The cryptocurrency market is on the rise and you’re probably wondering what you can do with your crypto coins. Marketplaces are popping up across the internet, designed to buy and sell NFTs with cryptocurrency! OpenSea is one of them and is worth a look.
If you’re well-versed in cryptocurrency, you’ve probably heard of OpenSea before for a good reason. It’s one of the largest and most popular marketplaces for cryptocurrency enthusiasts due to its safety and speedy transactions.
So, hop on board and discover the possibilities of OpenSea and also see 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. Afterward, you will want to read the rest of the article for a more comprehensive review of OpenSea.
OpenSea as an NFT Marketplace Nft Launches
The aim to create OpenSea was to offer a platform/marketplace for artists to upload their commissions, without having to pay any additional fees. It also has additional functions which allow you to market your work without having to deal with many issues.
For the registration process, you don’t have to give too many details about yourself. All you need to connect your crypto wallet and voila! You have an account with OpenSea! It’s as easy as that and without much hassle as you step into NFTs.
The most popular cryptocurrency used on the OpenSea market is Ethereum (ETH). This market is built upon the Ethereum blockchain technology, and this is used for the majority of transactions. It also operates using the Polygon blockchain, which allows for the lowest cost and speediest trading.
With these two kinds of blockchains that are available it is possible to choose which one you’d like to upload your NFT on as an seller. This is to ensure the security of your NFT as well as those who would like to buy it. All transactions are made by using the blockchain, so you should think about where to upload it.
OpenSea: NFT Collection Galore
At OpenSea it’s an endless online mall where you can trade in your cryptocurrency or NFTs for other NFTs. It is possible to purchase anything the simplest domain name to official art from an artist that you admire. Anyone can become a seller however it takes time for anyone to be an established one.
There are a variety of NFTs in the collection on OpenSea, and you can also be a part of that! You can create your own market here, along with finding NFTs you want to purchase for yourself.
What is an NFT?
In a recent development for the cryptocurrency industry, the term “NFT” has been going around for so long on internet that a lot of millennials have heard of it but not exactly sure what it is. Let’s take a look at what NFT is for those who are just beginning to get started in the field of cryptocurrency.
One of the latest ways that you can buy with cryptocurrency can be an NFT. A NFT is a token that is non-fungible which is extremely exclusive and cannot be replaced. It can be a piece of rareness, such as rare baseball trading cards in mint condition or a unique vinyl album.
There is 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 think of 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. You’re claiming the ownership of the particular item that you have uploaded to the marketplace, and putting it up for sale. Usually, this is recognized once you fill out the proper information regarding the NFT and finally submit it for sale on.
On OpenSea It’s a very simple procedure to create your own NFTs. All you have to do is visit the store and making a collection to begin! Input the appropriate and accurate information about your NFT and then select what type of settings you’d like to use for it (e.g. blockchain and money transfer tokens). Once that’s all done you are able to upload it, if it’s within the 100 MB limit.
It is possible to wait and see how the transactions go from now on to determine if OpenSea is the best marketplace for you.
What NFTs can you find here?
In this moment, you’re probably wondering the kind of NFTs can be found here, and what you could also sell if you choose to go down that path. The type of NFT it isn’t limited because there’s a wide range of options for how to go about it.
You could be selling trade cards, digital goods game assets, domain names, and some physical items! Explore what you believe can yield the most profit when you try out OpenSea.
OpenSea: Collection Manager Feature
This Collection Manager function is the one that separates OpenSea from other companies. There are no gas costs when you utilize this feature to mint and sell NFTs. This is essentially a way to ensure that you receive the maximum profits when you start selling because you don’t need to pay on additional fees.
There aren’t many NFT marketplaces provide this feature, so this is great for you to receive high profit from your collection.
The Referral Program is another unique aspect of OpenSea to take note of. Like traditional online marketplaces, you can receive benefits by referring your friend to OpenSea! If you encourage a friend join OpenSea and then purchase an NFT from there, you’ll receive 2.50 percent of the purchase amount, which allows you to make more money from this act.
