as well as Android. Download it at their respective app store, and you can start exploring the collection now!
A desktop application for OpenSea that can be downloaded through WebCatalog. In the desktop application, you can manage multiple accounts and get 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/).