The crypto currency market is in a boom right now, and you’re probably wondering what you can do with your crypto currency. There are numerous marketplaces popping up all over the web that allow users to buy and sell NFTs with cryptocurrency! OpenSea is one of them, and it’s worth checking out.
If you’re interested in crypto, you’ve probably heard of OpenSea prior to this for a valid reason. It’s one of the biggest and leading marketplaces among users of cryptocurrency due to its security and rapid transactions.
So, hop on board and let’s see the possibilities of OpenSea and also see the NFTs that you can see!
Before you continue, 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 our article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Kitty
The goal to create OpenSea was to provide an online marketplace for artists to easily upload their commissions without any extra costs. There are additional features that let you sell your art without too many problems.
When it comes to registration, you don’t need to give any personal information about yourself. All you need to connect your crypto wallet–and voila!–you have an account on OpenSea! It’s as simple as that, without many hassles when you enter into NFTs.
The most well-known cryptocurrency that is used in the OpenSea market is Ethereum (ETH). This marketplace is built on the Ethereum blockchain technology, and this is used for most processes. It also functions using the Polygon blockchain, which ensures lower costs and faster trading.
There are two types of blockchains available you can pick which one you’d like to transfer your NFT to as seller. This ensures the safety of your NFT, along with those who wish to buy it. All transactions will be made by using the blockchain, which is why you need to think about where you should upload it.
OpenSea: NFT Collection Galore
At OpenSea, it is like an endless online marketplace that lets you trade your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything as simple as a domain name to an official artwork from an artist that you admire. Anyone can be a seller however it takes some time before anyone can become an established one.
There are a variety of NFTs of NFTs available at OpenSea and you can join in with this! You can create your own personal market there, and also find NFTs that you would like to purchase for yourself.
What is an NFT?
In a recent advancement for the cryptocurrency industry”NFT,” a popular term in the crypto industry “NFT” has been going around for so long on internet that many millennials are familiar with it , but aren’t sure exactly what it actually means. Let’s look at what an NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the newest things you can purchase your cryptocurrency can be an NFT. An NFT is a token that is non-fungible that is individual and cannot be changed. It can be an item of any rareness, such as mint-condition baseball trading cards or a uncommon vinyl record.
There’s no limit to what an NFT can be since it’s a non-fungible object that you can sell on the internet. It is simpler to just imagine the NFT as a digital collectible that is paid for using cryptocurrency only.
Minting is like calling the shots to your NFTs. It is a way of claiming the owner of the item or token you uploaded on the marketplace, and you’re selling it. Usually, this is recognized when you have filled in the proper information regarding the NFT and 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 simply making a collection to begin! Input the appropriate and complete information about your NFT and choose what kind of settings you’d like to use for it (e.g., blockchain or payments tokens). Once that’s all done you are able to upload it to the internet if it’s in the 100 MB limit.
You can wait and observe how transactions progress from here on out to determine if OpenSea is the right marketplace for you.
What NFTs can you get here?
So, at this point, you’re probably wondering the kind of NFTs be found here and what you can also sell if you choose to go that route. The type of NFT it isn’t limited as there’s a variety of ways to do it.
You can be selling digital products, trading cards game assets domain names, some physical items! Consider what you believe will yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
The collection Manager function is the one that separates OpenSea from other companies. There are no gas costs when you use this feature when you make and then sell the NFTs. This is essentially a way to ensure that you get the most profit when you begin selling since you won’t have to spend on extra fees.
Very few NFT marketplaces provide this feature, so this can be a fantastic way to earn a high return from your NFT collection.
The Referral Program is another unique aspect of OpenSea to take note of. Like traditional online marketplaces, you can receive rewards by referring your friend to OpenSea! If you encourage a friend 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 the same feature This is a further advantage OpenSea has over them.
There is an OpenSea mobile application, however it’s mostly to browse the marketplace. You can’t buy or sell anything as you scroll through the list.
The mobile apps from OpenSea are accessible on both iOS as well as Android. While you’re not able to buy or sell anything, you can still browse through the selections you’re looking for on the move.
Crypto Exchange Platforms
Various crypto exchange platforms are available to you to exchange your fiat money for cryptocurrency on these platforms. Nft Kitty
You can swap the fiat currency you have with a credit card or Paypal on these reliable websites for cryptocurrency:
- Bittrex, and more!
All of these have the option of converting them into ETH that is the most common cryptocurrency payment option in OpenSea.
While OpenSea has been described as being an NFT marketplace open to all types of cryptocurrency, wallets are nonetheless more compatible than other. Since it is built mainly on the ETH blockchain, all wallets that share this network are appropriate for this website.
Here’s a list different crypto wallets you can use in OpenSea:
- Authereum and more!
*Note: Wallets that are compatible with crypto are available on the OpenSea FAQ page. Each one has its own set of limitations including simple registration, mobile-only usage and the ability to purchase cryptocurrency using the credit card. Nft Kitty
For more information about the service, you can check their FAQs for an overview of how you can get started and also what other crypto wallets work with OpenSea.
Pros and Cons of OpenSea
Like many crypto marketplaces every one of them has advantages and drawbacks. OpenSea isn’t the only one to have this. It is possible to read about its pros and pros 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 backing of blockchain.
- The best option for beginners to the crypto market and NFTs.
- Allows royalties 10% to artists (low royalties).
- It is not possible to buy or sell items on the mobile app.
- Only accepts cryptocurrency as a form of payment.
- An Crypto wallet is required to access this marketplace.
OpenSea is available to anyone who owns any crypto coins in their crypto wallets. When you are selling, OpenSea takes a 2.5 percent commission fee to all the sellers who are on this platform. In the end, you’ll quickly recover this amount if you are actively selling since there’s no additional cost for it.
Frequently Asked Questions Nft Kitty
What is OpenSea?
OpenSea can be described as an NFT marketplace that seeks to provide artists a platform to sell their works online, and to accept cryptocurrency as their form of payment. It’s an excellent platform for artists who use for selling NFTs because of its zero gas costs and the low commission rate which you are required to pay.
You can browse and shop for the vast array of digital products on this NFT marketplace and you must go through it!
Is OpenSea legit & is it safe?
The short answer is yes! OpenSea has been a trusted marketplace since it was founded at the end of 2018. Since the system it operates on is built on a blockchain that is secure, you can claim that your transactions are protected and secured.
Additionally, as a seller, you can become verified once 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 contents to ensure users are safe.
How can I earn royalties on OpenSea?
Unfortunately, as an artist, you will be paid only 10 percent of the royalties when you have uploaded the NFT. This is thought to be a reasonable amount compared with others NFT marketplaces.
What are the cryptocurrency options offered in OpenSea?
Ethereum (ETH) is commonly utilized on this website and numerous others to cater for the increasing number of crypto users. Below are the other cryptocurrency that you can buy on the OpenSea marketplace:
These are the core cryptocurrencies you can utilize to use OpenSea.
Which are the accepted payment methods for OpenSea?
OpenSea only allows cryptocurrency exchanges on its website. You can buy and trade cryptocurrency using 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/mobile app?
As previously mentioned There is an official mobile app from OpenSea available for both iOS as well as Android. Install it from their app store and you can start exploring the collection now!
A Desktop application that OpenSea which can be downloaded from WebCatalog. In the desktop application you can manage multiple accounts and receive alerts on any updates that affect 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/).