Other NFT marketplaces do not have this kind of feature either, so that’s just another advantage OpenSea has over them.
There is an OpenSea mobile application, however it is mainly used to browse the marketplace. Unfortunately, you can’t purchase or sell items as you browse through the listings.
OpenSea’s mobile apps are available on both iOS in addition to Android. Although you aren’t able to purchase or sell anything, you can still at least look through the options you’re interested in on the go.
Crypto Exchange Platforms
Various crypto exchange platforms are available to you, and you can trade your fiat currency for cryptocurrency on these platforms. Nft Launches
You can exchange your fiat currency using a the credit card, or Paypal via these reputable websites for cryptocurrency:
- Bittrex and more!
Each of them has the option to exchange for ETH, which is the primary crypto payment in OpenSea.
While OpenSea can be described as an NFT marketplace open to all kinds of cryptocurrency, the wallets nonetheless more compatible than other. Since it is built mainly on an ETH blockchain, any wallets that share the same network are suitable for this site.
Here is a list of different crypto wallets you can use in OpenSea:
- Authereum and much more!
*Note: Compatible crypto wallets can be seen on OpenSea’s FAQ page. Each wallet has its own restrictions like easy registration, use on mobile devices only and the ability to purchase cryptocurrency with the credit card. Nft Launches
To know more about it, you can check their FAQs to get an overview of how you can get started and which other wallets are compatible with OpenSea.
Pros and Cons of OpenSea
As with many other crypto markets every one of them has its advantages and disadvantages. OpenSea isn’t an exception to this. You can view its pros and cons here:
- Mobile apps available that are compatible with iOS and Android.
- Smart contracts are used for transactions.
- Security at the highest level with the help of blockchain.
- Best for beginners in the crypto world and NFTs.
- Allows royalties 10% for artists (low royalty).
- You cannot buy or sell products via our mobile apps.
- Only supports cryptocurrency as its form of payment.
- The use of a Crypto wallet is required to access this marketplace.
OpenSea is open to everyone who has crypto coins in their crypto wallets. When you are a seller, OpenSea takes a 2.5% portion of commission fees to all the sellers who are on this platform. In the end, you’ll quickly regain that when you are actively selling since there’s no additional cost for it.
Frequently Asked Questions Nft Launches
What is OpenSea?
OpenSea can be described as an NFT marketplace that is designed to offer artists a way to sell their works online to receive cryptocurrency as their form of payment. It’s an ideal platform for artists using the platform to market NFTs due to its no cost of gas and the low commission rate that you have to pay.
You can shop and browse the vast array of digital products on this NFT marketplace, so you should check it out!
Is OpenSea real and secure?
Answer: Yes! OpenSea has been a trusted marketplace since its inception in 2018. Because its system is built on a blockchain, it is safe to claim that your transactions are protected and secured.
Furthermore, as a seller, you’ll be verified when you build up your reputation. A blue checkmark is placed next to your account or collection you’ve uploaded to ensure the safety of any customer. OpenSea’s team regularly reviews the content to ensure that users are safe.
How can I earn royalties on OpenSea?
Unfortunately, as an artist, you’ll receive only up to 10 percent of the royalties when you have uploaded the NFT. This is believed to be a reasonable amount compared against others NFT marketplaces.
What are the cryptocurrency options available in OpenSea?
Ethereum (ETH) is frequently used on this site as well as other sites to provide many more crypto users. Here are the other cryptocurrencies you can use in the OpenSea marketplace:
These are the core cryptocurrencies you can make use of for OpenSea.
What are the payment options for OpenSea?
OpenSea only allows cryptocurrency exchanges through its website. You can easily purchase or sell cryptocurrency on secure platforms that accept fiat money. All you have be able to connect is your credit or Paypal to complete the exchange.
Does OpenSea have a desktop or mobile application?
As previously mentioned There is an official mobile application from OpenSea available for both iOS and Android. Download it at their respective app store, and begin exploring the collection right now!
A version for desktops that OpenSea which can be downloaded from WebCatalog. With the desktop application you are able to manage multiple accounts and get 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/).